# EDGAR Filing Document

**Accession Number:** 0000052848
**File Stem:** 0001104659-25-103789
**Filing Date:** 2025-10
**Character Count:** 1414841
**Document Hash:** d9c1ac640e718fef4dab2def073d3565
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-103789.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0001104659-25-103789

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 53

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**EFFECTIVENESS DATE**: 20251029

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD WORLD FUND
- **CENTRAL INDEX KEY:** 0000052848

**ORGANIZATION NAME:**
- **EIN:** 046035483
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01027
- **FILM NUMBER:** 251430944

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482
- **BUSINESS PHONE:** 6106691000

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD WORLD FUNDS
- **DATE OF NAME CHANGE:** 20020402

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD WORLD FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IVEST FUND INC
- **DATE OF NAME CHANGE:** 19850923

## Series and Classes Contracts Data

### Vanguard FTSE Social Index Fund (Series ID: S000004440)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000012204 | Institutional Shares | VFTNX           |
| C000209798 | Admiral Shares       | VFTAX           |

### Vanguard Materials Index Fund (Series ID: S000004441)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000012205 | Admiral Shares | VMIAX           |
| C000012206 | ETF Shares     | VAW             |

### Vanguard Communication Services Index Fund (Series ID: S000004443)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000012208 | Admiral Shares | VTCAX           |
| C000012209 | ETF Shares     | VOX             |

### Vanguard U.S. Growth Fund (Series ID: S000004444)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000012210 | Investor Shares | VWUSX           |
| C000012211 | Admiral Shares  | VWUAX           |

### Vanguard Utilities Index Fund (Series ID: S000004445)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000012212 | Admiral Shares | VUIAX           |
| C000012213 | ETF Shares     | VPU             |

### Vanguard Consumer Discretionary Index Fund (Series ID: S000004446)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000012214 | Admiral Shares | VCDAX           |
| C000012215 | ETF Shares     | VCR             |

### Vanguard Consumer Staples Index Fund (Series ID: S000004447)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000012216 | Admiral Shares | VCSAX           |
| C000012217 | ETF Shares     | VDC             |

### Vanguard Energy Index Fund (Series ID: S000004448)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000012218 | Admiral Shares | VENAX           |
| C000012219 | ETF Shares     | VDE             |

### Vanguard Financials Index Fund (Series ID: S000004449)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000012220 | Admiral Shares | VFAIX           |
| C000012221 | ETF Shares     | VFH             |

### Vanguard Health Care Index Fund (Series ID: S000004450)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000012222 | Admiral Shares | VHCIX           |
| C000012223 | ETF Shares     | VHT             |

### Vanguard Industrials Index Fund (Series ID: S000004451)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000012224 | Admiral Shares | VINAX           |
| C000012225 | ETF Shares     | VIS             |

### Vanguard Information Technology Index Fund (Series ID: S000004452)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000012226 | Admiral Shares | VITAX           |
| C000012227 | ETF Shares     | VGT             |

### Vanguard International Growth Fund (Series ID: S000004453)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000012228 | Investor Shares | VWIGX           |
| C000012229 | Admiral Shares  | VWILX           |

### Vanguard Mega Cap Index Fund (Series ID: S000019698)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000055209 | Institutional Shares | VMCTX           |
| C000055210 | ETF Shares           | MGC             |

### Vanguard Mega Cap Value Index Fund (Series ID: S000019699)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000055212 | Institutional Shares | VMVLX           |
| C000055213 | ETF Shares           | MGV             |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT** 

**OF**

**REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number**: 811-01027**

---

| | |
|:---|:---|
| Name of Registrant: | **Vanguard World Fund** |
| Address of Registrant: | **P.O. Box 2600** |
|  | **Valley Forge, PA 19482** |

---

---

| | |
|:---|:---|
| Name and address of agent for service: | **John E. Schadl, Esquire** |
|  | **P.O. Box 876** |
|  | **Valley Forge, PA 19482** |

---

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

Date of fiscal year end: August 31

Date of reporting period: September 1, 2024—August 31, 2025

**Item 1: Reports to Shareholders.**

**TABLE OF CONTENTS**

---

| |
|:---|
|  [FTSE Social Index Fund](#classnameb2ccf341-97bb-4604-acdc-7826c376da4a)<br> **[Admiral™ Shares - VFTAX](#classnameb2ccf341-97bb-4604-acdc-7826c376da4a)**  |
|  [FTSE Social Index Fund](#classname720deb5e-c23e-48f1-a607-2ae37121ebce)<br> **[Institutional Shares - VFTNX](#classname720deb5e-c23e-48f1-a607-2ae37121ebce)**  |
|  [Materials Index Fund](#classnamee9366da6-05a2-4cd1-9b9a-ac158ae0d205)<br> **[ETF Shares - VAW](#classnamee9366da6-05a2-4cd1-9b9a-ac158ae0d205)**  |
|  [Materials Index Fund](#classname1675d15f-9009-471f-8eb6-15d385cb57bb)<br> **[Admiral™ Shares - VMIAX](#classname1675d15f-9009-471f-8eb6-15d385cb57bb)**  |
|  [Communication Services Index Fund](#classnamebaf64aa5-4892-4d7f-83e4-bdd11c75c2cc)<br> **[ETF Shares - VOX](#classnamebaf64aa5-4892-4d7f-83e4-bdd11c75c2cc)**  |
|  [Communication Services Index Fund](#classname2df56895-55d3-47eb-ad25-64a209aabb58)<br> **[Admiral™ Shares - VTCAX](#classname2df56895-55d3-47eb-ad25-64a209aabb58)**  |
|  [U.S. Growth Fund](#classname94e3d96d-cb5f-43dc-a669-9c6e237ff78c)<br> **[Investor Shares - VWUSX](#classname94e3d96d-cb5f-43dc-a669-9c6e237ff78c)**  |
|  [U.S. Growth Fund](#classname419c91e7-6d6c-4f34-bce3-d27467aa03bd)<br> **[Admiral™ Shares - VWUAX](#classname419c91e7-6d6c-4f34-bce3-d27467aa03bd)**  |
|  [Utilities Index Fund](#classname97cd5310-66e3-4324-a47c-ba9af6cf2fef)<br> **[ETF Shares - VPU](#classname97cd5310-66e3-4324-a47c-ba9af6cf2fef)**  |
|  [Utilities Index Fund](#classname79bd4c23-dd8f-4be2-a56c-6d99e8d0042e)<br> **[Admiral™ Shares - VUIAX](#classname79bd4c23-dd8f-4be2-a56c-6d99e8d0042e)**  |
|  [Consumer Discretionary Index Fund](#classname67f106ca-1cd4-4c3b-9172-baad7df84eb2)<br> **[ETF Shares - VCR](#classname67f106ca-1cd4-4c3b-9172-baad7df84eb2)**  |
|  [Consumer Discretionary Index Fund](#classname676ff2ef-e742-4667-9ac8-f51d13e9a743)<br> **[Admiral™ Shares - VCDAX](#classname676ff2ef-e742-4667-9ac8-f51d13e9a743)**  |
|  [Consumer Staples Index Fund](#classname4b1aa1b5-c0d8-434a-98f6-cad9dd18a0e1)<br> **[ETF Shares - VDC](#classname4b1aa1b5-c0d8-434a-98f6-cad9dd18a0e1)**  |
|  [Consumer Staples Index Fund](#classname2bbc8779-3e03-4ea5-84fa-12465254cf42)<br> **[Admiral™ Shares - VCSAX](#classname2bbc8779-3e03-4ea5-84fa-12465254cf42)**  |
|  [Energy Index Fund](#classname61bbade5-58ff-489f-a5c9-6b0971dc818d)<br> **[ETF Shares - VDE](#classname61bbade5-58ff-489f-a5c9-6b0971dc818d)**  |
|  [Energy Index Fund](#classname3f59abcc-2202-4bf0-97e7-f0525ed1e7ac)<br> **[Admiral™ Shares - VENAX](#classname3f59abcc-2202-4bf0-97e7-f0525ed1e7ac)**  |
|  [Financials Index Fund](#classname0d6dd2cb-4a74-4d84-a111-2c4b9133e67c)<br> **[ETF Shares - VFH](#classname0d6dd2cb-4a74-4d84-a111-2c4b9133e67c)**  |
|  [Financials Index Fund](#classnameb13b1db3-e416-4167-8360-e9e27e9ba1b8)<br> **[Admiral™ Shares - VFAIX](#classnameb13b1db3-e416-4167-8360-e9e27e9ba1b8)**  |
|  [Health Care Index Fund](#classnamea2d65ab1-6f0b-4d0b-80f5-9c531887d7d7)<br> **[ETF Shares - VHT](#classnamea2d65ab1-6f0b-4d0b-80f5-9c531887d7d7)**  |
|  [Health Care Index Fund](#classnameeb7ebe4c-8c0b-4ef3-8118-98b3426315d8)<br> **[Admiral™ Shares - VHCIX](#classnameeb7ebe4c-8c0b-4ef3-8118-98b3426315d8)**  |
|  [Industrials Index Fund](#classnamec6496ed6-172e-4f04-8fab-a52c4bf01f3b)<br> **[ETF Shares - VIS](#classnamec6496ed6-172e-4f04-8fab-a52c4bf01f3b)**  |
|  [Industrials Index Fund](#classnamef654989b-cda0-4812-a536-ffe3306f907e)<br> **[Admiral™ Shares - VINAX](#classnamef654989b-cda0-4812-a536-ffe3306f907e)**  |
|  [Information Technology Index Fund](#classnameff8876e8-1d9e-4f04-9b5c-ae34142e98ad)<br> **[ETF Shares - VGT](#classnameff8876e8-1d9e-4f04-9b5c-ae34142e98ad)**  |
|  [Information Technology Index Fund](#classnamede611952-fb16-41c5-a072-02a703d304b0)<br> **[Admiral™ Shares - VITAX](#classnamede611952-fb16-41c5-a072-02a703d304b0)**  |
|  [International Growth Fund](#classnameba87908e-056b-47b4-b60f-dd3440973c95)<br> **[Investor Shares - VWIGX](#classnameba87908e-056b-47b4-b60f-dd3440973c95)**  |
|  [International Growth Fund](#classnamef4784d9f-4290-42fb-87cd-9fc11db5500b)<br> **[Admiral™ Shares - VWILX](#classnamef4784d9f-4290-42fb-87cd-9fc11db5500b)**  |
|  [Mega Cap Index Fund](#classname14199369-268f-4939-81e7-24be2932bf12)<br> **[ETF Shares - MGC](#classname14199369-268f-4939-81e7-24be2932bf12)**  |
|  [Mega Cap Index Fund](#classnamefdaa3c73-1c3f-4897-88cc-44fa6f909909)<br> **[Institutional Shares - VMCTX](#classnamefdaa3c73-1c3f-4897-88cc-44fa6f909909)**  |
|  [Mega Cap Value Index Fund](#classname8951522f-2c88-4c80-a6d7-74364a0a4777)<br> **[ETF Shares - MGV](#classname8951522f-2c88-4c80-a6d7-74364a0a4777)**  |
|  [Mega Cap Value Index Fund](#classname35946148-38a4-495c-ba07-48b733233050)<br> **[Institutional Shares - VMVLX](#classname35946148-38a4-495c-ba07-48b733233050)**  |

---

![Image](tm2525835d7_tsrimg014.jpg)

# Vanguard FTSE Social Index Fund

# Admiral™ Shares (VFTAX)

# Annual Shareholder Report \| August 31, 2025
This annual shareholder report contains important information about Vanguard FTSE Social Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $14 | 0.13% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark. 

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come. 

* In the Fund's benchmark index, eight of the 11 industry sectors posted modest to strong gains. Technology stocks, by far the largest weighting, contributed the most to overall returns, followed by consumer discretionary and financials. Three sectors—energy, health care, and consumer staples—posted declines but had a relatively modest impact on overall returns because of their lower weightings. 

## How did the Fund perform since inception?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: February 7, 2019, Through August 31, 2025** 

### Initial Investment of $10,000
![Line graph showing cumulative performance of $10,300 investment from February 07, 2019 through August 31, 2025. By the end of the period, the respective class' and index(es)' ending values are Admiral Shares $26,837 FTSE US Choice Index $27,052 FTSE USA Index $26,554.](tm2525835d7_tsrimg028.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Admiral Shares** | **FTSE US Choice Index** | **FTSE USA Index** |
| **2/7/2019** | $10300 | $10302 | $10316 |
| **5/31/2019** | $10254 | $10258 | $10241 |
| **8/31/2019** | $10985 | $10991 | $10929 |
| **11/30/2019** | $11962 | $11975 | $11802 |
| **2/29/2020** | $11404 | $11420 | $11188 |
| **5/31/2020** | $11849 | $11865 | $11617 |
| **8/31/2020** | $14041 | $14066 | $13527 |
| **11/30/2020** | $14545 | $14574 | $14119 |
| **2/28/2021** | $15325 | $15358 | $14932 |
| **5/31/2021** | $16793 | $16835 | $16433 |
| **8/31/2021** | $18400 | $18457 | $17758 |
| **11/30/2021** | $18654 | $18718 | $17903 |
| **2/28/2022** | $17336 | $17398 | $17066 |
| **5/31/2022** | $15967 | $16031 | $16045 |
| **8/31/2022** | $15404 | $15472 | $15451 |
| **11/30/2022** | $15698 | $15772 | $15962 |
| **2/28/2023** | $15466 | $15540 | $15635 |
| **5/31/2023** | $16631 | $16718 | $16519 |
| **8/31/2023** | $17982 | $18083 | $17903 |
| **11/30/2023** | $18432 | $18536 | $18255 |
| **2/29/2024** | $20781 | $20905 | $20443 |
| **5/31/2024** | $21351 | $21484 | $21176 |
| **8/31/2024** | $23002 | $23153 | $22785 |
| **11/30/2024** | $24752 | $24926 | $24509 |
| **2/28/2025** | $24492 | $24671 | $24257 |
| **5/31/2025** | $24402 | $24591 | $24226 |
| **8/31/2025** | $26837 | $27052 | $26554 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 2/7/19** |
| Admiral Shares | 16.67% | 13.83% | 16.24% |
| FTSE US Choice Index | 16.84% | 13.97% | 16.38% |
| FTSE USA Index | 16.55% | 14.44% | 16.05% |

---

## Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $24426 |
| Number of Portfolio Holdings | 416 |
| Portfolio Turnover Rate | 7% |
| Total Investment Advisory Fees (in thousands) | $376 |

---

## Portfolio Composition % of Net Assets (as of August 31, 2025)

---

| | |
|:---|:---|
| Basic Materials | 1.0% |
| Consumer Discretionary | 16.4% |
| Consumer Staples | 3.8% |
| Energy | 0.0% |
| Financials | 10.5% |
| Health Care | 9.5% |
| Industrials | 7.6% |
| Real Estate | 2.4% |
| Technology | 45.8% |
| Telecommunications | 2.5% |
| Utilities | 0.4% |
| Other Assets and Liabilities—Net | 0.1% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
During the reporting period, the expense ratio for the Admiral Share class was reduced.

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u> or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>.

![Image](tm2525835d7_tsrimg014.jpg)

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR513

![Image](tm2525835d7_tsrimg014.jpg)

# Vanguard FTSE Social Index Fund

# Institutional Shares (VFTNX)

# Annual Shareholder Report \| August 31, 2025
This annual shareholder report contains important information about Vanguard FTSE Social Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $10 | 0.09% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark. 

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come. 

* In the Fund's benchmark index, eight of the 11 industry sectors posted modest to strong gains. Technology stocks, by far the largest weighting, contributed the most to overall returns, followed by consumer discretionary and financials. Three sectors—energy, health care, and consumer staples—posted declines but had a relatively modest impact on overall returns because of their lower weightings. 

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: August 31, 2015, Through August 31, 2025** 

### Initial Investment of $5,000,000
![Line graph showing cumulative performance of $5,000,000 investment from August 31, 2015 through August 31, 2025. By the end of the period, the respective class' and index(es)' ending values are Institutional Shares $19,928,426 FTSE US Choice Index $20,106,771 FTSE USA Index $19,458,542.](tm2525835d7_tsrimg018.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **FTSE US Choice Index** | **FTSE USA Index** |
| **2015** | $5000000 | $5000000 | $5000000 |
| **2015** | $5259100 | $5259888 | $5280969 |
| **2016** | $4816581 | $4815867 | $4909461 |
| **2016** | $5265961 | $5267296 | $5369953 |
| **2016** | $5504486 | $5506099 | $5593905 |
| **2016** | $5607870 | $5612438 | $5697595 |
| **2017** | $6093172 | $6098148 | $6160259 |
| **2017** | $6251858 | $6260554 | $6321473 |
| **2017** | $6479799 | $6487524 | $6516908 |
| **2017** | $7011261 | $7021033 | $7008408 |
| **2018** | $7223633 | $7237932 | $7223927 |
| **2018** | $7277064 | $7292933 | $7242400 |
| **2018** | $7862831 | $7881805 | $7793439 |
| **2018** | $7508056 | $7524991 | $7437915 |
| **2019** | $7637232 | $7657176 | $7559374 |
| **2019** | $7601699 | $7624414 | $7504227 |
| **2019** | $8144525 | $8168975 | $8008658 |
| **2019** | $8871910 | $8900179 | $8648052 |
| **2020** | $8458605 | $8487890 | $8198647 |
| **2020** | $8787290 | $8818824 | $8512678 |
| **2020** | $10413885 | $10454711 | $9912057 |
| **2020** | $10788386 | $10832174 | $10346070 |
| **2021** | $11365926 | $11414936 | $10941738 |
| **2021** | $12454388 | $12512690 | $12041788 |
| **2021** | $13651369 | $13717959 | $13012523 |
| **2021** | $13840324 | $13912211 | $13118590 |
| **2022** | $12861099 | $12930837 | $12505224 |
| **2022** | $11848665 | $11914804 | $11757387 |
| **2022** | $11432377 | $11499815 | $11322367 |
| **2022** | $11650686 | $11722652 | $11696306 |
| **2023** | $11476414 | $11550420 | $11456796 |
| **2023** | $12338473 | $12425603 | $12105002 |
| **2023** | $13343033 | $13440504 | $13118891 |
| **2023** | $13677853 | $13776900 | $13376741 |
| **2024** | $15420077 | $15537922 | $14980371 |
| **2024** | $15847516 | $15968048 | $15517535 |
| **2024** | $17072349 | $17208381 | $16696132 |
| **2024** | $18371753 | $18526261 | $17959388 |
| **2025** | $18179263 | $18336713 | $17775218 |
| **2025** | $18119869 | $18276983 | $17752527 |
| **2025** | $19928426 | $20106771 | $19458542 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 16.73% | 13.86% | 14.83% |
| FTSE US Choice Index | 16.84% | 13.97% | 14.93% |
| FTSE USA Index | 16.55% | 14.44% | 14.56% |

---

## Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $24426 |
| Number of Portfolio Holdings | 416 |
| Portfolio Turnover Rate | 7% |
| Total Investment Advisory Fees (in thousands) | $376 |

---

## Portfolio Composition % of Net Assets (as of August 31, 2025)

---

| | |
|:---|:---|
| Basic Materials | 1.0% |
| Consumer Discretionary | 16.4% |
| Consumer Staples | 3.8% |
| Energy | 0.0% |
| Financials | 10.5% |
| Health Care | 9.5% |
| Industrials | 7.6% |
| Real Estate | 2.4% |
| Technology | 45.8% |
| Telecommunications | 2.5% |
| Utilities | 0.4% |
| Other Assets and Liabilities—Net | 0.1% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
During the reporting period, the expense ratio for the Institutional Share class was reduced.

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u> or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>.

![Image](tm2525835d7_tsrimg014.jpg)

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Institutional Investor Services** • 800-523-1036

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR223

![Image](tm2525835d7_tsrimg014.jpg)

# Vanguard Materials Index Fund

# ETF Shares (VAW) NYSE Arca

# Annual Shareholder Report \| August 31, 2025
This annual shareholder report contains important information about Vanguard Materials Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $9 | 0.09% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended August 31, 2025, Vanguard Materials Index Fund performed in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come. 

* Newmont (+42%), CRH (+26%), and Corteva (+31%) contributed most to the return of the Fund's benchmark. They accounted for about 15% of the index at the end of the reporting period and increased the return by 4.5 percentage points. 

* Dow (–51%), LyondellBasell Industries (–38%), and International Flavors & Fragrances (–34%) were the biggest detractors. 

* The sizable gap between the returns of the broad stock market and those of materials stocks for the reporting period underscores the high risk of sector-focused investments. Such gaps, whether positive or negative for the investment, are common. 

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: August 31, 2015, Through August 31, 2025** 

### Initial Investment of $10,000
![Line graph showing cumulative performance of $10,000 investment from August 31, 2015 through August 31, 2025. By the end of the period, the respective class' and index(es)' ending values are ETF Shares Net Asset Value $26,291 MSCI U.S. Investable Market Materials 25/50 Index $26,502 MSCI US Investable Market 2500 Index $37,295.](tm2525835d7_tsrimg007.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETF Shares Net Asset Value** | **MSCI U.S. Investable Market Materials 25/50 Index** | **MSCI US Investable Market 2500 Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2015** | $10495 | $10493 | $10534 |
| **2016** | $9592 | $9594 | $9733 |
| **2016** | $11002 | $11007 | $10673 |
| **2016** | $11583 | $11590 | $11148 |
| **2016** | $12163 | $12178 | $11407 |
| **2017** | $12869 | $12880 | $12297 |
| **2017** | $12980 | $12994 | $12566 |
| **2017** | $13559 | $13578 | $12938 |
| **2017** | $14744 | $14745 | $13950 |
| **2018** | $14768 | $14774 | $14292 |
| **2018** | $14632 | $14641 | $14455 |
| **2018** | $14903 | $14915 | $15562 |
| **2018** | $13487 | $13496 | $14721 |
| **2019** | $13814 | $13826 | $15015 |
| **2019** | $12969 | $12985 | $14814 |
| **2019** | $13900 | $13931 | $15768 |
| **2019** | $14901 | $14937 | $17010 |
| **2020** | $13055 | $13089 | $16036 |
| **2020** | $13678 | $13717 | $16501 |
| **2020** | $15584 | $15633 | $19154 |
| **2020** | $17668 | $17729 | $20263 |
| **2021** | $18692 | $18760 | $21748 |
| **2021** | $22385 | $22472 | $23808 |
| **2021** | $21973 | $22065 | $25588 |
| **2021** | $21736 | $21833 | $25714 |
| **2022** | $21814 | $21919 | $24506 |
| **2022** | $22381 | $22494 | $22992 |
| **2022** | $19873 | $19976 | $22185 |
| **2022** | $21757 | $21878 | $22926 |
| **2023** | $21939 | $22061 | $22551 |
| **2023** | $19998 | $20115 | $23496 |
| **2023** | $22275 | $22412 | $25516 |
| **2023** | $22120 | $22262 | $25861 |
| **2024** | $23783 | $23943 | $29011 |
| **2024** | $24943 | $25115 | $30015 |
| **2024** | $25634 | $25817 | $32189 |
| **2024** | $26445 | $26641 | $34783 |
| **2025** | $24610 | $24797 | $34117 |
| **2025** | $23974 | $24161 | $33915 |
| **2025** | $26291 | $26502 | $37295 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| ETF Shares Net Asset Value | 2.57% | 11.03% | 10.15% |
| ETF Shares Market Price | 2.68% | 11.02% | 10.15% |
| MSCI U.S. Investable Market Materials 25/50 Index | 2.65% | 11.13% | 10.24% |
| MSCI US Investable Market 2500 Index | 15.87% | 14.26% | 14.07% |

---

## Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $4121 |
| Number of Portfolio Holdings | 112 |
| Portfolio Turnover Rate | 7% |
| Total Investment Advisory Fees (in thousands) | $78 |

---

## Portfolio Composition % of Net Assets (as of August 31, 2025)

---

| | |
|:---|:---|
| Chemicals | 54.0% |
| Construction Materials | 11.9% |
| Containers & Packaging | 11.7% |
| Metals & Mining | 21.5% |
| Paper & Forest Products | 0.6% |
| Other Assets and Liabilities—Net | 0.3% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
During the reporting period, the expense ratio for the ETF Share class was reduced.

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u> or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>.

![Image](tm2525835d7_tsrimg014.jpg)

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR952

![Image](tm2525835d7_tsrimg014.jpg)

# Vanguard Materials Index Fund

# Admiral™ Shares (VMIAX)

# Annual Shareholder Report \| August 31, 2025
This annual shareholder report contains important information about Vanguard Materials Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $9 | 0.09% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended August 31, 2025, Vanguard Materials Index Fund performed in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come. 

* Newmont (+42%), CRH (+26%), and Corteva (+31%) contributed most to the return of the Fund's benchmark. They accounted for about 15% of the index at the end of the reporting period and increased the return by 4.5 percentage points. 

* Dow (–51%), LyondellBasell Industries (–38%), and International Flavors & Fragrances (–34%) were the biggest detractors. 

* The sizable gap between the returns of the broad stock market and those of materials stocks for the reporting period underscores the high risk of sector-focused investments. Such gaps, whether positive or negative for the investment, are common. 

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: August 31, 2015, Through August 31, 2025** 

### Initial Investment of $100,000
![Line graph showing cumulative performance of $100,000 investment from August 31, 2015 through August 31, 2025. By the end of the period, the respective class' and index(es)' ending values are Admiral Shares $262,993 MSCI U.S. Investable Market Materials 25/50 Index $265,017 MSCI US Investable Market 2500 Index $372,954.](tm2525835d7_tsrimg021.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Admiral Shares** | **MSCI U.S. Investable Market Materials 25/50 Index** | **MSCI US Investable Market 2500 Index** |
| **2015** | $100000 | $100000 | $100000 |
| **2015** | $104914 | $104927 | $105344 |
| **2016** | $95912 | $95935 | $97332 |
| **2016** | $109989 | $110065 | $106732 |
| **2016** | $115801 | $115896 | $111482 |
| **2016** | $121607 | $121783 | $114072 |
| **2017** | $128662 | $128803 | $122966 |
| **2017** | $129761 | $129940 | $125655 |
| **2017** | $135554 | $135785 | $129381 |
| **2017** | $147391 | $147452 | $139505 |
| **2018** | $147625 | $147740 | $142918 |
| **2018** | $146272 | $146408 | $144546 |
| **2018** | $148992 | $149145 | $155622 |
| **2018** | $134813 | $134961 | $147212 |
| **2019** | $138064 | $138258 | $150154 |
| **2019** | $129629 | $129848 | $148140 |
| **2019** | $138943 | $139307 | $157677 |
| **2019** | $148950 | $149368 | $170096 |
| **2020** | $130506 | $130891 | $160357 |
| **2020** | $136737 | $137170 | $165010 |
| **2020** | $155807 | $156325 | $191541 |
| **2020** | $176666 | $177294 | $202632 |
| **2021** | $186911 | $187602 | $217480 |
| **2021** | $223847 | $224723 | $238081 |
| **2021** | $219752 | $220655 | $255877 |
| **2021** | $217384 | $218332 | $257140 |
| **2022** | $218168 | $219187 | $245060 |
| **2022** | $223851 | $224940 | $229922 |
| **2022** | $198746 | $199761 | $221850 |
| **2022** | $217620 | $218776 | $229264 |
| **2023** | $219397 | $220611 | $225513 |
| **2023** | $200003 | $201146 | $234961 |
| **2023** | $222794 | $224123 | $255158 |
| **2023** | $221243 | $222625 | $258612 |
| **2024** | $237893 | $239430 | $290108 |
| **2024** | $249499 | $251153 | $300146 |
| **2024** | $256406 | $258167 | $321885 |
| **2024** | $264533 | $266408 | $347827 |
| **2025** | $246168 | $247966 | $341170 |
| **2025** | $239809 | $241613 | $339154 |
| **2025** | $262993 | $265017 | $372954 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Admiral Shares | 2.57% | 11.04% | 10.15% |
| MSCI U.S. Investable Market Materials 25/50 Index | 2.65% | 11.13% | 10.24% |
| MSCI US Investable Market 2500 Index | 15.87% | 14.26% | 14.07% |

---

## Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $4121 |
| Number of Portfolio Holdings | 112 |
| Portfolio Turnover Rate | 7% |
| Total Investment Advisory Fees (in thousands) | $78 |

---

## Portfolio Composition % of Net Assets (as of August 31, 2025)

---

| | |
|:---|:---|
| Chemicals | 54.0% |
| Construction Materials | 11.9% |
| Containers & Packaging | 11.7% |
| Metals & Mining | 21.5% |
| Paper & Forest Products | 0.6% |
| Other Assets and Liabilities—Net | 0.3% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
During the reporting period, the expense ratio for the Admiral Share class was reduced.

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u> or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>.

![Image](tm2525835d7_tsrimg014.jpg)

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR5481

![Image](tm2525835d7_tsrimg014.jpg)

# Vanguard Communication Services Index Fund

# ETF Shares (VOX) NYSE Arca

# Annual Shareholder Report \| August 31, 2025
This annual shareholder report contains important information about Vanguard Communication Services Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $10 | 0.09% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.

* Meta Platforms (+42%), Alphabet (+31%), and Netflix (+72%) were the top contributors to the return of the Fund's benchmark over the 12 months. They accounted for roughly 39% of the index at the end of the reporting period and added 17 percentage points to the return.

* Trade Desk (–48%), Comcast (–11%), and Omnicom (–19%) were the biggest detractors.

* Sector-focused investments are high in risk, and the Fund's shareholders should not expect its performance over the reporting period to persist. Periods of lower returns and falling share prices should be expected.

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: August 31, 2015, Through August 31, 2025** 

### Initial Investment of $10,000
![Line graph showing cumulative performance of $10,000 investment from August 31, 2015 through August 31, 2025. By the end of the period, the respective class' and index(es)' ending values are ETF Shares Net Asset Value $25,973 Communication Services Spliced Index $25,839 MSCI US Investable Market 2500 Index $37,295.](tm2525835d7_tsrimg023.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETF Shares Net Asset Value** | **Communication Services Spliced Index** | **MSCI US Investable Market 2500 Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2015** | $10416 | $10412 | $10534 |
| **2016** | $10927 | $10927 | $9733 |
| **2016** | $11503 | $11508 | $10673 |
| **2016** | $11914 | $11908 | $11148 |
| **2016** | $11867 | $11858 | $11407 |
| **2017** | $12439 | $12431 | $12297 |
| **2017** | $12064 | $12052 | $12566 |
| **2017** | $12106 | $12089 | $12938 |
| **2017** | $11987 | $11968 | $13950 |
| **2018** | $11481 | $11446 | $14292 |
| **2018** | $10996 | $10957 | $14455 |
| **2018** | $11683 | $11645 | $15562 |
| **2018** | $10935 | $10904 | $14721 |
| **2019** | $11132 | $11084 | $15015 |
| **2019** | $11341 | $11296 | $14814 |
| **2019** | $11854 | $11809 | $15768 |
| **2019** | $12548 | $12505 | $17010 |
| **2020** | $12191 | $12150 | $16036 |
| **2020** | $12781 | $12741 | $16501 |
| **2020** | $14835 | $14789 | $19154 |
| **2020** | $15858 | $15810 | $20263 |
| **2021** | $17717 | $17668 | $21748 |
| **2021** | $19123 | $19075 | $23808 |
| **2021** | $20732 | $20680 | $25588 |
| **2021** | $18397 | $18355 | $25714 |
| **2022** | $16690 | $16654 | $24506 |
| **2022** | $14394 | $14367 | $22992 |
| **2022** | $13141 | $13118 | $22185 |
| **2022** | $12432 | $12412 | $22926 |
| **2023** | $12746 | $12722 | $22551 |
| **2023** | $14277 | $14243 | $23496 |
| **2023** | $15436 | $15385 | $25516 |
| **2023** | $15847 | $15784 | $25861 |
| **2024** | $18179 | $18107 | $29011 |
| **2024** | $19057 | $18984 | $30015 |
| **2024** | $19854 | $19780 | $32189 |
| **2024** | $22246 | $22151 | $34783 |
| **2025** | $23018 | $22924 | $34117 |
| **2025** | $22932 | $22836 | $33915 |
| **2025** | $25973 | $25839 | $37295 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| ETF Shares Net Asset Value | 30.82% | 11.85% | 10.02% |
| ETF Shares Market Price | 30.95% | 11.85% | 10.02% |
| Communication Services Spliced Index | 30.63% | 11.81% | 9.96% |
| MSCI US Investable Market 2500 Index | 15.87% | 14.26% | 14.07% |

---

## Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $5853 |
| Number of Portfolio Holdings | 124 |
| Portfolio Turnover Rate | 12% |
| Total Investment Advisory Fees (in thousands) | $104 |

---

## Portfolio Composition % of Net Assets (as of August 31, 2025)

---

| | |
|:---|:---|
| Diversified Telecommunication Services | 11.1% |
| Entertainment | 21.6% |
| Interactive Media & Services | 49.8% |
| Media | 13.7% |
| Other | 0.0% |
| Wireless Telecommunication Services | 3.5% |
| Other Assets and Liabilities—Net | 0.3% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
During the reporting period, the expense ratio for the ETF Share class was reduced.

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u> or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>.

![Image](tm2525835d7_tsrimg014.jpg)

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR959

![Image](tm2525835d7_tsrimg014.jpg)

# Vanguard Communication Services Index Fund

# Admiral™ Shares (VTCAX)

# Annual Shareholder Report \| August 31, 2025
This annual shareholder report contains important information about Vanguard Communication Services Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $10 | 0.09% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.

* Meta Platforms (+42%), Alphabet (+31%), and Netflix (+72%) were the top contributors to the return of the Fund's benchmark over the 12 months. They accounted for roughly 39% of the index at the end of the reporting period and added 17 percentage points to the return.

* Trade Desk (–48%), Comcast (–11%), and Omnicom (–19%) were the biggest detractors.

* Sector-focused investments are high in risk, and the Fund's shareholders should not expect its performance over the reporting period to persist. Periods of lower returns and falling share prices should be expected.

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: August 31, 2015, Through August 31, 2025** 

### Initial Investment of $100,000
![Line graph showing cumulative performance of $100,000 investment from August 31, 2015 through August 31, 2025. By the end of the period, the respective class' and index(es)' ending values are Admiral Shares $259,805 Communication Services Spliced Index $258,390 MSCI US Investable Market 2500 Index $372,954.](tm2525835d7_tsrimg027.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Admiral Shares** | **Communication Services Spliced Index** | **MSCI US Investable Market 2500 Index** |
| **2015** | $100000 | $100000 | $100000 |
| **2015** | $104142 | $104119 | $105344 |
| **2016** | $109254 | $109268 | $97332 |
| **2016** | $115009 | $115079 | $106732 |
| **2016** | $119145 | $119081 | $111482 |
| **2016** | $118648 | $118577 | $114072 |
| **2017** | $124375 | $124314 | $122966 |
| **2017** | $120631 | $120524 | $125655 |
| **2017** | $121058 | $120895 | $129381 |
| **2017** | $119853 | $119681 | $139505 |
| **2018** | $114780 | $114461 | $142918 |
| **2018** | $109951 | $109567 | $144546 |
| **2018** | $116844 | $116454 | $155622 |
| **2018** | $109356 | $109039 | $147212 |
| **2019** | $111344 | $110842 | $150154 |
| **2019** | $113424 | $112960 | $148140 |
| **2019** | $118551 | $118092 | $157677 |
| **2019** | $125483 | $125045 | $170096 |
| **2020** | $121928 | $121503 | $160357 |
| **2020** | $127825 | $127406 | $165010 |
| **2020** | $148380 | $147889 | $191541 |
| **2020** | $158613 | $158096 | $202632 |
| **2021** | $177202 | $176678 | $217480 |
| **2021** | $191273 | $190747 | $238081 |
| **2021** | $207370 | $206803 | $255877 |
| **2021** | $184000 | $183548 | $257140 |
| **2022** | $166912 | $166545 | $245060 |
| **2022** | $143969 | $143666 | $229922 |
| **2022** | $131454 | $131184 | $221850 |
| **2022** | $124366 | $124125 | $229264 |
| **2023** | $127485 | $127221 | $225513 |
| **2023** | $142784 | $142430 | $234961 |
| **2023** | $154373 | $153854 | $255158 |
| **2023** | $158500 | $157844 | $258612 |
| **2024** | $181819 | $181070 | $290108 |
| **2024** | $190614 | $189843 | $300146 |
| **2024** | $198592 | $197796 | $321885 |
| **2024** | $222514 | $221514 | $347827 |
| **2025** | $230241 | $229238 | $341170 |
| **2025** | $229366 | $228360 | $339154 |
| **2025** | $259805 | $258390 | $372954 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Admiral Shares | 30.82% | 11.85% | 10.02% |
| Communication Services Spliced Index | 30.63% | 11.81% | 9.96% |
| MSCI US Investable Market 2500 Index | 15.87% | 14.26% | 14.07% |

---

## Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $5853 |
| Number of Portfolio Holdings | 124 |
| Portfolio Turnover Rate | 12% |
| Total Investment Advisory Fees (in thousands) | $104 |

---

## Portfolio Composition % of Net Assets (as of August 31, 2025)

---

| | |
|:---|:---|
| Diversified Telecommunication Services | 11.1% |
| Entertainment | 21.6% |
| Interactive Media & Services | 49.8% |
| Media | 13.7% |
| Other | 0.0% |
| Wireless Telecommunication Services | 3.5% |
| Other Assets and Liabilities—Net | 0.3% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
During the reporting period, the expense ratio for the Admiral Share class was reduced.

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u> or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>.

![Image](tm2525835d7_tsrimg014.jpg)

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR5488

![Image](tm2525835d7_tsrimg014.jpg)

# Vanguard U.S. Growth Fund

# Investor Shares (VWUSX)

# Annual Shareholder Report \| August 31, 2025
This annual shareholder report contains important information about Vanguard U.S. Growth Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>. You can also request this information by contacting us at 800-662-7447.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $39 | 0.35% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended August 31, 2025, the Fund outperformed its benchmark. 

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come. 

* For the benchmark index, eight of the 11 industry sectors posted gains. Information technology, which was by far the largest sector by market weighting, outperformed the index as a whole. Other index heavyweights, including communication services and consumer discretionary, outperformed the benchmark as well. Health care, real estate, and consumer staples finished in negative territory.

* Compared with its benchmark index, the Fund's positioning in communication services and consumer staples boosted relative performance the most, more than offsetting an overweight to health care and an underweight to information technology, which both detracted.

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: August 31, 2015, Through August 31, 2025** 

### Initial Investment of $10,000
![Line graph showing cumulative performance of $10,000 investment from August 31, 2015 through August 31, 2025. By the end of the period, the respective class' and index(es)' ending values are Investor Shares $42,578 Russell 1000 Growth Index $51,995 Dow Jones U.S. Total Stock Market Float Adjusted Index $36,784.](tm2525835d7_tsrimg025.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Shares** | **Russell 1000 Growth Index** | **Dow Jones U.S. Total Stock Market Float Adjusted Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2015** | $10534 | $10622 | $10527 |
| **2016** | $9667 | $9878 | $9725 |
| **2016** | $10372 | $10650 | $10660 |
| **2016** | $10689 | $11054 | $11134 |
| **2016** | $10422 | $11070 | $11394 |
| **2017** | $11197 | $12066 | $12278 |
| **2017** | $12045 | $12809 | $12542 |
| **2017** | $12746 | $13355 | $12920 |
| **2017** | $13644 | $14480 | $13933 |
| **2018** | $14590 | $15217 | $14271 |
| **2018** | $14995 | $15502 | $14435 |
| **2018** | $16269 | $16992 | $15538 |
| **2018** | $15187 | $15724 | $14699 |
| **2019** | $15777 | $16224 | $14984 |
| **2019** | $15785 | $16338 | $14784 |
| **2019** | $16871 | $17718 | $15729 |
| **2019** | $17965 | $19028 | $16958 |
| **2020** | $18115 | $18675 | $15998 |
| **2020** | $20670 | $20627 | $16456 |
| **2020** | $26658 | $25574 | $19065 |
| **2020** | $27818 | $25953 | $20169 |
| **2021** | $29697 | $26940 | $21678 |
| **2021** | $29982 | $28862 | $23691 |
| **2021** | $33995 | $32869 | $25417 |
| **2021** | $33683 | $33921 | $25511 |
| **2022** | $27252 | $30321 | $24265 |
| **2022** | $22304 | $27058 | $22745 |
| **2022** | $21986 | $26605 | $21926 |
| **2022** | $21537 | $26581 | $22640 |
| **2023** | $21531 | $26276 | $22267 |
| **2023** | $24340 | $29641 | $23182 |
| **2023** | $26425 | $32441 | $25160 |
| **2023** | $27305 | $33537 | $25498 |
| **2024** | $31768 | $38344 | $28635 |
| **2024** | $32189 | $39601 | $29599 |
| **2024** | $34620 | $42418 | $31744 |
| **2024** | $38066 | $46295 | $34310 |
| **2025** | $37711 | $45916 | $33647 |
| **2025** | $38428 | $46580 | $33451 |
| **2025** | $42578 | $51995 | $36784 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 22.99% | 9.82% | 15.59% |
| Russell 1000 Growth Index | 22.58% | 15.25% | 17.92% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |

---

## Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $49256 |
| Number of Portfolio Holdings | 112 |
| Portfolio Turnover Rate | 29% |
| Total Investment Advisory Fees (in thousands) | $57181 |

---

## Portfolio Composition % of Net Assets (as of August 31, 2025)

---

| | |
|:---|:---|
| Communication Services | 16.2% |
| Consumer Discretionary | 15.2% |
| Consumer Staples | 1.4% |
| Financials | 7.8% |
| Health Care | 6.3% |
| Industrials | 4.9% |
| Information Technology | 44.1% |
| Materials | 0.2% |
| Real Estate | 1.3% |
| Utilities | 0.4% |
| Other Assets and Liabilities—Net | 2.2% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>.

![Image](tm2525835d7_tsrimg014.jpg)

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR23

![Image](tm2525835d7_tsrimg014.jpg)

# Vanguard U.S. Growth Fund

# Admiral™ Shares (VWUAX)

# Annual Shareholder Report \| August 31, 2025
This annual shareholder report contains important information about Vanguard U.S. Growth Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>. You can also request this information by contacting us at 800-662-7447.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $28 | 0.25% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended August 31, 2025, the Fund outperformed its benchmark. 

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come. 

* For the benchmark index, eight of the 11 industry sectors posted gains. Information technology, which was by far the largest sector by market weighting, outperformed the index as a whole. Other index heavyweights, including communication services and consumer discretionary, outperformed the benchmark as well. Health care, real estate, and consumer staples finished in negative territory.

* Compared with its benchmark index, the Fund's positioning in communication services and consumer staples boosted relative performance the most, more than offsetting an overweight to health care and an underweight to information technology, which both detracted.

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: August 31, 2015, Through August 31, 2025** 

### Initial Investment of $50,000
![Line graph showing cumulative performance of $50,000 investment from August 31, 2015 through August 31, 2025. By the end of the period, the respective class' and index(es)' ending values are Admiral Shares $215,175 Russell 1000 Growth Index $259,974 Dow Jones U.S. Total Stock Market Float Adjusted Index $183,921.](tm2525835d7_tsrimg020.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Admiral Shares** | **Russell 1000 Growth Index** | **Dow Jones U.S. Total Stock Market Float Adjusted Index** |
| **2015** | $50000 | $50000 | $50000 |
| **2015** | $52693 | $53111 | $52633 |
| **2016** | $48361 | $49389 | $48623 |
| **2016** | $51918 | $53252 | $53301 |
| **2016** | $53513 | $55271 | $55670 |
| **2016** | $52191 | $55349 | $56968 |
| **2017** | $56090 | $60329 | $61390 |
| **2017** | $60371 | $64045 | $62712 |
| **2017** | $63905 | $66776 | $64602 |
| **2017** | $68429 | $72400 | $69664 |
| **2018** | $73190 | $76083 | $71356 |
| **2018** | $75249 | $77510 | $72174 |
| **2018** | $81656 | $84958 | $77691 |
| **2018** | $76245 | $78619 | $73493 |
| **2019** | $79224 | $81121 | $74920 |
| **2019** | $79280 | $81690 | $73922 |
| **2019** | $84758 | $88588 | $78646 |
| **2019** | $90268 | $95138 | $84792 |
| **2020** | $91051 | $93376 | $79991 |
| **2020** | $103916 | $103136 | $82280 |
| **2020** | $134064 | $127869 | $95323 |
| **2020** | $139928 | $129767 | $100843 |
| **2021** | $149410 | $134700 | $108390 |
| **2021** | $150870 | $144312 | $118457 |
| **2021** | $171125 | $164343 | $127083 |
| **2021** | $169596 | $169607 | $127555 |
| **2022** | $137246 | $151604 | $121324 |
| **2022** | $112362 | $135290 | $113727 |
| **2022** | $110783 | $133026 | $109632 |
| **2022** | $108558 | $132905 | $113201 |
| **2023** | $108540 | $131380 | $111334 |
| **2023** | $122733 | $148206 | $115911 |
| **2023** | $133272 | $162206 | $125799 |
| **2023** | $137753 | $167684 | $127491 |
| **2024** | $160317 | $191722 | $143176 |
| **2024** | $162462 | $198006 | $147993 |
| **2024** | $174790 | $212090 | $158721 |
| **2024** | $192238 | $231476 | $171548 |
| **2025** | $190497 | $229582 | $168237 |
| **2025** | $194160 | $232898 | $167257 |
| **2025** | $215175 | $259974 | $183921 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Admiral Shares | 23.10% | 9.92% | 15.71% |
| Russell 1000 Growth Index | 22.58% | 15.25% | 17.92% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |

---

## Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $49256 |
| Number of Portfolio Holdings | 112 |
| Portfolio Turnover Rate | 29% |
| Total Investment Advisory Fees (in thousands) | $57181 |

---

## Portfolio Composition % of Net Assets (as of August 31, 2025)

---

| | |
|:---|:---|
| Communication Services | 16.2% |
| Consumer Discretionary | 15.2% |
| Consumer Staples | 1.4% |
| Financials | 7.8% |
| Health Care | 6.3% |
| Industrials | 4.9% |
| Information Technology | 44.1% |
| Materials | 0.2% |
| Real Estate | 1.3% |
| Utilities | 0.4% |
| Other Assets and Liabilities—Net | 2.2% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>.

![Image](tm2525835d7_tsrimg014.jpg)

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR523

![Image](tm2525835d7_tsrimg014.jpg)

# Vanguard Utilities Index Fund

# ETF Shares (VPU) NYSE Arca

# Annual Shareholder Report \| August 31, 2025
This annual shareholder report contains important information about Vanguard Utilities Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $10 | 0.09% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.

* Constellation Energy (+58%), Vistra (+123%), and Entergy (+50%) were the top contributors to the return of the Fund's benchmark over the 12 months. They accounted for about 14% of the index's weighting at the end of the reporting period and added about 7.1 percentage points to the return.

* NextEra Energy (–8%), Edison International (–32%), and PG&E (–22%) were the biggest detractors.

* Sector-focused investments are high in risk, and the Fund's shareholders should not expect its performance over the reporting period to persist. Periods of lower returns and falling share prices should be expected.

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: August 31, 2015, Through August 31, 2025** 

### Initial Investment of $10,000
![Line graph showing cumulative performance of $10,000 investment from August 31, 2015 through August 31, 2025. By the end of the period, the respective class' and index(es)' ending values are ETF Shares Net Asset Value $27,447 MSCI U.S. Investable Market Utilities 25/50 Index $27,697 MSCI US Investable Market 2500 Index $37,295.](tm2525835d7_tsrimg015.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETF Shares Net Asset Value** | **MSCI U.S. Investable Market Utilities 25/50 Index** | **MSCI US Investable Market 2500 Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2015** | $10250 | $10246 | $10534 |
| **2016** | $11155 | $11152 | $9733 |
| **2016** | $12027 | $12027 | $10673 |
| **2016** | $12140 | $12146 | $11148 |
| **2016** | $11747 | $11755 | $11407 |
| **2017** | $13071 | $13077 | $12297 |
| **2017** | $13685 | $13694 | $12566 |
| **2017** | $14116 | $14128 | $12938 |
| **2017** | $14713 | $14726 | $13950 |
| **2018** | $12860 | $12875 | $14292 |
| **2018** | $13663 | $13683 | $14455 |
| **2018** | $14406 | $14429 | $15562 |
| **2018** | $15081 | $15109 | $14721 |
| **2019** | $15571 | $15601 | $15015 |
| **2019** | $16007 | $16042 | $14814 |
| **2019** | $17312 | $17353 | $15768 |
| **2019** | $17495 | $17542 | $17010 |
| **2020** | $17223 | $17276 | $16036 |
| **2020** | $16676 | $16731 | $16501 |
| **2020** | $16605 | $16664 | $19154 |
| **2020** | $17744 | $17811 | $20263 |
| **2021** | $16739 | $16809 | $21748 |
| **2021** | $18718 | $18799 | $23808 |
| **2021** | $19792 | $19886 | $25588 |
| **2021** | $19210 | $19308 | $25714 |
| **2022** | $19935 | $20042 | $24506 |
| **2022** | $21870 | $21996 | $22992 |
| **2022** | $22004 | $22140 | $22185 |
| **2022** | $21440 | $21579 | $22926 |
| **2023** | $19715 | $19846 | $22551 |
| **2023** | $19733 | $19874 | $23496 |
| **2023** | $19198 | $19340 | $25516 |
| **2023** | $19203 | $19346 | $25861 |
| **2024** | $19289 | $19440 | $29011 |
| **2024** | $22763 | $22948 | $30015 |
| **2024** | $24057 | $24257 | $32189 |
| **2024** | $26280 | $26505 | $34783 |
| **2025** | $25379 | $25602 | $34117 |
| **2025** | $26411 | $26646 | $33915 |
| **2025** | $27447 | $27697 | $37295 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| ETF Shares Net Asset Value | 14.09% | 10.57% | 10.62% |
| ETF Shares Market Price | 14.00% | 10.55% | 10.62% |
| MSCI U.S. Investable Market Utilities 25/50 Index | 14.18% | 10.70% | 10.72% |
| MSCI US Investable Market 2500 Index | 15.87% | 14.26% | 14.07% |

---

## Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $9251 |
| Number of Portfolio Holdings | 72 |
| Portfolio Turnover Rate | 6% |
| Total Investment Advisory Fees (in thousands) | $174 |

---

## Portfolio Composition % of Net Assets (as of August 31, 2025)

---

| | |
|:---|:---|
| Electric Utilities | 60.5% |
| Gas Utilities | 4.6% |
| Independent Power and Renewable Electricity Producers | 6.9% |
| Multi-Utilities | 24.2% |
| Water Utilities | 3.4% |
| Other Assets and Liabilities—Net | 0.4% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
During the reporting period, the expense ratio for the ETF Share class was reduced.

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u> or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>.

![Image](tm2525835d7_tsrimg014.jpg)

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR960

![Image](tm2525835d7_tsrimg014.jpg)

# Vanguard Utilities Index Fund

# Admiral™ Shares (VUIAX)

# Annual Shareholder Report \| August 31, 2025
This annual shareholder report contains important information about Vanguard Utilities Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $10 | 0.09% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.

* Constellation Energy (+58%), Vistra (+123%), and Entergy (+50%) were the top contributors to the return of the Fund's benchmark over the 12 months. They accounted for about 14% of the index's weighting at the end of the reporting period and added about 7.1 percentage points to the return.

* NextEra Energy (–8%), Edison International (–32%), and PG&E (–22%) were the biggest detractors.

* Sector-focused investments are high in risk, and the Fund's shareholders should not expect its performance over the reporting period to persist. Periods of lower returns and falling share prices should be expected.

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: August 31, 2015, Through August 31, 2025** 

### Initial Investment of $100,000
![Line graph showing cumulative performance of $100,000 investment from August 31, 2015 through August 31, 2025. By the end of the period, the respective class' and index(es)' ending values are Admiral Shares $274,729 MSCI U.S. Investable Market Utilities 25/50 Index $276,973 MSCI US Investable Market 2500 Index $372,954.](tm2525835d7_tsrimg001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Admiral Shares** | **MSCI U.S. Investable Market Utilities 25/50 Index** | **MSCI US Investable Market 2500 Index** |
| **2015** | $100000 | $100000 | $100000 |
| **2015** | $102503 | $102461 | $105344 |
| **2016** | $111561 | $111521 | $97332 |
| **2016** | $120282 | $120274 | $106732 |
| **2016** | $121423 | $121457 | $111482 |
| **2016** | $117475 | $117546 | $114072 |
| **2017** | $130688 | $130770 | $122966 |
| **2017** | $136826 | $136941 | $125655 |
| **2017** | $141143 | $141282 | $129381 |
| **2017** | $147089 | $147264 | $139505 |
| **2018** | $128580 | $128748 | $142918 |
| **2018** | $136620 | $136828 | $144546 |
| **2018** | $144026 | $144288 | $155622 |
| **2018** | $150786 | $151092 | $147212 |
| **2019** | $155682 | $156010 | $150154 |
| **2019** | $160058 | $160421 | $148140 |
| **2019** | $173103 | $173528 | $157677 |
| **2019** | $174941 | $175416 | $170096 |
| **2020** | $172248 | $172758 | $160357 |
| **2020** | $166780 | $167306 | $165010 |
| **2020** | $166086 | $166644 | $191541 |
| **2020** | $177480 | $178114 | $202632 |
| **2021** | $167459 | $168087 | $217480 |
| **2021** | $187249 | $187995 | $238081 |
| **2021** | $198008 | $198859 | $255877 |
| **2021** | $192224 | $193080 | $257140 |
| **2022** | $199482 | $200424 | $245060 |
| **2022** | $218867 | $219960 | $229922 |
| **2022** | $220219 | $221401 | $221850 |
| **2022** | $214600 | $215790 | $229264 |
| **2023** | $197310 | $198458 | $225513 |
| **2023** | $197542 | $198739 | $234961 |
| **2023** | $192196 | $193397 | $255158 |
| **2023** | $192205 | $193463 | $258612 |
| **2024** | $193076 | $194397 | $290108 |
| **2024** | $227852 | $229477 | $300146 |
| **2024** | $240793 | $242573 | $321885 |
| **2024** | $263037 | $265051 | $347827 |
| **2025** | $254023 | $256019 | $341170 |
| **2025** | $264373 | $266457 | $339154 |
| **2025** | $274729 | $276973 | $372954 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Admiral Shares | 14.09% | 10.59% | 10.63% |
| MSCI U.S. Investable Market Utilities 25/50 Index | 14.18% | 10.70% | 10.72% |
| MSCI US Investable Market 2500 Index | 15.87% | 14.26% | 14.07% |

---

## Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $9251 |
| Number of Portfolio Holdings | 72 |
| Portfolio Turnover Rate | 6% |
| Total Investment Advisory Fees (in thousands) | $174 |

---

## Portfolio Composition % of Net Assets (as of August 31, 2025)

---

| | |
|:---|:---|
| Electric Utilities | 60.5% |
| Gas Utilities | 4.6% |
| Independent Power and Renewable Electricity Producers | 6.9% |
| Multi-Utilities | 24.2% |
| Water Utilities | 3.4% |
| Other Assets and Liabilities—Net | 0.4% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
During the reporting period, the expense ratio for the Admiral Share class was reduced.

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u> or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>.

![Image](tm2525835d7_tsrimg014.jpg)

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR5489

![Image](tm2525835d7_tsrimg014.jpg)

# Vanguard Consumer Discretionary Index Fund

# ETF Shares (VCR) NYSE Arca

# Annual Shareholder Report \| August 31, 2025
This annual shareholder report contains important information about Vanguard Consumer Discretionary Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $10 | 0.09% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come. 

* Tesla (+56%) and Amazon (+28%) contributed the most to the return of the Fund's benchmark over the 12 months. They accounted for roughly 36% of the index's weighting at the end of the reporting period and increased the return by 13 percentage points. Booking Holdings (+44%) and Royal Caribbean (+123%) were the next largest contributors. 

* Chipotle Mexican Grill (–25%), NIKE (–5%), and Starbucks (–4%) were the biggest detractors. 

* Sector-focused investments are high in risk, and the Fund's shareholders should not expect the performance over the reporting period to persist. Periods of lower returns and falling share prices should be expected. 

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: August 31, 2015, Through August 31, 2025** 

### Initial Investment of $10,000
![Line graph showing cumulative performance of $10,000 investment from August 31, 2015 through August 31, 2025. By the end of the period, the respective class' and index(es)' ending values are ETF Shares Net Asset Value $36,294 Consumer Discretionary Spliced Index $36,555 MSCI US Investable Market 2500 Index $37,295.](tm2525835d7_tsrimg011.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETF Shares Net Asset Value** | **Consumer Discretionary Spliced Index** | **MSCI US Investable Market 2500 Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2015** | $10556 | $10557 | $10534 |
| **2016** | $9782 | $9784 | $9733 |
| **2016** | $10421 | $10426 | $10673 |
| **2016** | $10684 | $10692 | $11148 |
| **2016** | $10942 | $10952 | $11407 |
| **2017** | $11584 | $11595 | $12297 |
| **2017** | $12223 | $12237 | $12566 |
| **2017** | $12159 | $12175 | $12938 |
| **2017** | $13168 | $13187 | $13950 |
| **2018** | $14055 | $14077 | $14292 |
| **2018** | $14308 | $14332 | $14455 |
| **2018** | $15712 | $15747 | $15562 |
| **2018** | $14452 | $14483 | $14721 |
| **2019** | $14712 | $14746 | $15015 |
| **2019** | $14645 | $14683 | $14814 |
| **2019** | $15690 | $15733 | $15768 |
| **2019** | $16287 | $16334 | $17010 |
| **2020** | $15666 | $15713 | $16036 |
| **2020** | $16902 | $16960 | $16501 |
| **2020** | $21964 | $22044 | $19154 |
| **2020** | $23632 | $23718 | $20263 |
| **2021** | $25680 | $25773 | $21748 |
| **2021** | $27579 | $27688 | $23808 |
| **2021** | $29078 | $29201 | $25588 |
| **2021** | $31049 | $31186 | $25714 |
| **2022** | $27033 | $27157 | $24506 |
| **2022** | $23427 | $23540 | $22992 |
| **2022** | $23521 | $23637 | $22185 |
| **2022** | $22611 | $22729 | $22926 |
| **2023** | $22760 | $22880 | $22551 |
| **2023** | $23384 | $23510 | $23496 |
| **2023** | $26520 | $26667 | $25516 |
| **2023** | $26394 | $26544 | $25861 |
| **2024** | $29369 | $29544 | $29011 |
| **2024** | $28352 | $28525 | $30015 |
| **2024** | $29937 | $30125 | $32189 |
| **2024** | $35139 | $35367 | $34783 |
| **2025** | $33554 | $33778 | $34117 |
| **2025** | $33418 | $33652 | $33915 |
| **2025** | $36294 | $36555 | $37295 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| ETF Shares Net Asset Value | 21.23% | 10.57% | 13.76% |
| ETF Shares Market Price | 21.39% | 10.55% | 13.75% |
| Consumer Discretionary Spliced Index | 21.34% | 10.64% | 13.84% |
| MSCI US Investable Market 2500 Index | 15.87% | 14.26% | 14.07% |

---

## Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $7016 |
| Number of Portfolio Holdings | 295 |
| Portfolio Turnover Rate | 6% |
| Total Investment Advisory Fees (in thousands) | $139 |

---

## Portfolio Composition % of Net Assets (as of August 31, 2025)

---

| | |
|:---|:---|
| Automobile Components | 2.2% |
| Automobiles | 16.6% |
| Broadline Retail | 25.1% |
| Distributors | 0.8% |
| Diversified Consumer Services | 2.0% |
| Hotels, Restaurants & Leisure | 22.5% |
| Household Durables | 5.3% |
| Leisure Products | 0.9% |
| Specialty Retail | 20.5% |
| Textiles, Apparel & Luxury Goods | 4.0% |
| Other Assets and Liabilities—Net | 0.1% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
During the reporting period, the expense ratio for the ETF Share class was reduced.

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u> or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>.

![Image](tm2525835d7_tsrimg014.jpg)

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR954

![Image](tm2525835d7_tsrimg014.jpg)

# Vanguard Consumer Discretionary Index Fund

# Admiral™ Shares (VCDAX)

# Annual Shareholder Report \| August 31, 2025
This annual shareholder report contains important information about Vanguard Consumer Discretionary Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $10 | 0.09% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come. 

* Tesla (+56%) and Amazon (+28%) contributed the most to the return of the Fund's benchmark over the 12 months. They accounted for roughly 36% of the index's weighting at the end of the reporting period and increased the return by 13 percentage points. Booking Holdings (+44%) and Royal Caribbean (+123%) were the next largest contributors. 

* Chipotle Mexican Grill (–25%), NIKE (–5%), and Starbucks (–4%) were the biggest detractors. 

* Sector-focused investments are high in risk, and the Fund's shareholders should not expect the performance over the reporting period to persist. Periods of lower returns and falling share prices should be expected. 

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: August 31, 2015, Through August 31, 2025** 

### Initial Investment of $100,000
![Line graph showing cumulative performance of $100,000 investment from August 31, 2015 through August 31, 2025. By the end of the period, the respective class' and index(es)' ending values are Admiral Shares $363,033 Consumer Discretionary Spliced Index $365,549 MSCI US Investable Market 2500 Index $372,954.](tm2525835d7_tsrimg019.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Admiral Shares** | **Consumer Discretionary Spliced Index** | **MSCI US Investable Market 2500 Index** |
| **2015** | $100000 | $100000 | $100000 |
| **2015** | $105565 | $105572 | $105344 |
| **2016** | $97818 | $97840 | $97332 |
| **2016** | $104222 | $104259 | $106732 |
| **2016** | $106833 | $106922 | $111482 |
| **2016** | $109425 | $109517 | $114072 |
| **2017** | $115847 | $115951 | $122966 |
| **2017** | $122229 | $122370 | $125655 |
| **2017** | $121590 | $121746 | $129381 |
| **2017** | $131697 | $131866 | $139505 |
| **2018** | $140559 | $140766 | $142918 |
| **2018** | $143087 | $143325 | $144546 |
| **2018** | $157137 | $157468 | $155622 |
| **2018** | $144519 | $144831 | $147212 |
| **2019** | $147122 | $147457 | $150154 |
| **2019** | $146459 | $146828 | $148140 |
| **2019** | $156918 | $157333 | $157677 |
| **2019** | $162884 | $163336 | $170096 |
| **2020** | $156666 | $157133 | $160357 |
| **2020** | $169057 | $169603 | $165010 |
| **2020** | $219694 | $220440 | $191541 |
| **2020** | $236360 | $237184 | $202632 |
| **2021** | $256842 | $257732 | $217480 |
| **2021** | $275840 | $276883 | $238081 |
| **2021** | $290845 | $292008 | $255877 |
| **2021** | $310552 | $311856 | $257140 |
| **2022** | $270374 | $271567 | $245060 |
| **2022** | $234301 | $235405 | $229922 |
| **2022** | $235253 | $236372 | $221850 |
| **2022** | $226179 | $227292 | $229264 |
| **2023** | $227653 | $228800 | $225513 |
| **2023** | $233894 | $235105 | $234961 |
| **2023** | $265239 | $266666 | $255158 |
| **2023** | $263990 | $265438 | $258612 |
| **2024** | $293769 | $295436 | $290108 |
| **2024** | $283590 | $285245 | $300146 |
| **2024** | $299460 | $301250 | $321885 |
| **2024** | $351472 | $353674 | $347827 |
| **2025** | $335629 | $337782 | $341170 |
| **2025** | $334265 | $336521 | $339154 |
| **2025** | $363033 | $365549 | $372954 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Admiral Shares | 21.23% | 10.57% | 13.76% |
| Consumer Discretionary Spliced Index | 21.34% | 10.64% | 13.84% |
| MSCI US Investable Market 2500 Index | 15.87% | 14.26% | 14.07% |

---

## Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $7016 |
| Number of Portfolio Holdings | 295 |
| Portfolio Turnover Rate | 6% |
| Total Investment Advisory Fees (in thousands) | $139 |

---

## Portfolio Composition % of Net Assets (as of August 31, 2025)

---

| | |
|:---|:---|
| Automobile Components | 2.2% |
| Automobiles | 16.6% |
| Broadline Retail | 25.1% |
| Distributors | 0.8% |
| Diversified Consumer Services | 2.0% |
| Hotels, Restaurants & Leisure | 22.5% |
| Household Durables | 5.3% |
| Leisure Products | 0.9% |
| Specialty Retail | 20.5% |
| Textiles, Apparel & Luxury Goods | 4.0% |
| Other Assets and Liabilities—Net | 0.1% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
During the reporting period, the expense ratio for the Admiral Share class was reduced.

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u> or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>.

![Image](tm2525835d7_tsrimg014.jpg)

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR5483

![Image](tm2525835d7_tsrimg014.jpg)

# Vanguard Consumer Staples Index Fund

# ETF Shares (VDC) NYSE Arca

# Annual Shareholder Report \| August 31, 2025
This annual shareholder report contains important information about Vanguard Consumer Staples Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $9 | 0.09% |

---

## How did the Fund perform during the reporting period?
* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come. 

* Walmart (+27%), Philip Morris (+41%), Costco (+6%), and Altria (+35%) contributed the most to the return of the Fund's benchmark. They accounted for nearly 34% of the index at the end of the reporting period and increased the return by 6.9 percentage points. 

* Target (–35%), Procter & Gamble (–6%), and Colgate-Palmolive (–19%) were the biggest detractors. 

* The sizable gap between the returns of the broad stock market and those of consumer staples stocks for the reporting period underscores the high risk of sector-focused investments. Such gaps, whether positive or negative for the investment, are common. 

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: August 31, 2015, Through August 31, 2025** 

### Initial Investment of $10,000
![Line graph showing cumulative performance of $10,000 investment from August 31, 2015 through August 31, 2025. By the end of the period, the respective class' and index(es)' ending values are ETF Shares Net Asset Value $23,049 MSCI U.S. Investable Market Consumer Staples 25/50 Index $23,225 MSCI US Investable Market 2500 Index $37,295.](tm2525835d7_tsrimg016.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETF Shares Net Asset Value** | **MSCI U.S. Investable Market Consumer Staples 25/50 Index** | **MSCI US Investable Market 2500 Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2015** | $10469 | $10466 | $10534 |
| **2016** | $10752 | $10751 | $9733 |
| **2016** | $11253 | $11256 | $10673 |
| **2016** | $11736 | $11742 | $11148 |
| **2016** | $11027 | $11033 | $11407 |
| **2017** | $12049 | $12058 | $12297 |
| **2017** | $12424 | $12437 | $12566 |
| **2017** | $12068 | $12083 | $12938 |
| **2017** | $12479 | $12498 | $13950 |
| **2018** | $11994 | $12013 | $14292 |
| **2018** | $11346 | $11366 | $14455 |
| **2018** | $12382 | $12406 | $15562 |
| **2018** | $12907 | $12936 | $14721 |
| **2019** | $12637 | $12668 | $15015 |
| **2019** | $12836 | $12871 | $14814 |
| **2019** | $14020 | $14062 | $15768 |
| **2019** | $14420 | $14466 | $17010 |
| **2020** | $13533 | $13579 | $16036 |
| **2020** | $13939 | $13992 | $16501 |
| **2020** | $15564 | $15626 | $19154 |
| **2020** | $16089 | $16158 | $20263 |
| **2021** | $15628 | $15700 | $21748 |
| **2021** | $17525 | $17610 | $23808 |
| **2021** | $17900 | $17993 | $25588 |
| **2021** | $17558 | $17654 | $25714 |
| **2022** | $18712 | $18820 | $24506 |
| **2022** | $18576 | $18685 | $22992 |
| **2022** | $18406 | $18519 | $22185 |
| **2022** | $19604 | $19729 | $22926 |
| **2023** | $18512 | $18629 | $22551 |
| **2023** | $18843 | $18964 | $23496 |
| **2023** | $19262 | $19388 | $25516 |
| **2023** | $18789 | $18916 | $25861 |
| **2024** | $20159 | $20299 | $29011 |
| **2024** | $21015 | $21163 | $30015 |
| **2024** | $22381 | $22542 | $32189 |
| **2024** | $23142 | $23313 | $34783 |
| **2025** | $23385 | $23563 | $34117 |
| **2025** | $23489 | $23673 | $33915 |
| **2025** | $23049 | $23225 | $37295 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| ETF Shares Net Asset Value | 2.99% | 8.17% | 8.71% |
| ETF Shares Market Price | 3.05% | 8.15% | 8.71% |
| MSCI U.S. Investable Market Consumer Staples 25/50 Index | 3.03% | 8.25% | 8.79% |
| MSCI US Investable Market 2500 Index | 15.87% | 14.26% | 14.07% |

---

## Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $8817 |
| Number of Portfolio Holdings | 112 |
| Portfolio Turnover Rate | 9% |
| Total Investment Advisory Fees (in thousands) | $178 |

---

## Portfolio Composition % of Net Assets (as of August 31, 2025)

---

| | |
|:---|:---|
| Beverages | 18.6% |
| Consumer Staples Distribution & Retail | 36.6% |
| Food Products | 14.9% |
| Household Products | 16.9% |
| Personal Care Products | 3.6% |
| Tobacco | 8.7% |
| Other Assets and Liabilities—Net | 0.7% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
During the reporting period, the expense ratio for the ETF Share class was reduced.

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u> or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>.

![Image](tm2525835d7_tsrimg014.jpg)

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR955

![Image](tm2525835d7_tsrimg014.jpg)

# Vanguard Consumer Staples Index Fund

# Admiral™ Shares (VCSAX)

# Annual Shareholder Report \| August 31, 2025
This annual shareholder report contains important information about Vanguard Consumer Staples Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $9 | 0.09% |

---

## How did the Fund perform during the reporting period?
* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come. 

* Walmart (+27%), Philip Morris (+41%), Costco (+6%), and Altria (+35%) contributed the most to the return of the Fund's benchmark. They accounted for nearly 34% of the index at the end of the reporting period and increased the return by 6.9 percentage points. 

* Target (–35%), Procter & Gamble (–6%), and Colgate-Palmolive (–19%) were the biggest detractors. 

* The sizable gap between the returns of the broad stock market and those of consumer staples stocks for the reporting period underscores the high risk of sector-focused investments. Such gaps, whether positive or negative for the investment, are common. 

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: August 31, 2015, Through August 31, 2025** 

### Initial Investment of $100,000
![Line graph showing cumulative performance of $100,000 investment from August 31, 2015 through August 31, 2025. By the end of the period, the respective class' and index(es)' ending values are Admiral Shares $230,639 MSCI U.S. Investable Market Consumer Staples 25/50 Index $232,251 MSCI US Investable Market 2500 Index $372,954.](tm2525835d7_tsrimg030.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Admiral Shares** | **MSCI U.S. Investable Market Consumer Staples 25/50 Index** | **MSCI US Investable Market 2500 Index** |
| **2015** | $100000 | $100000 | $100000 |
| **2015** | $104691 | $104657 | $105344 |
| **2016** | $107521 | $107508 | $97332 |
| **2016** | $112545 | $112556 | $106732 |
| **2016** | $117372 | $117420 | $111482 |
| **2016** | $110269 | $110332 | $114072 |
| **2017** | $120488 | $120583 | $122966 |
| **2017** | $124234 | $124366 | $125655 |
| **2017** | $120674 | $120826 | $129381 |
| **2017** | $124782 | $124977 | $139505 |
| **2018** | $119926 | $120134 | $142918 |
| **2018** | $113450 | $113665 | $144546 |
| **2018** | $123803 | $124065 | $155622 |
| **2018** | $129055 | $129356 | $147212 |
| **2019** | $126361 | $126680 | $150154 |
| **2019** | $128360 | $128713 | $148140 |
| **2019** | $140198 | $140623 | $157677 |
| **2019** | $144199 | $144665 | $170096 |
| **2020** | $135326 | $135794 | $160357 |
| **2020** | $139409 | $139916 | $165010 |
| **2020** | $155660 | $156264 | $191541 |
| **2020** | $160910 | $161582 | $202632 |
| **2021** | $156312 | $156996 | $217480 |
| **2021** | $175297 | $176103 | $238081 |
| **2021** | $179071 | $179933 | $255877 |
| **2021** | $175643 | $176539 | $257140 |
| **2022** | $187195 | $188196 | $245060 |
| **2022** | $185838 | $186849 | $229922 |
| **2022** | $184175 | $185189 | $221850 |
| **2022** | $196163 | $197285 | $229264 |
| **2023** | $185222 | $186294 | $225513 |
| **2023** | $188541 | $189640 | $234961 |
| **2023** | $192745 | $193878 | $255158 |
| **2023** | $188009 | $189164 | $258612 |
| **2024** | $201730 | $202994 | $290108 |
| **2024** | $210295 | $211633 | $300146 |
| **2024** | $223952 | $225424 | $321885 |
| **2024** | $231582 | $233127 | $347827 |
| **2025** | $234000 | $235628 | $341170 |
| **2025** | $235057 | $236731 | $339154 |
| **2025** | $230639 | $232251 | $372954 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Admiral Shares | 2.99% | 8.18% | 8.72% |
| MSCI U.S. Investable Market Consumer Staples 25/50 Index | 3.03% | 8.25% | 8.79% |
| MSCI US Investable Market 2500 Index | 15.87% | 14.26% | 14.07% |

---

## Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $8817 |
| Number of Portfolio Holdings | 112 |
| Portfolio Turnover Rate | 9% |
| Total Investment Advisory Fees (in thousands) | $178 |

---

## Portfolio Composition % of Net Assets (as of August 31, 2025)

---

| | |
|:---|:---|
| Beverages | 18.6% |
| Consumer Staples Distribution & Retail | 36.6% |
| Food Products | 14.9% |
| Household Products | 16.9% |
| Personal Care Products | 3.6% |
| Tobacco | 8.7% |
| Other Assets and Liabilities—Net | 0.7% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
During the reporting period, the expense ratio for the Admiral Share class was reduced.

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u> or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>.

![Image](tm2525835d7_tsrimg014.jpg)

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR5484

![Image](tm2525835d7_tsrimg014.jpg)

# Vanguard Energy Index Fund

# ETF Shares (VDE) NYSE Arca

# Annual Shareholder Report \| August 31, 2025
This annual shareholder report contains important information about Vanguard Energy Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $9 | 0.09% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come. 

* Chevron (+13%), Williams Companies (+31%), and Cheniere Energy (+32%) were the top contributors to the return of the Fund's benchmark. They accounted for about 22% of the index at the end of the reporting period and increased the return by 3.4 percentage points. 

* ConocoPhillips (–10%), Schlumbeger Limited (–14%), and ONEOK (–13%) were the biggest detractors. 

* The sizable gap between the returns of the broad stock market and those of energy stocks for the reporting period underscores the high risk of sector-focused investments. Such gaps, whether positive or negative for the investment, are common. 

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: August 31, 2015, Through August 31, 2025** 

### Initial Investment of $10,000
![Line graph showing cumulative performance of $10,000 investment from August 31, 2015 through August 31, 2025. By the end of the period, the respective class' and index(es)' ending values are ETF Shares Net Asset Value $19,415 MSCI U.S. Investable Market Energy 25/50 Index $19,678 MSCI US Investable Market 2500 Index $37,295.](tm2525835d7_tsrimg002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETF Shares Net Asset Value** | **MSCI U.S. Investable Market Energy 25/50 Index** | **MSCI US Investable Market 2500 Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2015** | $10265 | $10262 | $10534 |
| **2016** | $8591 | $8586 | $9733 |
| **2016** | $10303 | $10348 | $10673 |
| **2016** | $10582 | $10631 | $11148 |
| **2016** | $11573 | $11628 | $11407 |
| **2017** | $11083 | $11135 | $12297 |
| **2017** | $10162 | $10212 | $12566 |
| **2017** | $9783 | $9834 | $12938 |
| **2017** | $10925 | $10984 | $13950 |
| **2018** | $10596 | $10655 | $14292 |
| **2018** | $12274 | $12346 | $14455 |
| **2018** | $12138 | $12212 | $15562 |
| **2018** | $10636 | $10708 | $14721 |
| **2019** | $10500 | $10574 | $15015 |
| **2019** | $9477 | $9546 | $14814 |
| **2019** | $9183 | $9252 | $15768 |
| **2019** | $9387 | $9458 | $17010 |
| **2020** | $7551 | $7610 | $16036 |
| **2020** | $6437 | $6491 | $16501 |
| **2020** | $6072 | $6120 | $19154 |
| **2020** | $6398 | $6449 | $20263 |
| **2021** | $8650 | $8721 | $21748 |
| **2021** | $9542 | $9623 | $23808 |
| **2021** | $8991 | $9073 | $25588 |
| **2021** | $10244 | $10339 | $25714 |
| **2022** | $13291 | $13418 | $24506 |
| **2022** | $16550 | $16711 | $22992 |
| **2022** | $15650 | $15801 | $22185 |
| **2022** | $17831 | $18020 | $22926 |
| **2023** | $16473 | $16651 | $22551 |
| **2023** | $15092 | $15261 | $23496 |
| **2023** | $17920 | $18127 | $25516 |
| **2023** | $17157 | $17360 | $25861 |
| **2024** | $17544 | $17757 | $29011 |
| **2024** | $19211 | $19450 | $30015 |
| **2024** | $18883 | $19120 | $32189 |
| **2024** | $20056 | $20314 | $34783 |
| **2025** | $19077 | $19326 | $34117 |
| **2025** | $17348 | $17579 | $33915 |
| **2025** | $19415 | $19678 | $37295 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| ETF Shares Net Asset Value | 2.82% | 26.17% | 6.86% |
| ETF Shares Market Price | 2.79% | 26.15% | 6.86% |
| MSCI U.S. Investable Market Energy 25/50 Index | 2.92% | 26.31% | 7.00% |
| MSCI US Investable Market 2500 Index | 15.87% | 14.26% | 14.07% |

---

## Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $9004 |
| Number of Portfolio Holdings | 116 |
| Portfolio Turnover Rate | 11% |
| Total Investment Advisory Fees (in thousands) | $184 |

---

## Portfolio Composition % of Net Assets (as of August 31, 2025)

---

| | |
|:---|:---|
| Coal & Consumable Fuels | 0.9% |
| Integrated Oil & Gas | 40.4% |
| Oil & Gas Drilling | 0.9% |
| Oil & Gas Equipment & Services | 9.3% |
| Oil & Gas Exploration & Production | 22.7% |
| Oil & Gas Refining & Marketing | 9.6% |
| Oil & Gas Storage & Transportation | 15.5% |
| Other Assets and Liabilities—Net | 0.7% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
During the reporting period, the expense ratio for the ETF Share class was reduced.

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u> or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>.

![Image](tm2525835d7_tsrimg014.jpg)

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR951

![Image](tm2525835d7_tsrimg014.jpg)

# Vanguard Energy Index Fund

# Admiral™ Shares (VENAX)

# Annual Shareholder Report \| August 31, 2025
This annual shareholder report contains important information about Vanguard Energy Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $9 | 0.09% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come. 

* Chevron (+13%), Williams Companies (+31%), and Cheniere Energy (+32%) were the top contributors to the return of the Fund's benchmark. They accounted for about 22% of the index at the end of the reporting period and increased the return by 3.4 percentage points. 

* ConocoPhillips (–10%), Schlumbeger Limited (–14%), and ONEOK (–13%) were the biggest detractors. 

* The sizable gap between the returns of the broad stock market and those of energy stocks for the reporting period underscores the high risk of sector-focused investments. Such gaps, whether positive or negative for the investment, are common. 

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: August 31, 2015, Through August 31, 2025** 

### Initial Investment of $100,000
![Line graph showing cumulative performance of $100,000 investment from August 31, 2015 through August 31, 2025. By the end of the period, the respective class' and index(es)' ending values are Admiral Shares $194,524 MSCI U.S. Investable Market Energy 25/50 Index $196,781 MSCI US Investable Market 2500 Index $372,954.](tm2525835d7_tsrimg026.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Admiral Shares** | **MSCI U.S. Investable Market Energy 25/50 Index** | **MSCI US Investable Market 2500 Index** |
| **2015** | $100000 | $100000 | $100000 |
| **2015** | $102604 | $102615 | $105344 |
| **2016** | $85907 | $85863 | $97332 |
| **2016** | $103031 | $103476 | $106732 |
| **2016** | $105830 | $106311 | $111482 |
| **2016** | $115726 | $116279 | $114072 |
| **2017** | $110804 | $111350 | $122966 |
| **2017** | $101595 | $102117 | $125655 |
| **2017** | $97827 | $98338 | $129381 |
| **2017** | $109242 | $109841 | $139505 |
| **2018** | $105958 | $106551 | $142918 |
| **2018** | $122729 | $123459 | $144546 |
| **2018** | $121368 | $122121 | $155622 |
| **2018** | $106366 | $107083 | $147212 |
| **2019** | $105004 | $105737 | $150154 |
| **2019** | $94777 | $95464 | $148140 |
| **2019** | $91837 | $92524 | $157677 |
| **2019** | $93862 | $94582 | $170096 |
| **2020** | $75517 | $76097 | $160357 |
| **2020** | $64434 | $64908 | $165010 |
| **2020** | $60781 | $61195 | $191541 |
| **2020** | $64057 | $64486 | $202632 |
| **2021** | $86595 | $87205 | $217480 |
| **2021** | $95536 | $96229 | $238081 |
| **2021** | $90062 | $90735 | $255877 |
| **2021** | $102580 | $103391 | $257140 |
| **2022** | $133131 | $134179 | $245060 |
| **2022** | $165769 | $167115 | $229922 |
| **2022** | $156684 | $158009 | $221850 |
| **2022** | $178630 | $180204 | $229264 |
| **2023** | $165022 | $166511 | $225513 |
| **2023** | $151197 | $152613 | $234961 |
| **2023** | $179531 | $181270 | $255158 |
| **2023** | $171907 | $173597 | $258612 |
| **2024** | $175798 | $177575 | $290108 |
| **2024** | $192507 | $194497 | $300146 |
| **2024** | $189209 | $191196 | $321885 |
| **2024** | $200981 | $203136 | $347827 |
| **2025** | $191141 | $193263 | $341170 |
| **2025** | $173811 | $175789 | $339154 |
| **2025** | $194524 | $196781 | $372954 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Admiral Shares | 2.81% | 26.19% | 6.88% |
| MSCI U.S. Investable Market Energy 25/50 Index | 2.92% | 26.31% | 7.00% |
| MSCI US Investable Market 2500 Index | 15.87% | 14.26% | 14.07% |

---

## Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $9004 |
| Number of Portfolio Holdings | 116 |
| Portfolio Turnover Rate | 11% |
| Total Investment Advisory Fees (in thousands) | $184 |

---

## Portfolio Composition % of Net Assets (as of August 31, 2025)

---

| | |
|:---|:---|
| Coal & Consumable Fuels | 0.9% |
| Integrated Oil & Gas | 40.4% |
| Oil & Gas Drilling | 0.9% |
| Oil & Gas Equipment & Services | 9.3% |
| Oil & Gas Exploration & Production | 22.7% |
| Oil & Gas Refining & Marketing | 9.6% |
| Oil & Gas Storage & Transportation | 15.5% |
| Other Assets and Liabilities—Net | 0.7% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
During the reporting period, the expense ratio for the Admiral Share class was reduced.

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u> or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>.

![Image](tm2525835d7_tsrimg014.jpg)

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR5480

![Image](tm2525835d7_tsrimg014.jpg)

# Vanguard Financials Index Fund

# ETF Shares (VFH) NYSE Arca

# Annual Shareholder Report \| August 31, 2025
This annual shareholder report contains important information about Vanguard Financials Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $10 | 0.09% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.

* JPMorgan Chase (+37%), Visa (+28%), and Mastercard (+24%) were the top contributors to the return of the Fund's benchmark. They accounted for 22% of the index at the end of the reporting period and added 6.1 percentage points to the return.

* Fiserv (–21%), Marsh & McLennan (–8%), and Global Payments (–19%) were the biggest detractors.

* Sector-focused investments are high in risk, and the Fund's shareholders should not expect its performance over the reporting period to persist. Periods of lower returns and falling share prices should be expected.

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: August 31, 2015, Through August 31, 2025** 

### Initial Investment of $10,000
![Line graph showing cumulative performance of $10,000 investment from August 31, 2015 through August 31, 2025. By the end of the period, the respective class' and index(es)' ending values are ETF Shares Net Asset Value $34,213 MSCI U.S. Investable Market Financials 25/50 Index $34,522 MSCI US Investable Market 2500 Index $37,295.](tm2525835d7_tsrimg003.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETF Shares Net Asset Value** | **MSCI U.S. Investable Market Financials 25/50 Index** | **MSCI US Investable Market 2500 Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2015** | $10559 | $10563 | $10534 |
| **2016** | $9189 | $9193 | $9733 |
| **2016** | $10415 | $10423 | $10673 |
| **2016** | $10893 | $10904 | $11148 |
| **2016** | $12336 | $12353 | $11407 |
| **2017** | $13495 | $13516 | $12297 |
| **2017** | $12842 | $12864 | $12566 |
| **2017** | $13579 | $13606 | $12938 |
| **2017** | $15198 | $15233 | $13950 |
| **2018** | $15861 | $15900 | $14292 |
| **2018** | $15266 | $15307 | $14455 |
| **2018** | $15907 | $15954 | $15562 |
| **2018** | $15068 | $15116 | $14721 |
| **2019** | $15051 | $15100 | $15015 |
| **2019** | $14729 | $14782 | $14814 |
| **2019** | $15295 | $15351 | $15768 |
| **2019** | $17131 | $17199 | $17010 |
| **2020** | $15220 | $15282 | $16036 |
| **2020** | $13283 | $13348 | $16501 |
| **2020** | $14265 | $14335 | $19154 |
| **2020** | $16090 | $16169 | $20263 |
| **2021** | $18928 | $19027 | $21748 |
| **2021** | $22170 | $22292 | $23808 |
| **2021** | $22576 | $22708 | $25588 |
| **2021** | $22606 | $22744 | $25714 |
| **2022** | $22813 | $22957 | $24506 |
| **2022** | $21014 | $21153 | $22992 |
| **2022** | $19771 | $19904 | $22185 |
| **2022** | $21674 | $21818 | $22926 |
| **2023** | $21537 | $21682 | $22551 |
| **2023** | $18947 | $19077 | $23496 |
| **2023** | $20813 | $20964 | $25516 |
| **2023** | $21811 | $21973 | $25861 |
| **2024** | $24744 | $24935 | $29011 |
| **2024** | $25582 | $25786 | $30015 |
| **2024** | $28200 | $28431 | $32189 |
| **2024** | $32237 | $32512 | $34783 |
| **2025** | $32448 | $32729 | $34117 |
| **2025** | $31753 | $32032 | $33915 |
| **2025** | $34213 | $34522 | $37295 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| ETF Shares Net Asset Value | 21.32% | 19.12% | 13.09% |
| ETF Shares Market Price | 21.29% | 19.12% | 13.09% |
| MSCI U.S. Investable Market Financials 25/50 Index | 21.42% | 19.22% | 13.19% |
| MSCI US Investable Market 2500 Index | 15.87% | 14.26% | 14.07% |

---

## Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $14306 |
| Number of Portfolio Holdings | 417 |
| Portfolio Turnover Rate | 5% |
| Total Investment Advisory Fees (in thousands) | $269 |

---

## Portfolio Composition % of Net Assets (as of August 31, 2025)

---

| | |
|:---|:---|
| Banks | 28.0% |
| Capital Markets | 25.2% |
| Consumer Finance | 5.1% |
| Financial Services | 23.7% |
| Insurance | 14.7% |
| Mortgage Real Estate Investment Trusts (REITs) | 0.7% |
| Other Assets and Liabilities—Net | 2.6% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
During the reporting period, the expense ratio for the ETF Share class was reduced.

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u> or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>.

![Image](tm2525835d7_tsrimg014.jpg)

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR957

![Image](tm2525835d7_tsrimg014.jpg)

# Vanguard Financials Index Fund

# Admiral™ Shares (VFAIX)

# Annual Shareholder Report \| August 31, 2025
This annual shareholder report contains important information about Vanguard Financials Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $10 | 0.09% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.

* JPMorgan Chase (+37%), Visa (+28%), and Mastercard (+24%) were the top contributors to the return of the Fund's benchmark. They accounted for 22% of the index at the end of the reporting period and added 6.1 percentage points to the return.

* Fiserv (–21%), Marsh & McLennan (–8%), and Global Payments (–19%) were the biggest detractors.

* Sector-focused investments are high in risk, and the Fund's shareholders should not expect its performance over the reporting period to persist. Periods of lower returns and falling share prices should be expected.

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: August 31, 2015, Through August 31, 2025** 

### Initial Investment of $100,000
![Line graph showing cumulative performance of $100,000 investment from August 31, 2015 through August 31, 2025. By the end of the period, the respective class' and index(es)' ending values are Admiral Shares $342,438 MSCI U.S. Investable Market Financials 25/50 Index $345,221 MSCI US Investable Market 2500 Index $372,954.](tm2525835d7_tsrimg004.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Admiral Shares** | **MSCI U.S. Investable Market Financials 25/50 Index** | **MSCI US Investable Market 2500 Index** |
| **2015** | $100000 | $100000 | $100000 |
| **2015** | $105589 | $105630 | $105344 |
| **2016** | $91890 | $91934 | $97332 |
| **2016** | $104137 | $104230 | $106732 |
| **2016** | $108957 | $109045 | $111482 |
| **2016** | $123376 | $123532 | $114072 |
| **2017** | $134943 | $135161 | $122966 |
| **2017** | $128430 | $128636 | $125655 |
| **2017** | $135784 | $136059 | $129381 |
| **2017** | $151998 | $152327 | $139505 |
| **2018** | $158613 | $158995 | $142918 |
| **2018** | $152672 | $153068 | $144546 |
| **2018** | $159080 | $159542 | $155622 |
| **2018** | $150681 | $151155 | $147212 |
| **2019** | $150504 | $151002 | $150154 |
| **2019** | $147316 | $147818 | $148140 |
| **2019** | $152930 | $153512 | $157677 |
| **2019** | $171314 | $171989 | $170096 |
| **2020** | $152207 | $152824 | $160357 |
| **2020** | $132872 | $133478 | $165010 |
| **2020** | $142686 | $143351 | $191541 |
| **2020** | $160958 | $161688 | $202632 |
| **2021** | $189382 | $190269 | $217480 |
| **2021** | $221780 | $222919 | $238081 |
| **2021** | $225907 | $227084 | $255877 |
| **2021** | $226165 | $227439 | $257140 |
| **2022** | $228236 | $229569 | $245060 |
| **2022** | $210293 | $211531 | $229922 |
| **2022** | $197833 | $199041 | $221850 |
| **2022** | $216912 | $218179 | $229264 |
| **2023** | $215513 | $216816 | $225513 |
| **2023** | $189593 | $190769 | $234961 |
| **2023** | $208263 | $209638 | $255158 |
| **2023** | $218287 | $219733 | $258612 |
| **2024** | $247644 | $249348 | $290108 |
| **2024** | $256016 | $257861 | $300146 |
| **2024** | $282200 | $284313 | $321885 |
| **2024** | $322645 | $325120 | $347827 |
| **2025** | $324728 | $327293 | $341170 |
| **2025** | $317789 | $320325 | $339154 |
| **2025** | $342438 | $345221 | $372954 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Admiral Shares | 21.35% | 19.14% | 13.10% |
| MSCI U.S. Investable Market Financials 25/50 Index | 21.42% | 19.22% | 13.19% |
| MSCI US Investable Market 2500 Index | 15.87% | 14.26% | 14.07% |

---

## Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $14306 |
| Number of Portfolio Holdings | 417 |
| Portfolio Turnover Rate | 5% |
| Total Investment Advisory Fees (in thousands) | $269 |

---

## Portfolio Composition % of Net Assets (as of August 31, 2025)

---

| | |
|:---|:---|
| Banks | 28.0% |
| Capital Markets | 25.2% |
| Consumer Finance | 5.1% |
| Financial Services | 23.7% |
| Insurance | 14.7% |
| Mortgage Real Estate Investment Trusts (REITs) | 0.7% |
| Other Assets and Liabilities—Net | 2.6% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
During the reporting period, the expense ratio for the Admiral Share class was reduced.

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u> or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>.

![Image](tm2525835d7_tsrimg014.jpg)

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR5486

![Image](tm2525835d7_tsrimg014.jpg)

# Vanguard Health Care Index Fund

# ETF Shares (VHT) NYSE Arca

# Annual Shareholder Report \| August 31, 2025
This annual shareholder report contains important information about Vanguard Health Care Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $9 | 0.09% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.

* UnitedHealth Group (–47%), Eli Lilly (–23%), and Merck (–27%) detracted the most from the return of the Fund's benchmark. They accounted for about 19% of the index at the end of the reporting period and decreased the return by 8.7 percentage points. 

* Johnson & Johnson (+10%), Gilead Sciences (+48%), and AbbVie (+11%) were the top contributors.

* The sizable gap between the total returns of the broad stock market and health care stocks over the reporting period highlights the high risk of sector-focused investments. Such gaps, both positive and negative, are common.

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: August 31, 2015, Through August 31, 2025** 

### Initial Investment of $10,000
![Line graph showing cumulative performance of $10,000 investment from August 31, 2015 through August 31, 2025. By the end of the period, the respective class' and index(es)' ending values are ETF Shares Net Asset Value $22,383 MSCI U.S. Investable Market Health Care 25/50 Index $22,540 MSCI US Investable Market 2500 Index $37,295.](tm2525835d7_tsrimg022.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETF Shares Net Asset Value** | **MSCI U.S. Investable Market Health Care 25/50 Index** | **MSCI US Investable Market 2500 Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2015** | $10040 | $10037 | $10534 |
| **2016** | $9171 | $9168 | $9733 |
| **2016** | $9984 | $9984 | $10673 |
| **2016** | $10261 | $10262 | $11148 |
| **2016** | $9783 | $9786 | $11407 |
| **2017** | $10752 | $10757 | $12297 |
| **2017** | $10964 | $10971 | $12566 |
| **2017** | $11807 | $11817 | $12938 |
| **2017** | $12196 | $12209 | $13950 |
| **2018** | $12407 | $12422 | $14292 |
| **2018** | $12403 | $12419 | $14455 |
| **2018** | $14020 | $14041 | $15562 |
| **2018** | $14097 | $14120 | $14721 |
| **2019** | $13785 | $13811 | $15015 |
| **2019** | $13112 | $13136 | $14814 |
| **2019** | $13709 | $13738 | $15768 |
| **2019** | $15106 | $15138 | $17010 |
| **2020** | $14265 | $14298 | $16036 |
| **2020** | $16038 | $16074 | $16501 |
| **2020** | $17007 | $17048 | $19154 |
| **2020** | $17717 | $17763 | $20263 |
| **2021** | $18543 | $18595 | $21748 |
| **2021** | $19838 | $19899 | $23808 |
| **2021** | $21767 | $21839 | $25588 |
| **2021** | $20667 | $20740 | $25714 |
| **2022** | $20301 | $20378 | $24506 |
| **2022** | $20231 | $20311 | $22992 |
| **2022** | $19459 | $19541 | $22185 |
| **2022** | $21451 | $21549 | $22926 |
| **2023** | $19894 | $19985 | $22551 |
| **2023** | $20032 | $20129 | $23496 |
| **2023** | $20834 | $20940 | $25516 |
| **2023** | $20419 | $20527 | $25861 |
| **2024** | $22814 | $22939 | $29011 |
| **2024** | $22578 | $22709 | $30015 |
| **2024** | $24907 | $25057 | $32189 |
| **2024** | $23608 | $23756 | $34783 |
| **2025** | $23696 | $23851 | $34117 |
| **2025** | $21317 | $21462 | $33915 |
| **2025** | $22383 | $22540 | $37295 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| ETF Shares Net Asset Value | -10.13% | 5.65% | 8.39% |
| ETF Shares Market Price | -10.10% | 5.64% | 8.39% |
| MSCI U.S. Investable Market Health Care 25/50 Index | -10.05% | 5.74% | 8.47% |
| MSCI US Investable Market 2500 Index | 15.87% | 14.26% | 14.07% |

---

## Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $17558 |
| Number of Portfolio Holdings | 408 |
| Portfolio Turnover Rate | 4% |
| Total Investment Advisory Fees (in thousands) | $388 |

---

## Portfolio Composition % of Net Assets (as of August 31, 2025)

---

| | |
|:---|:---|
| Biotechnology | 20.2% |
| Health Care Equipment & Supplies | 22.5% |
| Health Care Providers & Services | 17.3% |
| Health Care Technology | 1.1% |
| Life Sciences Tools & Services | 9.4% |
| Pharmaceuticals | 25.9% |
| Other Assets and Liabilities—Net | 3.6% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
During the reporting period, the expense ratio for the ETF Share class was reduced.

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u> or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>.

![Image](tm2525835d7_tsrimg014.jpg)

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR956

![Image](tm2525835d7_tsrimg014.jpg)

# Vanguard Health Care Index Fund

# Admiral™ Shares (VHCIX)

# Annual Shareholder Report \| August 31, 2025
This annual shareholder report contains important information about Vanguard Health Care Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $9 | 0.09% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.

* UnitedHealth Group (–47%), Eli Lilly (–23%), and Merck (–27%) detracted the most from the return of the Fund's benchmark. They accounted for about 19% of the index at the end of the reporting period and decreased the return by 8.7 percentage points. 

* Johnson & Johnson (+10%), Gilead Sciences (+48%), and AbbVie (+11%) were the top contributors.

* The sizable gap between the total returns of the broad stock market and health care stocks over the reporting period highlights the high risk of sector-focused investments. Such gaps, both positive and negative, are common.

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: August 31, 2015, Through August 31, 2025** 

### Initial Investment of $100,000
![Line graph showing cumulative performance of $100,000 investment from August 31, 2015 through August 31, 2025. By the end of the period, the respective class' and index(es)' ending values are Admiral Shares $223,956 MSCI U.S. Investable Market Health Care 25/50 Index $225,395 MSCI US Investable Market 2500 Index $372,954.](tm2525835d7_tsrimg005.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Admiral Shares** | **MSCI U.S. Investable Market Health Care 25/50 Index** | **MSCI US Investable Market 2500 Index** |
| **2015** | $100000 | $100000 | $100000 |
| **2015** | $100393 | $100369 | $105344 |
| **2016** | $91701 | $91682 | $97332 |
| **2016** | $99840 | $99836 | $106732 |
| **2016** | $102606 | $102621 | $111482 |
| **2016** | $97830 | $97862 | $114072 |
| **2017** | $107522 | $107574 | $122966 |
| **2017** | $109643 | $109706 | $125655 |
| **2017** | $118072 | $118172 | $129381 |
| **2017** | $121969 | $122092 | $139505 |
| **2018** | $124065 | $124224 | $142918 |
| **2018** | $124018 | $124192 | $144546 |
| **2018** | $140198 | $140407 | $155622 |
| **2018** | $140968 | $141200 | $147212 |
| **2019** | $137850 | $138111 | $150154 |
| **2019** | $131112 | $131364 | $148140 |
| **2019** | $137104 | $137376 | $157677 |
| **2019** | $151054 | $151379 | $170096 |
| **2020** | $142650 | $142980 | $160357 |
| **2020** | $160406 | $160745 | $165010 |
| **2020** | $170090 | $170478 | $191541 |
| **2020** | $177201 | $177631 | $202632 |
| **2021** | $185467 | $185948 | $217480 |
| **2021** | $198430 | $198994 | $238081 |
| **2021** | $217725 | $218394 | $255877 |
| **2021** | $206738 | $207405 | $257140 |
| **2022** | $203078 | $203777 | $245060 |
| **2022** | $202377 | $203113 | $229922 |
| **2022** | $194660 | $195413 | $221850 |
| **2022** | $214620 | $215486 | $229264 |
| **2023** | $199039 | $199854 | $225513 |
| **2023** | $200406 | $201285 | $234961 |
| **2023** | $208449 | $209395 | $255158 |
| **2023** | $204297 | $205273 | $258612 |
| **2024** | $228262 | $229394 | $290108 |
| **2024** | $225914 | $227087 | $300146 |
| **2024** | $249210 | $250572 | $321885 |
| **2024** | $236201 | $237562 | $347827 |
| **2025** | $237095 | $238510 | $341170 |
| **2025** | $213297 | $214617 | $339154 |
| **2025** | $223956 | $225395 | $372954 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Admiral Shares | -10.13% | 5.66% | 8.40% |
| MSCI U.S. Investable Market Health Care 25/50 Index | -10.05% | 5.74% | 8.47% |
| MSCI US Investable Market 2500 Index | 15.87% | 14.26% | 14.07% |

---

## Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $17558 |
| Number of Portfolio Holdings | 408 |
| Portfolio Turnover Rate | 4% |
| Total Investment Advisory Fees (in thousands) | $388 |

---

## Portfolio Composition % of Net Assets (as of August 31, 2025)

---

| | |
|:---|:---|
| Biotechnology | 20.2% |
| Health Care Equipment & Supplies | 22.5% |
| Health Care Providers & Services | 17.3% |
| Health Care Technology | 1.1% |
| Life Sciences Tools & Services | 9.4% |
| Pharmaceuticals | 25.9% |
| Other Assets and Liabilities—Net | 3.6% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
During the reporting period, the expense ratio for the Admiral Share class was reduced.

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u> or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>.

![Image](tm2525835d7_tsrimg014.jpg)

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR5485

![Image](tm2525835d7_tsrimg014.jpg)

# Vanguard Industrials Index Fund

# ETF Shares (VIS) NYSE Arca

# Annual Shareholder Report \| August 31, 2025
This annual shareholder report contains important information about Vanguard Industrials Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $10 | 0.09% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended August 31, 2025, Vanguard Industrials Index Fund performed in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come. 

* GE Vernova (+206%), GE Aerospace (+59%), and Boeing (+35%) contributed most to the return of the Fund's benchmark. They accounted for about 10% of the index at the end of the reporting period and increased the return by 5.5 percentage points. 

* United Parcel Service (–28%), Union Pacific (–11%), and Lockheed Martin (–18%) were the biggest detractors.

* Sector-focused investments are high in risk, and the Fund's shareholders should not expect the performance over the reporting period to persist. Periods of lower returns and falling share prices should be expected. 

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: August 31, 2015, Through August 31, 2025** 

### Initial Investment of $10,000
![Line graph showing cumulative performance of $10,000 investment from August 31, 2015 through August 31, 2025. By the end of the period, the respective class' and index(es)' ending values are ETF Shares Net Asset Value $34,741 MSCI U.S. Investable Market Industrials 25/50 Index $35,035 MSCI US Investable Market 2500 Index $37,295.](tm2525835d7_tsrimg029.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETF Shares Net Asset Value** | **MSCI U.S. Investable Market Industrials 25/50 Index** | **MSCI US Investable Market 2500 Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2015** | $10683 | $10680 | $10534 |
| **2016** | $10095 | $10094 | $9733 |
| **2016** | $10981 | $10983 | $10673 |
| **2016** | $11578 | $11581 | $11148 |
| **2016** | $12407 | $12410 | $11407 |
| **2017** | $13107 | $13112 | $12297 |
| **2017** | $13366 | $13374 | $12566 |
| **2017** | $13610 | $13617 | $12938 |
| **2017** | $14902 | $14918 | $13950 |
| **2018** | $15198 | $15218 | $14292 |
| **2018** | $14973 | $14997 | $14455 |
| **2018** | $15707 | $15735 | $15562 |
| **2018** | $14682 | $14710 | $14721 |
| **2019** | $15450 | $15484 | $15015 |
| **2019** | $14743 | $14779 | $14814 |
| **2019** | $15592 | $15634 | $15768 |
| **2019** | $16976 | $17027 | $17010 |
| **2020** | $15326 | $15376 | $16036 |
| **2020** | $14197 | $14251 | $16501 |
| **2020** | $16364 | $16431 | $19154 |
| **2020** | $18681 | $18761 | $20263 |
| **2021** | $19782 | $19873 | $21748 |
| **2021** | $22602 | $22711 | $23808 |
| **2021** | $22486 | $22600 | $25588 |
| **2021** | $22015 | $22132 | $25714 |
| **2022** | $21510 | $21630 | $24506 |
| **2022** | $20247 | $20365 | $22992 |
| **2022** | $20097 | $20218 | $22185 |
| **2022** | $21907 | $22047 | $22926 |
| **2023** | $22130 | $22272 | $22551 |
| **2023** | $21322 | $21463 | $23496 |
| **2023** | $24114 | $24279 | $25516 |
| **2023** | $23913 | $24082 | $25861 |
| **2024** | $27364 | $27566 | $29011 |
| **2024** | $28105 | $28316 | $30015 |
| **2024** | $29777 | $30008 | $32189 |
| **2024** | $32962 | $33222 | $34783 |
| **2025** | $30783 | $31032 | $34117 |
| **2025** | $32088 | $32354 | $33915 |
| **2025** | $34741 | $35035 | $37295 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| ETF Shares Net Asset Value | 16.67% | 16.25% | 13.26% |
| ETF Shares Market Price | 16.66% | 16.23% | 13.26% |
| MSCI U.S. Investable Market Industrials 25/50 Index | 16.75% | 16.35% | 13.36% |
| MSCI US Investable Market 2500 Index | 15.87% | 14.26% | 14.07% |

---

## Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $6644 |
| Number of Portfolio Holdings | 390 |
| Portfolio Turnover Rate | 5% |
| Total Investment Advisory Fees (in thousands) | $126 |

---

## Portfolio Composition % of Net Assets (as of August 31, 2025)

---

| | |
|:---|:---|
| Aerospace & Defense | 22.3% |
| Air Freight & Logistics | 2.6% |
| Building Products | 6.6% |
| Commercial Services & Supplies | 7.1% |
| Construction & Engineering | 3.7% |
| Electrical Equipment | 10.4% |
| Ground Transportation | 9.0% |
| Industrial Conglomerates | 3.7% |
| Machinery | 18.2% |
| Marine Transportation | 0.1% |
| Passenger Airlines | 2.0% |
| Professional Services | 8.3% |
| Trading Companies & Distributors | 5.5% |
| Other Assets and Liabilities—Net | 0.5% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
During the reporting period, the expense ratio for the ETF Share class was reduced.

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u> or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>.

![Image](tm2525835d7_tsrimg014.jpg)

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR953

![Image](tm2525835d7_tsrimg014.jpg)

# Vanguard Industrials Index Fund

# Admiral™ Shares (VINAX)

# Annual Shareholder Report \| August 31, 2025
This annual shareholder report contains important information about Vanguard Industrials Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $10 | 0.09% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended August 31, 2025, Vanguard Industrials Index Fund performed in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come. 

* GE Vernova (+206%), GE Aerospace (+59%), and Boeing (+35%) contributed most to the return of the Fund's benchmark. They accounted for about 10% of the index at the end of the reporting period and increased the return by 5.5 percentage points. 

* United Parcel Service (–28%), Union Pacific (–11%), and Lockheed Martin (–18%) were the biggest detractors.

* Sector-focused investments are high in risk, and the Fund's shareholders should not expect the performance over the reporting period to persist. Periods of lower returns and falling share prices should be expected. 

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: August 31, 2015, Through August 31, 2025** 

### Initial Investment of $100,000
![Line graph showing cumulative performance of $100,000 investment from August 31, 2015 through August 31, 2025. By the end of the period, the respective class' and index(es)' ending values are Admiral Shares $347,521 MSCI U.S. Investable Market Industrials 25/50 Index $350,349 MSCI US Investable Market 2500 Index $372,954.](tm2525835d7_tsrimg013.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Admiral Shares** | **MSCI U.S. Investable Market Industrials 25/50 Index** | **MSCI US Investable Market 2500 Index** |
| **2015** | $100000 | $100000 | $100000 |
| **2015** | $106818 | $106798 | $105344 |
| **2016** | $100952 | $100942 | $97332 |
| **2016** | $109800 | $109827 | $106732 |
| **2016** | $115771 | $115810 | $111482 |
| **2016** | $124054 | $124104 | $114072 |
| **2017** | $131043 | $131125 | $122966 |
| **2017** | $133654 | $133742 | $125655 |
| **2017** | $136088 | $136174 | $129381 |
| **2017** | $149008 | $149179 | $139505 |
| **2018** | $151969 | $152176 | $142918 |
| **2018** | $149726 | $149968 | $144546 |
| **2018** | $157058 | $157352 | $155622 |
| **2018** | $146798 | $147099 | $147212 |
| **2019** | $154473 | $154843 | $150154 |
| **2019** | $147411 | $147789 | $148140 |
| **2019** | $155885 | $156336 | $157677 |
| **2019** | $169743 | $170270 | $170096 |
| **2020** | $153243 | $153758 | $160357 |
| **2020** | $141981 | $142513 | $165010 |
| **2020** | $163655 | $164308 | $191541 |
| **2020** | $186841 | $187612 | $202632 |
| **2021** | $197870 | $198727 | $217480 |
| **2021** | $226064 | $227114 | $238081 |
| **2021** | $224912 | $226000 | $255877 |
| **2021** | $220196 | $221321 | $257140 |
| **2022** | $215165 | $216298 | $245060 |
| **2022** | $202515 | $203647 | $229922 |
| **2022** | $201025 | $202183 | $221850 |
| **2022** | $219164 | $220466 | $229264 |
| **2023** | $221364 | $222718 | $225513 |
| **2023** | $213265 | $214634 | $234961 |
| **2023** | $241214 | $242793 | $255158 |
| **2023** | $239203 | $240820 | $258612 |
| **2024** | $273756 | $275663 | $290108 |
| **2024** | $281152 | $283162 | $300146 |
| **2024** | $297876 | $300078 | $321885 |
| **2024** | $329747 | $332223 | $347827 |
| **2025** | $307954 | $310320 | $341170 |
| **2025** | $320999 | $323540 | $339154 |
| **2025** | $347521 | $350349 | $372954 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Admiral Shares | 16.67% | 16.25% | 13.27% |
| MSCI U.S. Investable Market Industrials 25/50 Index | 16.75% | 16.35% | 13.36% |
| MSCI US Investable Market 2500 Index | 15.87% | 14.26% | 14.07% |

---

## Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $6644 |
| Number of Portfolio Holdings | 390 |
| Portfolio Turnover Rate | 5% |
| Total Investment Advisory Fees (in thousands) | $126 |

---

## Portfolio Composition % of Net Assets (as of August 31, 2025)

---

| | |
|:---|:---|
| Aerospace & Defense | 22.3% |
| Air Freight & Logistics | 2.6% |
| Building Products | 6.6% |
| Commercial Services & Supplies | 7.1% |
| Construction & Engineering | 3.7% |
| Electrical Equipment | 10.4% |
| Ground Transportation | 9.0% |
| Industrial Conglomerates | 3.7% |
| Machinery | 18.2% |
| Marine Transportation | 0.1% |
| Passenger Airlines | 2.0% |
| Professional Services | 8.3% |
| Trading Companies & Distributors | 5.5% |
| Other Assets and Liabilities—Net | 0.5% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
During the reporting period, the expense ratio for the Admiral Share class was reduced.

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u> or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>.

![Image](tm2525835d7_tsrimg014.jpg)

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR5482

![Image](tm2525835d7_tsrimg014.jpg)

# Vanguard Information Technology Index Fund

# ETF Shares (VGT) NYSE Arca

# Annual Shareholder Report \| August 31, 2025
This annual shareholder report contains important information about Vanguard Information Technology Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $10 | 0.09% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended August 31, 2025, Vanguard Information Technology Index Fund performed in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.

* NVIDIA (+46%), Microsoft (+22%), and Broadcom (+85%) were the top contributors to the return of the Fund's benchmark. They accounted for about 35% of the index at the end of the reporting period and added about 14.6 percentage points to the return.

* Apple (+2%), Adobe (–38%), and Accenture (–23%) were the biggest detractors.

* Sector-focused investments are high in risk, and the Fund's shareholders should not expect its performance over the reporting period to persist. Periods of lower returns and falling share prices should be expected.

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: August 31, 2015, Through August 31, 2025** 

### Initial Investment of $10,000
![Line graph showing cumulative performance of $10,000 investment from August 31, 2015 through August 31, 2025. By the end of the period, the respective class' and index(es)' ending values are ETF Shares Net Asset Value $75,575 Information Technology Spliced Index $76,301 MSCI US Investable Market 2500 Index $37,295.](tm2525835d7_tsrimg024.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETF Shares Net Asset Value** | **Information Technology Spliced Index** | **MSCI US Investable Market 2500 Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2015** | $11015 | $11017 | $10534 |
| **2016** | $10002 | $10006 | $9733 |
| **2016** | $10939 | $10946 | $10673 |
| **2016** | $11748 | $11759 | $11148 |
| **2016** | $12032 | $12046 | $11407 |
| **2017** | $13354 | $13373 | $12297 |
| **2017** | $14589 | $14614 | $12566 |
| **2017** | $15264 | $15293 | $12938 |
| **2017** | $16718 | $16754 | $13950 |
| **2018** | $17998 | $18039 | $14292 |
| **2018** | $18606 | $18653 | $14455 |
| **2018** | $20687 | $20746 | $15562 |
| **2018** | $18708 | $18765 | $14721 |
| **2019** | $19848 | $19911 | $15015 |
| **2019** | $20041 | $20110 | $14814 |
| **2019** | $22072 | $22157 | $15768 |
| **2019** | $24491 | $24592 | $17010 |
| **2020** | $24492 | $24599 | $16036 |
| **2020** | $27236 | $27374 | $16501 |
| **2020** | $34371 | $34561 | $19154 |
| **2020** | $35125 | $35331 | $20263 |
| **2021** | $37466 | $37697 | $21748 |
| **2021** | $39167 | $39420 | $23808 |
| **2021** | $44957 | $45255 | $25588 |
| **2021** | $47242 | $47566 | $25714 |
| **2022** | $42750 | $43061 | $24506 |
| **2022** | $38272 | $38568 | $22992 |
| **2022** | $37090 | $37388 | $22185 |
| **2022** | $37062 | $37370 | $22926 |
| **2023** | $37586 | $37902 | $22551 |
| **2023** | $44581 | $44968 | $23496 |
| **2023** | $47650 | $48075 | $25516 |
| **2023** | $49593 | $49988 | $25861 |
| **2024** | $55735 | $56191 | $29011 |
| **2024** | $57539 | $58023 | $30015 |
| **2024** | $61936 | $62472 | $32189 |
| **2024** | $67276 | $67876 | $34783 |
| **2025** | $64733 | $65320 | $34117 |
| **2025** | $65760 | $66372 | $33915 |
| **2025** | $75575 | $76301 | $37295 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| ETF Shares Net Asset Value | 22.02% | 17.07% | 22.42% |
| ETF Shares Market Price | 22.07% | 17.06% | 22.42% |
| Information Technology Spliced Index | 22.14% | 17.16% | 22.53% |
| MSCI US Investable Market 2500 Index | 15.87% | 14.26% | 14.07% |

---

## Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $117049 |
| Number of Portfolio Holdings | 321 |
| Portfolio Turnover Rate | 8% |
| Total Investment Advisory Fees (in thousands) | $2044 |

---

## Portfolio Composition % of Net Assets (as of August 31, 2025)

---

| | |
|:---|:---|
| Communications Equipment | 3.8% |
| Electronic Equipment, Instruments & Components | 5.6% |
| IT Services | 5.2% |
| Other | 0.0% |
| Semiconductors & Semiconductor Equipment | 34.2% |
| Software | 35.8% |
| Technology Hardware, Storage & Peripherals | 15.3% |
| Other Assets and Liabilities—Net | 0.1% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
During the reporting period, the expense ratio for the ETF Share class was reduced.

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u> or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>.

![Image](tm2525835d7_tsrimg014.jpg)

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR958

![Image](tm2525835d7_tsrimg014.jpg)

# Vanguard Information Technology Index Fund

# Admiral™ Shares (VITAX)

# Annual Shareholder Report \| August 31, 2025
This annual shareholder report contains important information about Vanguard Information Technology Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $10 | 0.09% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended August 31, 2025, Vanguard Information Technology Index Fund performed in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.

* NVIDIA (+46%), Microsoft (+22%), and Broadcom (+85%) were the top contributors to the return of the Fund's benchmark. They accounted for about 35% of the index at the end of the reporting period and added about 14.6 percentage points to the return.

* Apple (+2%), Adobe (–38%), and Accenture (–23%) were the biggest detractors.

* Sector-focused investments are high in risk, and the Fund's shareholders should not expect its performance over the reporting period to persist. Periods of lower returns and falling share prices should be expected.

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: August 31, 2015, Through August 31, 2025** 

### Initial Investment of $100,000
![Line graph showing cumulative performance of $100,000 investment from August 31, 2015 through August 31, 2025. By the end of the period, the respective class' and index(es)' ending values are Admiral Shares $756,186 Information Technology Spliced Index $763,006 MSCI US Investable Market 2500 Index $372,954.](tm2525835d7_tsrimg008.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Admiral Shares** | **Information Technology Spliced Index** | **MSCI US Investable Market 2500 Index** |
| **2015** | $100000 | $100000 | $100000 |
| **2015** | $110147 | $110175 | $105344 |
| **2016** | $100036 | $100063 | $97332 |
| **2016** | $109401 | $109463 | $106732 |
| **2016** | $117488 | $117590 | $111482 |
| **2016** | $120329 | $120464 | $114072 |
| **2017** | $133557 | $133726 | $122966 |
| **2017** | $145912 | $146139 | $125655 |
| **2017** | $152660 | $152929 | $129381 |
| **2017** | $167211 | $167539 | $139505 |
| **2018** | $180008 | $180393 | $142918 |
| **2018** | $186086 | $186530 | $144546 |
| **2018** | $206913 | $207460 | $155622 |
| **2018** | $187116 | $187647 | $147212 |
| **2019** | $198506 | $199108 | $150154 |
| **2019** | $200452 | $201102 | $148140 |
| **2019** | $220769 | $221566 | $157677 |
| **2019** | $244979 | $245915 | $170096 |
| **2020** | $244978 | $245994 | $160357 |
| **2020** | $272501 | $273744 | $165010 |
| **2020** | $343909 | $345608 | $191541 |
| **2020** | $351437 | $353312 | $202632 |
| **2021** | $374866 | $376974 | $217480 |
| **2021** | $391915 | $394202 | $238081 |
| **2021** | $449852 | $452550 | $255877 |
| **2021** | $472702 | $475659 | $257140 |
| **2022** | $427741 | $430610 | $245060 |
| **2022** | $382943 | $385682 | $229922 |
| **2022** | $371126 | $373878 | $221850 |
| **2022** | $370855 | $373695 | $229264 |
| **2023** | $376052 | $379025 | $225513 |
| **2023** | $446056 | $449684 | $234961 |
| **2023** | $476771 | $480748 | $255158 |
| **2023** | $496216 | $499884 | $258612 |
| **2024** | $557676 | $561911 | $290108 |
| **2024** | $575731 | $580228 | $300146 |
| **2024** | $619708 | $624719 | $321885 |
| **2024** | $673151 | $678758 | $347827 |
| **2025** | $647702 | $653202 | $341170 |
| **2025** | $657985 | $663724 | $339154 |
| **2025** | $756186 | $763006 | $372954 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Admiral Shares | 22.02% | 17.07% | 22.42% |
| Information Technology Spliced Index | 22.14% | 17.16% | 22.53% |
| MSCI US Investable Market 2500 Index | 15.87% | 14.26% | 14.07% |

---

## Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $117049 |
| Number of Portfolio Holdings | 321 |
| Portfolio Turnover Rate | 8% |
| Total Investment Advisory Fees (in thousands) | $2044 |

---

## Portfolio Composition % of Net Assets (as of August 31, 2025)

---

| | |
|:---|:---|
| Communications Equipment | 3.8% |
| Electronic Equipment, Instruments & Components | 5.6% |
| IT Services | 5.2% |
| Other | 0.0% |
| Semiconductors & Semiconductor Equipment | 34.2% |
| Software | 35.8% |
| Technology Hardware, Storage & Peripherals | 15.3% |
| Other Assets and Liabilities—Net | 0.1% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
During the reporting period, the expense ratio for the Admiral Share class was reduced.

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u> or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>.

![Image](tm2525835d7_tsrimg014.jpg)

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR5487

![Image](tm2525835d7_tsrimg014.jpg)

# Vanguard International Growth Fund

# Investor Shares (VWIGX)

# Annual Shareholder Report \| August 31, 2025
This annual shareholder report contains important information about Vanguard International Growth Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>. You can also request this information by contacting us at 800-662-7447.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $41 | 0.38% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended August 31, 2025, the Fund underperformed its benchmark. 

* Optimism in the U.S. about the prospect of further deregulation, tax cuts, and robust corporate earnings was at times tempered by market concerns over rising interest rates, stretched equity valuations, and U.S. trade policy announcements. While the Federal Reserve paused short-term rate cuts after December 2024, the European Central Bank and Bank of England continued to ease policy during the period. 

* By region, the Fund's exposure to Europe—notably Denmark, Germany, the Netherlands, and the United Kingdom—weighed on performance relative to the benchmark index. In contrast, the Fund's exposure to the United States, Singapore, India, Taiwan, and Japan added value.

* By industry sector, the Fund's positioning in industrials, financials, and health care detracted the most from relative performance, offsetting the value added by security selection in communication services and consumer discretionary, in particular.

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: August 31, 2015, Through August 31, 2025** 

### Initial Investment of $10,000
![Line graph showing cumulative performance of $10,000 investment from August 31, 2015 through August 31, 2025. By the end of the period, the respective class' and index(es)' ending values are Investor Shares $27,409 MSCI All Country World Index ex USA Net $21,314.](tm2525835d7_tsrimg017.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor Shares** | **MSCI All Country World Index ex USA Net** |
| **2015** | $10000 | $10000 |
| **2015** | $10528 | $10041 |
| **2016** | $9322 | $9084 |
| **2016** | $10252 | $9936 |
| **2016** | $10895 | $10343 |
| **2016** | $10418 | $10088 |
| **2017** | $11315 | $10889 |
| **2017** | $12897 | $11804 |
| **2017** | $13992 | $12352 |
| **2017** | $14796 | $12930 |
| **2018** | $15617 | $13305 |
| **2018** | $15572 | $13007 |
| **2018** | $15527 | $12806 |
| **2018** | $14006 | $11938 |
| **2019** | $14742 | $12506 |
| **2019** | $14292 | $12253 |
| **2019** | $14816 | $12450 |
| **2019** | $16208 | $13343 |
| **2020** | $16233 | $12483 |
| **2020** | $17579 | $11884 |
| **2020** | $22757 | $13545 |
| **2020** | $25667 | $14677 |
| **2021** | $27959 | $15820 |
| **2021** | $28094 | $17041 |
| **2021** | $29559 | $16982 |
| **2021** | $27454 | $16089 |
| **2022** | $23046 | $15825 |
| **2022** | $20015 | $15000 |
| **2022** | $18760 | $13737 |
| **2022** | $19706 | $14250 |
| **2023** | $19982 | $14764 |
| **2023** | $20423 | $14869 |
| **2023** | $20601 | $15453 |
| **2023** | $20509 | $15652 |
| **2024** | $22263 | $16696 |
| **2024** | $23370 | $17446 |
| **2024** | $24014 | $18357 |
| **2024** | $24316 | $17784 |
| **2025** | $25195 | $18405 |
| **2025** | $26195 | $19952 |
| **2025** | $27409 | $21314 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 14.14% | 3.79% | 10.61% |
| MSCI All Country World Index ex USA Net | 15.42% | 8.94% | 7.33% |

---

## Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $45484 |
| Number of Portfolio Holdings | 125 |
| Portfolio Turnover Rate | 23% |
| Total Investment Advisory Fees (in thousands) | $53477 |

---

## Portfolio Composition % of Net Assets (as of August 31, 2025)

---

| | |
|:---|:---|
| Asia | 37.3% |
| Europe | 45.6% |
| North America | 11.9% |
| Oceania | 1.4% |
| South America | 2.4% |
| Other Assets and Liabilities—Net | 1.4% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>.

![Image](tm2525835d7_tsrimg014.jpg)

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR81

![Image](tm2525835d7_tsrimg014.jpg)

# Vanguard International Growth Fund

# Admiral™ Shares (VWILX)

# Annual Shareholder Report \| August 31, 2025
This annual shareholder report contains important information about Vanguard International Growth Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $28 | 0.26% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended August 31, 2025, the Fund underperformed its benchmark. 

* Optimism in the U.S. about the prospect of further deregulation, tax cuts, and robust corporate earnings was at times tempered by market concerns over rising interest rates, stretched equity valuations, and U.S. trade policy announcements. While the Federal Reserve paused short-term rate cuts after December 2024, the European Central Bank and Bank of England continued to ease policy during the period. 

* By region, the Fund's exposure to Europe—notably Denmark, Germany, the Netherlands, and the United Kingdom—weighed on performance relative to the benchmark index. In contrast, the Fund's exposure to the United States, Singapore, India, Taiwan, and Japan added value.

* By industry sector, the Fund's positioning in industrials, financials, and health care detracted the most from relative performance, offsetting the value added by security selection in communication services and consumer discretionary, in particular.

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: August 31, 2015, Through August 31, 2025** 

### Initial Investment of $50,000
![Line graph showing cumulative performance of $50,000 investment from August 31, 2015 through August 31, 2025. By the end of the period, the respective class' and index(es)' ending values are Admiral Shares $138,643 MSCI All Country World Index ex USA Net $106,572.](tm2525835d7_tsrimg009.jpg)

---

| | | |
|:---|:---|:---|
| | **Admiral Shares** | **MSCI All Country World Index ex USA Net** |
| **2015** | $50000 | $50000 |
| **2015** | $52655 | $50206 |
| **2016** | $46638 | $45418 |
| **2016** | $51296 | $49678 |
| **2016** | $54536 | $51713 |
| **2016** | $52169 | $50438 |
| **2017** | $56669 | $54446 |
| **2017** | $64619 | $59018 |
| **2017** | $70120 | $61759 |
| **2017** | $74176 | $64650 |
| **2018** | $78323 | $66523 |
| **2018** | $78135 | $65033 |
| **2018** | $77931 | $64029 |
| **2018** | $70322 | $59689 |
| **2019** | $74038 | $62532 |
| **2019** | $71798 | $61267 |
| **2019** | $74426 | $62251 |
| **2019** | $81460 | $66713 |
| **2020** | $81592 | $62416 |
| **2020** | $88402 | $59422 |
| **2020** | $114474 | $67724 |
| **2020** | $129139 | $73384 |
| **2021** | $140699 | $79099 |
| **2021** | $141420 | $85205 |
| **2021** | $148832 | $84908 |
| **2021** | $138288 | $80444 |
| **2022** | $116092 | $79124 |
| **2022** | $100864 | $74998 |
| **2022** | $94563 | $68687 |
| **2022** | $99375 | $71249 |
| **2023** | $100792 | $73820 |
| **2023** | $103039 | $74345 |
| **2023** | $103948 | $77267 |
| **2023** | $103519 | $78260 |
| **2024** | $112391 | $83482 |
| **2024** | $118027 | $87228 |
| **2024** | $121308 | $91785 |
| **2024** | $122874 | $88921 |
| **2025** | $127373 | $92025 |
| **2025** | $132435 | $99759 |
| **2025** | $138643 | $106572 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Admiral Shares | 14.29% | 3.91% | 10.74% |
| MSCI All Country World Index ex USA Net | 15.42% | 8.94% | 7.33% |

---

## Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $45484 |
| Number of Portfolio Holdings | 125 |
| Portfolio Turnover Rate | 23% |
| Total Investment Advisory Fees (in thousands) | $53477 |

---

## Portfolio Composition % of Net Assets (as of August 31, 2025)

---

| | |
|:---|:---|
| Asia | 37.3% |
| Europe | 45.6% |
| North America | 11.9% |
| Oceania | 1.4% |
| South America | 2.4% |
| Other Assets and Liabilities—Net | 1.4% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
During the reporting period, the expense ratio for the Admiral Share class was reduced.

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u> or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>.

![Image](tm2525835d7_tsrimg014.jpg)

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR581

![Image](tm2525835d7_tsrimg014.jpg)

# Vanguard Mega Cap Index Fund

# ETF Shares (MGC) NYSE Arca

# Annual Shareholder Report \| August 31, 2025
This annual shareholder report contains important information about Vanguard Mega Cap Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>. You can also request this information by contacting us at 800-662-7447.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $8 | 0.07% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.

* Large-capitalization stocks—mega-cap stocks, in particular—outperformed their small- and mid-cap counterparts for the period. Both value and growth stocks posted positive returns, but growth handily outperformed value across capitalizations.

* For the Fund's benchmark, nine of the 11 industry sectors posted positive returns, with technology stocks contributing by far the most to performance. Consumer discretionary, financials, and industrials were also among the top performers. Health care was the biggest detractor.

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: August 31, 2015, Through August 31, 2025** 

### Initial Investment of $10,000
![Line graph showing cumulative performance of $10,000 investment from August 31, 2015 through August 31, 2025. By the end of the period, the respective class' and index(es)' ending values are ETF Shares Net Asset Value $41,404 CRSP US Mega Cap Index $41,617 Dow Jones U.S. Total Stock Market Float Adjusted Index $36,784.](tm2525835d7_tsrimg006.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETF Shares Net Asset Value** | **CRSP US Mega Cap Index** | **Dow Jones U.S. Total Stock Market Float Adjusted Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2015** | $10636 | $10637 | $10527 |
| **2016** | $9929 | $9933 | $9725 |
| **2016** | $10817 | $10822 | $10660 |
| **2016** | $11261 | $11267 | $11134 |
| **2016** | $11469 | $11475 | $11394 |
| **2017** | $12423 | $12434 | $12278 |
| **2017** | $12761 | $12772 | $12542 |
| **2017** | $13177 | $13191 | $12920 |
| **2017** | $14194 | $14209 | $13933 |
| **2018** | $14676 | $14693 | $14271 |
| **2018** | $14665 | $14684 | $14435 |
| **2018** | $15845 | $15867 | $15538 |
| **2018** | $15203 | $15223 | $14699 |
| **2019** | $15384 | $15405 | $14984 |
| **2019** | $15291 | $15312 | $14784 |
| **2019** | $16362 | $16387 | $15729 |
| **2019** | $17688 | $17717 | $16958 |
| **2020** | $16822 | $16851 | $15998 |
| **2020** | $17600 | $17637 | $16456 |
| **2020** | $20639 | $20687 | $19065 |
| **2020** | $21292 | $21344 | $20169 |
| **2021** | $22375 | $22432 | $21678 |
| **2021** | $24688 | $24755 | $23691 |
| **2021** | $26818 | $26896 | $25417 |
| **2021** | $27155 | $27237 | $25511 |
| **2022** | $25814 | $25895 | $24265 |
| **2022** | $24209 | $24288 | $22745 |
| **2022** | $23308 | $23389 | $21926 |
| **2022** | $24034 | $24124 | $22640 |
| **2023** | $23430 | $23520 | $22267 |
| **2023** | $25323 | $25428 | $23182 |
| **2023** | $27455 | $27570 | $25160 |
| **2023** | $28149 | $28260 | $25498 |
| **2024** | $31599 | $31729 | $28635 |
| **2024** | $32846 | $32988 | $29599 |
| **2024** | $35402 | $35561 | $31744 |
| **2024** | $37826 | $38000 | $34310 |
| **2025** | $37743 | $37925 | $33647 |
| **2025** | $37619 | $37806 | $33451 |
| **2025** | $41404 | $41617 | $36784 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| ETF Shares Net Asset Value | 16.95% | 14.94% | 15.27% |
| ETF Shares Market Price | 17.10% | 14.94% | 15.27% |
| CRSP US Mega Cap Index | 17.03% | 15.00% | 15.33% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |

---

## Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $8552 |
| Number of Portfolio Holdings | 187 |
| Portfolio Turnover Rate | 3% |
| Total Investment Advisory Fees (in thousands) | $147 |

---

## Portfolio Composition % of Net Assets (as of August 31, 2025)

---

| | |
|:---|:---|
| Basic Materials | 0.9% |
| Consumer Discretionary | 14.2% |
| Consumer Staples | 3.4% |
| Energy | 2.4% |
| Financials | 10.7% |
| Health Care | 8.9% |
| Industrials | 9.9% |
| Real Estate | 1.0% |
| Technology | 45.0% |
| Telecommunications | 2.2% |
| Utilities | 1.3% |
| Other Assets and Liabilities—Net | 0.1% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>.

![Image](tm2525835d7_tsrimg014.jpg)

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR3137

![Image](tm2525835d7_tsrimg014.jpg)

# Vanguard Mega Cap Index Fund

# Institutional Shares (VMCTX)

# Annual Shareholder Report \| August 31, 2025
This annual shareholder report contains important information about Vanguard Mega Cap Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>. You can also request this information by contacting us at 800-662-7447.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $7 | 0.06% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.

* Large-capitalization stocks—mega-cap stocks, in particular—outperformed their small- and mid-cap counterparts for the period. Both value and growth stocks posted positive returns, but growth handily outperformed value across capitalizations.

* For the Fund's benchmark, nine of the 11 industry sectors posted positive returns, with technology stocks contributing by far the most to performance. Consumer discretionary, financials, and industrials were also among the top performers. Health care was the biggest detractor.

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: August 31, 2015, Through August 31, 2025** 

### Initial Investment of $5,000,000
![Line graph showing cumulative performance of $5,000,000 investment from August 31, 2015 through August 31, 2025. By the end of the period, the respective class' and index(es)' ending values are Institutional Shares $20,730,261 CRSP US Mega Cap Index $20,808,488 Dow Jones U.S. Total Stock Market Float Adjusted Index $18,392,058.](tm2525835d7_tsrimg031.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **CRSP US Mega Cap Index** | **Dow Jones U.S. Total Stock Market Float Adjusted Index** |
| **2015** | $5000000 | $5000000 | $5000000 |
| **2015** | $5318832 | $5318629 | $5263310 |
| **2016** | $4965637 | $4966269 | $4862271 |
| **2016** | $5409958 | $5411088 | $5330086 |
| **2016** | $5631571 | $5633407 | $5566956 |
| **2016** | $5735102 | $5737690 | $5696791 |
| **2017** | $6213228 | $6216766 | $6139035 |
| **2017** | $6381910 | $6386178 | $6271171 |
| **2017** | $6590238 | $6595601 | $6460244 |
| **2017** | $7099232 | $7104610 | $6966368 |
| **2018** | $7339983 | $7346476 | $7135563 |
| **2018** | $7334740 | $7341795 | $7217365 |
| **2018** | $7925188 | $7933347 | $7769068 |
| **2018** | $7603960 | $7611470 | $7349338 |
| **2019** | $7693570 | $7702297 | $7491958 |
| **2019** | $7646916 | $7655901 | $7392231 |
| **2019** | $8182993 | $8193354 | $7864617 |
| **2019** | $8846063 | $8858491 | $8479175 |
| **2020** | $8413017 | $8425645 | $7999072 |
| **2020** | $8805033 | $8818609 | $8228036 |
| **2020** | $10326205 | $10343725 | $9532304 |
| **2020** | $10653214 | $10671944 | $10084262 |
| **2021** | $11195640 | $11215891 | $10838953 |
| **2021** | $12354408 | $12377413 | $11845701 |
| **2021** | $13420666 | $13447995 | $12708302 |
| **2021** | $13589633 | $13618561 | $12755471 |
| **2022** | $12919677 | $12947302 | $12132385 |
| **2022** | $12116523 | $12144063 | $11372689 |
| **2022** | $11666323 | $11694357 | $10963202 |
| **2022** | $12031703 | $12062168 | $11320075 |
| **2023** | $11728444 | $11760148 | $11133442 |
| **2023** | $12676824 | $12713965 | $11591118 |
| **2023** | $13743588 | $13785073 | $12579945 |
| **2023** | $14090481 | $14129911 | $12749059 |
| **2024** | $15818694 | $15864510 | $14317568 |
| **2024** | $16443352 | $16494026 | $14799300 |
| **2024** | $17722992 | $17780382 | $15872098 |
| **2024** | $18937127 | $19000075 | $17154811 |
| **2025** | $18895938 | $18962277 | $16823717 |
| **2025** | $18834323 | $18903084 | $16725726 |
| **2025** | $20730261 | $20808488 | $18392058 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 16.97% | 14.96% | 15.28% |
| CRSP US Mega Cap Index | 17.03% | 15.00% | 15.33% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |

---

## Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $8552 |
| Number of Portfolio Holdings | 187 |
| Portfolio Turnover Rate | 3% |
| Total Investment Advisory Fees (in thousands) | $147 |

---

## Portfolio Composition % of Net Assets (as of August 31, 2025)

---

| | |
|:---|:---|
| Basic Materials | 0.9% |
| Consumer Discretionary | 14.2% |
| Consumer Staples | 3.4% |
| Energy | 2.4% |
| Financials | 10.7% |
| Health Care | 8.9% |
| Industrials | 9.9% |
| Real Estate | 1.0% |
| Technology | 45.0% |
| Telecommunications | 2.2% |
| Utilities | 1.3% |
| Other Assets and Liabilities—Net | 0.1% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>.

![Image](tm2525835d7_tsrimg014.jpg)

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Institutional Investor Services** • 800-523-1036

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR828

![Image](tm2525835d7_tsrimg014.jpg)

# Vanguard Mega Cap Value Index Fund

# ETF Shares (MGV) NYSE Arca

# Annual Shareholder Report \| August 31, 2025
This annual shareholder report contains important information about Vanguard Mega Cap Value Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>. You can also request this information by contacting us at 800-662-7447.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $7 | 0.07% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.

* Large-capitalization stocks—mega-cap stocks, in particular—outperformed their small- and mid-cap counterparts for the period. Both value and growth stocks posted positive returns, but growth handily outperformed value across capitalizations.

* For the Fund's benchmark, nine of the 11 industry sectors posted positive returns, with financials, technology, and industrials contributing the most to performance. Health care was the biggest detractor.

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: August 31, 2015, Through August 31, 2025** 

### Initial Investment of $10,000
![Line graph showing cumulative performance of $10,000 investment from August 31, 2015 through August 31, 2025. By the end of the period, the respective class' and index(es)' ending values are ETF Shares Net Asset Value $30,722 CRSP US Mega Cap Value Index $30,845 Dow Jones U.S. Total Stock Market Float Adjusted Index $36,784.](tm2525835d7_tsrimg010.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETF Shares Net Asset Value** | **CRSP US Mega Cap Value Index** | **Dow Jones U.S. Total Stock Market Float Adjusted Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2015** | $10588 | $10587 | $10527 |
| **2016** | $10050 | $10051 | $9725 |
| **2016** | $10982 | $10985 | $10660 |
| **2016** | $11471 | $11473 | $11134 |
| **2016** | $11921 | $11926 | $11394 |
| **2017** | $12753 | $12760 | $12278 |
| **2017** | $12619 | $12627 | $12542 |
| **2017** | $13007 | $13017 | $12920 |
| **2017** | $14136 | $14149 | $13933 |
| **2018** | $14374 | $14386 | $14271 |
| **2018** | $14137 | $14150 | $14435 |
| **2018** | $15181 | $15197 | $15538 |
| **2018** | $15121 | $15138 | $14699 |
| **2019** | $15056 | $15072 | $14984 |
| **2019** | $14710 | $14726 | $14784 |
| **2019** | $15437 | $15453 | $15729 |
| **2019** | $16837 | $16856 | $16958 |
| **2020** | $15209 | $15227 | $15998 |
| **2020** | $14940 | $14965 | $16456 |
| **2020** | $15892 | $15920 | $19065 |
| **2020** | $17061 | $17095 | $20169 |
| **2021** | $18317 | $18357 | $21678 |
| **2021** | $20714 | $20762 | $23691 |
| **2021** | $21162 | $21216 | $25417 |
| **2021** | $20840 | $20897 | $25511 |
| **2022** | $21818 | $21881 | $24265 |
| **2022** | $21894 | $21964 | $22745 |
| **2022** | $20631 | $20698 | $21926 |
| **2022** | $22718 | $22801 | $22640 |
| **2023** | $21711 | $21793 | $22267 |
| **2023** | $21325 | $21407 | $23182 |
| **2023** | $22804 | $22891 | $25160 |
| **2023** | $22968 | $23037 | $25498 |
| **2024** | $25167 | $25247 | $28635 |
| **2024** | $26172 | $26260 | $29599 |
| **2024** | $28366 | $28465 | $31744 |
| **2024** | $29843 | $29953 | $34310 |
| **2025** | $29826 | $29940 | $33647 |
| **2025** | $28747 | $28860 | $33451 |
| **2025** | $30722 | $30845 | $36784 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| ETF Shares Net Asset Value | 8.31% | 14.09% | 11.88% |
| ETF Shares Market Price | 8.38% | 14.08% | 11.88% |
| CRSP US Mega Cap Value Index | 8.36% | 14.14% | 11.92% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |

---

## Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $10076 |
| Number of Portfolio Holdings | 127 |
| Portfolio Turnover Rate | 8% |
| Total Investment Advisory Fees (in thousands) | $190 |

---

## Portfolio Composition % of Net Assets (as of August 31, 2025)

---

| | |
|:---|:---|
| Basic Materials | 2.0% |
| Consumer Discretionary | 7.7% |
| Consumer Staples | 8.6% |
| Energy | 6.4% |
| Financials | 25.8% |
| Health Care | 16.3% |
| Industrials | 16.3% |
| Real Estate | 1.0% |
| Technology | 7.9% |
| Telecommunications | 4.4% |
| Utilities | 3.4% |
| Other Assets and Liabilities—Net | 0.2% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>.

![Image](tm2525835d7_tsrimg014.jpg)

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR3139

![Image](tm2525835d7_tsrimg014.jpg)

# Vanguard Mega Cap Value Index Fund

# Institutional Shares (VMVLX)

# Annual Shareholder Report \| August 31, 2025
This annual shareholder report contains important information about Vanguard Mega Cap Value Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>. You can also request this information by contacting us at 800-662-7447.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $6 | 0.06% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.

* Large-capitalization stocks—mega-cap stocks, in particular—outperformed their small- and mid-cap counterparts for the period. Both value and growth stocks posted positive returns, but growth handily outperformed value across capitalizations.

* For the Fund's benchmark, nine of the 11 industry sectors posted positive returns, with financials, technology, and industrials contributing the most to performance. Health care was the biggest detractor.

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: August 31, 2015, Through August 31, 2025** 

### Initial Investment of $5,000,000
![Line graph showing cumulative performance of $5,000,000 investment from August 31, 2015 through August 31, 2025. By the end of the period, the respective class' and index(es)' ending values are Institutional Shares $15,384,840 CRSP US Mega Cap Value Index $15,422,390 Dow Jones U.S. Total Stock Market Float Adjusted Index $18,392,058.](tm2525835d7_tsrimg012.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **CRSP US Mega Cap Value Index** | **Dow Jones U.S. Total Stock Market Float Adjusted Index** |
| **2015** | $5000000 | $5000000 | $5000000 |
| **2015** | $5295009 | $5293670 | $5263310 |
| **2016** | $5025589 | $5025406 | $4862271 |
| **2016** | $5492476 | $5492619 | $5330086 |
| **2016** | $5736170 | $5736378 | $5566956 |
| **2016** | $5961495 | $5962856 | $5696791 |
| **2017** | $6378308 | $6379897 | $6139035 |
| **2017** | $6311016 | $6313262 | $6271171 |
| **2017** | $6505504 | $6508591 | $6460244 |
| **2017** | $7070610 | $7074552 | $6966368 |
| **2018** | $7188803 | $7193040 | $7135563 |
| **2018** | $7070362 | $7075152 | $7217365 |
| **2018** | $7592362 | $7598728 | $7769068 |
| **2018** | $7562431 | $7568896 | $7349338 |
| **2019** | $7528764 | $7536116 | $7491958 |
| **2019** | $7355475 | $7362833 | $7392231 |
| **2019** | $7719627 | $7726390 | $7864617 |
| **2019** | $8418926 | $8428221 | $8479175 |
| **2020** | $7605223 | $7613450 | $7999072 |
| **2020** | $7474276 | $7482267 | $8228036 |
| **2020** | $7951100 | $7959790 | $9532304 |
| **2020** | $8537573 | $8547588 | $10084262 |
| **2021** | $9166195 | $9178498 | $10838953 |
| **2021** | $10366492 | $10381226 | $11845701 |
| **2021** | $10592383 | $10608196 | $12708302 |
| **2021** | $10431381 | $10448283 | $12755471 |
| **2022** | $10921854 | $10940392 | $12132385 |
| **2022** | $10960708 | $10981902 | $11372689 |
| **2022** | $10328421 | $10349244 | $10963202 |
| **2022** | $11375255 | $11400729 | $11320075 |
| **2023** | $10870853 | $10896605 | $11133442 |
| **2023** | $10677817 | $10703540 | $11591118 |
| **2023** | $11417707 | $11445435 | $12579945 |
| **2023** | $11499586 | $11518568 | $12749059 |
| **2024** | $12601462 | $12623474 | $14317568 |
| **2024** | $13105492 | $13130020 | $14799300 |
| **2024** | $14203786 | $14232703 | $15872098 |
| **2024** | $14944714 | $14976705 | $17154811 |
| **2025** | $14936645 | $14969966 | $16823717 |
| **2025** | $14396903 | $14430217 | $16725726 |
| **2025** | $15384840 | $15422390 | $18392058 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 8.32% | 14.11% | 11.90% |
| CRSP US Mega Cap Value Index | 8.36% | 14.14% | 11.92% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |

---

## Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $10076 |
| Number of Portfolio Holdings | 127 |
| Portfolio Turnover Rate | 8% |
| Total Investment Advisory Fees (in thousands) | $190 |

---

## Portfolio Composition % of Net Assets (as of August 31, 2025)

---

| | |
|:---|:---|
| Basic Materials | 2.0% |
| Consumer Discretionary | 7.7% |
| Consumer Staples | 8.6% |
| Energy | 6.4% |
| Financials | 25.8% |
| Health Care | 16.3% |
| Industrials | 16.3% |
| Real Estate | 1.0% |
| Technology | 7.9% |
| Telecommunications | 4.4% |
| Utilities | 3.4% |
| Other Assets and Liabilities—Net | 0.2% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at <u>https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</u>.

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AR839

**Item 2**: **Code of Ethics.**

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.

**Item 3**: **Audit Committee Financial Expert.**

All members of the Audit and Risk Committee have been determined by the Registrant's Board of Trustees to be Audit and Risk Committee Financial Experts and to be independent: Sarah Bloom Raskin, Peter F. Volanakis, Tara Bunch, and Mark Loughridge.

**Item 4**: **Principal Accountant Fees and Services.**

Includes fees billed in connection with services to the Registrant only.

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended<br> August 31, 2025 | Fiscal Year Ended<br> August 31, 2024 |
| (a) Audit Fees. | $662000 | $779000 |
| (b) Audit-Related Fees. | 0 | 0 |
| (c) Tax Fees. | 0 | 0 |
| (d) All Other Fees. | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total. | $662000 | $779000 |

---

(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) Pre-Approval Policies. The audit committee is responsible for pre-approving all audit and non-audit services provided by PwC to: (i) the Vanguard funds; and (ii) Vanguard, or any entity controlled by Vanguard that provides ongoing services to the Vanguard funds. All services provided to Vanguard entities by the independent auditor, whether or not they are subject to preapproval, must be disclosed to the audit committee. The audit committee chair may preapprove any permissible audit and non-audit services as long as any preapproval is brought to the attention of the full audit committee at the next scheduled meeting.

(2) No percentage of the principal accountant's fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the most recent fiscal year, over 50% of the hours worked under the principal accountant's engagement were <u>not</u> performed by persons other than full-time, permanent employees of the principal accountant.

(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aggregate Non-Audit Fees.

Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended<br> August 31, 2025 | Fiscal Year Ended<br> August 31, 2024 |
| Non-audit fees to the Registrant only, listed as (b) through (d) above. | $0 | $0 |
| Non-audit Fees to other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit-Related Fees. | $3710837 | $3508505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Fees. | $1775524 | $1912843 |
| &nbsp;&nbsp;&nbsp;&nbsp; All Other Fees. | $50000 | $268000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total. | $5536360 | $5689348 |

---

(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the most recent fiscal year, the Audit and Risk Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant's independence.

**Item 5: Audit Committee of Listed Registrants.**

The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 ("Exchange Act"). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant's audit committee members are: Sarah Bloom Raskin, Peter F. Volanakis, Tara Bunch, and Mark Loughridge.

**Item 6**: **Investments.**

Not applicable. The complete schedule of investments is included in the financial statements filed under Item 7 of this Form.

**Item 7**: **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

![](tm2525835d7usgrofinsi001.jpg)

#### Financial Statements

#### For the year ended August 31, 2025

#### Vanguard U.S. Growth Fund

------

#### Contents

---

| | |
|:---|:---|
| Financial Statements<br>| 1 |
| Report of Independent Registered Public Accounting Firm<br>| 13 |
| Tax information<br>| 14 |

---

------

U.S. Growth Fund

Financial Statements

#### Schedule of Investments
As of August 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 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (97.8%)** | **Common Stocks (97.8%)** | **Common Stocks (97.8%)** | **Common Stocks (97.8%)** |
| **Communication Services (16.2%)** | **Communication Services (16.2%)** | **Communication Services (16.2%)** | **Communication Services (16.2%)** |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | 3765578 | &nbsp;&nbsp;&nbsp;&nbsp; 2781632 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Netflix Inc. | 1501868 | &nbsp;&nbsp;&nbsp;&nbsp; 1814632 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class C | 7122557 | &nbsp;&nbsp;&nbsp;&nbsp; 1520880 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Spotify Technology SA | &nbsp;&nbsp;&nbsp;&nbsp;617665 | &nbsp;&nbsp;&nbsp;&nbsp; 421173 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Roblox Corp. Class A | 3150877 | &nbsp;&nbsp;&nbsp;&nbsp; 392568 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | 1576233 | &nbsp;&nbsp;&nbsp;&nbsp; 335596 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trade Desk Inc. Class A | 5101401 | &nbsp;&nbsp;&nbsp;&nbsp; 278843 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 2227706 | &nbsp;&nbsp;&nbsp;&nbsp; 263716 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pinterest Inc. Class A | 4317401 | &nbsp;&nbsp;&nbsp;&nbsp; 158146 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7967186** |
| **Consumer Discretionary (15.2%)** | **Consumer Discretionary (15.2%)** | **Consumer Discretionary (15.2%)** | **Consumer Discretionary (15.2%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 15902703 | &nbsp;&nbsp;&nbsp;&nbsp; 3641719 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tesla Inc. | 2795451 | &nbsp;&nbsp;&nbsp;&nbsp; 933317 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DoorDash Inc. Class A | 2174419 | &nbsp;&nbsp;&nbsp;&nbsp; 533276 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DraftKings Inc. Class A | 9239026 | &nbsp;&nbsp;&nbsp;&nbsp; 443289 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Duolingo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;846559 | &nbsp;&nbsp;&nbsp;&nbsp; 252156 |
|  | &nbsp;&nbsp;&nbsp;TJX Cos. Inc. | 1632150 | &nbsp;&nbsp;&nbsp;&nbsp; 222968 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MercadoLibre Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84627 | &nbsp;&nbsp;&nbsp;&nbsp; 209275 |
|  | &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;723389 | &nbsp;&nbsp;&nbsp;&nbsp; 199699 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill Inc. | 4613578 | &nbsp;&nbsp;&nbsp;&nbsp; 194416 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Wayfair Inc. Class A | 2277231 | &nbsp;&nbsp;&nbsp;&nbsp; 169881 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc. | 1322668 | &nbsp;&nbsp;&nbsp;&nbsp; 137134 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SharkNinja Inc. | 1104492 | &nbsp;&nbsp;&nbsp;&nbsp; 129181 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chewy Inc. Class A | 3109785 | &nbsp;&nbsp;&nbsp;&nbsp; 127377 |
|  | &nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA | 1706817 | &nbsp;&nbsp;&nbsp;&nbsp; 84418 |
|  | &nbsp;&nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;897399 | &nbsp;&nbsp;&nbsp;&nbsp; 79142 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sweetgreen Inc. Class A | 6165254 | &nbsp;&nbsp;&nbsp;&nbsp; 56104 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;YETI Holdings Inc. | 1329386 | &nbsp;&nbsp;&nbsp;&nbsp; 46741 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rivian Automotive Inc. Class A | 2569632 | &nbsp;&nbsp;&nbsp;&nbsp; 34870 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7494963** |
| **Consumer Staples (1.4%)** | **Consumer Staples (1.4%)** | **Consumer Staples (1.4%)** | **Consumer Staples (1.4%)** |
|  | &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;351404 | &nbsp;&nbsp;&nbsp;&nbsp; 331486 |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | 3116730 | &nbsp;&nbsp;&nbsp;&nbsp; 302261 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Oddity Tech Ltd. Class A | 1136182 | &nbsp;&nbsp;&nbsp;&nbsp; 68410 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **702157** |
| **Financials (7.8%)** | **Financials (7.8%)** | **Financials (7.8%)** | **Financials (7.8%)** |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. Class A | 1827757 | &nbsp;&nbsp;&nbsp;&nbsp; 1088045 |
|  | &nbsp;&nbsp;&nbsp;Visa Inc. Class A | 1252130 | &nbsp;&nbsp;&nbsp;&nbsp; 440474 |
|  | &nbsp;&nbsp;&nbsp;KKR & Co. Inc. | 2301617 | &nbsp;&nbsp;&nbsp;&nbsp; 321053 |
|  | &nbsp;&nbsp;&nbsp;Ares Management Corp. Class A | 1504167 | &nbsp;&nbsp;&nbsp;&nbsp; 269547 |
|  | &nbsp;&nbsp;&nbsp;S&P Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;467134 | &nbsp;&nbsp;&nbsp;&nbsp; 256195 |
|  | &nbsp;&nbsp;&nbsp;Nasdaq Inc. | 2490630 | &nbsp;&nbsp;&nbsp;&nbsp; 235962 |
|  | &nbsp;&nbsp;&nbsp;Tradeweb Markets Inc. Class A | 1790900 | &nbsp;&nbsp;&nbsp;&nbsp; 220925 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Affirm Holdings Inc. | 2358012 | &nbsp;&nbsp;&nbsp;&nbsp; 208590 |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;621984 | &nbsp;&nbsp;&nbsp;&nbsp; 206051 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 1215987 | &nbsp;&nbsp;&nbsp;&nbsp; 182982 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Block Inc. (XNYS) | 1638483 | &nbsp;&nbsp;&nbsp;&nbsp; 130489 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lemonade Inc. | 1702275 | &nbsp;&nbsp;&nbsp;&nbsp; 90050 |
|  | &nbsp;&nbsp;&nbsp;MSCI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;156116 | &nbsp;&nbsp;&nbsp;&nbsp; 88630 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corpay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;251914 | &nbsp;&nbsp;&nbsp;&nbsp; 82041 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3821034** |
| **Health Care (6.3%)** | **Health Care (6.3%)** | **Health Care (6.3%)** | **Health Care (6.3%)** |
|  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;911700 | &nbsp;&nbsp;&nbsp;&nbsp; 667893 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intuitive Surgical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;550748 | &nbsp;&nbsp;&nbsp;&nbsp; 260666 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;554294 | &nbsp;&nbsp;&nbsp;&nbsp; 247498 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;618814 | &nbsp;&nbsp;&nbsp;&nbsp; 241969 |
|  | &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;600859 | &nbsp;&nbsp;&nbsp;&nbsp; 235182 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | 1802667 | &nbsp;&nbsp;&nbsp;&nbsp; 190182 |

---

------

U.S. Growth Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Guardant Health Inc. | 2515681 | &nbsp;&nbsp;&nbsp;&nbsp; 169607 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Tempus AI Inc. | 2149394 | &nbsp;&nbsp;&nbsp;&nbsp; 163053 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Insulet Corp. | &nbsp;&nbsp;&nbsp;&nbsp;460392 | &nbsp;&nbsp;&nbsp;&nbsp; 156478 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Penumbra Inc. | &nbsp;&nbsp;&nbsp;&nbsp;502939 | &nbsp;&nbsp;&nbsp;&nbsp; 137121 |
|  | &nbsp;&nbsp;&nbsp;Ensign Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;755087 | &nbsp;&nbsp;&nbsp;&nbsp; 129709 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Doximity Inc. Class A | 1898899 | &nbsp;&nbsp;&nbsp;&nbsp; 129011 |
|  | &nbsp;&nbsp;&nbsp;UCB SA | &nbsp;&nbsp;&nbsp;&nbsp;424492 | &nbsp;&nbsp;&nbsp;&nbsp; 99577 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp. | &nbsp;&nbsp;&nbsp;&nbsp;907070 | &nbsp;&nbsp;&nbsp;&nbsp; 73781 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Moderna Inc. | 2694152 | &nbsp;&nbsp;&nbsp;&nbsp; 64902 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Inspire Medical Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;577835 | &nbsp;&nbsp;&nbsp;&nbsp; 54137 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Denali Therapeutics Inc. | 2818384 | &nbsp;&nbsp;&nbsp;&nbsp; 43037 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Recursion Pharmaceuticals Inc. Class A | 3258587 | &nbsp;&nbsp;&nbsp;&nbsp; 15315 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Sana Biotechnology Inc. | 2887078 | &nbsp;&nbsp;&nbsp;&nbsp; 8835 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Ginkgo Bioworks Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;465798 | &nbsp;&nbsp;&nbsp;&nbsp; 5902 |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;ABIOMED Inc. CVR | &nbsp;&nbsp;&nbsp;&nbsp;718252 | &nbsp;&nbsp;&nbsp;&nbsp; 733 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3094588** |
| **Industrials (4.9%)** | **Industrials (4.9%)** | **Industrials (4.9%)** | **Industrials (4.9%)** |
|  | &nbsp;&nbsp;&nbsp;General Electric Co. | 2856380 | &nbsp;&nbsp;&nbsp;&nbsp; 786076 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | 4506026 | &nbsp;&nbsp;&nbsp;&nbsp; 422440 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boeing Co. | 1736544 | &nbsp;&nbsp;&nbsp;&nbsp; 407532 |
|  | &nbsp;&nbsp;&nbsp;GE Vernova Inc. | &nbsp;&nbsp;&nbsp;&nbsp;525776 | &nbsp;&nbsp;&nbsp;&nbsp; 322285 |
|  | &nbsp;&nbsp;&nbsp;TransUnion | 2204335 | &nbsp;&nbsp;&nbsp;&nbsp; 194863 |
|  | &nbsp;&nbsp;&nbsp;Watsco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;367700 | &nbsp;&nbsp;&nbsp;&nbsp; 147955 |
|  | &nbsp;&nbsp;&nbsp;Waste Connections Inc. (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;796787 | &nbsp;&nbsp;&nbsp;&nbsp; 147254 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2428405** |
| **Information Technology (44.1%)** | **Information Technology (44.1%)** | **Information Technology (44.1%)** | **Information Technology (44.1%)** |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 33222475 | &nbsp;&nbsp;&nbsp;&nbsp; 5786691 |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 9044017 | &nbsp;&nbsp;&nbsp;&nbsp; 4582513 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 13857231 | &nbsp;&nbsp;&nbsp;&nbsp; 3216818 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | 6905960 | &nbsp;&nbsp;&nbsp;&nbsp; 2053763 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Shopify Inc. Class A (XTSE) | 7140663 | &nbsp;&nbsp;&nbsp;&nbsp; 1008833 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cloudflare Inc. Class A | 2840136 | &nbsp;&nbsp;&nbsp;&nbsp; 592765 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ServiceNow Inc. | &nbsp;&nbsp;&nbsp;&nbsp;503580 | &nbsp;&nbsp;&nbsp;&nbsp; 462014 |
|  | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 1727857 | &nbsp;&nbsp;&nbsp;&nbsp; 398910 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Snowflake Inc. | 1633681 | &nbsp;&nbsp;&nbsp;&nbsp; 389894 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cadence Design Systems Inc. | 1042325 | &nbsp;&nbsp;&nbsp;&nbsp; 365262 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;719824 | &nbsp;&nbsp;&nbsp;&nbsp; 304989 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arista Networks Inc. | 2066090 | &nbsp;&nbsp;&nbsp;&nbsp; 282125 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Synopsys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;444190 | &nbsp;&nbsp;&nbsp;&nbsp; 268078 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Datadog Inc. Class A | 1905309 | &nbsp;&nbsp;&nbsp;&nbsp; 260418 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;HubSpot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;448024 | &nbsp;&nbsp;&nbsp;&nbsp; 216472 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Workday Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;819633 | &nbsp;&nbsp;&nbsp;&nbsp; 189188 |
|  | &nbsp;&nbsp;&nbsp;ASML Holding NVDR (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;226951 | &nbsp;&nbsp;&nbsp;&nbsp; 168538 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AppLovin Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;337095 | &nbsp;&nbsp;&nbsp;&nbsp; 161330 |
|  | &nbsp;&nbsp;&nbsp;Intuit Inc. | &nbsp;&nbsp;&nbsp;&nbsp;239208 | &nbsp;&nbsp;&nbsp;&nbsp; 159552 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Samsara Inc. Class A | 3707955 | &nbsp;&nbsp;&nbsp;&nbsp; 134005 |
|  | &nbsp;&nbsp;&nbsp;Analog Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;530367 | &nbsp;&nbsp;&nbsp;&nbsp; 133286 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Unity Software Inc. | 3286397 | &nbsp;&nbsp;&nbsp;&nbsp; 129517 |
|  | &nbsp;&nbsp;&nbsp;Monolithic Power Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134073 | &nbsp;&nbsp;&nbsp;&nbsp; 112053 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aurora Innovation Inc. | 19763427 | &nbsp;&nbsp;&nbsp;&nbsp; 111268 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palantir Technologies Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;449267 | &nbsp;&nbsp;&nbsp;&nbsp; 70405 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Figma Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;893322 | &nbsp;&nbsp;&nbsp;&nbsp; 62783 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;ARM Holdings plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;221345 | &nbsp;&nbsp;&nbsp;&nbsp; 30614 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Globant SA | &nbsp;&nbsp;&nbsp;&nbsp;444757 | &nbsp;&nbsp;&nbsp;&nbsp; 29914 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Circle Internet Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105331 | &nbsp;&nbsp;&nbsp;&nbsp; 13902 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**21695900** |
| **Materials (0.2%)** | **Materials (0.2%)** | **Materials (0.2%)** | **Materials (0.2%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Knife River Corp. | 1240535 | &nbsp;&nbsp;&nbsp;&nbsp; 100483 |
| **Real Estate (1.3%)** | **Real Estate (1.3%)** | **Real Estate (1.3%)** | **Real Estate (1.3%)** |
|  | &nbsp;&nbsp;&nbsp;Welltower Inc. | 2143021 | &nbsp;&nbsp;&nbsp;&nbsp; 360627 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CoStar Group Inc. | 2693224 | &nbsp;&nbsp;&nbsp;&nbsp; 241017 |
|  | &nbsp;&nbsp;&nbsp;Lineage Inc. | 1414744 | &nbsp;&nbsp;&nbsp;&nbsp; 59292 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **660936** |
| **Utilities (0.4%)** | **Utilities (0.4%)** | **Utilities (0.4%)** | **Utilities (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;658010 | &nbsp;&nbsp;&nbsp;&nbsp; 202654 |
| **Total Common Stocks (Cost $19,695,077)** | **Total Common Stocks (Cost $19,695,077)** | **Total Common Stocks (Cost $19,695,077)** | &nbsp;&nbsp;&nbsp;&nbsp;**48168306** |

---

------

U.S. Growth Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Temporary Cash Investments (1.8%)** | **Temporary Cash Investments (1.8%)** | **Temporary Cash Investments (1.8%)** | **Temporary Cash Investments (1.8%)** |
| **Money Market Fund (1.1%)** | **Money Market Fund (1.1%)** | **Money Market Fund (1.1%)** | **Money Market Fund (1.1%)** |
| <sup>3,4</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.362% | 5694901 | &nbsp;&nbsp;&nbsp;&nbsp; 569433 |
|  |  | Face<br> Amount<br> ($000) |  |
| **Repurchase Agreements (0.7%)** | **Repurchase Agreements (0.7%)** | **Repurchase Agreements (0.7%)** | **Repurchase Agreements (0.7%)** |
|  | &nbsp;&nbsp;&nbsp;Bank of America Securities, LLC 4.340%, 9/2/2025<br> (Dated 8/29/2025, Repurchase Value $97,847, collateralized by U.S. Government Agency Obligations 1.500%–7.000%, 10/1/2029–1/1/2057, with a value of $99,756) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97800 | &nbsp;&nbsp;&nbsp;&nbsp; 97800 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Securities, LLC 4.330%, 9/2/2025<br> (Dated 8/29/2025, Repurchase Value $121,959, collateralized by U.S. Treasury Obligations 1.875%–4.250%, 8/15/2028–5/15/2052, with a value of $124,338) | &nbsp;&nbsp;&nbsp;&nbsp;121900 | &nbsp;&nbsp;&nbsp;&nbsp; 121900 |
|  | &nbsp;&nbsp;&nbsp;Societe Generale 4.330%, 9/2/2025<br> (Dated 8/29/2025, Repurchase Value $118,657, collateralized by U.S. Treasury Obligations 4.625%, 5/15/2044, with a value of $120,972) | &nbsp;&nbsp;&nbsp;&nbsp;118600 | &nbsp;&nbsp;&nbsp;&nbsp; 118600 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **338300** |
| **Total Temporary Cash Investments (Cost $907,647)** | **Total Temporary Cash Investments (Cost $907,647)** | **Total Temporary Cash Investments (Cost $907,647)** | &nbsp;&nbsp;&nbsp;&nbsp;**907733** |
| **Total Investments (99.6%) (Cost $20,602,724)** | **Total Investments (99.6%) (Cost $20,602,724)** | **Total Investments (99.6%) (Cost $20,602,724)** | &nbsp;&nbsp;&nbsp;&nbsp;**49076039** |
| **Other Assets and Liabilities—Net (0.4%)** | **Other Assets and Liabilities—Net (0.4%)** | **Other Assets and Liabilities—Net (0.4%)** | &nbsp;&nbsp;&nbsp;&nbsp;**179507** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**49255546** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $183,509. |
| 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 $188,117 was received for securities on loan. |
|  | ADR—American Depositary Receipt. |
|  | CVR—Contingent Value Rights. |
|  | NVDR—Non-Voting Depository Receipt. |

---

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini S&P 500 Index | September 2025 | 1959 | 634006 | &nbsp;&nbsp;5952 |
| E-mini S&P Mid-Cap 400 Index | September 2025 | 222 | 72339 | &nbsp;&nbsp;5047 |
|  |  |  |  | &nbsp;&nbsp;10999 |

---

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

------

U.S. Growth Fund

Statement of Assets and Liabilities

As of August 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $20,033,377) | 48506606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $569,347) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569433 |
| Total Investments in Securities | 49076039 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21976 |
| Foreign Currency, at Value (Cost $972) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366938 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15738 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9822 |
| **Total Assets** | **49492856** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9222 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2704 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188117 |
| Payables to Investment Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17142 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14582 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3268 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**237310** |
| **Net Assets** | **49255546** |
| 1 Includes $183,509 of securities on loan. |  |
| **At August 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 17657040 |
| Total Distributable Earnings (Loss) | 31598506 |
| **Net Assets** | **49255546** |
| **Investor Shares—Net Assets** |  |
| **Applicable to 130,053,104 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **10433545** |
| **Net Asset Value Per Share—Investor Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$80.23** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 186,683,782 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **38822001** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$207.96** |

---

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

------

U.S. Growth Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Year Ended<br> August 31, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;167871 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;45807 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;26220 |
| Total Income | &nbsp;&nbsp;&nbsp;239898 |
| **Expenses** |  |
| Investment Advisory Fees—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Fee | &nbsp;&nbsp;&nbsp;&nbsp;69081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Adjustment | &nbsp;&nbsp;&nbsp;&nbsp;(11900) |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;22357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;45522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| Shareholders' Reports and Proxy Fees—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 |
| Total Expenses | &nbsp;&nbsp;&nbsp;127821 |
| Expenses Paid Indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(443) |
| Net Expenses | &nbsp;&nbsp;&nbsp;127378 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;**112520** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2</sup> | 3653243 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;88971 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(377) |
| **Realized Net Gain (Loss)** | **3741837** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | 5953428 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(9638) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 |
| **Change in Unrealized Appreciation (Depreciation)** | **5943900** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **9798257** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $539. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $30,730, $1, and ($29), respectively. Purchases and sales are for temporary cash investment purposes. |

---

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

------

U.S. Growth Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119545 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;3741837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2813900 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;5943900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8255493 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;9798257 | &nbsp;&nbsp;&nbsp;&nbsp;11188938 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;(455835) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26044) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;(1693525) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112192) |
| Total Distributions | &nbsp;&nbsp;(2149360) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138236) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;(1159885) | &nbsp;&nbsp;&nbsp;&nbsp;(1334926) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;(2459782) | &nbsp;&nbsp;&nbsp;&nbsp;(2382382) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;(3619667) | &nbsp;&nbsp;&nbsp;&nbsp;(3717308) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;4029230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7333394 |
| **Net Assets** |  |  |
| **Beginning of Period** | **45226316** | &nbsp;&nbsp;&nbsp;&nbsp;**37892922** |
| **End of Period** | **49255546** | &nbsp;&nbsp;&nbsp;&nbsp;**45226316** |

---

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

------

U.S. Growth Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$68.21** | &nbsp;&nbsp;&nbsp;**$52.21** | &nbsp;&nbsp;&nbsp;**$43.59** | &nbsp;&nbsp;&nbsp;**$76.41** | &nbsp;&nbsp;&nbsp;**$62.28** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income (Loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.013) |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;15.186 | &nbsp;&nbsp;&nbsp;&nbsp;16.033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.595 | &nbsp;&nbsp;&nbsp;&nbsp;(24.184) | &nbsp;&nbsp;&nbsp;&nbsp;16.700 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;15.304 | &nbsp;&nbsp;&nbsp;&nbsp;16.159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.764 | &nbsp;&nbsp;&nbsp;&nbsp;(24.110) | &nbsp;&nbsp;&nbsp;&nbsp;16.687 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.159) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.144) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.019) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;(3.143) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(8.709) | &nbsp;&nbsp;&nbsp;&nbsp;(2.538) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(3.284) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.159) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.144) | &nbsp;&nbsp;&nbsp;&nbsp;(8.710) | &nbsp;&nbsp;&nbsp;&nbsp;(2.557) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$80.23** | &nbsp;&nbsp;&nbsp;**$68.21** | &nbsp;&nbsp;&nbsp;**$52.21** | &nbsp;&nbsp;&nbsp;**$43.59** | &nbsp;&nbsp;&nbsp;**$76.41** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**22.99%** | &nbsp;&nbsp;&nbsp;**31.01%** | &nbsp;&nbsp;&nbsp;**20.19%** | &nbsp;&nbsp;&nbsp;**-35.32%** | &nbsp;&nbsp;&nbsp;**27.52%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$10434 | &nbsp;&nbsp;&nbsp;$9898 | &nbsp;&nbsp;&nbsp;$8710 | &nbsp;&nbsp;&nbsp;$7935 | &nbsp;&nbsp;&nbsp;$13405 |
| Ratio of Total Expenses to Average Net Assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.35%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.32%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.30%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.33%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.38% |
| Ratio of Net Investment Income (Loss) to Average Net Assets | &nbsp;&nbsp;&nbsp;0.16% | &nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;0.38% | &nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;(0.02%) |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;41% |

---

---

| | |
|:---|:---|
| 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 | Includes performance-based investment advisory fee increases (decreases) of (0.03%), (0.06%), (0.06%), (0.02%), and 0.03%. |
| 4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.35%, 0.30%, and 0.33%, respectively. |
| 5 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset and broker commission abatement arrangements was 0.32%. |

---

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

------

U.S. Growth Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$176.81** | &nbsp;&nbsp;&nbsp;**$135.31** | &nbsp;&nbsp;&nbsp;**$112.99** | &nbsp;&nbsp;&nbsp;**$198.03** | &nbsp;&nbsp;&nbsp;**$161.42** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.138 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.260 | &nbsp;&nbsp;&nbsp;&nbsp;(62.667) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.277 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.812 | &nbsp;&nbsp;&nbsp;&nbsp;(62.329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.415 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.552) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.539) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.224) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.150) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(22.576) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.581) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.539) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.492) | &nbsp;&nbsp;&nbsp;&nbsp;(22.711) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.805) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$207.96** | &nbsp;&nbsp;&nbsp;**$176.81** | &nbsp;&nbsp;&nbsp;**$135.31** | &nbsp;&nbsp;&nbsp;**$112.99** | &nbsp;&nbsp;&nbsp;**$198.03** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**23.10%** | &nbsp;&nbsp;&nbsp;**31.15%** | &nbsp;&nbsp;&nbsp;**20.30%** | &nbsp;&nbsp;&nbsp;**-35.26%** | &nbsp;&nbsp;&nbsp;**27.64%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$38822 | &nbsp;&nbsp;&nbsp;$35328 | &nbsp;&nbsp;&nbsp;$29183 | &nbsp;&nbsp;&nbsp;$26547 | &nbsp;&nbsp;&nbsp;$41539 |
| Ratio of Total Expenses to Average Net Assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.25%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.22%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.20%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.23%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.28% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;0.31% | &nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;0.23% | &nbsp;&nbsp;&nbsp;0.08% |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;41% |

---

---

| | |
|:---|:---|
| 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 | Includes performance-based investment advisory fee increases (decreases) of (0.03%), (0.06%), (0.06%), (0.02%), and 0.03%. |
| 4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.25%, 0.20%, and 0.23% respectively. |
| 5 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset and broker commission abatement arrangements was 0.22%. |

---

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

------

U.S. Growth Fund

Notes to Financial Statements

Vanguard U.S. Growth Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Investor Shares and Admiral Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of 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 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. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund's pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Other 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. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).

3. Repurchase Agreements: The fund enters into repurchase agreements with institutional counterparties. Securities pledged as collateral to the fund under repurchase agreements are held by a custodian bank until the agreements mature, and in the absence of a default, such collateral cannot be repledged, resold, or rehypothecated. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. The fund further mitigates its counterparty risk by entering into repurchase agreements only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master repurchase agreements with its counterparties. The master repurchase agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any repurchase agreements with that counterparty, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund. Such action may be subject to legal proceedings, which may delay or limit the disposition of collateral.

4. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund's performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.

Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities 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 gains (losses) on futures contracts.

During the year ended August 31, 2025, the fund's average investments in long and short futures contracts represented 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

5. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

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

7. 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

------

U.S. Growth Fund

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 Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. 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.

8. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which 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 either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the year ended August 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

9. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. 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.

Taxes on foreign dividends and capital gains have been provided for in accordance with the applicable countries' tax rules and rates. Deferred foreign capital gains tax, if any, is accrued daily based upon net unrealized gains. The fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Amounts related to these reclaims are recorded when there are no significant uncertainties as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment. Such tax reclaims and related professional fees, if any, are included in dividend income and other expenses, respectively.

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), shareholder reporting, and proxy fees. 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.** The investment advisory firms Wellington Management Company LLP , Jennison Associates LLC, and Baillie Gifford Overseas Ltd. each provide investment advisory services to a portion of the fund for a fee calculated at an annual
percentage rate of average net assets managed by the advisor. The basic fees of Wellington Management Company LLP and Jennison Associates LLC are subject to quarterly adjustments based on performance relative to the Russell 1000 Growth Index for the preceding three years.
The basic fee of Baillie Gifford Overseas Ltd. is subject to quarterly adjustments based on performance relative to the S&P 500 Index for periods prior to August 1, 2024, and to the new benchmark Russell 3000
Growth Index, beginning August 1, 2024, for the preceding three years. The benchmark change will be fully phased in by August 2027.

Vanguard manages the cash reserves of the fund as described below.

For the year ended August 31, 2025, the aggregate investment advisory fee paid to all advisors represented an effective annual basic rate of 0.15% of the fund's average net assets, before a net decrease of $11,900,000 (0.03%) based on performance.

**C.** In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative, marketing, distribution and cash
management 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 and 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 August 31, 2025, the fund had contributed to Vanguard capital in the amount of $1,268,000, representing less than 0.01% of the fund's net assets and 0.51% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

------

U.S. Growth Fund

**D.** The fund has asked its investment advisors to direct certain security trades, subject to obtaining the best price and execution, to brokers who have agreed to rebate to the fund part of the commissions generated.
Such rebates are used solely to reduce the fund's management and administrative expenses. For the year ended August 31, 2025, these arrangements reduced the fund's expenses by $443,000 (an annual rate of
less than 0.01% of average net assets).

**E.** 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.**

The following table summarizes the market value of the fund's investments and derivatives as of August 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 47983578 | &nbsp;&nbsp;&nbsp;183995 | &nbsp;&nbsp;&nbsp;733 | &nbsp;&nbsp;&nbsp;48168306 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569433 | &nbsp;&nbsp;&nbsp;338300 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907733 |
| Total | 48553011 | &nbsp;&nbsp;&nbsp;522295 | &nbsp;&nbsp;&nbsp;733 | &nbsp;&nbsp;&nbsp;49076039 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 10999 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;10999 |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

**F.** 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. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and
distributions in connection with fund share redemptions.

Permanent differences were reclassified between the following accounts:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;225506 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(225506) |

---

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. Examples of temporary difference include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256336 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;2904632 |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;28437538 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;31598506 |

---

------

U.S. Growth Fund

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252410 | &nbsp;&nbsp;&nbsp;&nbsp;138236 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;1896950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;2149360 | &nbsp;&nbsp;&nbsp;&nbsp;138236 |

---

\* Includes short-term capital gains, if any.

As of August 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;20638611 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;29608209 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(1170781) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;28437428 |

---

**G.** During the year ended August 31, 2025, the fund purchased $13,382,098,000 of investment securities and sold $19,413,661,000 of investment securities, other than temporary cash investments.

**H.** Capital share transactions for each class of shares were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Investor Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;915313 | &nbsp;&nbsp;&nbsp;&nbsp;13703 | &nbsp;&nbsp;&nbsp;&nbsp;1006192 | &nbsp;&nbsp;&nbsp;&nbsp;17569 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;438407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 |
| Redeemed | (2513605) | &nbsp;&nbsp;(34850) | &nbsp;&nbsp;(2366217) | &nbsp;&nbsp;(39739) |
| Net Increase (Decrease)—Investor Shares | (1159885) | &nbsp;&nbsp;(15059) | &nbsp;&nbsp;(1334926) | &nbsp;&nbsp;(21725) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;2453896 | &nbsp;&nbsp;&nbsp;&nbsp;13213 | &nbsp;&nbsp;&nbsp;&nbsp;2738163 | &nbsp;&nbsp;&nbsp;&nbsp;17733 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;1583818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 |
| Redeemed | (6497496) | &nbsp;&nbsp;(34834) | &nbsp;&nbsp;(5225053) | &nbsp;&nbsp;(34311) |
| Net Increase (Decrease)—Admiral Shares | (2459782) | &nbsp;&nbsp;(13130) | &nbsp;&nbsp;(2382382) | &nbsp;&nbsp;(15862) |

---

**I.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

**J.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**K.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Vanguard World Fund and Shareholders of Vanguard U.S. Growth Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard U.S. Growth Fund (one of the funds constituting Vanguard World Fund, referred to hereafter as the "Fund") as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (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 August 31, 2025, 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 August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025 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 August 31, 2025 by correspondence with the custodian, transfer agent and brokers; 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

October 21, 2025

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

------

Tax information (unaudited)

For corporate shareholders, 59.0%, or if subsequently determined to be different, the maximum percentage allowable by law, of ordinary income (dividend income plus short-term gains, if any) for the fiscal year qualified for the dividends-received deduction.

The fund hereby designates $165,546,000, or if subsequently determined to be different, the maximum amount allowable by law, as qualified dividend income for purposes of the maximum rate under section 1(h)(11) for calendar year 2024. Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.

The fund hereby designates for the fiscal year $8,356,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income tax.

For nonresident alien shareholders, 100% of short-term capital gain dividends distributed by the fund for the fiscal year are qualified short-term capital gains.

The fund distributed $2,094,641,000 as capital gain dividends (20% rate gain distributions) to shareholders during the fiscal year.

Q230 102025

------

![](tm2525835d7ingrofinsi001.jpg)

#### Financial Statements

#### For the year ended August 31, 2025

#### Vanguard International Growth Fund

------

#### Contents

---

| | |
|:---|:---|
| Financial Statements<br>| 1 |
| Report of Independent Registered Public Accounting Firm<br>| 15 |
| Tax information<br>| 16 |

---

------

International Growth Fund

Financial Statements

#### Schedule of Investments
As of August 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 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (97.9%)** | **Common Stocks (97.9%)** | **Common Stocks (97.9%)** | **Common Stocks (97.9%)** |
| **Australia (1.4%)** | **Australia (1.4%)** | **Australia (1.4%)** | **Australia (1.4%)** |
|  | &nbsp;&nbsp;&nbsp;WiseTech Global Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9382495 | &nbsp;&nbsp;&nbsp;&nbsp; 621608 |
| **Austria (0.8%)** | **Austria (0.8%)** | **Austria (0.8%)** | **Austria (0.8%)** |
|  | &nbsp;&nbsp;&nbsp;Erste Group Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;3827980 | &nbsp;&nbsp;&nbsp;&nbsp; 364368 |
| **Belgium (1.3%)** | **Belgium (1.3%)** | **Belgium (1.3%)** | **Belgium (1.3%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Argenx SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520059 | &nbsp;&nbsp;&nbsp;&nbsp; 370285 |
|  | &nbsp;&nbsp;&nbsp;UCB SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943508 | &nbsp;&nbsp;&nbsp;&nbsp; 221327 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **591612** |
| **Brazil (2.4%)** | **Brazil (2.4%)** | **Brazil (2.4%)** | **Brazil (2.4%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NU Holdings Ltd. Class A | 69087281 | &nbsp;&nbsp;&nbsp;&nbsp; 1022492 |
|  | &nbsp;&nbsp;&nbsp;Raia Drogasil SA | 22310489 | &nbsp;&nbsp;&nbsp;&nbsp; 72217 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1094709** |
| **Canada (2.1%)** | **Canada (2.1%)** | **Canada (2.1%)** | **Canada (2.1%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Shopify Inc. Class A (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;3883744 | &nbsp;&nbsp;&nbsp;&nbsp; 548695 |
|  | &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp;&nbsp;3985502 | &nbsp;&nbsp;&nbsp;&nbsp; 299257 |
|  | &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;1253467 | &nbsp;&nbsp;&nbsp;&nbsp; 121345 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **969297** |
| **China (9.9%)** | **China (9.9%)** | **China (9.9%)** | **China (9.9%)** |
|  | &nbsp;&nbsp;&nbsp;BYD Co. Ltd. Class H | 74323500 | &nbsp;&nbsp;&nbsp;&nbsp; 1048542 |
|  | &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 12313800 | &nbsp;&nbsp;&nbsp;&nbsp; 953635 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PDD Holdings Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;4838216 | &nbsp;&nbsp;&nbsp;&nbsp; 581650 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Meituan Class B | 35172468 | &nbsp;&nbsp;&nbsp;&nbsp; 468460 |
|  | &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. Class A (XSHE) | &nbsp;&nbsp;&nbsp;&nbsp;7761500 | &nbsp;&nbsp;&nbsp;&nbsp; 332963 |
|  | &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group ADR | &nbsp;&nbsp;&nbsp;&nbsp;9957944 | &nbsp;&nbsp;&nbsp;&nbsp; 244169 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Wuxi Biologics Cayman Inc. | 55221500 | &nbsp;&nbsp;&nbsp;&nbsp; 237556 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Akeso Inc. | 10984000 | &nbsp;&nbsp;&nbsp;&nbsp; 221235 |
|  | &nbsp;&nbsp;&nbsp;Shenzhen Inovance Technology Co. Ltd. Class A | 15938103 | &nbsp;&nbsp;&nbsp;&nbsp; 167718 |
|  | &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3777559 | &nbsp;&nbsp;&nbsp;&nbsp; 162054 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Ganfeng Lithium Group Co. Ltd. Class H | 26358400 | &nbsp;&nbsp;&nbsp;&nbsp; 106596 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4524578** |
| **Denmark (3.8%)** | **Denmark (3.8%)** | **Denmark (3.8%)** | **Denmark (3.8%)** |
|  | &nbsp;&nbsp;&nbsp;DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;3009403 | &nbsp;&nbsp;&nbsp;&nbsp; 667207 |
|  | &nbsp;&nbsp;&nbsp;Novo Nordisk A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;7343697 | &nbsp;&nbsp;&nbsp;&nbsp; 414988 |
|  | &nbsp;&nbsp;&nbsp;Ambu A/S Class B | 12838019 | &nbsp;&nbsp;&nbsp;&nbsp; 194075 |
|  | &nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S | &nbsp;&nbsp;&nbsp;&nbsp;9576720 | &nbsp;&nbsp;&nbsp;&nbsp; 190648 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Genmab A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721899 | &nbsp;&nbsp;&nbsp;&nbsp; 180178 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zealand Pharma A/S | &nbsp;&nbsp;&nbsp;&nbsp;1275194 | &nbsp;&nbsp;&nbsp;&nbsp; 87643 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1734739** |
| **France (4.0%)** | **France (4.0%)** | **France (4.0%)** | **France (4.0%)** |
|  | &nbsp;&nbsp;&nbsp;Hermes International SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247915 | &nbsp;&nbsp;&nbsp;&nbsp; 607183 |
|  | &nbsp;&nbsp;&nbsp;L'Oreal SA (XPAR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995181 | &nbsp;&nbsp;&nbsp;&nbsp; 464636 |
|  | &nbsp;&nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;1171794 | &nbsp;&nbsp;&nbsp;&nbsp; 287894 |
|  | &nbsp;&nbsp;&nbsp;Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;1746141 | &nbsp;&nbsp;&nbsp;&nbsp; 265913 |
|  | &nbsp;&nbsp;&nbsp;Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;1560009 | &nbsp;&nbsp;&nbsp;&nbsp; 154771 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SOITEC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977460 | &nbsp;&nbsp;&nbsp;&nbsp; 40596 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1820993** |
| **Germany (3.8%)** | **Germany (3.8%)** | **Germany (3.8%)** | **Germany (3.8%)** |
|  | &nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;1795994 | &nbsp;&nbsp;&nbsp;&nbsp; 488863 |
|  | &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG (XETR) | &nbsp;&nbsp;&nbsp;&nbsp;3141893 | &nbsp;&nbsp;&nbsp;&nbsp; 328706 |
|  | &nbsp;&nbsp;&nbsp;Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp;6102464 | &nbsp;&nbsp;&nbsp;&nbsp; 249797 |
|  | &nbsp;&nbsp;&nbsp;Siemens AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880712 | &nbsp;&nbsp;&nbsp;&nbsp; 244138 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Delivery Hero SE | &nbsp;&nbsp;&nbsp;&nbsp;7729816 | &nbsp;&nbsp;&nbsp;&nbsp; 205064 |
|  | &nbsp;&nbsp;&nbsp;Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;1651872 | &nbsp;&nbsp;&nbsp;&nbsp; 190239 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1706807** |
| **Hong Kong (1.0%)** | **Hong Kong (1.0%)** | **Hong Kong (1.0%)** | **Hong Kong (1.0%)** |
|  | &nbsp;&nbsp;&nbsp;AIA Group Ltd. | 48551000 | &nbsp;&nbsp;&nbsp;&nbsp; 461446 |

---

------

International Growth Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **India (2.5%)** | **India (2.5%)** | **India (2.5%)** | **India (2.5%)** |
|  | &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 51463518 | &nbsp;&nbsp;&nbsp;&nbsp; 555468 |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;MakeMyTrip Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3341072 | &nbsp;&nbsp;&nbsp;&nbsp; 329931 |
|  | &nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | 14545977 | &nbsp;&nbsp;&nbsp;&nbsp; 224017 |
| <sup>\*,3,4</sup> | &nbsp;&nbsp;&nbsp;ANI Technologies Private Ltd. PP (Acquired 12/1/15, Cost $5,969) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166185 | &nbsp;&nbsp;&nbsp;&nbsp; 7753 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1117169** |
| **Indonesia (0.3%)** | **Indonesia (0.3%)** | **Indonesia (0.3%)** | **Indonesia (0.3%)** |
|  | &nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | 300623400 | &nbsp;&nbsp;&nbsp;&nbsp; 147278 |
| **Israel (0.7%)** | **Israel (0.7%)** | **Israel (0.7%)** | **Israel (0.7%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Wix.com Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1369480 | &nbsp;&nbsp;&nbsp;&nbsp; 193206 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Check Point Software Technologies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564985 | &nbsp;&nbsp;&nbsp;&nbsp; 109121 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **302327** |
| **Italy (2.9%)** | **Italy (2.9%)** | **Italy (2.9%)** | **Italy (2.9%)** |
|  | &nbsp;&nbsp;&nbsp;Ferrari NV | &nbsp;&nbsp;&nbsp;&nbsp;1479428 | &nbsp;&nbsp;&nbsp;&nbsp; 704042 |
|  | &nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco SpA | 10924663 | &nbsp;&nbsp;&nbsp;&nbsp; 239816 |
|  | &nbsp;&nbsp;&nbsp;Prysmian SpA | &nbsp;&nbsp;&nbsp;&nbsp;2477748 | &nbsp;&nbsp;&nbsp;&nbsp; 216240 |
|  | &nbsp;&nbsp;&nbsp;Brunello Cucinelli SpA | &nbsp;&nbsp;&nbsp;&nbsp;1398605 | &nbsp;&nbsp;&nbsp;&nbsp; 161782 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1321880** |
| **Japan (10.5%)** | **Japan (10.5%)** | **Japan (10.5%)** | **Japan (10.5%)** |
|  | &nbsp;&nbsp;&nbsp;Advantest Corp. | 10641100 | &nbsp;&nbsp;&nbsp;&nbsp; 813719 |
|  | &nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1699700 | &nbsp;&nbsp;&nbsp;&nbsp; 647999 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | 27424500 | &nbsp;&nbsp;&nbsp;&nbsp; 417375 |
|  | &nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1278400 | &nbsp;&nbsp;&nbsp;&nbsp; 349777 |
|  | &nbsp;&nbsp;&nbsp;Sony Group Corp. | 12399500 | &nbsp;&nbsp;&nbsp;&nbsp; 338892 |
|  | &nbsp;&nbsp;&nbsp;MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9919000 | &nbsp;&nbsp;&nbsp;&nbsp; 230734 |
|  | &nbsp;&nbsp;&nbsp;SBI Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4470400 | &nbsp;&nbsp;&nbsp;&nbsp; 210045 |
|  | &nbsp;&nbsp;&nbsp;SoftBank Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1897000 | &nbsp;&nbsp;&nbsp;&nbsp; 203708 |
|  | &nbsp;&nbsp;&nbsp;ITOCHU Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3585600 | &nbsp;&nbsp;&nbsp;&nbsp; 202546 |
|  | &nbsp;&nbsp;&nbsp;KDDI Corp. | 11663000 | &nbsp;&nbsp;&nbsp;&nbsp; 201575 |
|  | &nbsp;&nbsp;&nbsp;Fast Retailing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608200 | &nbsp;&nbsp;&nbsp;&nbsp; 190111 |
|  | &nbsp;&nbsp;&nbsp;Recruit Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3026900 | &nbsp;&nbsp;&nbsp;&nbsp; 173209 |
|  | &nbsp;&nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1315000 | &nbsp;&nbsp;&nbsp;&nbsp; 169802 |
|  | &nbsp;&nbsp;&nbsp;FUJIFILM Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6227100 | &nbsp;&nbsp;&nbsp;&nbsp; 147525 |
|  | &nbsp;&nbsp;&nbsp;Bridgestone Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2992400 | &nbsp;&nbsp;&nbsp;&nbsp; 135183 |
|  | &nbsp;&nbsp;&nbsp;Daikin Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938800 | &nbsp;&nbsp;&nbsp;&nbsp; 117288 |
|  | &nbsp;&nbsp;&nbsp;Terumo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5616100 | &nbsp;&nbsp;&nbsp;&nbsp; 100701 |
|  | &nbsp;&nbsp;&nbsp;SMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246400 | &nbsp;&nbsp;&nbsp;&nbsp; 75413 |
|  | &nbsp;&nbsp;&nbsp;Shimano Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419500 | &nbsp;&nbsp;&nbsp;&nbsp; 46520 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4772122** |
| **Netherlands (7.5%)** | **Netherlands (7.5%)** | **Netherlands (7.5%)** | **Netherlands (7.5%)** |
|  | &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;1899202 | &nbsp;&nbsp;&nbsp;&nbsp; 1410333 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Adyen NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788035 | &nbsp;&nbsp;&nbsp;&nbsp; 1323245 |
|  | &nbsp;&nbsp;&nbsp;EXOR NV | &nbsp;&nbsp;&nbsp;&nbsp;4467739 | &nbsp;&nbsp;&nbsp;&nbsp; 447737 |
|  | &nbsp;&nbsp;&nbsp;Heineken NV | &nbsp;&nbsp;&nbsp;&nbsp;2906374 | &nbsp;&nbsp;&nbsp;&nbsp; 235736 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3417051** |
| **Norway (0.4%)** | **Norway (0.4%)** | **Norway (0.4%)** | **Norway (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;6968900 | &nbsp;&nbsp;&nbsp;&nbsp; 183618 |
| **Singapore (4.1%)** | **Singapore (4.1%)** | **Singapore (4.1%)** | **Singapore (4.1%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sea Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;9931780 | &nbsp;&nbsp;&nbsp;&nbsp; 1852674 |
| **South Korea (2.1%)** | **South Korea (2.1%)** | **South Korea (2.1%)** | **South Korea (2.1%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coupang Inc. | 31553694 | &nbsp;&nbsp;&nbsp;&nbsp; 901805 |
|  | &nbsp;&nbsp;&nbsp;Samsung SDI Co. Ltd. (XKRX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390293 | &nbsp;&nbsp;&nbsp;&nbsp; 57840 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **959645** |
| **Spain (1.2%)** | **Spain (1.2%)** | **Spain (1.2%)** | **Spain (1.2%)** |
|  | &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | 20620147 | &nbsp;&nbsp;&nbsp;&nbsp; 375266 |
|  | &nbsp;&nbsp;&nbsp;Iberdrola SA (XMAD) | &nbsp;&nbsp;&nbsp;&nbsp;9155947 | &nbsp;&nbsp;&nbsp;&nbsp; 172598 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **547864** |
| **Sweden (5.8%)** | **Sweden (5.8%)** | **Sweden (5.8%)** | **Sweden (5.8%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Spotify Technology SA | &nbsp;&nbsp;&nbsp;&nbsp;2511599 | &nbsp;&nbsp;&nbsp;&nbsp; 1712609 |
|  | &nbsp;&nbsp;&nbsp;Atlas Copco AB Class A | 44798549 | &nbsp;&nbsp;&nbsp;&nbsp; 715207 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kinnevik AB Class B | 14008895 | &nbsp;&nbsp;&nbsp;&nbsp; 125777 |
|  | &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;7822847 | &nbsp;&nbsp;&nbsp;&nbsp; 100664 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2654257** |

---

------

International Growth Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Switzerland (5.0%)** | **Switzerland (5.0%)** | **Switzerland (5.0%)** | **Switzerland (5.0%)** |
|  | &nbsp;&nbsp;&nbsp;Galderma Group AG | &nbsp;&nbsp;&nbsp;&nbsp;3058221 | &nbsp;&nbsp;&nbsp;&nbsp; 535606 |
|  | &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;1222709 | &nbsp;&nbsp;&nbsp;&nbsp; 398699 |
|  | &nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA Class A (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;1510087 | &nbsp;&nbsp;&nbsp;&nbsp; 264390 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;VAT Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638714 | &nbsp;&nbsp;&nbsp;&nbsp; 208880 |
|  | &nbsp;&nbsp;&nbsp;Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12380 | &nbsp;&nbsp;&nbsp;&nbsp; 188801 |
|  | &nbsp;&nbsp;&nbsp;Belimo Holding AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170734 | &nbsp;&nbsp;&nbsp;&nbsp; 188002 |
|  | &nbsp;&nbsp;&nbsp;Lonza Group AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255604 | &nbsp;&nbsp;&nbsp;&nbsp; 181399 |
|  | &nbsp;&nbsp;&nbsp;Alcon AG | &nbsp;&nbsp;&nbsp;&nbsp;2131269 | &nbsp;&nbsp;&nbsp;&nbsp; 169847 |
|  | &nbsp;&nbsp;&nbsp;Temenos AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;1563085 | &nbsp;&nbsp;&nbsp;&nbsp; 138987 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2274611** |
| **Taiwan (6.2%)** | **Taiwan (6.2%)** | **Taiwan (6.2%)** | **Taiwan (6.2%)** |
|  | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. (XTAI) | 75441000 | &nbsp;&nbsp;&nbsp;&nbsp; 2825370 |
| **United Kingdom (8.4%)** | **United Kingdom (8.4%)** | **United Kingdom (8.4%)** | **United Kingdom (8.4%)** |
|  | &nbsp;&nbsp;&nbsp;RELX plc | 13938895 | &nbsp;&nbsp;&nbsp;&nbsp; 651080 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Wise plc Class A | 40970054 | &nbsp;&nbsp;&nbsp;&nbsp; 583657 |
|  | &nbsp;&nbsp;&nbsp;Shell plc (XETR) | 11500265 | &nbsp;&nbsp;&nbsp;&nbsp; 425462 |
|  | &nbsp;&nbsp;&nbsp;AstraZeneca plc | &nbsp;&nbsp;&nbsp;&nbsp;2065698 | &nbsp;&nbsp;&nbsp;&nbsp; 329302 |
|  | &nbsp;&nbsp;&nbsp;Haleon plc | 53354292 | &nbsp;&nbsp;&nbsp;&nbsp; 262569 |
|  | &nbsp;&nbsp;&nbsp;Unilever plc (XLON) | &nbsp;&nbsp;&nbsp;&nbsp;3890536 | &nbsp;&nbsp;&nbsp;&nbsp; 245435 |
|  | &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group plc | &nbsp;&nbsp;&nbsp;&nbsp;3108996 | &nbsp;&nbsp;&nbsp;&nbsp; 232452 |
|  | &nbsp;&nbsp;&nbsp;Lloyds Banking Group plc | 154164223 | &nbsp;&nbsp;&nbsp;&nbsp; 165377 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ocado Group plc | 35044929 | &nbsp;&nbsp;&nbsp;&nbsp; 159492 |
|  | &nbsp;&nbsp;&nbsp;Rio Tinto plc | &nbsp;&nbsp;&nbsp;&nbsp;2387929 | &nbsp;&nbsp;&nbsp;&nbsp; 149274 |
|  | &nbsp;&nbsp;&nbsp;London Stock Exchange Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992280 | &nbsp;&nbsp;&nbsp;&nbsp; 122976 |
|  | &nbsp;&nbsp;&nbsp;Whitbread plc | &nbsp;&nbsp;&nbsp;&nbsp;2601803 | &nbsp;&nbsp;&nbsp;&nbsp; 110767 |
|  | &nbsp;&nbsp;&nbsp;Bunzl plc | &nbsp;&nbsp;&nbsp;&nbsp;3033959 | &nbsp;&nbsp;&nbsp;&nbsp; 102538 |
|  | &nbsp;&nbsp;&nbsp;Sage Group plc | &nbsp;&nbsp;&nbsp;&nbsp;6415244 | &nbsp;&nbsp;&nbsp;&nbsp; 94106 |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;ARM Holdings plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560486 | &nbsp;&nbsp;&nbsp;&nbsp; 77521 |
| <sup>\*,3,4,5</sup> | &nbsp;&nbsp;&nbsp;Brandtech Group Class A1 PP (Acquired 9/23/15, Cost $44,800) | 33633606 | &nbsp;&nbsp;&nbsp;&nbsp; 71976 |
|  | &nbsp;&nbsp;&nbsp;Shell plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905604 | &nbsp;&nbsp;&nbsp;&nbsp; 33502 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3817486** |
| **United States (9.8%)** | **United States (9.8%)** | **United States (9.8%)** | **United States (9.8%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MercadoLibre Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862314 | &nbsp;&nbsp;&nbsp;&nbsp; 2132425 |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4896566 | &nbsp;&nbsp;&nbsp;&nbsp; 852884 |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978846 | &nbsp;&nbsp;&nbsp;&nbsp; 495971 |
|  | &nbsp;&nbsp;&nbsp;Booking Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37998 | &nbsp;&nbsp;&nbsp;&nbsp; 212753 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Atlassian Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1191458 | &nbsp;&nbsp;&nbsp;&nbsp; 211817 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One Class C | &nbsp;&nbsp;&nbsp;&nbsp;1702897 | &nbsp;&nbsp;&nbsp;&nbsp; 170119 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Moderna Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6400778 | &nbsp;&nbsp;&nbsp;&nbsp; 154195 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Block Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;1665219 | &nbsp;&nbsp;&nbsp;&nbsp; 132618 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mobileye Global Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5227537 | &nbsp;&nbsp;&nbsp;&nbsp; 73238 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4436020** |
| **Total Common Stocks (Cost $28,057,612)** | **Total Common Stocks (Cost $28,057,612)** | **Total Common Stocks (Cost $28,057,612)** | &nbsp;&nbsp;&nbsp;&nbsp;**44519529** |
| **Preferred Stock (0.7%)** | **Preferred Stock (0.7%)** | **Preferred Stock (0.7%)** | **Preferred Stock (0.7%)** |
|  | &nbsp;&nbsp;&nbsp;Sartorius AG Preference Shares **(Cost $699,816**) | &nbsp;&nbsp;&nbsp;&nbsp;1349736 | &nbsp;&nbsp;&nbsp;&nbsp; **313543** |

---

------

International Growth Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Temporary Cash Investments (1.5%)** | **Temporary Cash Investments (1.5%)** | **Temporary Cash Investments (1.5%)** | **Temporary Cash Investments (1.5%)** |
| **Money Market Fund (1.5%)** | **Money Market Fund (1.5%)** | **Money Market Fund (1.5%)** | **Money Market Fund (1.5%)** |
| <sup>6,7</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.362% **(Cost $682,821)** | 6829012 | &nbsp;&nbsp;&nbsp;&nbsp; **682833** |
| **Total Investments (100.1%) (Cost $29,440,249)** | **Total Investments (100.1%) (Cost $29,440,249)** | **Total Investments (100.1%) (Cost $29,440,249)** | &nbsp;&nbsp;&nbsp;&nbsp;**45515905** |
| **Other Assets and Liabilities—Net (-0.1%)** | **Other Assets and Liabilities—Net (-0.1%)** | **Other Assets and Liabilities—Net (-0.1%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(31651)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**45484254** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| |
|:---|
| • See Note A in Notes to Financial Statements. |
| \* Non-income-producing security. |
| 1 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2025, the aggregate value was $2,771,036, representing 6.1% of net assets. |
| 2 Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $71,354. |
| 3 Restricted securities totaling $79,729, representing 0.2% of net assets. |
| 4 Security value determined using significant unobservable inputs. |
| 5 Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities of such company. |
| 6 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 7 Collateral of $75,266 was received for securities on loan. |

---

ADR—American Depositary Receipt. <br> PP—Private Placement.

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| MSCI EAFE Index | September 2025 | 2287 | 311158 | &nbsp;&nbsp;9120 |
| MSCI Emerging Markets Index | September 2025 | 2239 | 141605 | &nbsp;&nbsp;2146 |
|  |  |  |  | &nbsp;&nbsp;11266 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts |
| Counterparty | Contract<br> Settlement<br> Date | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Counterparty | Contract<br> Settlement<br> Date |  | &nbsp;&nbsp;&nbsp;Receive |  | &nbsp;&nbsp;&nbsp;Deliver | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| JPMorgan Chase Bank, N.A. | 9/17/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;10986 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;9550 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(200) |
| UBS AG | 9/17/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;15852 | &nbsp;&nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;151137 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(137) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(337) |

---

EUR—euro. <br> SEK—Swedish krona. <br> USD—U.S. dollar.

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

------

International Growth Fund

Statement of Assets and Liabilities

As of August 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $28,712,628) | 44761096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $727,621) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754809 |
| Total Investments in Securities | 45515905 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14079 |
| Foreign Currency, at Value (Cost $8,671) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6821 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36075 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117076 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12626 |
| Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421 |
| **Total Assets** | **45704131** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6008 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63100 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75266 |
| Payables to Investment Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13116 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28699 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4050 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850 |
| Unrealized Depreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 |
| Deferred Foreign Capital Gains Taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26451 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**219877** |
| **Net Assets** | **45484254** |
| 1 Includes $71,354 of securities on loan. |  |
| **At August 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 27561128 |
| Total Distributable Earnings (Loss) | 17923126 |
| **Net Assets** | **45484254** |
| **Investor Shares—Net Assets** |  |
| **Applicable to 164,634,742 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**6136519** |
| **Net Asset Value Per Share—Investor Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$37.27** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 331,802,761 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **39347735** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$118.59** |

---

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

------

International Growth Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Year Ended<br> August 31, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends—Unaffiliated Issuers<sup>1</sup> | &nbsp;&nbsp;&nbsp;467876 |
| Interest—Unaffiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152 |
| Interest—Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;34423 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018 |
| Total Income | &nbsp;&nbsp;&nbsp;504469 |
| **Expenses** |  |
| Investment Advisory Fees—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Fee | &nbsp;&nbsp;&nbsp;&nbsp;62775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Adjustment | &nbsp;&nbsp;&nbsp;&nbsp;(9298) |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;15715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;49958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1551 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2317 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| Shareholders' Reports and Proxy Fees—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 |
| Total Expenses | &nbsp;&nbsp;&nbsp;124306 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;**380163** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold—Unaffiliated Issuers<sup>2</sup> | 1779932 |
| Investment Securities Sold—Affiliated Issuers | &nbsp;&nbsp;&nbsp;163679 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;27551 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(413) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;(5753) |
| **Realized Net Gain (Loss)** | **1964996** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities—Unaffiliated Issuers<sup>3</sup> | 3799825 |
| Investment Securities—Affiliated Issuers | &nbsp;&nbsp;(259687) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(2191) |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4476 |
| **Change in Unrealized Appreciation (Depreciation)** | **3542248** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **5887407** |

---

---

| | |
|:---|:---|
| 1 | Dividends include foreign tax reclaims of $3,527 and are net of foreign withholding taxes of $52,903. |
| 2 | Realized gain (loss) is net of foreign capital gain taxes of $10,019. |
| 3 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of $3,894. |

---

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

------

International Growth Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397279 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;1964996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3632965 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;3542248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2663159 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;5887407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6693403 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;(576699) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124245) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;(3269566) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(698073) |
| Total Distributions | &nbsp;&nbsp;(3846265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(822318) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;(947711) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(428932) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(786661) | &nbsp;&nbsp;&nbsp;&nbsp;(3798153) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;(1734372) | &nbsp;&nbsp;&nbsp;&nbsp;(4227085) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1644000 |
| **Net Assets** |  |  |
| **Beginning of Period** | **45177484** | &nbsp;&nbsp;&nbsp;&nbsp;**43533484** |
| **End of Period** | **45484254** | &nbsp;&nbsp;&nbsp;&nbsp;**45177484** |

---

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

------

International Growth Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$35.79** | &nbsp;&nbsp;&nbsp;**$31.27** | &nbsp;&nbsp;&nbsp;**$30.33** | &nbsp;&nbsp;&nbsp;**$54.50** | &nbsp;&nbsp;&nbsp;**$42.94** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.374 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.588 | &nbsp;&nbsp;&nbsp;&nbsp;(18.463) | &nbsp;&nbsp;&nbsp;&nbsp;12.336 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.901 | &nbsp;&nbsp;&nbsp;&nbsp;(18.101) | &nbsp;&nbsp;&nbsp;&nbsp;12.710 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.323) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.407) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.106) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;(2.828) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.262) | &nbsp;&nbsp;&nbsp;&nbsp;(1.571) | &nbsp;&nbsp;&nbsp;&nbsp;(5.662) | &nbsp;&nbsp;&nbsp;&nbsp;(1.044) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(3.092) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.585) | &nbsp;&nbsp;&nbsp;&nbsp;(1.961) | &nbsp;&nbsp;&nbsp;&nbsp;(6.069) | &nbsp;&nbsp;&nbsp;&nbsp;(1.150) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$37.27** | &nbsp;&nbsp;&nbsp;**$35.79** | &nbsp;&nbsp;&nbsp;**$31.27** | &nbsp;&nbsp;&nbsp;**$30.33** | &nbsp;&nbsp;&nbsp;**$54.50** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**14.14%** | &nbsp;&nbsp;&nbsp;**16.57%** | &nbsp;&nbsp;&nbsp;**9.82%** | &nbsp;&nbsp;&nbsp;**-36.53%** | &nbsp;&nbsp;&nbsp;**29.89%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$6137 | &nbsp;&nbsp;&nbsp;$6838 | &nbsp;&nbsp;&nbsp;$6340 | &nbsp;&nbsp;&nbsp;$6243 | &nbsp;&nbsp;&nbsp;$11247 |
| Ratio of Total Expenses to Average Net Assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.38% | &nbsp;&nbsp;&nbsp;0.37%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;0.45%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.43% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;0.75% |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;25% |

---

---

| | |
|:---|:---|
| 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 | Includes performance-based investment advisory fee increases (decreases) of (0.02%), (0.03%), 0.01%, 0.04%, and 0.03%. |
| 4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.37%. |
| 5 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.45%. |

---

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

------

International Growth Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$113.87** | &nbsp;&nbsp;&nbsp;&nbsp;**$99.47** | &nbsp;&nbsp;&nbsp;**$96.50** | &nbsp;&nbsp;&nbsp;**$173.47** | &nbsp;&nbsp;&nbsp;**$136.68** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.367 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.228 | &nbsp;&nbsp;&nbsp;&nbsp;(58.729) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.246 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.329 | &nbsp;&nbsp;&nbsp;&nbsp;(57.439) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.613 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.969) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.125) | &nbsp;&nbsp;&nbsp;&nbsp;(1.358) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.497) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.832) | &nbsp;&nbsp;&nbsp;&nbsp;(5.001) | &nbsp;&nbsp;&nbsp;&nbsp;(18.029) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.326) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.968) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.957) | &nbsp;&nbsp;&nbsp;&nbsp;(6.359) | &nbsp;&nbsp;&nbsp;&nbsp;(19.531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.823) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$118.59** | &nbsp;&nbsp;&nbsp;**$113.87** | &nbsp;&nbsp;&nbsp;**$99.47** | &nbsp;&nbsp;&nbsp;&nbsp;**$96.50** | &nbsp;&nbsp;&nbsp;**$173.47** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**14.29%** | &nbsp;&nbsp;&nbsp;**16.70%** | &nbsp;&nbsp;&nbsp;**9.92%** | &nbsp;&nbsp;&nbsp;**-36.46%** | &nbsp;&nbsp;&nbsp;**30.01%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$39348 | &nbsp;&nbsp;&nbsp;$38339 | &nbsp;&nbsp;&nbsp;$37193 | &nbsp;&nbsp;&nbsp;$36435 | &nbsp;&nbsp;&nbsp;$62342 |
| Ratio of Total Expenses to Average Net Assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;0.26%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.31% | &nbsp;&nbsp;&nbsp;0.34%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.32% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;0.86% |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;25% |

---

---

| | |
|:---|:---|
| 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 | Includes performance-based investment advisory fee increases (decreases) of (0.02%), (0.03%), 0.01%, 0.04%, and 0.03%. |
| 4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.26%. |
| 5 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.34%. |

---

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

------

International Growth Fund

Notes to Financial Statements

Vanguard International Growth Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Investor Shares and Admiral Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of 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 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. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund's pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

2. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).

3. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund's performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.

Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities 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 gains (losses) on futures contracts.

During the year ended August 31, 2025, the fund's average investments in long and short futures contracts represented 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

4. Forward Currency Contracts: The fund enters into forward currency contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates. Risks associated with these types of forward currency contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund mitigates its counterparty risk by entering into forward currency contracts 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. The master netting arrangements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate the forward currency contracts, 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 forward currency 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 forward currency 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.

Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities 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 gains (losses) on forward currency contracts.

During the year ended August 31, 2025, the fund's average investment in forward currency contracts represented less than 1% of net assets, based on the average of the notional amounts at each quarter-end during the period.

------

International Growth Fund

5. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

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

7. 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 Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. 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.

8. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which 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 either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the year ended August 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

9. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. 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.

Taxes on foreign dividends and capital gains have been provided for in accordance with the applicable countries' tax rules and rates. Deferred foreign capital gains tax, if any, is accrued daily based upon net unrealized gains. The fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Amounts related to these reclaims are recorded when there are no significant uncertainties as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment. Such tax reclaims and related professional fees, if any, are included in dividend income and other expenses, respectively.

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), shareholder reporting, and proxy fees. 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.** The investment advisory firms Baillie Gifford Overseas Ltd. and Schroder Investment Management North America Inc. each provide investment advisory services to a portion of the fund for a fee calculated at an annual
percentage rate of average net assets managed by the advisor. The basic fees of Baillie Gifford Overseas Ltd. and Schroder Investment Management North America Inc. are subject to quarterly adjustments based on
performance relative to the MSCI All Country World Index ex USA for the preceding three years.

Vanguard manages the cash reserves of the fund as described below.

For the year ended August 31, 2025, the aggregate investment advisory fee paid to all advisors represented an effective annual basic rate of 0.14% of the fund's average net assets, before a net decrease of $9,298,000 (0.02%) based on performance.

------

International Growth Fund

**C.** In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative, marketing, distribution and cash
management 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 and 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 August 31, 2025, the fund had contributed to Vanguard capital in the amount of $1,128,000, representing less than 0.01% of the fund's net assets and 0.45% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**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.**

The following table summarizes the market value of the fund's investments and derivatives as of August 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks—North and South America | &nbsp;&nbsp;&nbsp;6500026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6500026 |
| Common Stocks—Other | &nbsp;&nbsp;&nbsp;6002686 | &nbsp;&nbsp;&nbsp;31937088 | &nbsp;&nbsp;&nbsp;79729 | &nbsp;&nbsp;&nbsp;38019503 |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313543 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682833 |
| Total | 13185545 | &nbsp;&nbsp;&nbsp;32250631 | &nbsp;&nbsp;&nbsp;79729 | &nbsp;&nbsp;&nbsp;45515905 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 11266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;11266 |
| Liabilities |  |  |  |  |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(337) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(337) |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

**E.** At August 31, 2025, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Statement of Assets and Liabilities | Equity<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Foreign<br> Exchange<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| Unrealized Appreciation—Futures Contracts<sup>1</sup> | 11266 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;11266 |
| Total Assets | 11266 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;11266 |
| Unrealized Depreciation—Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;(337) | &nbsp;&nbsp;&nbsp;(337) |
| Total Liabilities |  | &nbsp;&nbsp;&nbsp;(337) | &nbsp;&nbsp;&nbsp;(337) |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the year ended August 31, 2025, were:

---

| | | | |
|:---|:---|:---|:---|
| Realized Net Gain (Loss) on Derivatives | Equity<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Foreign<br> Exchange<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| Futures Contracts | 27551 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;27551 |
| Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;(413) | &nbsp;&nbsp;&nbsp;(413) |
| Realized Net Gain (Loss) on Derivatives | 27551 | &nbsp;&nbsp;&nbsp;(413) | &nbsp;&nbsp;&nbsp;27138 |

---

------

International Growth Fund

---

| | | | |
|:---|:---|:---|:---|
| Change in Unrealized Appreciation (Depreciation) on Derivatives | Equity<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Foreign<br> Exchange<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| Futures Contracts | (2191) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2191) |
| Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;(175) | &nbsp;&nbsp;&nbsp;(175) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | (2191) | &nbsp;&nbsp;&nbsp;(175) | &nbsp;&nbsp;&nbsp;(2366) |

---

**F.** 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. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and
distributions in connection with fund share redemptions.

Permanent differences were reclassified between the following accounts:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;211004 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(211004) |

---

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. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341113 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;1726921 |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;15849096 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5996 |
| Total | &nbsp;&nbsp;&nbsp;17923126 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472929 | &nbsp;&nbsp;&nbsp;&nbsp;469877 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;3373336 | &nbsp;&nbsp;&nbsp;&nbsp;352441 |
| Total | &nbsp;&nbsp;&nbsp;3846265 | &nbsp;&nbsp;&nbsp;&nbsp;822318 |

---

\* Includes short-term capital gains, if any.

As of August 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;29645018 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;19438145 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(3567258) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;15870887 |

---

**G.** During the year ended August 31, 2025, the fund purchased $9,805,413,000 of investment securities and sold $14,863,904,000 of investment securities, other than temporary cash investments.

------

International Growth Fund

**H.** Capital share transactions for each class of shares were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Investor Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;547340 | &nbsp;&nbsp;&nbsp;&nbsp;15696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853972 | &nbsp;&nbsp;&nbsp;&nbsp;27217 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;550764 | &nbsp;&nbsp;&nbsp;&nbsp;17110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3742 |
| Redeemed | (2045815) | &nbsp;&nbsp;(59239) | &nbsp;&nbsp;(1401460) | &nbsp;&nbsp;(42666) |
| Net Increase (Decrease)—Investor Shares | &nbsp;&nbsp;&nbsp;(947711) | &nbsp;&nbsp;(26433) | &nbsp;&nbsp;&nbsp;&nbsp;(428932) | &nbsp;&nbsp;(11707) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;3563756 | &nbsp;&nbsp;&nbsp;&nbsp;32306 | &nbsp;&nbsp;&nbsp;&nbsp;2905754 | &nbsp;&nbsp;&nbsp;&nbsp;28242 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;2913569 | &nbsp;&nbsp;&nbsp;&nbsp;28472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6153 |
| Redeemed | (7263986) | &nbsp;&nbsp;(65658) | &nbsp;&nbsp;(7323654) | &nbsp;&nbsp;(71616) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;(786661) | &nbsp;&nbsp;&nbsp;&nbsp;(4880) | &nbsp;&nbsp;(3798153) | &nbsp;&nbsp;(37221) |

---

**I.** Certain of the fund's investments are in companies that are considered to be affiliated companies of the fund because the fund owns more than 5% of the outstanding voting securities of the company or the
issuer is another member of The Vanguard Group. Transactions during the period in securities of these companies were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions |  |
|  | Aug. 31,<br> 2024<br> Market<br> Value<br> ($000) | Purchases<br> at Cost<br> ($000) | Proceeds<br> from<br> Securities<br> Sold<br> ($000) | Realized<br> Net<br> Gain<br> (Loss)<br> ($000) | Change in<br> Unrealized<br> App. (Dep.)<br> ($000) | Income<br> ($000) | Capital Gain<br> Distributions<br> Received<br> ($000) | Aug. 31,<br> 2025<br> Market<br> Value<br> ($000) |
| Brandtech Group Class A | &nbsp;&nbsp;&nbsp;216937 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (144961) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;71976 |
| Elastic NV | &nbsp;&nbsp;&nbsp;431110 | &nbsp;&nbsp;&nbsp;&nbsp;— | 487019 | &nbsp;&nbsp;&nbsp;42271 | &nbsp;&nbsp;&nbsp;&nbsp;13638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Jumia Technologies AG ADR | &nbsp;&nbsp;&nbsp;&nbsp;33221 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;12082 | &nbsp;&nbsp;(85428) | &nbsp;&nbsp;&nbsp;&nbsp;64289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;813223 | NA<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) | 34423 |  | 682833 |
| Wix.com Ltd. | &nbsp;&nbsp;&nbsp;591226 | &nbsp;&nbsp;&nbsp;&nbsp;— | 412256 | 206855 | (192619) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> |
| Total | 2085717 | &nbsp;&nbsp;&nbsp;&nbsp;— | 911357 | 163679 | (259687) | 34423 |  | 754809 |

---

1 Not applicable—purchases and sales are for temporary cash investment purposes. <br> 2 Not applicable—at August 31, 2025, the security was still held, but the issuer was no longer an affiliated company of the fund.

**J.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

**K.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**L.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Vanguard World Fund and Shareholders of Vanguard International Growth Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard International Growth Fund (one of the funds constituting Vanguard World Fund, referred to hereafter as the "Fund") as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (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 August 31, 2025, 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 August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025 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 August 31, 2025 by correspondence with the custodian, transfer agent and brokers; 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

October 21, 2025

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

------

Tax information (unaudited)

For corporate shareholders, 1.4%, or if subsequently determined to be different, the maximum percentage allowable by law, of ordinary income (dividend income plus short-term gains, if any) for the fiscal year qualified for the dividends-received deduction.

The fund hereby designates $398,646,000, or if subsequently determined to be different, the maximum amount allowable by law, as qualified dividend income for purposes of the maximum rate under section 1(h)(11) for calendar year 2024. Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.

The fund hereby designates for the fiscal year $16,167,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income tax.

For nonresident alien shareholders, 100% of short-term capital gain dividends distributed by the fund for the fiscal year are qualified short-term capital gains.

The fund distributed $3,546,352,000 as capital gain dividends (20% rate gain distributions) to shareholders during the fiscal year.

The fund designates to shareholders foreign source income of $509,884,000 and foreign taxes paid of $55,517,000 , or if subsequently determined to be different, the maximum amounts allowable by law. Form 1099-DIV reports calendar-year amounts that can be included on the income tax return of shareholders.

Q810 102025

------

![](tm2525835d7ftsesoinfinsi001.jpg)

#### Financial Statements

#### For the year ended August 31, 2025

#### Vanguard FTSE Social Index Fund

------

#### Contents

---

| | |
|:---|:---|
| Financial Statements<br>| 1 |
| Report of Independent Registered Public Accounting Firm<br>| 17 |
| Tax information<br>| 18 |

---

------

FTSE Social Index Fund

Financial Statements

#### Schedule of Investments
As of August 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 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (99.9%)** | **Common Stocks (99.9%)** | **Common Stocks (99.9%)** | **Common Stocks (99.9%)** |
| **Basic Materials (1.0%)** | **Basic Materials (1.0%)** | **Basic Materials (1.0%)** | **Basic Materials (1.0%)** |
|  | &nbsp;&nbsp;&nbsp;Linde plc | &nbsp;&nbsp;&nbsp;&nbsp;246038 | &nbsp;&nbsp;&nbsp;&nbsp; 117677 |
|  | &nbsp;&nbsp;&nbsp;Newmont Corp. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;583256 | &nbsp;&nbsp;&nbsp;&nbsp; 43394 |
|  | &nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;601428 | &nbsp;&nbsp;&nbsp;&nbsp; 29867 |
|  | &nbsp;&nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;120315 | &nbsp;&nbsp;&nbsp;&nbsp; 17894 |
|  | &nbsp;&nbsp;&nbsp;International Paper Co. | &nbsp;&nbsp;&nbsp;&nbsp;274488 | &nbsp;&nbsp;&nbsp;&nbsp; 13637 |
|  | &nbsp;&nbsp;&nbsp;Steel Dynamics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73621 | &nbsp;&nbsp;&nbsp;&nbsp; 9638 |
|  | &nbsp;&nbsp;&nbsp;International Flavors & Fragrances Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134270 | &nbsp;&nbsp;&nbsp;&nbsp; 9065 |
|  | &nbsp;&nbsp;&nbsp;CF Industries Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86814 | &nbsp;&nbsp;&nbsp;&nbsp; 7521 |
|  | &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40769 | &nbsp;&nbsp;&nbsp;&nbsp; 6998 |
|  | &nbsp;&nbsp;&nbsp;Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17511 | &nbsp;&nbsp;&nbsp;&nbsp; 1538 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **257229** |
| **Consumer Discretionary (16.4%)** | **Consumer Discretionary (16.4%)** | **Consumer Discretionary (16.4%)** | **Consumer Discretionary (16.4%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 5026034 | &nbsp;&nbsp;&nbsp;&nbsp; 1150962 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tesla Inc. | 1473770 | &nbsp;&nbsp;&nbsp;&nbsp; 492048 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Netflix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;222053 | &nbsp;&nbsp;&nbsp;&nbsp; 268296 |
|  | &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;232559 | &nbsp;&nbsp;&nbsp;&nbsp; 219378 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;521669 | &nbsp;&nbsp;&nbsp;&nbsp; 212199 |
|  | &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;374547 | &nbsp;&nbsp;&nbsp;&nbsp; 117435 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;948843 | &nbsp;&nbsp;&nbsp;&nbsp; 112324 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | 1054851 | &nbsp;&nbsp;&nbsp;&nbsp; 98892 |
|  | &nbsp;&nbsp;&nbsp;Booking Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17045 | &nbsp;&nbsp;&nbsp;&nbsp; 95436 |
|  | &nbsp;&nbsp;&nbsp;TJX Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;586022 | &nbsp;&nbsp;&nbsp;&nbsp; 80056 |
|  | &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;293639 | &nbsp;&nbsp;&nbsp;&nbsp; 75776 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MercadoLibre Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24682 | &nbsp;&nbsp;&nbsp;&nbsp; 61036 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Spotify Technology SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80594 | &nbsp;&nbsp;&nbsp;&nbsp; 54955 |
|  | &nbsp;&nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;595927 | &nbsp;&nbsp;&nbsp;&nbsp; 52555 |
|  | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;132747 | &nbsp;&nbsp;&nbsp;&nbsp; 48216 |
|  | &nbsp;&nbsp;&nbsp;NIKE Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;606166 | &nbsp;&nbsp;&nbsp;&nbsp; 46899 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;446503 | &nbsp;&nbsp;&nbsp;&nbsp; 46293 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Roblox Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;295216 | &nbsp;&nbsp;&nbsp;&nbsp; 36781 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AutoZone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8751 | &nbsp;&nbsp;&nbsp;&nbsp; 36741 |
|  | &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;122203 | &nbsp;&nbsp;&nbsp;&nbsp; 33735 |
|  | &nbsp;&nbsp;&nbsp;Marriott International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;119264 | &nbsp;&nbsp;&nbsp;&nbsp; 31946 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill Inc. | &nbsp;&nbsp;&nbsp;&nbsp;702775 | &nbsp;&nbsp;&nbsp;&nbsp; 29615 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Airbnb Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;222804 | &nbsp;&nbsp;&nbsp;&nbsp; 29083 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Carvana Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67277 | &nbsp;&nbsp;&nbsp;&nbsp; 25022 |
|  | &nbsp;&nbsp;&nbsp;Ross Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;168770 | &nbsp;&nbsp;&nbsp;&nbsp; 24836 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Co. | 2045208 | &nbsp;&nbsp;&nbsp;&nbsp; 24072 |
|  | &nbsp;&nbsp;&nbsp;Electronic Arts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;136642 | &nbsp;&nbsp;&nbsp;&nbsp; 23496 |
|  | &nbsp;&nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;238122 | &nbsp;&nbsp;&nbsp;&nbsp; 22855 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Copart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;463266 | &nbsp;&nbsp;&nbsp;&nbsp; 22612 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93769 | &nbsp;&nbsp;&nbsp;&nbsp; 21874 |
|  | &nbsp;&nbsp;&nbsp;eBay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;241294 | &nbsp;&nbsp;&nbsp;&nbsp; 21864 |
|  | &nbsp;&nbsp;&nbsp;Yum! Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;146024 | &nbsp;&nbsp;&nbsp;&nbsp; 21461 |
|  | &nbsp;&nbsp;&nbsp;Garmin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85377 | &nbsp;&nbsp;&nbsp;&nbsp; 20646 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coupang Inc. | &nbsp;&nbsp;&nbsp;&nbsp;650379 | &nbsp;&nbsp;&nbsp;&nbsp; 18588 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Carnival Corp. | &nbsp;&nbsp;&nbsp;&nbsp;566180 | &nbsp;&nbsp;&nbsp;&nbsp; 18055 |
|  | &nbsp;&nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;278462 | &nbsp;&nbsp;&nbsp;&nbsp; 17198 |
|  | &nbsp;&nbsp;&nbsp;Lennar Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;119839 | &nbsp;&nbsp;&nbsp;&nbsp; 15955 |
|  | &nbsp;&nbsp;&nbsp;PulteGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104595 | &nbsp;&nbsp;&nbsp;&nbsp; 13809 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Live Nation Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82885 | &nbsp;&nbsp;&nbsp;&nbsp; 13800 |
|  | &nbsp;&nbsp;&nbsp;Expedia Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63373 | &nbsp;&nbsp;&nbsp;&nbsp; 13613 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Warner Bros Discovery Inc. | 1168286 | &nbsp;&nbsp;&nbsp;&nbsp; 13599 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trade Desk Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;233881 | &nbsp;&nbsp;&nbsp;&nbsp; 12784 |
|  | &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;115126 | &nbsp;&nbsp;&nbsp;&nbsp; 12521 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NVR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1469 | &nbsp;&nbsp;&nbsp;&nbsp; 11925 |
|  | &nbsp;&nbsp;&nbsp;Williams-Sonoma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62069 | &nbsp;&nbsp;&nbsp;&nbsp; 11681 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ulta Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23665 | &nbsp;&nbsp;&nbsp;&nbsp; 11660 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dollar Tree Inc. | &nbsp;&nbsp;&nbsp;&nbsp;106464 | &nbsp;&nbsp;&nbsp;&nbsp; 11623 |

---

------

FTSE Social Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Estee Lauder Cos. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;122496 | &nbsp;&nbsp;&nbsp;&nbsp; 11237 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55164 | &nbsp;&nbsp;&nbsp;&nbsp; 11154 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One Class C | &nbsp;&nbsp;&nbsp;&nbsp;109954 | &nbsp;&nbsp;&nbsp;&nbsp; 10984 |
|  | &nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72692 | &nbsp;&nbsp;&nbsp;&nbsp; 10128 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Burlington Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32939 | &nbsp;&nbsp;&nbsp;&nbsp; 9575 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aptiv plc | &nbsp;&nbsp;&nbsp;&nbsp;119827 | &nbsp;&nbsp;&nbsp;&nbsp; 9530 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79197 | &nbsp;&nbsp;&nbsp;&nbsp; 9474 |
|  | &nbsp;&nbsp;&nbsp;Rollins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;147099 | &nbsp;&nbsp;&nbsp;&nbsp; 8317 |
|  | &nbsp;&nbsp;&nbsp;Omnicom Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;101180 | &nbsp;&nbsp;&nbsp;&nbsp; 7925 |
|  | &nbsp;&nbsp;&nbsp;Domino's Pizza Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16660 | &nbsp;&nbsp;&nbsp;&nbsp; 7635 |
|  | &nbsp;&nbsp;&nbsp;Best Buy Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;101299 | &nbsp;&nbsp;&nbsp;&nbsp; 7460 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;113116 | &nbsp;&nbsp;&nbsp;&nbsp; 6753 |
|  | &nbsp;&nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18829 | &nbsp;&nbsp;&nbsp;&nbsp; 5850 |
|  | &nbsp;&nbsp;&nbsp;News Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;198465 | &nbsp;&nbsp;&nbsp;&nbsp; 5837 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rivian Automotive Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;406202 | &nbsp;&nbsp;&nbsp;&nbsp; 5512 |
|  | &nbsp;&nbsp;&nbsp;Interpublic Group of Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;193304 | &nbsp;&nbsp;&nbsp;&nbsp; 5188 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CarMax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79900 | &nbsp;&nbsp;&nbsp;&nbsp; 4902 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Airlines Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42880 | &nbsp;&nbsp;&nbsp;&nbsp; 4502 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69305 | &nbsp;&nbsp;&nbsp;&nbsp; 3781 |
|  | &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74820 | &nbsp;&nbsp;&nbsp;&nbsp; 2462 |
|  | &nbsp;&nbsp;&nbsp;News Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58609 | &nbsp;&nbsp;&nbsp;&nbsp; 1985 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11870 | &nbsp;&nbsp;&nbsp;&nbsp; 1070 |
|  | &nbsp;&nbsp;&nbsp;Lennar Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4831 | &nbsp;&nbsp;&nbsp;&nbsp; 614 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4008081** |
| **Consumer Staples (3.8%)** | **Consumer Staples (3.8%)** | **Consumer Staples (3.8%)** | **Consumer Staples (3.8%)** |
|  | &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 1230687 | &nbsp;&nbsp;&nbsp;&nbsp; 193267 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 2037649 | &nbsp;&nbsp;&nbsp;&nbsp; 140578 |
|  | &nbsp;&nbsp;&nbsp;PepsiCo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;717984 | &nbsp;&nbsp;&nbsp;&nbsp; 106728 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;656224 | &nbsp;&nbsp;&nbsp;&nbsp; 48003 |
|  | &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65758 | &nbsp;&nbsp;&nbsp;&nbsp; 45152 |
|  | &nbsp;&nbsp;&nbsp;Mondelez International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;678824 | &nbsp;&nbsp;&nbsp;&nbsp; 41707 |
|  | &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;421177 | &nbsp;&nbsp;&nbsp;&nbsp; 35408 |
|  | &nbsp;&nbsp;&nbsp;Cencora Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95933 | &nbsp;&nbsp;&nbsp;&nbsp; 27975 |
|  | &nbsp;&nbsp;&nbsp;Corteva Inc. | &nbsp;&nbsp;&nbsp;&nbsp;358400 | &nbsp;&nbsp;&nbsp;&nbsp; 26590 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Monster Beverage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;365456 | &nbsp;&nbsp;&nbsp;&nbsp; 22808 |
|  | &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;174082 | &nbsp;&nbsp;&nbsp;&nbsp; 22481 |
|  | &nbsp;&nbsp;&nbsp;Kroger Co. | &nbsp;&nbsp;&nbsp;&nbsp;317686 | &nbsp;&nbsp;&nbsp;&nbsp; 21552 |
|  | &nbsp;&nbsp;&nbsp;Kenvue Inc. | &nbsp;&nbsp;&nbsp;&nbsp;995470 | &nbsp;&nbsp;&nbsp;&nbsp; 20616 |
|  | &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;254172 | &nbsp;&nbsp;&nbsp;&nbsp; 20453 |
|  | &nbsp;&nbsp;&nbsp;Keurig Dr Pepper Inc. | &nbsp;&nbsp;&nbsp;&nbsp;678422 | &nbsp;&nbsp;&nbsp;&nbsp; 19735 |
|  | &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;250356 | &nbsp;&nbsp;&nbsp;&nbsp; 15682 |
|  | &nbsp;&nbsp;&nbsp;General Mills Inc. | &nbsp;&nbsp;&nbsp;&nbsp;286797 | &nbsp;&nbsp;&nbsp;&nbsp; 14148 |
|  | &nbsp;&nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76298 | &nbsp;&nbsp;&nbsp;&nbsp; 14020 |
|  | &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;447130 | &nbsp;&nbsp;&nbsp;&nbsp; 12506 |
|  | &nbsp;&nbsp;&nbsp;Church & Dwight Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;129085 | &nbsp;&nbsp;&nbsp;&nbsp; 12026 |
|  | &nbsp;&nbsp;&nbsp;Kellanova | &nbsp;&nbsp;&nbsp;&nbsp;145613 | &nbsp;&nbsp;&nbsp;&nbsp; 11576 |
|  | &nbsp;&nbsp;&nbsp;McCormick & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;132701 | &nbsp;&nbsp;&nbsp;&nbsp; 9338 |
|  | &nbsp;&nbsp;&nbsp;Tyson Foods Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;146637 | &nbsp;&nbsp;&nbsp;&nbsp; 8326 |
|  | &nbsp;&nbsp;&nbsp;Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64588 | &nbsp;&nbsp;&nbsp;&nbsp; 7634 |
|  | &nbsp;&nbsp;&nbsp;J M Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54315 | &nbsp;&nbsp;&nbsp;&nbsp; 6002 |
|  | &nbsp;&nbsp;&nbsp;Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69604 | &nbsp;&nbsp;&nbsp;&nbsp; 5862 |
|  | &nbsp;&nbsp;&nbsp;Conagra Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;249434 | &nbsp;&nbsp;&nbsp;&nbsp; 4772 |
|  | &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;151595 | &nbsp;&nbsp;&nbsp;&nbsp; 3857 |
|  | &nbsp;&nbsp;&nbsp;The Campbell's Co. | &nbsp;&nbsp;&nbsp;&nbsp;101616 | &nbsp;&nbsp;&nbsp;&nbsp; 3245 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **922047** |
| **Energy (0.0%)** | **Energy (0.0%)** | **Energy (0.0%)** | **Energy (0.0%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;First Solar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53200 | &nbsp;&nbsp;&nbsp;&nbsp; 10384 |
| **Financials (10.5%)** | **Financials (10.5%)** | **Financials (10.5%)** | **Financials (10.5%)** |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 1455146 | &nbsp;&nbsp;&nbsp;&nbsp; 438610 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 3593514 | &nbsp;&nbsp;&nbsp;&nbsp; 182335 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;159534 | &nbsp;&nbsp;&nbsp;&nbsp; 118893 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;970605 | &nbsp;&nbsp;&nbsp;&nbsp; 93731 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;603450 | &nbsp;&nbsp;&nbsp;&nbsp; 90807 |
|  | &nbsp;&nbsp;&nbsp;S&P Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;164658 | &nbsp;&nbsp;&nbsp;&nbsp; 90305 |
|  | &nbsp;&nbsp;&nbsp;Blackrock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79935 | &nbsp;&nbsp;&nbsp;&nbsp; 90098 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;894195 | &nbsp;&nbsp;&nbsp;&nbsp; 85700 |
|  | &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;307025 | &nbsp;&nbsp;&nbsp;&nbsp; 75854 |
|  | &nbsp;&nbsp;&nbsp;Blackstone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;383489 | &nbsp;&nbsp;&nbsp;&nbsp; 65730 |

---

------

FTSE Social Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;194989 | &nbsp;&nbsp;&nbsp;&nbsp; 53636 |
|  | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;258579 | &nbsp;&nbsp;&nbsp;&nbsp; 53218 |
|  | &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | &nbsp;&nbsp;&nbsp;&nbsp;298902 | &nbsp;&nbsp;&nbsp;&nbsp; 52786 |
|  | &nbsp;&nbsp;&nbsp;CME Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;188426 | &nbsp;&nbsp;&nbsp;&nbsp; 50217 |
|  | &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;207023 | &nbsp;&nbsp;&nbsp;&nbsp; 42945 |
|  | &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81444 | &nbsp;&nbsp;&nbsp;&nbsp; 41517 |
|  | &nbsp;&nbsp;&nbsp;Aon plc Class A (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;110008 | &nbsp;&nbsp;&nbsp;&nbsp; 40373 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Robinhood Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;387754 | &nbsp;&nbsp;&nbsp;&nbsp; 40338 |
|  | &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;132862 | &nbsp;&nbsp;&nbsp;&nbsp; 40224 |
|  | &nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;818283 | &nbsp;&nbsp;&nbsp;&nbsp; 39957 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;375057 | &nbsp;&nbsp;&nbsp;&nbsp; 39606 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coinbase Global Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;108078 | &nbsp;&nbsp;&nbsp;&nbsp; 32914 |
|  | &nbsp;&nbsp;&nbsp;Travelers Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118446 | &nbsp;&nbsp;&nbsp;&nbsp; 32159 |
|  | &nbsp;&nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;686418 | &nbsp;&nbsp;&nbsp;&nbsp; 32138 |
|  | &nbsp;&nbsp;&nbsp;Apollo Global Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;215996 | &nbsp;&nbsp;&nbsp;&nbsp; 29425 |
|  | &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;138249 | &nbsp;&nbsp;&nbsp;&nbsp; 28127 |
|  | &nbsp;&nbsp;&nbsp;Aflac Inc. | &nbsp;&nbsp;&nbsp;&nbsp;255205 | &nbsp;&nbsp;&nbsp;&nbsp; 27271 |
|  | &nbsp;&nbsp;&nbsp;Ameriprise Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50054 | &nbsp;&nbsp;&nbsp;&nbsp; 25768 |
|  | &nbsp;&nbsp;&nbsp;American International Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;305756 | &nbsp;&nbsp;&nbsp;&nbsp; 24864 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NU Holdings Ltd. Class A | 1672729 | &nbsp;&nbsp;&nbsp;&nbsp; 24756 |
|  | &nbsp;&nbsp;&nbsp;MetLife Inc. | &nbsp;&nbsp;&nbsp;&nbsp;294743 | &nbsp;&nbsp;&nbsp;&nbsp; 23980 |
|  | &nbsp;&nbsp;&nbsp;MSCI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39397 | &nbsp;&nbsp;&nbsp;&nbsp; 22367 |
|  | &nbsp;&nbsp;&nbsp;Nasdaq Inc. | &nbsp;&nbsp;&nbsp;&nbsp;216037 | &nbsp;&nbsp;&nbsp;&nbsp; 20467 |
|  | &nbsp;&nbsp;&nbsp;Prudential Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;185779 | &nbsp;&nbsp;&nbsp;&nbsp; 20373 |
|  | &nbsp;&nbsp;&nbsp;Hartford Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;148681 | &nbsp;&nbsp;&nbsp;&nbsp; 19672 |
|  | &nbsp;&nbsp;&nbsp;Ares Management Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98562 | &nbsp;&nbsp;&nbsp;&nbsp; 17662 |
|  | &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;191120 | &nbsp;&nbsp;&nbsp;&nbsp; 17493 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;150867 | &nbsp;&nbsp;&nbsp;&nbsp; 17345 |
|  | &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85160 | &nbsp;&nbsp;&nbsp;&nbsp; 17173 |
|  | &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51915 | &nbsp;&nbsp;&nbsp;&nbsp; 16965 |
|  | &nbsp;&nbsp;&nbsp;Raymond James Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95763 | &nbsp;&nbsp;&nbsp;&nbsp; 16226 |
|  | &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;348773 | &nbsp;&nbsp;&nbsp;&nbsp; 15963 |
|  | &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61037 | &nbsp;&nbsp;&nbsp;&nbsp; 15602 |
|  | &nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41736 | &nbsp;&nbsp;&nbsp;&nbsp; 15212 |
|  | &nbsp;&nbsp;&nbsp;Brown & Brown Inc. | &nbsp;&nbsp;&nbsp;&nbsp;144440 | &nbsp;&nbsp;&nbsp;&nbsp; 14004 |
|  | &nbsp;&nbsp;&nbsp;Huntington Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;757981 | &nbsp;&nbsp;&nbsp;&nbsp; 13500 |
|  | &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;101343 | &nbsp;&nbsp;&nbsp;&nbsp; 13304 |
|  | &nbsp;&nbsp;&nbsp;Cboe Global Markets Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54908 | &nbsp;&nbsp;&nbsp;&nbsp; 12956 |
|  | &nbsp;&nbsp;&nbsp;Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;470849 | &nbsp;&nbsp;&nbsp;&nbsp; 12897 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Markel Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6530 | &nbsp;&nbsp;&nbsp;&nbsp; 12793 |
|  | &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80735 | &nbsp;&nbsp;&nbsp;&nbsp; 12401 |
|  | &nbsp;&nbsp;&nbsp;T Rowe Price Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;114648 | &nbsp;&nbsp;&nbsp;&nbsp; 12338 |
|  | &nbsp;&nbsp;&nbsp;Citizens Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;227743 | &nbsp;&nbsp;&nbsp;&nbsp; 11906 |
|  | &nbsp;&nbsp;&nbsp;W R Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;159152 | &nbsp;&nbsp;&nbsp;&nbsp; 11410 |
|  | &nbsp;&nbsp;&nbsp;First Citizens BancShares Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5163 | &nbsp;&nbsp;&nbsp;&nbsp; 10243 |
|  | &nbsp;&nbsp;&nbsp;KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp;495607 | &nbsp;&nbsp;&nbsp;&nbsp; 9595 |
|  | &nbsp;&nbsp;&nbsp;Principal Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116395 | &nbsp;&nbsp;&nbsp;&nbsp; 9371 |
|  | &nbsp;&nbsp;&nbsp;Credicorp Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36098 | &nbsp;&nbsp;&nbsp;&nbsp; 9284 |
|  | &nbsp;&nbsp;&nbsp;Equitable Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;160287 | &nbsp;&nbsp;&nbsp;&nbsp; 8537 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;136249 | &nbsp;&nbsp;&nbsp;&nbsp; 8157 |
|  | &nbsp;&nbsp;&nbsp;Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22010 | &nbsp;&nbsp;&nbsp;&nbsp; 7525 |
|  | &nbsp;&nbsp;&nbsp;FactSet Research Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19901 | &nbsp;&nbsp;&nbsp;&nbsp; 7429 |
|  | &nbsp;&nbsp;&nbsp;Annaly Capital Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;313380 | &nbsp;&nbsp;&nbsp;&nbsp; 6641 |
|  | &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25038 | &nbsp;&nbsp;&nbsp;&nbsp; 6084 |
|  | &nbsp;&nbsp;&nbsp;Ally Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;144624 | &nbsp;&nbsp;&nbsp;&nbsp; 5937 |
|  | &nbsp;&nbsp;&nbsp;Franklin Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;161089 | &nbsp;&nbsp;&nbsp;&nbsp; 4134 |
|  | &nbsp;&nbsp;&nbsp;CNA Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10890 | &nbsp;&nbsp;&nbsp;&nbsp; 540 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2561788** |
| **Health Care (9.5%)** | **Health Care (9.5%)** | **Health Care (9.5%)** | **Health Care (9.5%)** |
|  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;419750 | &nbsp;&nbsp;&nbsp;&nbsp; 307500 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | &nbsp;&nbsp;&nbsp;&nbsp;928213 | &nbsp;&nbsp;&nbsp;&nbsp; 195296 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;476778 | &nbsp;&nbsp;&nbsp;&nbsp; 147739 |
|  | &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;907261 | &nbsp;&nbsp;&nbsp;&nbsp; 120357 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 1320136 | &nbsp;&nbsp;&nbsp;&nbsp; 111050 |
|  | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc. | &nbsp;&nbsp;&nbsp;&nbsp;197851 | &nbsp;&nbsp;&nbsp;&nbsp; 97485 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intuitive Surgical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;186988 | &nbsp;&nbsp;&nbsp;&nbsp; 88501 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;773396 | &nbsp;&nbsp;&nbsp;&nbsp; 81593 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;281815 | &nbsp;&nbsp;&nbsp;&nbsp; 81081 |
|  | &nbsp;&nbsp;&nbsp;Gilead Sciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;652521 | &nbsp;&nbsp;&nbsp;&nbsp; 73715 |

---

------

FTSE Social Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Pfizer Inc. | 2976511 | &nbsp;&nbsp;&nbsp;&nbsp; 73698 |
|  | &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;180346 | &nbsp;&nbsp;&nbsp;&nbsp; 70589 |
|  | &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;334244 | &nbsp;&nbsp;&nbsp;&nbsp; 68794 |
|  | &nbsp;&nbsp;&nbsp;Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp;671914 | &nbsp;&nbsp;&nbsp;&nbsp; 62360 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134742 | &nbsp;&nbsp;&nbsp;&nbsp; 52687 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 1067758 | &nbsp;&nbsp;&nbsp;&nbsp; 50377 |
|  | &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;140195 | &nbsp;&nbsp;&nbsp;&nbsp; 42180 |
|  | &nbsp;&nbsp;&nbsp;Elevance Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118482 | &nbsp;&nbsp;&nbsp;&nbsp; 37754 |
|  | &nbsp;&nbsp;&nbsp;HCA Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91622 | &nbsp;&nbsp;&nbsp;&nbsp; 37012 |
|  | &nbsp;&nbsp;&nbsp;Zoetis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;233796 | &nbsp;&nbsp;&nbsp;&nbsp; 36566 |
|  | &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54643 | &nbsp;&nbsp;&nbsp;&nbsp; 31731 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65394 | &nbsp;&nbsp;&nbsp;&nbsp; 29199 |
|  | &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;149863 | &nbsp;&nbsp;&nbsp;&nbsp; 28921 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IDEXX Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42280 | &nbsp;&nbsp;&nbsp;&nbsp; 27359 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp. | &nbsp;&nbsp;&nbsp;&nbsp;301532 | &nbsp;&nbsp;&nbsp;&nbsp; 24527 |
|  | &nbsp;&nbsp;&nbsp;ResMed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76482 | &nbsp;&nbsp;&nbsp;&nbsp; 20995 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Veeva Systems Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77331 | &nbsp;&nbsp;&nbsp;&nbsp; 20818 |
|  | &nbsp;&nbsp;&nbsp;Humana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63232 | &nbsp;&nbsp;&nbsp;&nbsp; 19201 |
|  | &nbsp;&nbsp;&nbsp;Cardinal Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;126517 | &nbsp;&nbsp;&nbsp;&nbsp; 18823 |
|  | &nbsp;&nbsp;&nbsp;Agilent Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;149238 | &nbsp;&nbsp;&nbsp;&nbsp; 18753 |
|  | &nbsp;&nbsp;&nbsp;GE Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;239759 | &nbsp;&nbsp;&nbsp;&nbsp; 17677 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IQVIA Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91766 | &nbsp;&nbsp;&nbsp;&nbsp; 17510 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dexcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;204796 | &nbsp;&nbsp;&nbsp;&nbsp; 15429 |
|  | &nbsp;&nbsp;&nbsp;STERIS plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51419 | &nbsp;&nbsp;&nbsp;&nbsp; 12601 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Insulet Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36750 | &nbsp;&nbsp;&nbsp;&nbsp; 12491 |
|  | &nbsp;&nbsp;&nbsp;Labcorp Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43796 | &nbsp;&nbsp;&nbsp;&nbsp; 12175 |
|  | &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;103697 | &nbsp;&nbsp;&nbsp;&nbsp; 11002 |
|  | &nbsp;&nbsp;&nbsp;Quest Diagnostics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58368 | &nbsp;&nbsp;&nbsp;&nbsp; 10602 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Biogen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76491 | &nbsp;&nbsp;&nbsp;&nbsp; 10114 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Waters Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31213 | &nbsp;&nbsp;&nbsp;&nbsp; 9420 |
|  | &nbsp;&nbsp;&nbsp;West Pharmaceutical Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37517 | &nbsp;&nbsp;&nbsp;&nbsp; 9265 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Illumina Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82910 | &nbsp;&nbsp;&nbsp;&nbsp; 8288 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hologic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116912 | &nbsp;&nbsp;&nbsp;&nbsp; 7847 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ICON plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43106 | &nbsp;&nbsp;&nbsp;&nbsp; 7670 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;&nbsp;&nbsp;260236 | &nbsp;&nbsp;&nbsp;&nbsp; 7557 |
|  | &nbsp;&nbsp;&nbsp;Royalty Pharma plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;204412 | &nbsp;&nbsp;&nbsp;&nbsp; 7355 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cooper Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104398 | &nbsp;&nbsp;&nbsp;&nbsp; 7036 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Incyte Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82918 | &nbsp;&nbsp;&nbsp;&nbsp; 7016 |
|  | &nbsp;&nbsp;&nbsp;Baxter International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;268477 | &nbsp;&nbsp;&nbsp;&nbsp; 6629 |
|  | &nbsp;&nbsp;&nbsp;Viatris Inc. | &nbsp;&nbsp;&nbsp;&nbsp;621586 | &nbsp;&nbsp;&nbsp;&nbsp; 6558 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99641 | &nbsp;&nbsp;&nbsp;&nbsp; 5806 |
|  | &nbsp;&nbsp;&nbsp;Revvity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62966 | &nbsp;&nbsp;&nbsp;&nbsp; 5674 |
|  | &nbsp;&nbsp;&nbsp;Universal Health Services Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28857 | &nbsp;&nbsp;&nbsp;&nbsp; 5240 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Align Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35924 | &nbsp;&nbsp;&nbsp;&nbsp; 5100 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Molina Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28105 | &nbsp;&nbsp;&nbsp;&nbsp; 5082 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Avantor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;346241 | &nbsp;&nbsp;&nbsp;&nbsp; 4664 |
|  | &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82192 | &nbsp;&nbsp;&nbsp;&nbsp; 4490 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Moderna Inc. | &nbsp;&nbsp;&nbsp;&nbsp;185903 | &nbsp;&nbsp;&nbsp;&nbsp; 4478 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DaVita Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20043 | &nbsp;&nbsp;&nbsp;&nbsp; 2761 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2324198** |
| **Industrials (7.6%)** | **Industrials (7.6%)** | **Industrials (7.6%)** | **Industrials (7.6%)** |
|  | &nbsp;&nbsp;&nbsp;Visa Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;892408 | &nbsp;&nbsp;&nbsp;&nbsp; 313931 |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;426267 | &nbsp;&nbsp;&nbsp;&nbsp; 253752 |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;287777 | &nbsp;&nbsp;&nbsp;&nbsp; 95335 |
|  | &nbsp;&nbsp;&nbsp;Accenture plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;327965 | &nbsp;&nbsp;&nbsp;&nbsp; 85261 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;329345 | &nbsp;&nbsp;&nbsp;&nbsp; 74834 |
|  | &nbsp;&nbsp;&nbsp;Automatic Data Processing Inc. | &nbsp;&nbsp;&nbsp;&nbsp;213501 | &nbsp;&nbsp;&nbsp;&nbsp; 64915 |
|  | &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;128013 | &nbsp;&nbsp;&nbsp;&nbsp; 61272 |
|  | &nbsp;&nbsp;&nbsp;Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;116799 | &nbsp;&nbsp;&nbsp;&nbsp; 48542 |
|  | &nbsp;&nbsp;&nbsp;Illinois Tool Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp;153513 | &nbsp;&nbsp;&nbsp;&nbsp; 40627 |
|  | &nbsp;&nbsp;&nbsp;CRH plc | &nbsp;&nbsp;&nbsp;&nbsp;355340 | &nbsp;&nbsp;&nbsp;&nbsp; 40136 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fiserv Inc. | &nbsp;&nbsp;&nbsp;&nbsp;289055 | &nbsp;&nbsp;&nbsp;&nbsp; 39942 |
|  | &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;180134 | &nbsp;&nbsp;&nbsp;&nbsp; 37834 |
|  | &nbsp;&nbsp;&nbsp;Johnson Controls International plc | &nbsp;&nbsp;&nbsp;&nbsp;345889 | &nbsp;&nbsp;&nbsp;&nbsp; 36972 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PayPal Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;510172 | &nbsp;&nbsp;&nbsp;&nbsp; 35809 |
|  | &nbsp;&nbsp;&nbsp;United Parcel Service Inc. Class B (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;384528 | &nbsp;&nbsp;&nbsp;&nbsp; 33623 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axon Enterprise Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39083 | &nbsp;&nbsp;&nbsp;&nbsp; 29206 |
|  | &nbsp;&nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;421967 | &nbsp;&nbsp;&nbsp;&nbsp; 27512 |
|  | &nbsp;&nbsp;&nbsp;PACCAR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;270006 | &nbsp;&nbsp;&nbsp;&nbsp; 26995 |

---

------

FTSE Social Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;114044 | &nbsp;&nbsp;&nbsp;&nbsp; 26352 |
|  | &nbsp;&nbsp;&nbsp;Paychex Inc. | &nbsp;&nbsp;&nbsp;&nbsp;169047 | &nbsp;&nbsp;&nbsp;&nbsp; 23574 |
|  | &nbsp;&nbsp;&nbsp;Ferguson Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;101466 | &nbsp;&nbsp;&nbsp;&nbsp; 23454 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Block Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;285291 | &nbsp;&nbsp;&nbsp;&nbsp; 22721 |
|  | &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69254 | &nbsp;&nbsp;&nbsp;&nbsp; 20164 |
|  | &nbsp;&nbsp;&nbsp;Verisk Analytics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73315 | &nbsp;&nbsp;&nbsp;&nbsp; 19657 |
|  | &nbsp;&nbsp;&nbsp;Martin Marietta Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31414 | &nbsp;&nbsp;&nbsp;&nbsp; 19364 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Information Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;275840 | &nbsp;&nbsp;&nbsp;&nbsp; 19256 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fair Isaac Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12448 | &nbsp;&nbsp;&nbsp;&nbsp; 18941 |
|  | &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;207003 | &nbsp;&nbsp;&nbsp;&nbsp; 17881 |
|  | &nbsp;&nbsp;&nbsp;DuPont de Nemours Inc. | &nbsp;&nbsp;&nbsp;&nbsp;219254 | &nbsp;&nbsp;&nbsp;&nbsp; 16865 |
|  | &nbsp;&nbsp;&nbsp;Ingersoll Rand Inc. (XYNS) | &nbsp;&nbsp;&nbsp;&nbsp;211397 | &nbsp;&nbsp;&nbsp;&nbsp; 16791 |
|  | &nbsp;&nbsp;&nbsp;Equifax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64846 | &nbsp;&nbsp;&nbsp;&nbsp; 15972 |
|  | &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;199254 | &nbsp;&nbsp;&nbsp;&nbsp; 15211 |
|  | &nbsp;&nbsp;&nbsp;Old Dominion Freight Line Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97606 | &nbsp;&nbsp;&nbsp;&nbsp; 14736 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Keysight Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90119 | &nbsp;&nbsp;&nbsp;&nbsp; 14728 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mettler-Toledo International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10903 | &nbsp;&nbsp;&nbsp;&nbsp; 14185 |
|  | &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;124959 | &nbsp;&nbsp;&nbsp;&nbsp; 13269 |
|  | &nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71067 | &nbsp;&nbsp;&nbsp;&nbsp; 12711 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corpay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35618 | &nbsp;&nbsp;&nbsp;&nbsp; 11600 |
|  | &nbsp;&nbsp;&nbsp;Global Payments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127848 | &nbsp;&nbsp;&nbsp;&nbsp; 11355 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trimble Inc. | &nbsp;&nbsp;&nbsp;&nbsp;124863 | &nbsp;&nbsp;&nbsp;&nbsp; 10091 |
|  | &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46287 | &nbsp;&nbsp;&nbsp;&nbsp; 10089 |
|  | &nbsp;&nbsp;&nbsp;Pentair plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85731 | &nbsp;&nbsp;&nbsp;&nbsp; 9219 |
|  | &nbsp;&nbsp;&nbsp;TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;102160 | &nbsp;&nbsp;&nbsp;&nbsp; 9031 |
|  | &nbsp;&nbsp;&nbsp;Snap-on Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26859 | &nbsp;&nbsp;&nbsp;&nbsp; 8736 |
|  | &nbsp;&nbsp;&nbsp;Expeditors International of Washington Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71846 | &nbsp;&nbsp;&nbsp;&nbsp; 8660 |
|  | &nbsp;&nbsp;&nbsp;Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;177927 | &nbsp;&nbsp;&nbsp;&nbsp; 8516 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26640 | &nbsp;&nbsp;&nbsp;&nbsp; 8447 |
|  | &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;110586 | &nbsp;&nbsp;&nbsp;&nbsp; 8116 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Builders FirstSource Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58506 | &nbsp;&nbsp;&nbsp;&nbsp; 8114 |
|  | &nbsp;&nbsp;&nbsp;CH Robinson Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61565 | &nbsp;&nbsp;&nbsp;&nbsp; 7923 |
|  | &nbsp;&nbsp;&nbsp;Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;148016 | &nbsp;&nbsp;&nbsp;&nbsp; 7792 |
|  | &nbsp;&nbsp;&nbsp;Allegion plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45100 | &nbsp;&nbsp;&nbsp;&nbsp; 7658 |
|  | &nbsp;&nbsp;&nbsp;Jack Henry & Associates Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38050 | &nbsp;&nbsp;&nbsp;&nbsp; 6212 |
|  | &nbsp;&nbsp;&nbsp;JB Hunt Transport Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41828 | &nbsp;&nbsp;&nbsp;&nbsp; 6065 |
|  | &nbsp;&nbsp;&nbsp;Stanley Black & Decker Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81006 | &nbsp;&nbsp;&nbsp;&nbsp; 6018 |
|  | &nbsp;&nbsp;&nbsp;CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp;460014 | &nbsp;&nbsp;&nbsp;&nbsp; 5267 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ralliant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59303 | &nbsp;&nbsp;&nbsp;&nbsp; 2479 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1853718** |
| **Real Estate (2.4%)** | **Real Estate (2.4%)** | **Real Estate (2.4%)** | **Real Estate (2.4%)** |
|  | &nbsp;&nbsp;&nbsp;Welltower Inc. | &nbsp;&nbsp;&nbsp;&nbsp;343288 | &nbsp;&nbsp;&nbsp;&nbsp; 57769 |
|  | &nbsp;&nbsp;&nbsp;Prologis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;486003 | &nbsp;&nbsp;&nbsp;&nbsp; 55297 |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;245078 | &nbsp;&nbsp;&nbsp;&nbsp; 49959 |
|  | &nbsp;&nbsp;&nbsp;Equinix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51203 | &nbsp;&nbsp;&nbsp;&nbsp; 40255 |
|  | &nbsp;&nbsp;&nbsp;Simon Property Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;169751 | &nbsp;&nbsp;&nbsp;&nbsp; 30667 |
|  | &nbsp;&nbsp;&nbsp;Digital Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;176723 | &nbsp;&nbsp;&nbsp;&nbsp; 29626 |
|  | &nbsp;&nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;467917 | &nbsp;&nbsp;&nbsp;&nbsp; 27495 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CBRE Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;155779 | &nbsp;&nbsp;&nbsp;&nbsp; 25255 |
|  | &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82743 | &nbsp;&nbsp;&nbsp;&nbsp; 24375 |
|  | &nbsp;&nbsp;&nbsp;Crown Castle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;227297 | &nbsp;&nbsp;&nbsp;&nbsp; 22534 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CoStar Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;218751 | &nbsp;&nbsp;&nbsp;&nbsp; 19576 |
|  | &nbsp;&nbsp;&nbsp;Extra Space Storage Inc. | &nbsp;&nbsp;&nbsp;&nbsp;110342 | &nbsp;&nbsp;&nbsp;&nbsp; 15843 |
|  | &nbsp;&nbsp;&nbsp;Ventas Inc. | &nbsp;&nbsp;&nbsp;&nbsp;228519 | &nbsp;&nbsp;&nbsp;&nbsp; 15558 |
|  | &nbsp;&nbsp;&nbsp;AvalonBay Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74482 | &nbsp;&nbsp;&nbsp;&nbsp; 14587 |
|  | &nbsp;&nbsp;&nbsp;Iron Mountain Inc. | &nbsp;&nbsp;&nbsp;&nbsp;153766 | &nbsp;&nbsp;&nbsp;&nbsp; 14197 |
|  | &nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;198349 | &nbsp;&nbsp;&nbsp;&nbsp; 13115 |
|  | &nbsp;&nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56278 | &nbsp;&nbsp;&nbsp;&nbsp; 11529 |
|  | &nbsp;&nbsp;&nbsp;Invitation Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;320354 | &nbsp;&nbsp;&nbsp;&nbsp; 10024 |
|  | &nbsp;&nbsp;&nbsp;Essex Property Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33365 | &nbsp;&nbsp;&nbsp;&nbsp; 9016 |
|  | &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60982 | &nbsp;&nbsp;&nbsp;&nbsp; 8892 |
|  | &nbsp;&nbsp;&nbsp;Sun Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66219 | &nbsp;&nbsp;&nbsp;&nbsp; 8401 |
|  | &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;350216 | &nbsp;&nbsp;&nbsp;&nbsp; 7876 |
|  | &nbsp;&nbsp;&nbsp;WP Carey Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113598 | &nbsp;&nbsp;&nbsp;&nbsp; 7622 |
|  | &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89894 | &nbsp;&nbsp;&nbsp;&nbsp; 7411 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zillow Group Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85254 | &nbsp;&nbsp;&nbsp;&nbsp; 7188 |
|  | &nbsp;&nbsp;&nbsp;Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94672 | &nbsp;&nbsp;&nbsp;&nbsp; 6864 |
|  | &nbsp;&nbsp;&nbsp;UDR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;173142 | &nbsp;&nbsp;&nbsp;&nbsp; 6851 |
|  | &nbsp;&nbsp;&nbsp;Healthpeak Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;363291 | &nbsp;&nbsp;&nbsp;&nbsp; 6517 |

---

------

FTSE Social Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Host Hotels & Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;359395 | &nbsp;&nbsp;&nbsp;&nbsp; 6185 |
|  | &nbsp;&nbsp;&nbsp;BXP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83010 | &nbsp;&nbsp;&nbsp;&nbsp; 6019 |
|  | &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99344 | &nbsp;&nbsp;&nbsp;&nbsp; 5990 |
|  | &nbsp;&nbsp;&nbsp;Millrose Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62783 | &nbsp;&nbsp;&nbsp;&nbsp; 2217 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zillow Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26112 | &nbsp;&nbsp;&nbsp;&nbsp; 2128 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **576838** |
| **Technology (45.8%)** | **Technology (45.8%)** | **Technology (45.8%)** | **Technology (45.8%)** |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 12262555 | &nbsp;&nbsp;&nbsp;&nbsp; 2135892 |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 3885824 | &nbsp;&nbsp;&nbsp;&nbsp; 1968908 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 7723529 | &nbsp;&nbsp;&nbsp;&nbsp; 1792940 |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | 1143976 | &nbsp;&nbsp;&nbsp;&nbsp; 845055 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | 2419749 | &nbsp;&nbsp;&nbsp;&nbsp; 719609 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | 3045531 | &nbsp;&nbsp;&nbsp;&nbsp; 648424 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class C | 2479926 | &nbsp;&nbsp;&nbsp;&nbsp; 529539 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;867570 | &nbsp;&nbsp;&nbsp;&nbsp; 196184 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palantir Technologies Inc. Class A | 1144468 | &nbsp;&nbsp;&nbsp;&nbsp; 179350 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;843772 | &nbsp;&nbsp;&nbsp;&nbsp; 137223 |
|  | &nbsp;&nbsp;&nbsp;Salesforce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;489172 | &nbsp;&nbsp;&nbsp;&nbsp; 125350 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ServiceNow Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108285 | &nbsp;&nbsp;&nbsp;&nbsp; 99347 |
|  | &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;476181 | &nbsp;&nbsp;&nbsp;&nbsp; 96417 |
|  | &nbsp;&nbsp;&nbsp;Intuit Inc. | &nbsp;&nbsp;&nbsp;&nbsp;143056 | &nbsp;&nbsp;&nbsp;&nbsp; 95418 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | &nbsp;&nbsp;&nbsp;&nbsp;575987 | &nbsp;&nbsp;&nbsp;&nbsp; 92578 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adobe Inc. | &nbsp;&nbsp;&nbsp;&nbsp;222980 | &nbsp;&nbsp;&nbsp;&nbsp; 79537 |
|  | &nbsp;&nbsp;&nbsp;Micron Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;585411 | &nbsp;&nbsp;&nbsp;&nbsp; 69670 |
|  | &nbsp;&nbsp;&nbsp;Applied Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;425442 | &nbsp;&nbsp;&nbsp;&nbsp; 68394 |
|  | &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;669934 | &nbsp;&nbsp;&nbsp;&nbsp; 67094 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;344155 | &nbsp;&nbsp;&nbsp;&nbsp; 65568 |
|  | &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69724 | &nbsp;&nbsp;&nbsp;&nbsp; 60799 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AppLovin Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;124916 | &nbsp;&nbsp;&nbsp;&nbsp; 59784 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Synopsys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96704 | &nbsp;&nbsp;&nbsp;&nbsp; 58363 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intel Corp. | 2289648 | &nbsp;&nbsp;&nbsp;&nbsp; 55753 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;127960 | &nbsp;&nbsp;&nbsp;&nbsp; 54217 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cadence Design Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;142956 | &nbsp;&nbsp;&nbsp;&nbsp; 50096 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DoorDash Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;187986 | &nbsp;&nbsp;&nbsp;&nbsp; 46104 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Strategy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130870 | &nbsp;&nbsp;&nbsp;&nbsp; 43764 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Snowflake Inc. | &nbsp;&nbsp;&nbsp;&nbsp;163753 | &nbsp;&nbsp;&nbsp;&nbsp; 39081 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Autodesk Inc. | &nbsp;&nbsp;&nbsp;&nbsp;111612 | &nbsp;&nbsp;&nbsp;&nbsp; 35124 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cloudflare Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;161675 | &nbsp;&nbsp;&nbsp;&nbsp; 33743 |
|  | &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;134080 | &nbsp;&nbsp;&nbsp;&nbsp; 31489 |
|  | &nbsp;&nbsp;&nbsp;Roper Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56244 | &nbsp;&nbsp;&nbsp;&nbsp; 29602 |
|  | &nbsp;&nbsp;&nbsp;Marvell Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;452910 | &nbsp;&nbsp;&nbsp;&nbsp; 28472 |
|  | &nbsp;&nbsp;&nbsp;Corning Inc. | &nbsp;&nbsp;&nbsp;&nbsp;409055 | &nbsp;&nbsp;&nbsp;&nbsp; 27419 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fortinet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;333354 | &nbsp;&nbsp;&nbsp;&nbsp; 26258 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Workday Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;112722 | &nbsp;&nbsp;&nbsp;&nbsp; 26019 |
|  | &nbsp;&nbsp;&nbsp;Vertiv Holdings Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;199319 | &nbsp;&nbsp;&nbsp;&nbsp; 25423 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Datadog Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;161610 | &nbsp;&nbsp;&nbsp;&nbsp; 22089 |
|  | &nbsp;&nbsp;&nbsp;Monolithic Power Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24247 | &nbsp;&nbsp;&nbsp;&nbsp; 20265 |
|  | &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;258560 | &nbsp;&nbsp;&nbsp;&nbsp; 18681 |
|  | &nbsp;&nbsp;&nbsp;Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;109768 | &nbsp;&nbsp;&nbsp;&nbsp; 18375 |
|  | &nbsp;&nbsp;&nbsp;Microchip Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;276459 | &nbsp;&nbsp;&nbsp;&nbsp; 17970 |
|  | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;686812 | &nbsp;&nbsp;&nbsp;&nbsp; 15501 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Atlassian Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84826 | &nbsp;&nbsp;&nbsp;&nbsp; 15080 |
|  | &nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;181286 | &nbsp;&nbsp;&nbsp;&nbsp; 14565 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zscaler Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51173 | &nbsp;&nbsp;&nbsp;&nbsp; 14177 |
|  | &nbsp;&nbsp;&nbsp;HP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;493963 | &nbsp;&nbsp;&nbsp;&nbsp; 14098 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PTC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62498 | &nbsp;&nbsp;&nbsp;&nbsp; 13343 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MongoDB Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41333 | &nbsp;&nbsp;&nbsp;&nbsp; 13045 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;HubSpot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26650 | &nbsp;&nbsp;&nbsp;&nbsp; 12876 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tyler Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22558 | &nbsp;&nbsp;&nbsp;&nbsp; 12697 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pure Storage Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;162774 | &nbsp;&nbsp;&nbsp;&nbsp; 12633 |
|  | &nbsp;&nbsp;&nbsp;VeriSign Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44186 | &nbsp;&nbsp;&nbsp;&nbsp; 12079 |
|  | &nbsp;&nbsp;&nbsp;NetApp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;106450 | &nbsp;&nbsp;&nbsp;&nbsp; 12007 |
|  | &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68951 | &nbsp;&nbsp;&nbsp;&nbsp; 11360 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pinterest Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;309582 | &nbsp;&nbsp;&nbsp;&nbsp; 11340 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zoom Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;137707 | &nbsp;&nbsp;&nbsp;&nbsp; 11212 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Super Micro Computer Inc. (XNGS) | &nbsp;&nbsp;&nbsp;&nbsp;269106 | &nbsp;&nbsp;&nbsp;&nbsp; 11179 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;220953 | &nbsp;&nbsp;&nbsp;&nbsp; 10957 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;199590 | &nbsp;&nbsp;&nbsp;&nbsp; 10702 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GoDaddy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72041 | &nbsp;&nbsp;&nbsp;&nbsp; 10684 |

---

------

FTSE Social Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Teradyne Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84286 | &nbsp;&nbsp;&nbsp;&nbsp; 9966 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gartner Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39267 | &nbsp;&nbsp;&nbsp;&nbsp; 9863 |
|  | &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;110840 | &nbsp;&nbsp;&nbsp;&nbsp; 9827 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;F5 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30182 | &nbsp;&nbsp;&nbsp;&nbsp; 9451 |
|  | &nbsp;&nbsp;&nbsp;Gen Digital Inc. (XNGS) | &nbsp;&nbsp;&nbsp;&nbsp;287936 | &nbsp;&nbsp;&nbsp;&nbsp; 8696 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Check Point Software Technologies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44494 | &nbsp;&nbsp;&nbsp;&nbsp; 8594 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Docusign Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105266 | &nbsp;&nbsp;&nbsp;&nbsp; 8070 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Okta Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86339 | &nbsp;&nbsp;&nbsp;&nbsp; 8010 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Twilio Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74107 | &nbsp;&nbsp;&nbsp;&nbsp; 7826 |
|  | &nbsp;&nbsp;&nbsp;Skyworks Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80329 | &nbsp;&nbsp;&nbsp;&nbsp; 6020 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Akamai Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75203 | &nbsp;&nbsp;&nbsp;&nbsp; 5951 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EPAM Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28700 | &nbsp;&nbsp;&nbsp;&nbsp; 5062 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sandisk Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70682 | &nbsp;&nbsp;&nbsp;&nbsp; 3709 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GLOBALFOUNDRIES Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53844 | &nbsp;&nbsp;&nbsp;&nbsp; 1798 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**11183765** |
| **Telecommunications (2.5%)** | **Telecommunications (2.5%)** | **Telecommunications (2.5%)** | **Telecommunications (2.5%)** |
|  | &nbsp;&nbsp;&nbsp;Cisco Systems Inc. | 2085427 | &nbsp;&nbsp;&nbsp;&nbsp; 144082 |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 3675372 | &nbsp;&nbsp;&nbsp;&nbsp; 107652 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 2212866 | &nbsp;&nbsp;&nbsp;&nbsp; 97875 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arista Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;540500 | &nbsp;&nbsp;&nbsp;&nbsp; 73805 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. Class A | 1940518 | &nbsp;&nbsp;&nbsp;&nbsp; 65920 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile US Inc. | &nbsp;&nbsp;&nbsp;&nbsp;237943 | &nbsp;&nbsp;&nbsp;&nbsp; 59959 |
|  | &nbsp;&nbsp;&nbsp;Motorola Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87297 | &nbsp;&nbsp;&nbsp;&nbsp; 41244 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Charter Communications Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47491 | &nbsp;&nbsp;&nbsp;&nbsp; 12613 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **603150** |
| **Utilities (0.4%)** | **Utilities (0.4%)** | **Utilities (0.4%)** | **Utilities (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;Waste Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;193837 | &nbsp;&nbsp;&nbsp;&nbsp; 43883 |
|  | &nbsp;&nbsp;&nbsp;Republic Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;106130 | &nbsp;&nbsp;&nbsp;&nbsp; 24831 |
|  | &nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;529554 | &nbsp;&nbsp;&nbsp;&nbsp; 23131 |
|  | &nbsp;&nbsp;&nbsp;American Water Works Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102008 | &nbsp;&nbsp;&nbsp;&nbsp; 14639 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **106484** |
| **Total Common Stocks (Cost $10,527,283)** | **Total Common Stocks (Cost $10,527,283)** | **Total Common Stocks (Cost $10,527,283)** | &nbsp;&nbsp;&nbsp;&nbsp;**24407682** |
| **Temporary Cash Investments (0.0%)** | **Temporary Cash Investments (0.0%)** | **Temporary Cash Investments (0.0%)** | **Temporary Cash Investments (0.0%)** |
| **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.362% **(Cost** $**2,592)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25920 | &nbsp;&nbsp;&nbsp;&nbsp; **2592** |
| **Total Investments (99.9%) (Cost $10,529,875)** | **Total Investments (99.9%) (Cost $10,529,875)** | **Total Investments (99.9%) (Cost $10,529,875)** | &nbsp;&nbsp;&nbsp;&nbsp;**24410274** |
| **Other Assets and Liabilities—Net (0.1%)** | **Other Assets and Liabilities—Net (0.1%)** | **Other Assets and Liabilities—Net (0.1%)** | &nbsp;&nbsp;&nbsp;&nbsp;**15432** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**24425706** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

• See Note A in Notes to Financial Statements. <br> \* Non-income-producing security. <br> 1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini S&P 500 Index | September 2025 | 73 | 23626 | &nbsp;&nbsp;55 |

---

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

------

FTSE Social Index Fund

Statement of Assets and Liabilities

As of August 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $10,527,283) | 24407682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $2,592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2592 |
| Total Investments in Securities | 24410274 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2465 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13863 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9101 |
| **Total Assets** | **24437633** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2429 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8269 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11927** |
| **Net Assets** | **24425706** |
| **At August 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 11213429 |
| Total Distributable Earnings (Loss) | 13212277 |
| **Net Assets** | **24425706** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 193,815,393 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **11985600** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$61.84** |
| **Institutional Shares—Net Assets** |  |
| **Applicable to 279,429,290 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **12440106** |
| **Net Asset Value Per Share—Institutional Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$44.52** |

---

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

------

FTSE Social Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Year Ended<br> August 31, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;249869 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 |
| Total Income | &nbsp;&nbsp;&nbsp;250887 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;14009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 |
| Shareholders' Reports and Proxy Fees—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;25211 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;**225676** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;114635 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(429) |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;**114206** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | 3203621 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(626) |
| **Change in Unrealized Appreciation (Depreciation)** | **3202995** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **3542877** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $74. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $827, $2, and ($1), respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $118,659 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

FTSE Social Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203549 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20523 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;3202995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4349055 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;3542877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4573127 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(112263) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111372) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;(114668) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105941) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(226931) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(217313) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(503692) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742708 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;(174343) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868533 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;3141603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5224347 |
| **Net Assets** |  |  |
| **Beginning of Period** | **21284103** | &nbsp;&nbsp;&nbsp;&nbsp;**16059756** |
| **End of Period** | **24425706** | &nbsp;&nbsp;&nbsp;&nbsp;**21284103** |

---

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

------

FTSE Social Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$53.54** | &nbsp;&nbsp;&nbsp;**$42.36** | &nbsp;&nbsp;&nbsp;**$36.76** | &nbsp;&nbsp;&nbsp;**$44.39** | &nbsp;&nbsp;&nbsp;**$34.27** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.432 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.305 | &nbsp;&nbsp;&nbsp;&nbsp;11.219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.583 | &nbsp;&nbsp;&nbsp;&nbsp;(7.647) | &nbsp;&nbsp;&nbsp;&nbsp;10.110 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.859 | &nbsp;&nbsp;&nbsp;&nbsp;11.737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.077 | &nbsp;&nbsp;&nbsp;&nbsp;(7.183) | &nbsp;&nbsp;&nbsp;&nbsp;10.542 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.559) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.447) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.422) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.559) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.447) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.422) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$61.84** | &nbsp;&nbsp;&nbsp;**$53.54** | &nbsp;&nbsp;&nbsp;**$42.36** | &nbsp;&nbsp;&nbsp;**$36.76** | &nbsp;&nbsp;&nbsp;**$44.39** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**16.67%** | &nbsp;&nbsp;&nbsp;**27.91%** | &nbsp;&nbsp;&nbsp;**16.74%** | &nbsp;&nbsp;&nbsp;**-16.28%** | &nbsp;&nbsp;&nbsp;**31.04%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$11986 | &nbsp;&nbsp;&nbsp;$10859 | &nbsp;&nbsp;&nbsp;$8489 | &nbsp;&nbsp;&nbsp;$7512 | &nbsp;&nbsp;&nbsp;$8573 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;0.14%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.14%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;0.14% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;1.13% |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;7%<sup>4</sup> | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;5%<sup>4</sup> | &nbsp;&nbsp;&nbsp;8%<sup>4</sup> | &nbsp;&nbsp;&nbsp;4%<sup>4</sup> |

---

---

| | |
|:---|:---|
| 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 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.14%. |
| 4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares. |

---

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

------

FTSE Social Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$38.54** | &nbsp;&nbsp;&nbsp;**$30.49** | &nbsp;&nbsp;&nbsp;**$26.47** | &nbsp;&nbsp;&nbsp;**$31.96** | &nbsp;&nbsp;&nbsp;**$24.67** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.317 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.007 | &nbsp;&nbsp;&nbsp;&nbsp;(5.502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.282 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.369 | &nbsp;&nbsp;&nbsp;&nbsp;(5.162) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.599 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.416) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.408) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.349) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.328) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.309) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.416) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.408) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.349) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.328) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.309) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$44.52** | &nbsp;&nbsp;&nbsp;**$38.54** | &nbsp;&nbsp;&nbsp;**$30.49** | &nbsp;&nbsp;&nbsp;**$26.47** | &nbsp;&nbsp;&nbsp;**$31.96** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**16.73%** | &nbsp;&nbsp;&nbsp;**27.95%** | &nbsp;&nbsp;&nbsp;**16.71%** | &nbsp;&nbsp;&nbsp;**-16.25%** | &nbsp;&nbsp;&nbsp;**31.09%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$12440 | &nbsp;&nbsp;&nbsp;$10425 | &nbsp;&nbsp;&nbsp;$7570 | &nbsp;&nbsp;&nbsp;$5993 | &nbsp;&nbsp;&nbsp;$6630 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;0.12%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.12%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;0.12% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;1.15% |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;7%<sup>3</sup> | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;5%<sup>3</sup> | &nbsp;&nbsp;&nbsp;8%<sup>3</sup> | &nbsp;&nbsp;&nbsp;4%<sup>3</sup> |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.12%. |
| 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. |

---

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

------

FTSE Social Index Fund

Notes to Financial Statements

Vanguard FTSE Social Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Admiral Shares and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of 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 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.

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

Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities 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 gains (losses) on futures contracts.

During the year ended August 31, 2025, 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 virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for 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 at the fiscal year-end 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 Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. 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 Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which 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 either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund

------

FTSE Social Index Fund

Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the year ended August 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

7. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. 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), shareholder reporting, and proxy fees. 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 and 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 August 31, 2025, the fund had contributed to Vanguard capital in the amount of $620,000, representing less than 0.01% of the fund's net assets and 0.25% of Vanguard's capital received pursuant to the FSA. 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 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.**

At August 31, 2025, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

**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. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and
distributions in connection with fund share redemptions.

Permanent differences were reclassified between the following accounts:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;118347 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(118347) |

---

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. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36455 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;13826912 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(651090) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;13212277 |

---

------

FTSE Social Index Fund

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;226931 | &nbsp;&nbsp;&nbsp;&nbsp;217313 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;226931 | &nbsp;&nbsp;&nbsp;&nbsp;217313 |

---

\* Includes short-term capital gains, if any.

As of August 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;10583362 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;14386890 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(559978) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;13826912 |

---

**E.** During the year ended August 31, 2025, the fund purchased $1,759,128,000 of investment securities and sold $1,664,247,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $0 and $241,201,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended August 31, 2025, such purchases were $301,774,000 and sales were $153,408,000, resulting in net realized loss of $24,771,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;1831675 | &nbsp;&nbsp;&nbsp;&nbsp;32856 | &nbsp;&nbsp;&nbsp;&nbsp;1605557 | &nbsp;&nbsp;&nbsp;&nbsp;34161 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070 |
| Redeemed | (2431089) | &nbsp;&nbsp;(43599) | &nbsp;&nbsp;(1575928) | &nbsp;&nbsp;(33820) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;(503692) | &nbsp;&nbsp;&nbsp;&nbsp;(9012) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2411 |
| **Institutional Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;2041762 | &nbsp;&nbsp;&nbsp;&nbsp;50890 | &nbsp;&nbsp;&nbsp;&nbsp;1626167 | &nbsp;&nbsp;&nbsp;&nbsp;48432 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;112730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3114 |
| Redeemed | (1825143) | &nbsp;&nbsp;(44810) | &nbsp;&nbsp;&nbsp;&nbsp;(987824) | &nbsp;&nbsp;(29305) |
| Net Increase (Decrease)—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;329349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742708 | &nbsp;&nbsp;&nbsp;&nbsp;22241 |

---

**G.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

**H.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its

------

FTSE Social Index Fund

prospectus, through the execution of the fund's investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**I.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these financial statements.

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Vanguard World Fund and Shareholders of Vanguard FTSE Social Index Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard FTSE Social Index Fund (one of the funds constituting Vanguard World Fund, referred to hereafter as the "Fund") as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (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 August 31, 2025, 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 August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025 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 August 31, 2025 by correspondence with the custodian, transfer agent and brokers; 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

October 21, 2025

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

------

Tax information (unaudited)

For corporate shareholders, 97.3%, or if subsequently determined to be different, the maximum percentage allowable by law, of ordinary income (dividend income plus short-term gains, if any) for the fiscal year qualified for the dividends-received deduction.

The fund hereby designates $223,477,000, or if subsequently determined to be different, the maximum amount allowable by law, as qualified dividend income for purposes of the maximum rate under section 1(h)(11) for calendar year 2024. Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.

The fund hereby designates for the fiscal year $433,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income tax.

Q2130 102025

------

![](tm2525835d7ussecinfinsi001.jpg)

#### Financial Statements

#### For the year ended August 31, 2025

#### Vanguard U.S. Sector Index Funds

---

| |
|:---|
| Vanguard Communication Services Index Fund |
| Vanguard Consumer Discretionary Index Fund |
| Vanguard Consumer Staples Index Fund |
| Vanguard Energy Index Fund |
| Vanguard Financials Index Fund |
| Vanguard Health Care Index Fund |
| Vanguard Industrials Index Fund |
| Vanguard Information Technology Index Fund |
| Vanguard Materials Index Fund |
| Vanguard Utilities Index Fund |

---

------

#### Contents

---

| | |
|:---|:---|
| Communication Services Index Fund<br>| 1 |
| Consumer Discretionary Index Fund<br>| 13 |
| Consumer Staples Index Fund<br>| 28 |
| Energy Index Fund<br>| 40 |
| Financials Index Fund<br>| 52 |
| Health Care Index Fund<br>| 68 |
| Industrials Index Fund<br>| 84 |
| Information Technology Index Fund<br>| 100 |
| Materials Index Fund<br>| 115 |
| Utilities Index Fund<br>| 127 |
| Report of Independent Registered Public Accounting Firm<br>| 138 |
| Tax information<br>| 139 |

---

------

Communication Services Index Fund

Financial Statements

#### Schedule of Investments
As of August 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 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (99.7%)** | **Common Stocks (99.7%)** | **Common Stocks (99.7%)** | **Common Stocks (99.7%)** |
| **Diversified Telecommunication Services (11.1%)** | **Diversified Telecommunication Services (11.1%)** | **Diversified Telecommunication Services (11.1%)** | **Diversified Telecommunication Services (11.1%)** |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 8936354 | &nbsp;&nbsp;&nbsp;&nbsp; 261746 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 5368647 | &nbsp;&nbsp;&nbsp;&nbsp; 237455 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Frontier Communications Parent Inc. | &nbsp;&nbsp;&nbsp;&nbsp;997538 | &nbsp;&nbsp;&nbsp;&nbsp; 36989 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AST SpaceMobile Inc. | &nbsp;&nbsp;&nbsp;&nbsp;726922 | &nbsp;&nbsp;&nbsp;&nbsp; 35575 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lumen Technologies Inc. | 3883437 | &nbsp;&nbsp;&nbsp;&nbsp; 19301 |
|  | &nbsp;&nbsp;&nbsp;Iridium Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;387874 | &nbsp;&nbsp;&nbsp;&nbsp; 9654 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Global Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;657902 | &nbsp;&nbsp;&nbsp;&nbsp; 7724 |
|  | &nbsp;&nbsp;&nbsp;Cogent Communications Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;186760 | &nbsp;&nbsp;&nbsp;&nbsp; 7140 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Global Ltd. Class C | &nbsp;&nbsp;&nbsp;&nbsp;570689 | &nbsp;&nbsp;&nbsp;&nbsp; 6820 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Globalstar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;201752 | &nbsp;&nbsp;&nbsp;&nbsp; 6038 |
|  | &nbsp;&nbsp;&nbsp;IDT Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;84835 | &nbsp;&nbsp;&nbsp;&nbsp; 5435 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Latin America Ltd. Class C | &nbsp;&nbsp;&nbsp;&nbsp;536523 | &nbsp;&nbsp;&nbsp;&nbsp; 4421 |
|  | &nbsp;&nbsp;&nbsp;Uniti Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;591785 | &nbsp;&nbsp;&nbsp;&nbsp; 3728 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GCI Liberty Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;91698 | &nbsp;&nbsp;&nbsp;&nbsp; 3360 |
|  | &nbsp;&nbsp;&nbsp;Shenandoah Telecommunications Co. | &nbsp;&nbsp;&nbsp;&nbsp;185799 | &nbsp;&nbsp;&nbsp;&nbsp; 2462 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bandwidth Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;110783 | &nbsp;&nbsp;&nbsp;&nbsp; 1662 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Anterix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40971 | &nbsp;&nbsp;&nbsp;&nbsp; 972 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Latin America Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;118601 | &nbsp;&nbsp;&nbsp;&nbsp; 956 |
|  | &nbsp;&nbsp;&nbsp;ATN International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40288 | &nbsp;&nbsp;&nbsp;&nbsp; 685 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GCI Liberty Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;14700 | &nbsp;&nbsp;&nbsp;&nbsp; 549 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **652672** |
| **Entertainment (21.6%)** | **Entertainment (21.6%)** | **Entertainment (21.6%)** | **Entertainment (21.6%)** |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 2228042 | &nbsp;&nbsp;&nbsp;&nbsp; 263756 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Netflix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;212449 | &nbsp;&nbsp;&nbsp;&nbsp; 256692 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Roblox Corp. Class A | 1018044 | &nbsp;&nbsp;&nbsp;&nbsp; 126838 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;399854 | &nbsp;&nbsp;&nbsp;&nbsp; 93274 |
|  | &nbsp;&nbsp;&nbsp;Electronic Arts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;521281 | &nbsp;&nbsp;&nbsp;&nbsp; 89634 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Live Nation Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;475599 | &nbsp;&nbsp;&nbsp;&nbsp; 79182 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Warner Bros Discovery Inc. | 6648902 | &nbsp;&nbsp;&nbsp;&nbsp; 77393 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One Class C | &nbsp;&nbsp;&nbsp;&nbsp;725233 | &nbsp;&nbsp;&nbsp;&nbsp; 72451 |
|  | &nbsp;&nbsp;&nbsp;TKO Group Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;277058 | &nbsp;&nbsp;&nbsp;&nbsp; 52519 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Roku Inc. | &nbsp;&nbsp;&nbsp;&nbsp;516142 | &nbsp;&nbsp;&nbsp;&nbsp; 49839 |
|  | &nbsp;&nbsp;&nbsp;Warner Music Group Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;523616 | &nbsp;&nbsp;&nbsp;&nbsp; 17463 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Live Class C | &nbsp;&nbsp;&nbsp;&nbsp;177850 | &nbsp;&nbsp;&nbsp;&nbsp; 17319 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Madison Square Garden Sports Corp. | &nbsp;&nbsp;&nbsp;&nbsp;62193 | &nbsp;&nbsp;&nbsp;&nbsp; 12304 |
|  | &nbsp;&nbsp;&nbsp;Cinemark Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;412438 | &nbsp;&nbsp;&nbsp;&nbsp; 10641 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;182732 | &nbsp;&nbsp;&nbsp;&nbsp; 8219 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Live Class A | &nbsp;&nbsp;&nbsp;&nbsp;71428 | &nbsp;&nbsp;&nbsp;&nbsp; 6759 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Madison Square Garden Entertainment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;153999 | &nbsp;&nbsp;&nbsp;&nbsp; 6269 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lionsgate Studios Corp. | &nbsp;&nbsp;&nbsp;&nbsp;853857 | &nbsp;&nbsp;&nbsp;&nbsp; 5490 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IMAX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;182016 | &nbsp;&nbsp;&nbsp;&nbsp; 5198 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AMC Entertainment Holdings Inc. Class A | 1725889 | &nbsp;&nbsp;&nbsp;&nbsp; 4850 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sphere Entertainment Co. | &nbsp;&nbsp;&nbsp;&nbsp;104779 | &nbsp;&nbsp;&nbsp;&nbsp; 4748 |
|  | &nbsp;&nbsp;&nbsp;Marcus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;92034 | &nbsp;&nbsp;&nbsp;&nbsp; 1421 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;27897 | &nbsp;&nbsp;&nbsp;&nbsp; 1325 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Eventbrite Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;303739 | &nbsp;&nbsp;&nbsp;&nbsp; 805 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Playstudios Inc. | &nbsp;&nbsp;&nbsp;&nbsp;369201 | &nbsp;&nbsp;&nbsp;&nbsp; 357 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vivid Seats Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;12983 | &nbsp;&nbsp;&nbsp;&nbsp; 230 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1264976** |
| **Interactive Media & Services (49.8%)** | **Interactive Media & Services (49.8%)** | **Interactive Media & Services (49.8%)** | **Interactive Media & Services (49.8%)** |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | 1671277 | &nbsp;&nbsp;&nbsp;&nbsp;1234572 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | 3661523 | &nbsp;&nbsp;&nbsp;&nbsp; 779575 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class C | 2767552 | &nbsp;&nbsp;&nbsp;&nbsp; 590955 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pinterest Inc. Class A | 1987827 | &nbsp;&nbsp;&nbsp;&nbsp; 72814 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reddit Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;311883 | &nbsp;&nbsp;&nbsp;&nbsp; 70199 |
|  | &nbsp;&nbsp;&nbsp;Match Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;928269 | &nbsp;&nbsp;&nbsp;&nbsp; 34662 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Snap Inc. Class A | 4268103 | &nbsp;&nbsp;&nbsp;&nbsp; 30474 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ZoomInfo Technologies Inc. | 1115457 | &nbsp;&nbsp;&nbsp;&nbsp; 12159 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cargurus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;337670 | &nbsp;&nbsp;&nbsp;&nbsp; 11683 |

---

------

Communication Services Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trump Media & Technology Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;663257 | &nbsp;&nbsp;&nbsp;&nbsp; 11627 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IAC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;280320 | &nbsp;&nbsp;&nbsp;&nbsp; 10265 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Yelp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;241672 | &nbsp;&nbsp;&nbsp;&nbsp; 7642 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TripAdvisor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;399964 | &nbsp;&nbsp;&nbsp;&nbsp; 6967 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ziff Davis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;167702 | &nbsp;&nbsp;&nbsp;&nbsp; 6408 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;fuboTV Inc. | 1360879 | &nbsp;&nbsp;&nbsp;&nbsp; 4804 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QuinStreet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;215589 | &nbsp;&nbsp;&nbsp;&nbsp; 3380 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cars.com Inc. | &nbsp;&nbsp;&nbsp;&nbsp;238051 | &nbsp;&nbsp;&nbsp;&nbsp; 3107 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Angi Inc. | &nbsp;&nbsp;&nbsp;&nbsp;162526 | &nbsp;&nbsp;&nbsp;&nbsp; 2880 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EverQuote Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;110254 | &nbsp;&nbsp;&nbsp;&nbsp; 2563 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vimeo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;588053 | &nbsp;&nbsp;&nbsp;&nbsp; 2470 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Grindr Inc. | &nbsp;&nbsp;&nbsp;&nbsp;156351 | &nbsp;&nbsp;&nbsp;&nbsp; 2445 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bumble Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;356025 | &nbsp;&nbsp;&nbsp;&nbsp; 2197 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Rumble Inc. | &nbsp;&nbsp;&nbsp;&nbsp;299752 | &nbsp;&nbsp;&nbsp;&nbsp; 2185 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Taboola.com Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;624005 | &nbsp;&nbsp;&nbsp;&nbsp; 2084 |
|  | &nbsp;&nbsp;&nbsp;Shutterstock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99008 | &nbsp;&nbsp;&nbsp;&nbsp; 2072 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nextdoor Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;841710 | &nbsp;&nbsp;&nbsp;&nbsp; 1726 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ZipRecruiter Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;260372 | &nbsp;&nbsp;&nbsp;&nbsp; 1302 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mediaalpha Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;122502 | &nbsp;&nbsp;&nbsp;&nbsp; 1295 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2914512** |
| **Media (13.7%)** | **Media (13.7%)** | **Media (13.7%)** | **Media (13.7%)** |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. Class A | 5254186 | &nbsp;&nbsp;&nbsp;&nbsp; 178485 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trade Desk Inc. Class A | 1444516 | &nbsp;&nbsp;&nbsp;&nbsp; 78957 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Charter Communications Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;281250 | &nbsp;&nbsp;&nbsp;&nbsp; 74694 |
|  | &nbsp;&nbsp;&nbsp;Omnicom Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;772596 | &nbsp;&nbsp;&nbsp;&nbsp; 60517 |
|  | &nbsp;&nbsp;&nbsp;News Corp. Class A | 1504676 | &nbsp;&nbsp;&nbsp;&nbsp; 44253 |
|  | &nbsp;&nbsp;&nbsp;Interpublic Group of Cos. Inc. | 1473236 | &nbsp;&nbsp;&nbsp;&nbsp; 39542 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;647933 | &nbsp;&nbsp;&nbsp;&nbsp; 38682 |
|  | &nbsp;&nbsp;&nbsp;New York Times Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;614690 | &nbsp;&nbsp;&nbsp;&nbsp; 36783 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EchoStar Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;559545 | &nbsp;&nbsp;&nbsp;&nbsp; 34574 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;564159 | &nbsp;&nbsp;&nbsp;&nbsp; 30775 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Broadband Corp. Class C | &nbsp;&nbsp;&nbsp;&nbsp;441430 | &nbsp;&nbsp;&nbsp;&nbsp; 26865 |
|  | &nbsp;&nbsp;&nbsp;Nexstar Media Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;114253 | &nbsp;&nbsp;&nbsp;&nbsp; 23368 |
|  | &nbsp;&nbsp;&nbsp;Sirius XM Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;807894 | &nbsp;&nbsp;&nbsp;&nbsp; 19099 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Paramount Skydance Corp. Class B | 1273560 | &nbsp;&nbsp;&nbsp;&nbsp; 18721 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Magnite Inc. | &nbsp;&nbsp;&nbsp;&nbsp;562265 | &nbsp;&nbsp;&nbsp;&nbsp; 14591 |
|  | &nbsp;&nbsp;&nbsp;News Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;412186 | &nbsp;&nbsp;&nbsp;&nbsp; 13961 |
|  | &nbsp;&nbsp;&nbsp;TEGNA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;641189 | &nbsp;&nbsp;&nbsp;&nbsp; 13593 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DoubleVerify Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;551311 | &nbsp;&nbsp;&nbsp;&nbsp; 8970 |
|  | &nbsp;&nbsp;&nbsp;John Wiley & Sons Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;169272 | &nbsp;&nbsp;&nbsp;&nbsp; 6869 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Broadband Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;96455 | &nbsp;&nbsp;&nbsp;&nbsp; 5852 |
|  | &nbsp;&nbsp;&nbsp;Cable One Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19060 | &nbsp;&nbsp;&nbsp;&nbsp; 3078 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Integral Ad Science Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;328756 | &nbsp;&nbsp;&nbsp;&nbsp; 2956 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gannett Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;554303 | &nbsp;&nbsp;&nbsp;&nbsp; 2278 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Altice USA Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;960204 | &nbsp;&nbsp;&nbsp;&nbsp; 2247 |
|  | &nbsp;&nbsp;&nbsp;Scholastic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;87580 | &nbsp;&nbsp;&nbsp;&nbsp; 2247 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Thryv Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;166660 | &nbsp;&nbsp;&nbsp;&nbsp; 2143 |
|  | &nbsp;&nbsp;&nbsp;Gray Media Inc. | &nbsp;&nbsp;&nbsp;&nbsp;349022 | &nbsp;&nbsp;&nbsp;&nbsp; 2140 |
|  | &nbsp;&nbsp;&nbsp;Sinclair Inc. | &nbsp;&nbsp;&nbsp;&nbsp;145984 | &nbsp;&nbsp;&nbsp;&nbsp; 2112 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stagwell Inc. | &nbsp;&nbsp;&nbsp;&nbsp;373297 | &nbsp;&nbsp;&nbsp;&nbsp; 2105 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ibotta Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;55371 | &nbsp;&nbsp;&nbsp;&nbsp; 1492 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PubMatic Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;152422 | &nbsp;&nbsp;&nbsp;&nbsp; 1322 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boston Omaha Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;98308 | &nbsp;&nbsp;&nbsp;&nbsp; 1311 |
|  | &nbsp;&nbsp;&nbsp;National CineMedia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;263042 | &nbsp;&nbsp;&nbsp;&nbsp; 1155 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;890620 | &nbsp;&nbsp;&nbsp;&nbsp; 1104 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AMC Networks Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;133261 | &nbsp;&nbsp;&nbsp;&nbsp; 941 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;WideOpenWest Inc. | &nbsp;&nbsp;&nbsp;&nbsp;170295 | &nbsp;&nbsp;&nbsp;&nbsp; 867 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;iHeartMedia Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;403033 | &nbsp;&nbsp;&nbsp;&nbsp; 859 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EW Scripps Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;241542 | &nbsp;&nbsp;&nbsp;&nbsp; 722 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Advantage Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;387669 | &nbsp;&nbsp;&nbsp;&nbsp; 706 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TechTarget Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113942 | &nbsp;&nbsp;&nbsp;&nbsp; 672 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cardlytics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;177792 | &nbsp;&nbsp;&nbsp;&nbsp; 181 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **801789** |
| **Other (0.0%)<sup>2</sup>** | **Other (0.0%)<sup>2</sup>** | **Other (0.0%)<sup>2</sup>** | **Other (0.0%)<sup>2</sup>** |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;GCI Liberty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;188049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Wireless Telecommunication Services (3.5%)** | **Wireless Telecommunication Services (3.5%)** | **Wireless Telecommunication Services (3.5%)** | **Wireless Telecommunication Services (3.5%)** |
|  | &nbsp;&nbsp;&nbsp;T-Mobile US Inc. | &nbsp;&nbsp;&nbsp;&nbsp;711945 | &nbsp;&nbsp;&nbsp;&nbsp; 179403 |
|  | &nbsp;&nbsp;&nbsp;Telephone & Data Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;406202 | &nbsp;&nbsp;&nbsp;&nbsp; 16285 |

---

------

Communication Services Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;United States Cellular Corp. | &nbsp;&nbsp;&nbsp;&nbsp;62192 | &nbsp;&nbsp;&nbsp;&nbsp; 3348 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gogo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;289855 | &nbsp;&nbsp;&nbsp;&nbsp; 3182 |
|  | &nbsp;&nbsp;&nbsp;Spok Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81986 | &nbsp;&nbsp;&nbsp;&nbsp; 1489 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **203707** |
| **Total Common Stocks (Cost $4,856,196)** | **Total Common Stocks (Cost $4,856,196)** | **Total Common Stocks (Cost $4,856,196)** | &nbsp;&nbsp;&nbsp;&nbsp;**5837656** |
| **Temporary Cash Investments (0.3%)** | **Temporary Cash Investments (0.3%)** | **Temporary Cash Investments (0.3%)** | **Temporary Cash Investments (0.3%)** |
| **Money Market Fund (0.3%)** | **Money Market Fund (0.3%)** | **Money Market Fund (0.3%)** | **Money Market Fund (0.3%)** |
| <sup>4,5</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.362% **(Cost $18,029)** | &nbsp;&nbsp;&nbsp;&nbsp;180319 | &nbsp;&nbsp;&nbsp;&nbsp; **18030** |
| **Total Investments (100.0%) (Cost $4,874,225)** | **Total Investments (100.0%) (Cost $4,874,225)** | **Total Investments (100.0%) (Cost $4,874,225)** | &nbsp;&nbsp;&nbsp;&nbsp;**5855686** |
| **Other Assets and Liabilities—Net (0.0%)** | **Other Assets and Liabilities—Net (0.0%)** | **Other Assets and Liabilities—Net (0.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(2472)** |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;**5853214** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $1,887. |
| 2 | "Other" represents securities that are not classified by the fund's benchmark index. |
| 3 | Security value determined using significant unobservable inputs. |
| 4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 5 | Collateral of $2,032 was received for securities on loan, of which $1,636 is held in Vanguard Market Liquidity Fund and $396 is held in cash. |

---

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps |
| Reference Entity | Termination<br> Date | &nbsp;&nbsp;&nbsp;Counterparty | &nbsp;&nbsp;&nbsp;Notional<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Floating<br> Interest Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> (Depreciation) ($000) |
| AST SpaceMobile Inc. | 1/30/2026 | &nbsp;&nbsp;&nbsp;GSI | &nbsp;&nbsp;&nbsp;3125 | &nbsp;&nbsp;&nbsp;(4.333) | &nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;— |
| Fox Corp. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;12239 | &nbsp;&nbsp;&nbsp;(4.334) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;— |

---

1 Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. <br> BANA—Bank of America, N.A. <br> GSI—Goldman Sachs International.

At August 31, 2025, the counterparties had deposited in segregated accounts securities with a value of $712 in connection with open over-the-counter swap contracts.

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

------

Communication Services Index Fund

Statement of Assets and Liabilities

As of August 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $4,856,196) | 5837656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $18,029) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18030 |
| Total Investments in Securities | 5855686 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 |
| **Total Assets** | **5859941** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4409 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2032 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6727** |
| **Net Assets** | **5853214** |
| 1 Includes $1,887 of securities on loan. |  |
| **At August 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 5786699 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66515 |
| **Net Assets** | **5853214** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 30,742,368 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **5537383** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**$180.12** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 3,440,909 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;**315831** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$91.79** |

---

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

------

Communication Services Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Year Ended<br> August 31, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends | &nbsp;&nbsp;&nbsp;&nbsp;49475 |
| Non-Cash Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3464 |
| Interest<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4512 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;57849 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Shareholders' Reports and Proxy Fees—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4566 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;**53283** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;448050 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3341 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;**451391** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | &nbsp;&nbsp;&nbsp;789999 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;**790057** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **1294731** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $389, $4, and ($2), respectively. Purchases and sales are for temporary cash investment purposes. |
| 2 | Includes $596,025 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

Communication Services Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43445 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;451391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329193 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;790057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601377 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 1294731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974015 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;(51314) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1738) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(54164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40846) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;370195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(325506) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56606 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;409423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(268900) |
| Total Increase (Decrease) | 1649990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664269 |
| **Net Assets** |  |  |
| **Beginning of Period** | **4203224** | &nbsp;&nbsp;&nbsp;&nbsp;**3538955** |
| **End of Period** | **5853214** | &nbsp;&nbsp;&nbsp;&nbsp;**4203224** |

---

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

------

Communication Services Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ETF Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$139.25** | &nbsp;&nbsp;&nbsp;**$109.41** | &nbsp;&nbsp;&nbsp;&nbsp;**$94.12** | &nbsp;&nbsp;&nbsp;**$149.87** | &nbsp;&nbsp;&nbsp;**$108.04** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.018 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.127 | &nbsp;&nbsp;&nbsp;&nbsp;(55.695) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.708 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.255 | &nbsp;&nbsp;&nbsp;&nbsp;(54.585) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.726 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.965) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.896) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.965) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.896) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$180.12** | &nbsp;&nbsp;&nbsp;**$139.25** | &nbsp;&nbsp;&nbsp;**$109.41** | &nbsp;&nbsp;&nbsp;&nbsp;**$94.12** | &nbsp;&nbsp;&nbsp;**$149.87** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**30.82%** | &nbsp;&nbsp;&nbsp;**28.62%** | &nbsp;&nbsp;&nbsp;**17.46%** | &nbsp;&nbsp;&nbsp;**-36.61%** | &nbsp;&nbsp;&nbsp;**39.75%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$5537 | &nbsp;&nbsp;&nbsp;$3990 | &nbsp;&nbsp;&nbsp;$3424 | &nbsp;&nbsp;&nbsp;$2717 | &nbsp;&nbsp;&nbsp;$4787 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;0.10%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.10%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;0.80% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;15% |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

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

------

Communication Services Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$70.96** | &nbsp;&nbsp;&nbsp;**$55.75** | &nbsp;&nbsp;&nbsp;**$47.97** | &nbsp;&nbsp;&nbsp;**$76.38** | &nbsp;&nbsp;&nbsp;**$55.06** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.519 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;20.849 | &nbsp;&nbsp;&nbsp;&nbsp;15.176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.682 | &nbsp;&nbsp;&nbsp;&nbsp;(28.388) | &nbsp;&nbsp;&nbsp;&nbsp;21.259 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;21.722 | &nbsp;&nbsp;&nbsp;&nbsp;15.866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.273 | &nbsp;&nbsp;&nbsp;&nbsp;(27.816) | &nbsp;&nbsp;&nbsp;&nbsp;21.778 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.892) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.656) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.594) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.458) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.892) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.656) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.594) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.458) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$91.79** | &nbsp;&nbsp;&nbsp;**$70.96** | &nbsp;&nbsp;&nbsp;**$55.75** | &nbsp;&nbsp;&nbsp;**$47.97** | &nbsp;&nbsp;&nbsp;**$76.38** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**30.82%** | &nbsp;&nbsp;&nbsp;**28.64%** | &nbsp;&nbsp;&nbsp;**17.44%** | &nbsp;&nbsp;&nbsp;**-36.61%** | &nbsp;&nbsp;&nbsp;**39.76%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$316 | &nbsp;&nbsp;&nbsp;$213 | &nbsp;&nbsp;&nbsp;$115 | &nbsp;&nbsp;&nbsp;$70 | &nbsp;&nbsp;&nbsp;$124 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;0.10%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.10%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;0.79% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;15% |

---

---

| | |
|:---|:---|
| 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 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%. |
| 4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

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

------

Communication Services Index Fund

Notes to Financial Statements

Vanguard Communication Services Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and Admiral 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.

**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 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.

2. 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.

The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.

During the year ended August 31, 2025, the fund's average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of 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 virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for 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 at the fiscal year-end 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 Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. 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 Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may

------

Communication Services Index Fund

be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which 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 either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the year ended August 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

7. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. 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), shareholder reporting, and proxy fees. 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 and 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 August 31, 2025, the fund had contributed to Vanguard capital in the amount of $148,000, representing less than 0.01% of the fund's net assets and 0.06% of Vanguard's capital received pursuant to the FSA. 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 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.**

The following table summarizes the market value of the fund's investments and derivatives as of August 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 5837656 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;5837656 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18030 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18030 |
| Total | 5855686 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;5855686 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;52 |

---

**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. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and
distributions in connection with fund share redemptions.

------

Communication Services Index Fund

Permanent differences were reclassified between the following accounts:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;598310 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(598310) |

---

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. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11045 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp;951260 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;(895790) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66515 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;54164 | &nbsp;&nbsp;&nbsp;&nbsp;40846 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;54164 | &nbsp;&nbsp;&nbsp;&nbsp;40846 |

---

\* Includes short-term capital gains, if any.

As of August 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;4904426 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;1417084 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(465824) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951260 |

---

**E.** During the year ended August 31, 2025, the fund purchased $633,284,000 of investment securities and sold $592,973,000 of investment securities, other than temporary cash investments. In addition, the fund purchased
and sold investment securities of $1,773,096,000 and $1,402,780,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended August 31, 2025, such purchases were $22,549,000 and sales were $12,639,000, resulting in net realized loss of $12,413,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;1776091 | &nbsp;&nbsp;&nbsp;10886 | &nbsp;&nbsp;&nbsp;&nbsp;1242282<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10010<sup>1</sup> |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (1405896) | &nbsp;&nbsp;(8800) | &nbsp;&nbsp;(1567788)<sup>1</sup> | &nbsp;&nbsp;(12650)<sup>1</sup> |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;370195 | &nbsp;&nbsp;&nbsp;&nbsp;2086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(325506) | &nbsp;&nbsp;&nbsp;&nbsp;(2640) |

---

------

Communication Services Index Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;148447 | &nbsp;&nbsp;&nbsp;&nbsp;1819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2359 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| Redeemed | &nbsp;&nbsp;&nbsp;(111524) | &nbsp;&nbsp;(1406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92910) | &nbsp;&nbsp;&nbsp;&nbsp;(1444) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938 |

---

---

| | |
|:---|:---|
| 1 | Includes unsettled in-kind transactions as of August 31, 2024 for 650,000 issued shares and 675,000 redeemed shares valued at $89,971,000 and $88,559,000, respectively, which settled shortly afterwards. |

---

**G.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

**H.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**I.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

------

Consumer Discretionary Index Fund

Financial Statements

#### Schedule of Investments
As of August 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 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (99.9%)** | **Common Stocks (99.9%)** | **Common Stocks (99.9%)** | **Common Stocks (99.9%)** |
| **Automobile Components (2.2%)** | **Automobile Components (2.2%)** | **Automobile Components (2.2%)** | **Automobile Components (2.2%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aptiv plc | &nbsp;&nbsp;&nbsp;&nbsp;295904 | &nbsp;&nbsp;&nbsp;&nbsp; 23533 |
|  | &nbsp;&nbsp;&nbsp;BorgWarner Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;294049 | &nbsp;&nbsp;&nbsp;&nbsp; 12574 |
|  | &nbsp;&nbsp;&nbsp;Autoliv Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96996 | &nbsp;&nbsp;&nbsp;&nbsp; 12034 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Modine Manufacturing Co. | &nbsp;&nbsp;&nbsp;&nbsp;71825 | &nbsp;&nbsp;&nbsp;&nbsp; 9778 |
|  | &nbsp;&nbsp;&nbsp;Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;320166 | &nbsp;&nbsp;&nbsp;&nbsp; 8968 |
|  | &nbsp;&nbsp;&nbsp;Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;78821 | &nbsp;&nbsp;&nbsp;&nbsp; 8670 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dorman Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46940 | &nbsp;&nbsp;&nbsp;&nbsp; 7594 |
|  | &nbsp;&nbsp;&nbsp;Patrick Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57245 | &nbsp;&nbsp;&nbsp;&nbsp; 6403 |
|  | &nbsp;&nbsp;&nbsp;Visteon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;48321 | &nbsp;&nbsp;&nbsp;&nbsp; 5990 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QuantumScape Corp. | &nbsp;&nbsp;&nbsp;&nbsp;693355 | &nbsp;&nbsp;&nbsp;&nbsp; 5498 |
|  | &nbsp;&nbsp;&nbsp;Phinia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92305 | &nbsp;&nbsp;&nbsp;&nbsp; 5398 |
|  | &nbsp;&nbsp;&nbsp;Dana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;264061 | &nbsp;&nbsp;&nbsp;&nbsp; 5323 |
|  | &nbsp;&nbsp;&nbsp;LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;49469 | &nbsp;&nbsp;&nbsp;&nbsp; 5215 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. | &nbsp;&nbsp;&nbsp;&nbsp;567310 | &nbsp;&nbsp;&nbsp;&nbsp; 4811 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mobileye Global Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;336721 | &nbsp;&nbsp;&nbsp;&nbsp; 4717 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adient plc | &nbsp;&nbsp;&nbsp;&nbsp;188980 | &nbsp;&nbsp;&nbsp;&nbsp; 4687 |
|  | &nbsp;&nbsp;&nbsp;Garrett Motion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;295331 | &nbsp;&nbsp;&nbsp;&nbsp; 3836 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gentherm Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100829 | &nbsp;&nbsp;&nbsp;&nbsp; 3708 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;125450 | &nbsp;&nbsp;&nbsp;&nbsp; 3629 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;XPEL Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90422 | &nbsp;&nbsp;&nbsp;&nbsp; 3360 |
|  | &nbsp;&nbsp;&nbsp;Standard Motor Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83612 | &nbsp;&nbsp;&nbsp;&nbsp; 3245 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;489654 | &nbsp;&nbsp;&nbsp;&nbsp; 2850 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Solid Power Inc. | &nbsp;&nbsp;&nbsp;&nbsp;556088 | &nbsp;&nbsp;&nbsp;&nbsp; 2408 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stoneridge Inc. | &nbsp;&nbsp;&nbsp;&nbsp;115036 | &nbsp;&nbsp;&nbsp;&nbsp; 955 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Holley Inc. | &nbsp;&nbsp;&nbsp;&nbsp;221367 | &nbsp;&nbsp;&nbsp;&nbsp; 901 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Luminar Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;183129 | &nbsp;&nbsp;&nbsp;&nbsp; 311 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **156396** |
| **Automobiles (16.6%)** | **Automobiles (16.6%)** | **Automobiles (16.6%)** | **Automobiles (16.6%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tesla Inc. | 3012259 | &nbsp;&nbsp;&nbsp;&nbsp;1005703 |
|  | &nbsp;&nbsp;&nbsp;General Motors Co. | 1202301 | &nbsp;&nbsp;&nbsp;&nbsp; 70443 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Co. | 4289124 | &nbsp;&nbsp;&nbsp;&nbsp; 50483 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rivian Automotive Inc. Class A | 1004650 | &nbsp;&nbsp;&nbsp;&nbsp; 13633 |
|  | &nbsp;&nbsp;&nbsp;Thor Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74812 | &nbsp;&nbsp;&nbsp;&nbsp; 8199 |
|  | &nbsp;&nbsp;&nbsp;Harley-Davidson Inc. | &nbsp;&nbsp;&nbsp;&nbsp;207994 | &nbsp;&nbsp;&nbsp;&nbsp; 6057 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Lucid Group Inc. | 2347116 | &nbsp;&nbsp;&nbsp;&nbsp; 4647 |
|  | &nbsp;&nbsp;&nbsp;Winnebago Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100011 | &nbsp;&nbsp;&nbsp;&nbsp; 3599 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1162764** |
| **Broadline Retail (25.1%)** | **Broadline Retail (25.1%)** | **Broadline Retail (25.1%)** | **Broadline Retail (25.1%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 6764023 | &nbsp;&nbsp;&nbsp;&nbsp;1548961 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MercadoLibre Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48673 | &nbsp;&nbsp;&nbsp;&nbsp; 120364 |
|  | &nbsp;&nbsp;&nbsp;eBay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;538023 | &nbsp;&nbsp;&nbsp;&nbsp; 48750 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;87570 | &nbsp;&nbsp;&nbsp;&nbsp; 11107 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Etsy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;152736 | &nbsp;&nbsp;&nbsp;&nbsp; 8097 |
|  | &nbsp;&nbsp;&nbsp;Macy's Inc. | &nbsp;&nbsp;&nbsp;&nbsp;469350 | &nbsp;&nbsp;&nbsp;&nbsp; 6210 |
|  | &nbsp;&nbsp;&nbsp;Dillard's Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8526 | &nbsp;&nbsp;&nbsp;&nbsp; 4543 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;284895 | &nbsp;&nbsp;&nbsp;&nbsp; 4291 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Groupon Inc. | &nbsp;&nbsp;&nbsp;&nbsp;106024 | &nbsp;&nbsp;&nbsp;&nbsp; 2767 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Savers Value Village Inc. | &nbsp;&nbsp;&nbsp;&nbsp;160274 | &nbsp;&nbsp;&nbsp;&nbsp; 1938 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QVC Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31736 | &nbsp;&nbsp;&nbsp;&nbsp; 272 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1757300** |
| **Distributors (0.8%)** | **Distributors (0.8%)** | **Distributors (0.8%)** | **Distributors (0.8%)** |
|  | &nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;161049 | &nbsp;&nbsp;&nbsp;&nbsp; 22439 |
|  | &nbsp;&nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;45268 | &nbsp;&nbsp;&nbsp;&nbsp; 14065 |
|  | &nbsp;&nbsp;&nbsp;LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;344173 | &nbsp;&nbsp;&nbsp;&nbsp; 11227 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;GigaCloud Technology Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;102489 | &nbsp;&nbsp;&nbsp;&nbsp; 2713 |
|  | &nbsp;&nbsp;&nbsp;A-Mark Precious Metals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76214 | &nbsp;&nbsp;&nbsp;&nbsp; 1784 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **52228** |

---

------

Consumer Discretionary Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Diversified Consumer Services (2.0%)** | **Diversified Consumer Services (2.0%)** | **Diversified Consumer Services (2.0%)** | **Diversified Consumer Services (2.0%)** |
|  | &nbsp;&nbsp;&nbsp;Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;179421 | &nbsp;&nbsp;&nbsp;&nbsp; 14219 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Duolingo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43891 | &nbsp;&nbsp;&nbsp;&nbsp; 13073 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stride Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65006 | &nbsp;&nbsp;&nbsp;&nbsp; 10608 |
|  | &nbsp;&nbsp;&nbsp;H&R Block Inc. | &nbsp;&nbsp;&nbsp;&nbsp;187708 | &nbsp;&nbsp;&nbsp;&nbsp; 9451 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79714 | &nbsp;&nbsp;&nbsp;&nbsp; 9410 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Grand Canyon Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43748 | &nbsp;&nbsp;&nbsp;&nbsp; 8818 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adtalem Global Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64301 | &nbsp;&nbsp;&nbsp;&nbsp; 8420 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Frontdoor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;131034 | &nbsp;&nbsp;&nbsp;&nbsp; 7960 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Laureate Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;249793 | &nbsp;&nbsp;&nbsp;&nbsp; 6864 |
|  | &nbsp;&nbsp;&nbsp;ADT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;765802 | &nbsp;&nbsp;&nbsp;&nbsp; 6670 |
|  | &nbsp;&nbsp;&nbsp;Graham Holdings Co. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5856 | &nbsp;&nbsp;&nbsp;&nbsp; 6360 |
|  | &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;219251 | &nbsp;&nbsp;&nbsp;&nbsp; 4949 |
|  | &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | &nbsp;&nbsp;&nbsp;&nbsp;146938 | &nbsp;&nbsp;&nbsp;&nbsp; 4811 |
|  | &nbsp;&nbsp;&nbsp;Strategic Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55128 | &nbsp;&nbsp;&nbsp;&nbsp; 4485 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coursera Inc. | &nbsp;&nbsp;&nbsp;&nbsp;353707 | &nbsp;&nbsp;&nbsp;&nbsp; 4068 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Universal Technical Institute Inc. | &nbsp;&nbsp;&nbsp;&nbsp;147281 | &nbsp;&nbsp;&nbsp;&nbsp; 3916 |
|  | &nbsp;&nbsp;&nbsp;Matthews International Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;121494 | &nbsp;&nbsp;&nbsp;&nbsp; 2985 |
|  | &nbsp;&nbsp;&nbsp;Carriage Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54381 | &nbsp;&nbsp;&nbsp;&nbsp; 2381 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Udemy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;337810 | &nbsp;&nbsp;&nbsp;&nbsp; 2318 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mister Car Wash Inc. | &nbsp;&nbsp;&nbsp;&nbsp;402492 | &nbsp;&nbsp;&nbsp;&nbsp; 2298 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lincoln Educational Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;117653 | &nbsp;&nbsp;&nbsp;&nbsp; 2213 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;KinderCare Learning Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;121673 | &nbsp;&nbsp;&nbsp;&nbsp; 875 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chegg Inc. | &nbsp;&nbsp;&nbsp;&nbsp;445526 | &nbsp;&nbsp;&nbsp;&nbsp; 655 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;European Wax Center Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;124540 | &nbsp;&nbsp;&nbsp;&nbsp; 534 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **138341** |
| **Hotels, Restaurants & Leisure (22.5%)** | **Hotels, Restaurants & Leisure (22.5%)** | **Hotels, Restaurants & Leisure (22.5%)** | **Hotels, Restaurants & Leisure (22.5%)** |
|  | &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;753040 | &nbsp;&nbsp;&nbsp;&nbsp; 236108 |
|  | &nbsp;&nbsp;&nbsp;Booking Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34969 | &nbsp;&nbsp;&nbsp;&nbsp; 195793 |
|  | &nbsp;&nbsp;&nbsp;Starbucks Corp. | 1210679 | &nbsp;&nbsp;&nbsp;&nbsp; 106770 |
|  | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;274230 | &nbsp;&nbsp;&nbsp;&nbsp; 99606 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DoorDash Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;380408 | &nbsp;&nbsp;&nbsp;&nbsp; 93295 |
|  | &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;265993 | &nbsp;&nbsp;&nbsp;&nbsp; 73430 |
|  | &nbsp;&nbsp;&nbsp;Marriott International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;257555 | &nbsp;&nbsp;&nbsp;&nbsp; 68989 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill Inc. | 1471106 | &nbsp;&nbsp;&nbsp;&nbsp; 61992 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Airbnb Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;473465 | &nbsp;&nbsp;&nbsp;&nbsp; 61801 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Flutter Entertainment plc | &nbsp;&nbsp;&nbsp;&nbsp;190919 | &nbsp;&nbsp;&nbsp;&nbsp; 58645 |
|  | &nbsp;&nbsp;&nbsp;Yum! Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;308623 | &nbsp;&nbsp;&nbsp;&nbsp; 45358 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Carnival Corp. | 1174599 | &nbsp;&nbsp;&nbsp;&nbsp; 37458 |
|  | &nbsp;&nbsp;&nbsp;Expedia Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;145322 | &nbsp;&nbsp;&nbsp;&nbsp; 31215 |
|  | &nbsp;&nbsp;&nbsp;Darden Restaurants Inc. | &nbsp;&nbsp;&nbsp;&nbsp;135111 | &nbsp;&nbsp;&nbsp;&nbsp; 27960 |
|  | &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;431182 | &nbsp;&nbsp;&nbsp;&nbsp; 24849 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DraftKings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;517186 | &nbsp;&nbsp;&nbsp;&nbsp; 24815 |
|  | &nbsp;&nbsp;&nbsp;Domino's Pizza Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40285 | &nbsp;&nbsp;&nbsp;&nbsp; 18463 |
|  | &nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;124601 | &nbsp;&nbsp;&nbsp;&nbsp; 15793 |
|  | &nbsp;&nbsp;&nbsp;Texas Roadhouse Inc. | &nbsp;&nbsp;&nbsp;&nbsp;82674 | &nbsp;&nbsp;&nbsp;&nbsp; 14265 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;561169 | &nbsp;&nbsp;&nbsp;&nbsp; 13939 |
|  | &nbsp;&nbsp;&nbsp;Aramark | &nbsp;&nbsp;&nbsp;&nbsp;332234 | &nbsp;&nbsp;&nbsp;&nbsp; 12994 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MGM Resorts International | &nbsp;&nbsp;&nbsp;&nbsp;307173 | &nbsp;&nbsp;&nbsp;&nbsp; 12192 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Planet Fitness Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;116016 | &nbsp;&nbsp;&nbsp;&nbsp; 12159 |
|  | &nbsp;&nbsp;&nbsp;Wingstop Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36338 | &nbsp;&nbsp;&nbsp;&nbsp; 11923 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dutch Bros Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;164570 | &nbsp;&nbsp;&nbsp;&nbsp; 11821 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Light & Wonder Inc. | &nbsp;&nbsp;&nbsp;&nbsp;114737 | &nbsp;&nbsp;&nbsp;&nbsp; 10610 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Brinker International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63622 | &nbsp;&nbsp;&nbsp;&nbsp; 9924 |
|  | &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;110263 | &nbsp;&nbsp;&nbsp;&nbsp; 9550 |
|  | &nbsp;&nbsp;&nbsp;Churchill Downs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90672 | &nbsp;&nbsp;&nbsp;&nbsp; 9405 |
|  | &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;105715 | &nbsp;&nbsp;&nbsp;&nbsp; 9077 |
|  | &nbsp;&nbsp;&nbsp;Vail Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54354 | &nbsp;&nbsp;&nbsp;&nbsp; 8903 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cava Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;131104 | &nbsp;&nbsp;&nbsp;&nbsp; 8856 |
|  | &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;60916 | &nbsp;&nbsp;&nbsp;&nbsp; 8789 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Caesars Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;299978 | &nbsp;&nbsp;&nbsp;&nbsp; 8030 |
|  | &nbsp;&nbsp;&nbsp;Travel & Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;114150 | &nbsp;&nbsp;&nbsp;&nbsp; 7215 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Shake Shack Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;62653 | &nbsp;&nbsp;&nbsp;&nbsp; 6641 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Life Time Group Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;225315 | &nbsp;&nbsp;&nbsp;&nbsp; 6291 |
|  | &nbsp;&nbsp;&nbsp;Cheesecake Factory Inc. | &nbsp;&nbsp;&nbsp;&nbsp;98051 | &nbsp;&nbsp;&nbsp;&nbsp; 6026 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Choice Hotels International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49104 | &nbsp;&nbsp;&nbsp;&nbsp; 5872 |
|  | &nbsp;&nbsp;&nbsp;Red Rock Resorts Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;93240 | &nbsp;&nbsp;&nbsp;&nbsp; 5769 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Penn Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;283976 | &nbsp;&nbsp;&nbsp;&nbsp; 5745 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Inc. | &nbsp;&nbsp;&nbsp;&nbsp;119500 | &nbsp;&nbsp;&nbsp;&nbsp; 5679 |

---

------

Consumer Discretionary Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rush Street Interactive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;228847 | &nbsp;&nbsp;&nbsp;&nbsp; 5103 |
|  | &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;62805 | &nbsp;&nbsp;&nbsp;&nbsp; 4908 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;190783 | &nbsp;&nbsp;&nbsp;&nbsp; 4329 |
|  | &nbsp;&nbsp;&nbsp;Monarch Casino & Resort Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41067 | &nbsp;&nbsp;&nbsp;&nbsp; 4285 |
|  | &nbsp;&nbsp;&nbsp;Wendy's Co. | &nbsp;&nbsp;&nbsp;&nbsp;400467 | &nbsp;&nbsp;&nbsp;&nbsp; 4249 |
|  | &nbsp;&nbsp;&nbsp;Papa John's International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85199 | &nbsp;&nbsp;&nbsp;&nbsp; 4150 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Parks & Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74895 | &nbsp;&nbsp;&nbsp;&nbsp; 3938 |
|  | &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61154 | &nbsp;&nbsp;&nbsp;&nbsp; 3658 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;First Watch Restaurant Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;182883 | &nbsp;&nbsp;&nbsp;&nbsp; 3446 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sweetgreen Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;376187 | &nbsp;&nbsp;&nbsp;&nbsp; 3423 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pursuit Attractions & Hospitality Inc. | &nbsp;&nbsp;&nbsp;&nbsp;87383 | &nbsp;&nbsp;&nbsp;&nbsp; 3259 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;114027 | &nbsp;&nbsp;&nbsp;&nbsp; 2927 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Accel Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;244723 | &nbsp;&nbsp;&nbsp;&nbsp; 2836 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sabre Corp. | 1520254 | &nbsp;&nbsp;&nbsp;&nbsp; 2721 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BJ's Restaurants Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72589 | &nbsp;&nbsp;&nbsp;&nbsp; 2436 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kura Sushi USA Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;27497 | &nbsp;&nbsp;&nbsp;&nbsp; 2332 |
|  | &nbsp;&nbsp;&nbsp;Bloomin' Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;316252 | &nbsp;&nbsp;&nbsp;&nbsp; 2324 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;158337 | &nbsp;&nbsp;&nbsp;&nbsp; 2309 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Portillo's Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;280058 | &nbsp;&nbsp;&nbsp;&nbsp; 1983 |
|  | &nbsp;&nbsp;&nbsp;Golden Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75255 | &nbsp;&nbsp;&nbsp;&nbsp; 1872 |
|  | &nbsp;&nbsp;&nbsp;Dine Brands Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64312 | &nbsp;&nbsp;&nbsp;&nbsp; 1540 |
|  | &nbsp;&nbsp;&nbsp;Krispy Kreme Inc. | &nbsp;&nbsp;&nbsp;&nbsp;387767 | &nbsp;&nbsp;&nbsp;&nbsp; 1377 |
|  | &nbsp;&nbsp;&nbsp;Jack in the Box Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70100 | &nbsp;&nbsp;&nbsp;&nbsp; 1353 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Target Hospitality Corp. | &nbsp;&nbsp;&nbsp;&nbsp;143351 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 |
|  | &nbsp;&nbsp;&nbsp;RCI Hospitality Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33569 | &nbsp;&nbsp;&nbsp;&nbsp; 1249 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Soho House & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;120645 | &nbsp;&nbsp;&nbsp;&nbsp; 1065 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Denny's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;212009 | &nbsp;&nbsp;&nbsp;&nbsp; 969 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Xponential Fitness Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;113516 | &nbsp;&nbsp;&nbsp;&nbsp; 955 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Lucky Strike Entertainment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;64214 | &nbsp;&nbsp;&nbsp;&nbsp; 687 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Bally's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22217 | &nbsp;&nbsp;&nbsp;&nbsp; 221 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1581219** |
| **Household Durables (5.3%)** | **Household Durables (5.3%)** | **Household Durables (5.3%)** | **Household Durables (5.3%)** |
|  | &nbsp;&nbsp;&nbsp;DR Horton Inc. | &nbsp;&nbsp;&nbsp;&nbsp;322028 | &nbsp;&nbsp;&nbsp;&nbsp; 54577 |
|  | &nbsp;&nbsp;&nbsp;Garmin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;179401 | &nbsp;&nbsp;&nbsp;&nbsp; 43383 |
|  | &nbsp;&nbsp;&nbsp;Lennar Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;268924 | &nbsp;&nbsp;&nbsp;&nbsp; 35805 |
|  | &nbsp;&nbsp;&nbsp;PulteGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;240975 | &nbsp;&nbsp;&nbsp;&nbsp; 31813 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NVR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3555 | &nbsp;&nbsp;&nbsp;&nbsp; 28858 |
|  | &nbsp;&nbsp;&nbsp;Somnigroup International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;238095 | &nbsp;&nbsp;&nbsp;&nbsp; 19988 |
|  | &nbsp;&nbsp;&nbsp;Toll Brothers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;124566 | &nbsp;&nbsp;&nbsp;&nbsp; 17315 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TopBuild Corp. | &nbsp;&nbsp;&nbsp;&nbsp;37876 | &nbsp;&nbsp;&nbsp;&nbsp; 15937 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mohawk Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73823 | &nbsp;&nbsp;&nbsp;&nbsp; 9796 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp. | &nbsp;&nbsp;&nbsp;&nbsp;142136 | &nbsp;&nbsp;&nbsp;&nbsp; 9576 |
|  | &nbsp;&nbsp;&nbsp;Installed Building Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33853 | &nbsp;&nbsp;&nbsp;&nbsp; 8863 |
|  | &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | &nbsp;&nbsp;&nbsp;&nbsp;105977 | &nbsp;&nbsp;&nbsp;&nbsp; 8233 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Whirlpool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;84943 | &nbsp;&nbsp;&nbsp;&nbsp; 7912 |
|  | &nbsp;&nbsp;&nbsp;KB Home | &nbsp;&nbsp;&nbsp;&nbsp;109276 | &nbsp;&nbsp;&nbsp;&nbsp; 6944 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cavco Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13030 | &nbsp;&nbsp;&nbsp;&nbsp; 6912 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Champion Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89503 | &nbsp;&nbsp;&nbsp;&nbsp; 6754 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;M/I Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44836 | &nbsp;&nbsp;&nbsp;&nbsp; 6603 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tri Pointe Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;163431 | &nbsp;&nbsp;&nbsp;&nbsp; 5774 |
|  | &nbsp;&nbsp;&nbsp;Newell Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;885171 | &nbsp;&nbsp;&nbsp;&nbsp; 5240 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Green Brick Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68837 | &nbsp;&nbsp;&nbsp;&nbsp; 4808 |
|  | &nbsp;&nbsp;&nbsp;Century Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65810 | &nbsp;&nbsp;&nbsp;&nbsp; 4336 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sonos Inc. | &nbsp;&nbsp;&nbsp;&nbsp;297125 | &nbsp;&nbsp;&nbsp;&nbsp; 4136 |
|  | &nbsp;&nbsp;&nbsp;La-Z-Boy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105639 | &nbsp;&nbsp;&nbsp;&nbsp; 3905 |
|  | &nbsp;&nbsp;&nbsp;Leggett & Platt Inc. | &nbsp;&nbsp;&nbsp;&nbsp;399606 | &nbsp;&nbsp;&nbsp;&nbsp; 3840 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LGI Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59336 | &nbsp;&nbsp;&nbsp;&nbsp; 3673 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dream Finders Homes Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;115535 | &nbsp;&nbsp;&nbsp;&nbsp; 3211 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Beazer Homes USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118608 | &nbsp;&nbsp;&nbsp;&nbsp; 2984 |
|  | &nbsp;&nbsp;&nbsp;Ethan Allen Interiors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99623 | &nbsp;&nbsp;&nbsp;&nbsp; 2940 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hovnanian Enterprises Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;18810 | &nbsp;&nbsp;&nbsp;&nbsp; 2640 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Helen of Troy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;94816 | &nbsp;&nbsp;&nbsp;&nbsp; 2328 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Legacy Housing Corp. | &nbsp;&nbsp;&nbsp;&nbsp;49929 | &nbsp;&nbsp;&nbsp;&nbsp; 1395 |
|  | &nbsp;&nbsp;&nbsp;Cricut Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;188009 | &nbsp;&nbsp;&nbsp;&nbsp; 1072 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lovesac Co. | &nbsp;&nbsp;&nbsp;&nbsp;49427 | &nbsp;&nbsp;&nbsp;&nbsp; 946 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GoPro Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;542479 | &nbsp;&nbsp;&nbsp;&nbsp; 846 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;iRobot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;128784 | &nbsp;&nbsp;&nbsp;&nbsp; 437 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Traeger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;250573 | &nbsp;&nbsp;&nbsp;&nbsp; 316 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **374096** |

---

------

Consumer Discretionary Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Leisure Products (0.9%)** | **Leisure Products (0.9%)** | **Leisure Products (0.9%)** | **Leisure Products (0.9%)** |
|  | &nbsp;&nbsp;&nbsp;Hasbro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;168313 | &nbsp;&nbsp;&nbsp;&nbsp; 13662 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mattel Inc. | &nbsp;&nbsp;&nbsp;&nbsp;470484 | &nbsp;&nbsp;&nbsp;&nbsp; 8610 |
|  | &nbsp;&nbsp;&nbsp;Brunswick Corp. | &nbsp;&nbsp;&nbsp;&nbsp;105878 | &nbsp;&nbsp;&nbsp;&nbsp; 6733 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Peloton Interactive Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;837436 | &nbsp;&nbsp;&nbsp;&nbsp; 6364 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;YETI Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;157720 | &nbsp;&nbsp;&nbsp;&nbsp; 5545 |
|  | &nbsp;&nbsp;&nbsp;Polaris Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96728 | &nbsp;&nbsp;&nbsp;&nbsp; 5473 |
|  | &nbsp;&nbsp;&nbsp;Acushnet Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;61888 | &nbsp;&nbsp;&nbsp;&nbsp; 4744 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;389847 | &nbsp;&nbsp;&nbsp;&nbsp; 3727 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Malibu Boats Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;79184 | &nbsp;&nbsp;&nbsp;&nbsp; 2629 |
|  | &nbsp;&nbsp;&nbsp;Sturm Ruger & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68416 | &nbsp;&nbsp;&nbsp;&nbsp; 2372 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Latham Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;192263 | &nbsp;&nbsp;&nbsp;&nbsp; 1544 |
|  | &nbsp;&nbsp;&nbsp;Smith & Wesson Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;180473 | &nbsp;&nbsp;&nbsp;&nbsp; 1474 |
|  | &nbsp;&nbsp;&nbsp;Johnson Outdoors Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;26417 | &nbsp;&nbsp;&nbsp;&nbsp; 1065 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Funko Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;156525 | &nbsp;&nbsp;&nbsp;&nbsp; 542 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Outdoor Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;379066 | &nbsp;&nbsp;&nbsp;&nbsp; 542 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **65026** |
| **Specialty Retail (20.5%)** | **Specialty Retail (20.5%)** | **Specialty Retail (20.5%)** | **Specialty Retail (20.5%)** |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | 1039434 | &nbsp;&nbsp;&nbsp;&nbsp; 422811 |
|  | &nbsp;&nbsp;&nbsp;TJX Cos. Inc. | 1188743 | &nbsp;&nbsp;&nbsp;&nbsp; 162394 |
|  | &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;557765 | &nbsp;&nbsp;&nbsp;&nbsp; 143937 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;928474 | &nbsp;&nbsp;&nbsp;&nbsp; 96264 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AutoZone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18177 | &nbsp;&nbsp;&nbsp;&nbsp; 76317 |
|  | &nbsp;&nbsp;&nbsp;Ross Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;361908 | &nbsp;&nbsp;&nbsp;&nbsp; 53258 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Carvana Co. | &nbsp;&nbsp;&nbsp;&nbsp;132618 | &nbsp;&nbsp;&nbsp;&nbsp; 49323 |
|  | &nbsp;&nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;603166 | &nbsp;&nbsp;&nbsp;&nbsp; 37252 |
|  | &nbsp;&nbsp;&nbsp;Williams-Sonoma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;147069 | &nbsp;&nbsp;&nbsp;&nbsp; 27677 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ulta Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55536 | &nbsp;&nbsp;&nbsp;&nbsp; 27364 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Burlington Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76233 | &nbsp;&nbsp;&nbsp;&nbsp; 22159 |
|  | &nbsp;&nbsp;&nbsp;Best Buy Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;241337 | &nbsp;&nbsp;&nbsp;&nbsp; 17772 |
|  | &nbsp;&nbsp;&nbsp;Dick's Sporting Goods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71510 | &nbsp;&nbsp;&nbsp;&nbsp; 15217 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chewy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;304201 | &nbsp;&nbsp;&nbsp;&nbsp; 12460 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GameStop Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;545343 | &nbsp;&nbsp;&nbsp;&nbsp; 12221 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CarMax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;197170 | &nbsp;&nbsp;&nbsp;&nbsp; 12096 |
|  | &nbsp;&nbsp;&nbsp;Lithia Motors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35681 | &nbsp;&nbsp;&nbsp;&nbsp; 12013 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Floor & Decor Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;140861 | &nbsp;&nbsp;&nbsp;&nbsp; 11539 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Five Below Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75012 | &nbsp;&nbsp;&nbsp;&nbsp; 10884 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Wayfair Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;132721 | &nbsp;&nbsp;&nbsp;&nbsp; 9901 |
|  | &nbsp;&nbsp;&nbsp;Murphy USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25662 | &nbsp;&nbsp;&nbsp;&nbsp; 9662 |
|  | &nbsp;&nbsp;&nbsp;Group 1 Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20083 | &nbsp;&nbsp;&nbsp;&nbsp; 9334 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AutoNation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40993 | &nbsp;&nbsp;&nbsp;&nbsp; 8981 |
|  | &nbsp;&nbsp;&nbsp;Bath & Body Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp;292909 | &nbsp;&nbsp;&nbsp;&nbsp; 8556 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boot Barn Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47539 | &nbsp;&nbsp;&nbsp;&nbsp; 8451 |
|  | &nbsp;&nbsp;&nbsp;Gap Inc. | &nbsp;&nbsp;&nbsp;&nbsp;367693 | &nbsp;&nbsp;&nbsp;&nbsp; 8093 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Asbury Automotive Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29399 | &nbsp;&nbsp;&nbsp;&nbsp; 7395 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Valvoline Inc. | &nbsp;&nbsp;&nbsp;&nbsp;186845 | &nbsp;&nbsp;&nbsp;&nbsp; 7246 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Urban Outfitters Inc. | &nbsp;&nbsp;&nbsp;&nbsp;106538 | &nbsp;&nbsp;&nbsp;&nbsp; 7147 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;74367 | &nbsp;&nbsp;&nbsp;&nbsp; 6956 |
|  | &nbsp;&nbsp;&nbsp;Advance Auto Parts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104957 | &nbsp;&nbsp;&nbsp;&nbsp; 6401 |
|  | &nbsp;&nbsp;&nbsp;Penske Automotive Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33905 | &nbsp;&nbsp;&nbsp;&nbsp; 6252 |
|  | &nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;70576 | &nbsp;&nbsp;&nbsp;&nbsp; 6214 |
|  | &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113069 | &nbsp;&nbsp;&nbsp;&nbsp; 6055 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RH | &nbsp;&nbsp;&nbsp;&nbsp;25882 | &nbsp;&nbsp;&nbsp;&nbsp; 5841 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Warby Parker Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;192360 | &nbsp;&nbsp;&nbsp;&nbsp; 5040 |
|  | &nbsp;&nbsp;&nbsp;American Eagle Outfitters Inc. | &nbsp;&nbsp;&nbsp;&nbsp;363447 | &nbsp;&nbsp;&nbsp;&nbsp; 4703 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Foot Locker Inc. | &nbsp;&nbsp;&nbsp;&nbsp;189059 | &nbsp;&nbsp;&nbsp;&nbsp; 4670 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;National Vision Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;198218 | &nbsp;&nbsp;&nbsp;&nbsp; 4547 |
|  | &nbsp;&nbsp;&nbsp;Buckle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78552 | &nbsp;&nbsp;&nbsp;&nbsp; 4445 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Victoria's Secret & Co. | &nbsp;&nbsp;&nbsp;&nbsp;183358 | &nbsp;&nbsp;&nbsp;&nbsp; 4221 |
|  | &nbsp;&nbsp;&nbsp;Winmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8813 | &nbsp;&nbsp;&nbsp;&nbsp; 4088 |
|  | &nbsp;&nbsp;&nbsp;Upbound Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;158734 | &nbsp;&nbsp;&nbsp;&nbsp; 4033 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sally Beauty Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;288804 | &nbsp;&nbsp;&nbsp;&nbsp; 4003 |
|  | &nbsp;&nbsp;&nbsp;Sonic Automotive Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;46779 | &nbsp;&nbsp;&nbsp;&nbsp; 3845 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ThredUP Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;336791 | &nbsp;&nbsp;&nbsp;&nbsp; 3644 |
|  | &nbsp;&nbsp;&nbsp;Camping World Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;201564 | &nbsp;&nbsp;&nbsp;&nbsp; 3529 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Revolve Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;153993 | &nbsp;&nbsp;&nbsp;&nbsp; 3445 |
|  | &nbsp;&nbsp;&nbsp;Build-A-Bear Workshop Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51780 | &nbsp;&nbsp;&nbsp;&nbsp; 3149 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RealReal Inc. | &nbsp;&nbsp;&nbsp;&nbsp;395016 | &nbsp;&nbsp;&nbsp;&nbsp; 3014 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arhaus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;211012 | &nbsp;&nbsp;&nbsp;&nbsp; 2475 |

---

------

Consumer Discretionary Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ODP Corp. | &nbsp;&nbsp;&nbsp;&nbsp;117996 | &nbsp;&nbsp;&nbsp;&nbsp; 2391 |
|  | &nbsp;&nbsp;&nbsp;Guess? Inc. | &nbsp;&nbsp;&nbsp;&nbsp;128804 | &nbsp;&nbsp;&nbsp;&nbsp; 2165 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bed Bath & Beyond Inc. | &nbsp;&nbsp;&nbsp;&nbsp;238187 | &nbsp;&nbsp;&nbsp;&nbsp; 2146 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stitch Fix Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;400998 | &nbsp;&nbsp;&nbsp;&nbsp; 2121 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MarineMax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79837 | &nbsp;&nbsp;&nbsp;&nbsp; 2104 |
|  | &nbsp;&nbsp;&nbsp;Caleres Inc. | &nbsp;&nbsp;&nbsp;&nbsp;139516 | &nbsp;&nbsp;&nbsp;&nbsp; 2093 |
|  | &nbsp;&nbsp;&nbsp;Monro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;123737 | &nbsp;&nbsp;&nbsp;&nbsp; 2052 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EVgo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;523520 | &nbsp;&nbsp;&nbsp;&nbsp; 2026 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Petco Health & Wellness Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;397871 | &nbsp;&nbsp;&nbsp;&nbsp; 1588 |
|  | &nbsp;&nbsp;&nbsp;Shoe Carnival Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73413 | &nbsp;&nbsp;&nbsp;&nbsp; 1534 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;America's Car-Mart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30738 | &nbsp;&nbsp;&nbsp;&nbsp; 1377 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Genesco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41563 | &nbsp;&nbsp;&nbsp;&nbsp; 1329 |
|  | &nbsp;&nbsp;&nbsp;Haverty Furniture Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55561 | &nbsp;&nbsp;&nbsp;&nbsp; 1253 |
|  | &nbsp;&nbsp;&nbsp;Arko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;211649 | &nbsp;&nbsp;&nbsp;&nbsp; 1058 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zumiez Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58620 | &nbsp;&nbsp;&nbsp;&nbsp; 1008 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sleep Number Corp. | &nbsp;&nbsp;&nbsp;&nbsp;79487 | &nbsp;&nbsp;&nbsp;&nbsp; 837 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;OneWater Marine Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;46838 | &nbsp;&nbsp;&nbsp;&nbsp; 788 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lands' End Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50423 | &nbsp;&nbsp;&nbsp;&nbsp; 724 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;1-800-Flowers.com Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;97966 | &nbsp;&nbsp;&nbsp;&nbsp; 549 |
|  | &nbsp;&nbsp;&nbsp;Designer Brands Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;118230 | &nbsp;&nbsp;&nbsp;&nbsp; 439 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Leslie's Inc. | &nbsp;&nbsp;&nbsp;&nbsp;741956 | &nbsp;&nbsp;&nbsp;&nbsp; 247 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Children's Place Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33213 | &nbsp;&nbsp;&nbsp;&nbsp; 168 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1438291** |
| **Textiles, Apparel & Luxury Goods (4.0%)** | **Textiles, Apparel & Luxury Goods (4.0%)** | **Textiles, Apparel & Luxury Goods (4.0%)** | **Textiles, Apparel & Luxury Goods (4.0%)** |
|  | &nbsp;&nbsp;&nbsp;NIKE Inc. Class B | 1275025 | &nbsp;&nbsp;&nbsp;&nbsp; 98649 |
|  | &nbsp;&nbsp;&nbsp;Tapestry Inc. | &nbsp;&nbsp;&nbsp;&nbsp;283458 | &nbsp;&nbsp;&nbsp;&nbsp; 28862 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125839 | &nbsp;&nbsp;&nbsp;&nbsp; 25445 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;177699 | &nbsp;&nbsp;&nbsp;&nbsp; 21258 |
|  | &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;51632 | &nbsp;&nbsp;&nbsp;&nbsp; 15331 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Skechers USA Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;169230 | &nbsp;&nbsp;&nbsp;&nbsp; 10675 |
|  | &nbsp;&nbsp;&nbsp;VF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;531105 | &nbsp;&nbsp;&nbsp;&nbsp; 8036 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Crocs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;87056 | &nbsp;&nbsp;&nbsp;&nbsp; 7591 |
|  | &nbsp;&nbsp;&nbsp;Wolverine World Wide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;230719 | &nbsp;&nbsp;&nbsp;&nbsp; 7369 |
|  | &nbsp;&nbsp;&nbsp;Kontoor Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89498 | &nbsp;&nbsp;&nbsp;&nbsp; 6914 |
|  | &nbsp;&nbsp;&nbsp;PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;81858 | &nbsp;&nbsp;&nbsp;&nbsp; 6902 |
|  | &nbsp;&nbsp;&nbsp;Levi Strauss & Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;223279 | &nbsp;&nbsp;&nbsp;&nbsp; 4995 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Capri Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;236259 | &nbsp;&nbsp;&nbsp;&nbsp; 4864 |
|  | &nbsp;&nbsp;&nbsp;Steven Madden Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;166474 | &nbsp;&nbsp;&nbsp;&nbsp; 4834 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hanesbrands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;746707 | &nbsp;&nbsp;&nbsp;&nbsp; 4712 |
|  | &nbsp;&nbsp;&nbsp;Columbia Sportswear Co. | &nbsp;&nbsp;&nbsp;&nbsp;74663 | &nbsp;&nbsp;&nbsp;&nbsp; 4160 |
|  | &nbsp;&nbsp;&nbsp;Carter's Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130537 | &nbsp;&nbsp;&nbsp;&nbsp; 3728 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;G-III Apparel Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;135674 | &nbsp;&nbsp;&nbsp;&nbsp; 3663 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Under Armour Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;693921 | &nbsp;&nbsp;&nbsp;&nbsp; 3470 |
|  | &nbsp;&nbsp;&nbsp;Oxford Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61675 | &nbsp;&nbsp;&nbsp;&nbsp; 2717 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Figs Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;380477 | &nbsp;&nbsp;&nbsp;&nbsp; 2682 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Under Armour Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;541649 | &nbsp;&nbsp;&nbsp;&nbsp; 2665 |
|  | &nbsp;&nbsp;&nbsp;Movado Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65106 | &nbsp;&nbsp;&nbsp;&nbsp; 1189 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **280711** |
| **Total Common Stocks (Cost $5,426,160)** | **Total Common Stocks (Cost $5,426,160)** | **Total Common Stocks (Cost $5,426,160)** | &nbsp;&nbsp;&nbsp;&nbsp;**7006372** |
| **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** |
| **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** |
| <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.362% **(Cost $17,880)** | &nbsp;&nbsp;&nbsp;&nbsp;178836 | &nbsp;&nbsp;&nbsp;&nbsp; **17882** |
| **Total Investments (100.1%) (Cost $5,444,040)** | **Total Investments (100.1%) (Cost $5,444,040)** | **Total Investments (100.1%) (Cost $5,444,040)** | &nbsp;&nbsp;&nbsp;&nbsp;**7024254** |
| **Other Assets and Liabilities—Net (-0.1%)** | **Other Assets and Liabilities—Net (-0.1%)** | **Other Assets and Liabilities—Net (-0.1%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(7843)** |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;**7016411** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $8,486. |
| 2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 3 | Collateral of $10,705 was received for securities on loan, of which $10,696 is held in Vanguard Market Liquidity Fund and $9 is held in cash. |

---

------

Consumer Discretionary Index Fund

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps |
| Reference Entity | Termination<br> Date | &nbsp;&nbsp;&nbsp;Counterparty | &nbsp;&nbsp;&nbsp;Notional<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Floating<br> Interest Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> (Depreciation) ($000) |
| Lowe's Cos Inc. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;10580 | &nbsp;&nbsp;&nbsp;(4.334) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |

---

1 Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. <br> BANA—Bank of America, N.A.

At August 31, 2025, the counterparties had deposited in segregated accounts securities with a value of $1,444 in connection with open over-the-counter swap contracts.

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

------

Consumer Discretionary Index Fund

Statement of Assets and Liabilities

As of August 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $5,426,160) | 7006372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $17,880) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17882 |
| Total Investments in Securities | 7024254 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1441 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2538 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total Assets** | **7029507** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10705 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13096** |
| **Net Assets** | **7016411** |
| 1 Includes $8,486 of securities on loan. |  |
| **At August 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 6063576 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;952835 |
| **Net Assets** | **7016411** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 16,426,723 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **6339343** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**$385.92** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 3,389,470 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;**677068** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**$199.76** |

---

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

------

Consumer Discretionary Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Year Ended<br> August 31, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends | &nbsp;&nbsp;&nbsp;&nbsp;52621 |
| Non-Cash Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3539 |
| Interest<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;57165 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Shareholders' Reports and Proxy Fees—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6335 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;**50830** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;347238 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;**347698** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | &nbsp;&nbsp;&nbsp;818024 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;**818024** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **1216552** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $189, $3, and ($3), respectively. Purchases and sales are for temporary cash investment purposes. |
| 2 | Includes $410,126 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

Consumer Discretionary Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48520 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;347698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315741 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;818024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304802 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 1216552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669063 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;(50847) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45919) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5474) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5299) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(56321) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51218) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;(247535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(194123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(36488) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78552) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;(284023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(272675) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;876208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345170 |
| **Net Assets** |  |  |
| **Beginning of Period** | **6140203** | &nbsp;&nbsp;&nbsp;&nbsp;**5795033** |
| **End of Period** | **7016411** | &nbsp;&nbsp;&nbsp;&nbsp;**6140203** |

---

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

------

Consumer Discretionary Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ETF Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$321.00** | &nbsp;&nbsp;&nbsp;**$286.85** | &nbsp;&nbsp;&nbsp;**$256.97** | &nbsp;&nbsp;&nbsp;**$320.99** | &nbsp;&nbsp;&nbsp;**$246.86** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.724 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.853 | &nbsp;&nbsp;&nbsp;&nbsp;(63.227) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.697 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67.879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.346 | &nbsp;&nbsp;&nbsp;&nbsp;(60.898) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78.421 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.959) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.612) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.291) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.959) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.612) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.291) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$385.92** | &nbsp;&nbsp;&nbsp;**$321.00** | &nbsp;&nbsp;&nbsp;**$286.85** | &nbsp;&nbsp;&nbsp;**$256.97** | &nbsp;&nbsp;&nbsp;**$320.99** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**21.23%** | &nbsp;&nbsp;&nbsp;**12.89%** | &nbsp;&nbsp;&nbsp;**12.75%** | &nbsp;&nbsp;&nbsp;**-19.11%** | &nbsp;&nbsp;&nbsp;**32.39%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$6339 | &nbsp;&nbsp;&nbsp;$5543 | &nbsp;&nbsp;&nbsp;$5187 | &nbsp;&nbsp;&nbsp;$4638 | &nbsp;&nbsp;&nbsp;$6658 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;0.10%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.10%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;0.60% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;8% |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

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

------

Consumer Discretionary Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$166.16** | &nbsp;&nbsp;&nbsp;**$148.47** | &nbsp;&nbsp;&nbsp;**$133.01** | &nbsp;&nbsp;&nbsp;**$166.15** | &nbsp;&nbsp;&nbsp;**$127.78** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.889 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.450 | &nbsp;&nbsp;&nbsp;&nbsp;(32.737) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.704 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.737 | &nbsp;&nbsp;&nbsp;&nbsp;(31.526) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.593 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.351) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.614) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.223) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.351) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.614) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.223) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$199.76** | &nbsp;&nbsp;&nbsp;**$166.16** | &nbsp;&nbsp;&nbsp;**$148.47** | &nbsp;&nbsp;&nbsp;**$133.01** | &nbsp;&nbsp;&nbsp;**$166.15** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**21.23%** | &nbsp;&nbsp;&nbsp;**12.90%** | &nbsp;&nbsp;&nbsp;**12.75%** | &nbsp;&nbsp;&nbsp;**-19.11%** | &nbsp;&nbsp;&nbsp;**32.39%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$677 | &nbsp;&nbsp;&nbsp;$597 | &nbsp;&nbsp;&nbsp;$608 | &nbsp;&nbsp;&nbsp;$523 | &nbsp;&nbsp;&nbsp;$753 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;0.10%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.10%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;0.60% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;8% |

---

---

| | |
|:---|:---|
| 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 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%. |
| 4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

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

------

Consumer Discretionary Index Fund

Notes to Financial Statements

Vanguard Consumer Discretionary Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and Admiral 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.

**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 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.

2. 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.

The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.

During the year ended August 31, 2025, the fund's average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of 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 virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for 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 at the fiscal year-end 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 Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. 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 Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may

------

Consumer Discretionary Index Fund

be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which 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 either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the year ended August 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

7. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. 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), shareholder reporting, and proxy fees. 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 and 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 August 31, 2025, the fund had contributed to Vanguard capital in the amount of $174,000, representing less than 0.01% of the fund's net assets and 0.07% of Vanguard's capital received pursuant to the FSA. 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 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.**

The following table summarizes the market value of the fund's investments and derivatives as of August 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 7006372 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;7006372 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17882 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17882 |
| Total | 7024254 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;7024254 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |

---

**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. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and
distributions in connection with fund share redemptions.

------

Consumer Discretionary Index Fund

Permanent differences were reclassified between the following accounts:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;410113 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(410113) |

---

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. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6216 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;1561491 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(614872) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952835 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;56321 | &nbsp;&nbsp;&nbsp;&nbsp;51218 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;56321 | &nbsp;&nbsp;&nbsp;&nbsp;51218 |

---

\* Includes short-term capital gains, if any.

As of August 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;5462763 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;2046648 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(485157) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;1561491 |

---

**E.** During the year ended August 31, 2025, the fund purchased $374,674,000 of investment securities and sold $415,097,000 of investment securities, other than temporary cash investments. In addition, the fund purchased
and sold investment securities of $774,379,000 and $1,035,708,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended August 31, 2025, such purchases were $1,831,000 and sales were $21,333,000, resulting in net realized loss of $2,711,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;801664 | &nbsp;&nbsp;&nbsp;&nbsp;2239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878723 | &nbsp;&nbsp;&nbsp;&nbsp;2925 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (1049199) | &nbsp;&nbsp;(3080) | &nbsp;&nbsp;(1072846) | &nbsp;&nbsp;(3740) |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;&nbsp;(247535) | &nbsp;&nbsp;&nbsp;&nbsp;(841) | &nbsp;&nbsp;&nbsp;&nbsp;(194123) | &nbsp;&nbsp;&nbsp;&nbsp;(815) |

---

------

Consumer Discretionary Index Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;121134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| Redeemed | &nbsp;&nbsp;&nbsp;(162232) | &nbsp;&nbsp;&nbsp;&nbsp;(881) | &nbsp;&nbsp;&nbsp;&nbsp;(190804) | &nbsp;&nbsp;(1232) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(36488) | &nbsp;&nbsp;&nbsp;&nbsp;(205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78552) | &nbsp;&nbsp;&nbsp;&nbsp;(502) |

---

**G.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

**H.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**I.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

------

Consumer Staples Index Fund

Financial Statements

#### Schedule of Investments
As of August 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 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (99.3%)** | **Common Stocks (99.3%)** | **Common Stocks (99.3%)** | **Common Stocks (99.3%)** |
| **Beverages (18.6%)** | **Beverages (18.6%)** | **Beverages (18.6%)** | **Beverages (18.6%)** |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 10508062 | &nbsp;&nbsp;&nbsp;&nbsp; 724951 |
|  | &nbsp;&nbsp;&nbsp;PepsiCo Inc. | 2698950 | &nbsp;&nbsp;&nbsp;&nbsp; 401199 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Monster Beverage Corp. | 2242455 | &nbsp;&nbsp;&nbsp;&nbsp; 139952 |
|  | &nbsp;&nbsp;&nbsp;Keurig Dr Pepper Inc. | 3976205 | &nbsp;&nbsp;&nbsp;&nbsp; 115668 |
|  | &nbsp;&nbsp;&nbsp;Constellation Brands Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;490228 | &nbsp;&nbsp;&nbsp;&nbsp; 79387 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Celsius Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;632001 | &nbsp;&nbsp;&nbsp;&nbsp; 39740 |
|  | &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co. Class B | &nbsp;&nbsp;&nbsp;&nbsp;697449 | &nbsp;&nbsp;&nbsp;&nbsp; 35214 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated Inc. | &nbsp;&nbsp;&nbsp;&nbsp;234849 | &nbsp;&nbsp;&nbsp;&nbsp; 27534 |
|  | &nbsp;&nbsp;&nbsp;Brown-Forman Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;833492 | &nbsp;&nbsp;&nbsp;&nbsp; 24955 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boston Beer Co. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70755 | &nbsp;&nbsp;&nbsp;&nbsp; 15643 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vita Coco Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;402683 | &nbsp;&nbsp;&nbsp;&nbsp; 14392 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;National Beverage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;265436 | &nbsp;&nbsp;&nbsp;&nbsp; 11162 |
|  | &nbsp;&nbsp;&nbsp;MGP Ingredients Inc. | &nbsp;&nbsp;&nbsp;&nbsp;168822 | &nbsp;&nbsp;&nbsp;&nbsp; 4992 |
|  | &nbsp;&nbsp;&nbsp;Primo Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16725 | &nbsp;&nbsp;&nbsp;&nbsp; 420 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1635209** |
| **Consumer Staples Distribution & Retail (36.6%)** | **Consumer Staples Distribution & Retail (36.6%)** | **Consumer Staples Distribution & Retail (36.6%)** | **Consumer Staples Distribution & Retail (36.6%)** |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | 11710077 | &nbsp;&nbsp;&nbsp;&nbsp;1135643 |
|  | &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 1181332 | &nbsp;&nbsp;&nbsp;&nbsp;1114374 |
|  | &nbsp;&nbsp;&nbsp;Target Corp. | 1384930 | &nbsp;&nbsp;&nbsp;&nbsp; 132926 |
|  | &nbsp;&nbsp;&nbsp;Kroger Co. | 1937189 | &nbsp;&nbsp;&nbsp;&nbsp; 131419 |
|  | &nbsp;&nbsp;&nbsp;Sysco Corp. | 1512466 | &nbsp;&nbsp;&nbsp;&nbsp; 121708 |
|  | &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;720610 | &nbsp;&nbsp;&nbsp;&nbsp; 78374 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dollar Tree Inc. | &nbsp;&nbsp;&nbsp;&nbsp;658700 | &nbsp;&nbsp;&nbsp;&nbsp; 71910 |
|  | &nbsp;&nbsp;&nbsp;Casey's General Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127133 | &nbsp;&nbsp;&nbsp;&nbsp; 62870 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;US Foods Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;796241 | &nbsp;&nbsp;&nbsp;&nbsp; 61788 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Performance Food Group Co. | &nbsp;&nbsp;&nbsp;&nbsp;551831 | &nbsp;&nbsp;&nbsp;&nbsp; 55956 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;467007 | &nbsp;&nbsp;&nbsp;&nbsp; 45617 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sprouts Farmers Market Inc. | &nbsp;&nbsp;&nbsp;&nbsp;276692 | &nbsp;&nbsp;&nbsp;&nbsp; 38886 |
|  | &nbsp;&nbsp;&nbsp;Albertsons Cos. Inc. Class A | 1577212 | &nbsp;&nbsp;&nbsp;&nbsp; 30693 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Maplebear Inc. | &nbsp;&nbsp;&nbsp;&nbsp;625327 | &nbsp;&nbsp;&nbsp;&nbsp; 27120 |
|  | &nbsp;&nbsp;&nbsp;PriceSmart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;170966 | &nbsp;&nbsp;&nbsp;&nbsp; 18338 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chefs' Warehouse Inc. | &nbsp;&nbsp;&nbsp;&nbsp;276022 | &nbsp;&nbsp;&nbsp;&nbsp; 17428 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Grocery Outlet Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;882641 | &nbsp;&nbsp;&nbsp;&nbsp; 15985 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Natural Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;537605 | &nbsp;&nbsp;&nbsp;&nbsp; 15203 |
|  | &nbsp;&nbsp;&nbsp;Andersons Inc. | &nbsp;&nbsp;&nbsp;&nbsp;366930 | &nbsp;&nbsp;&nbsp;&nbsp; 15007 |
|  | &nbsp;&nbsp;&nbsp;Weis Markets Inc. | &nbsp;&nbsp;&nbsp;&nbsp;154645 | &nbsp;&nbsp;&nbsp;&nbsp; 11080 |
|  | &nbsp;&nbsp;&nbsp;Ingles Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;156486 | &nbsp;&nbsp;&nbsp;&nbsp; 10593 |
|  | &nbsp;&nbsp;&nbsp;SpartanNash Co. | &nbsp;&nbsp;&nbsp;&nbsp;383260 | &nbsp;&nbsp;&nbsp;&nbsp; 10271 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Guardian Pharmacy Services Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20055 | &nbsp;&nbsp;&nbsp;&nbsp; 530 |
|  | &nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10448 | &nbsp;&nbsp;&nbsp;&nbsp; 402 |
|  | &nbsp;&nbsp;&nbsp;Village Super Market Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10625 | &nbsp;&nbsp;&nbsp;&nbsp; 386 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3224507** |
| **Food Products (14.9%)** | **Food Products (14.9%)** | **Food Products (14.9%)** | **Food Products (14.9%)** |
|  | &nbsp;&nbsp;&nbsp;Mondelez International Inc. Class A | 3834031 | &nbsp;&nbsp;&nbsp;&nbsp; 235563 |
|  | &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 1549656 | &nbsp;&nbsp;&nbsp;&nbsp; 97070 |
|  | &nbsp;&nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;481180 | &nbsp;&nbsp;&nbsp;&nbsp; 88417 |
|  | &nbsp;&nbsp;&nbsp;General Mills Inc. | 1753128 | &nbsp;&nbsp;&nbsp;&nbsp; 86482 |
|  | &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 2917124 | &nbsp;&nbsp;&nbsp;&nbsp; 81592 |
|  | &nbsp;&nbsp;&nbsp;Kellanova | &nbsp;&nbsp;&nbsp;&nbsp;916833 | &nbsp;&nbsp;&nbsp;&nbsp; 72888 |
|  | &nbsp;&nbsp;&nbsp;Tyson Foods Inc. Class A | 1004138 | &nbsp;&nbsp;&nbsp;&nbsp; 57015 |
|  | &nbsp;&nbsp;&nbsp;McCormick & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;793060 | &nbsp;&nbsp;&nbsp;&nbsp; 55808 |
|  | &nbsp;&nbsp;&nbsp;J M Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;398744 | &nbsp;&nbsp;&nbsp;&nbsp; 44065 |
|  | &nbsp;&nbsp;&nbsp;Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp;519066 | &nbsp;&nbsp;&nbsp;&nbsp; 43716 |
|  | &nbsp;&nbsp;&nbsp;Conagra Brands Inc. | 1824711 | &nbsp;&nbsp;&nbsp;&nbsp; 34907 |
|  | &nbsp;&nbsp;&nbsp;Ingredion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;261822 | &nbsp;&nbsp;&nbsp;&nbsp; 33916 |
|  | &nbsp;&nbsp;&nbsp;Lamb Weston Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;578143 | &nbsp;&nbsp;&nbsp;&nbsp; 33261 |
|  | &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 1228780 | &nbsp;&nbsp;&nbsp;&nbsp; 31260 |
|  | &nbsp;&nbsp;&nbsp;The Campbell's Co. | &nbsp;&nbsp;&nbsp;&nbsp;845623 | &nbsp;&nbsp;&nbsp;&nbsp; 27001 |
|  | &nbsp;&nbsp;&nbsp;Cal-Maine Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;224781 | &nbsp;&nbsp;&nbsp;&nbsp; 25994 |

---

------

Consumer Staples Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Post Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;226563 | &nbsp;&nbsp;&nbsp;&nbsp; 25636 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Darling Ingredients Inc. | &nbsp;&nbsp;&nbsp;&nbsp;720411 | &nbsp;&nbsp;&nbsp;&nbsp; 24465 |
|  | &nbsp;&nbsp;&nbsp;Marzetti Co. | &nbsp;&nbsp;&nbsp;&nbsp;114245 | &nbsp;&nbsp;&nbsp;&nbsp; 20861 |
|  | &nbsp;&nbsp;&nbsp;Flowers Foods Inc. | 1183149 | &nbsp;&nbsp;&nbsp;&nbsp; 17794 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vital Farms Inc. | &nbsp;&nbsp;&nbsp;&nbsp;328921 | &nbsp;&nbsp;&nbsp;&nbsp; 16805 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Simply Good Foods Co. | &nbsp;&nbsp;&nbsp;&nbsp;576546 | &nbsp;&nbsp;&nbsp;&nbsp; 16506 |
|  | &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | &nbsp;&nbsp;&nbsp;&nbsp;350064 | &nbsp;&nbsp;&nbsp;&nbsp; 15560 |
|  | &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;421511 | &nbsp;&nbsp;&nbsp;&nbsp; 15292 |
|  | &nbsp;&nbsp;&nbsp;J & J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;135602 | &nbsp;&nbsp;&nbsp;&nbsp; 15129 |
|  | &nbsp;&nbsp;&nbsp;WK Kellogg Co. | &nbsp;&nbsp;&nbsp;&nbsp;657663 | &nbsp;&nbsp;&nbsp;&nbsp; 15074 |
|  | &nbsp;&nbsp;&nbsp;Seaboard Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3281 | &nbsp;&nbsp;&nbsp;&nbsp; 13023 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Freshpet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;216821 | &nbsp;&nbsp;&nbsp;&nbsp; 12103 |
|  | &nbsp;&nbsp;&nbsp;Utz Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;795975 | &nbsp;&nbsp;&nbsp;&nbsp; 10682 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TreeHouse Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;507372 | &nbsp;&nbsp;&nbsp;&nbsp; 9305 |
|  | &nbsp;&nbsp;&nbsp;Tootsie Roll Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;168412 | &nbsp;&nbsp;&nbsp;&nbsp; 6772 |
|  | &nbsp;&nbsp;&nbsp;John B Sanfilippo & Son Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102170 | &nbsp;&nbsp;&nbsp;&nbsp; 6631 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mission Produce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;481684 | &nbsp;&nbsp;&nbsp;&nbsp; 6026 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Seneca Foods Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51625 | &nbsp;&nbsp;&nbsp;&nbsp; 5844 |
|  | &nbsp;&nbsp;&nbsp;Calavo Growers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;191325 | &nbsp;&nbsp;&nbsp;&nbsp; 5233 |
|  | &nbsp;&nbsp;&nbsp;B&G Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;892355 | &nbsp;&nbsp;&nbsp;&nbsp; 4024 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Westrock Coffee Co. | &nbsp;&nbsp;&nbsp;&nbsp;424603 | &nbsp;&nbsp;&nbsp;&nbsp; 2297 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hain Celestial Group Inc. | 1033248 | &nbsp;&nbsp;&nbsp;&nbsp; 1860 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Beyond Meat Inc. | &nbsp;&nbsp;&nbsp;&nbsp;696999 | &nbsp;&nbsp;&nbsp;&nbsp; 1742 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1317619** |
| **Household Products (16.9%)** | **Household Products (16.9%)** | **Household Products (16.9%)** | **Household Products (16.9%)** |
|  | &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 6160921 | &nbsp;&nbsp;&nbsp;&nbsp; 967511 |
|  | &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 2301075 | &nbsp;&nbsp;&nbsp;&nbsp; 193451 |
|  | &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 1017325 | &nbsp;&nbsp;&nbsp;&nbsp; 131377 |
|  | &nbsp;&nbsp;&nbsp;Church & Dwight Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;803178 | &nbsp;&nbsp;&nbsp;&nbsp; 74824 |
|  | &nbsp;&nbsp;&nbsp;Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;367021 | &nbsp;&nbsp;&nbsp;&nbsp; 43382 |
|  | &nbsp;&nbsp;&nbsp;WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83920 | &nbsp;&nbsp;&nbsp;&nbsp; 18130 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Central Garden & Pet Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;483074 | &nbsp;&nbsp;&nbsp;&nbsp; 15956 |
|  | &nbsp;&nbsp;&nbsp;Energizer Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;545442 | &nbsp;&nbsp;&nbsp;&nbsp; 15033 |
|  | &nbsp;&nbsp;&nbsp;Reynolds Consumer Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;646892 | &nbsp;&nbsp;&nbsp;&nbsp; 15014 |
|  | &nbsp;&nbsp;&nbsp;Spectrum Brands Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;222479 | &nbsp;&nbsp;&nbsp;&nbsp; 12679 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Central Garden & Pet Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91109 | &nbsp;&nbsp;&nbsp;&nbsp; 3319 |
|  | &nbsp;&nbsp;&nbsp;Oil-Dri Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8074 | &nbsp;&nbsp;&nbsp;&nbsp; 480 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1491156** |
| **Personal Care Products (3.6%)** | **Personal Care Products (3.6%)** | **Personal Care Products (3.6%)** | **Personal Care Products (3.6%)** |
|  | &nbsp;&nbsp;&nbsp;Kenvue Inc. | 5891697 | &nbsp;&nbsp;&nbsp;&nbsp; 122017 |
|  | &nbsp;&nbsp;&nbsp;Estee Lauder Cos. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;787543 | &nbsp;&nbsp;&nbsp;&nbsp; 72241 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;e.l.f. Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;252145 | &nbsp;&nbsp;&nbsp;&nbsp; 31518 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BellRing Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;510950 | &nbsp;&nbsp;&nbsp;&nbsp; 20975 |
|  | &nbsp;&nbsp;&nbsp;Interparfums Inc. | &nbsp;&nbsp;&nbsp;&nbsp;138162 | &nbsp;&nbsp;&nbsp;&nbsp; 15881 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coty Inc. Class A | 3105547 | &nbsp;&nbsp;&nbsp;&nbsp; 13292 |
|  | &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co. | &nbsp;&nbsp;&nbsp;&nbsp;509889 | &nbsp;&nbsp;&nbsp;&nbsp; 12248 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Herbalife Ltd. | 1143063 | &nbsp;&nbsp;&nbsp;&nbsp; 11179 |
|  | &nbsp;&nbsp;&nbsp;Nu Skin Enterprises Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;558858 | &nbsp;&nbsp;&nbsp;&nbsp; 6801 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;USANA Health Sciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;128240 | &nbsp;&nbsp;&nbsp;&nbsp; 4092 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Olaplex Holdings Inc. | 1494601 | &nbsp;&nbsp;&nbsp;&nbsp; 2137 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Beauty Health Co. | &nbsp;&nbsp;&nbsp;&nbsp;924944 | &nbsp;&nbsp;&nbsp;&nbsp; 1924 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Medifast Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125532 | &nbsp;&nbsp;&nbsp;&nbsp; 1761 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Honest Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;103111 | &nbsp;&nbsp;&nbsp;&nbsp; 408 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **316474** |
| **Tobacco (8.7%)** | **Tobacco (8.7%)** | **Tobacco (8.7%)** | **Tobacco (8.7%)** |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | 2427135 | &nbsp;&nbsp;&nbsp;&nbsp; 405647 |
|  | &nbsp;&nbsp;&nbsp;Altria Group Inc. | 4955089 | &nbsp;&nbsp;&nbsp;&nbsp; 333031 |
|  | &nbsp;&nbsp;&nbsp;Turning Point Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;159879 | &nbsp;&nbsp;&nbsp;&nbsp; 15908 |
|  | &nbsp;&nbsp;&nbsp;Universal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;261750 | &nbsp;&nbsp;&nbsp;&nbsp; 14645 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **769231** |
| **Total Common Stocks (Cost $7,650,667)** | **Total Common Stocks (Cost $7,650,667)** | **Total Common Stocks (Cost $7,650,667)** | &nbsp;&nbsp;&nbsp;&nbsp;**8754196** |

---

------

Consumer Staples Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** |
| **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** |
| <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.362% **(Cost $54,000)** | 540063 | &nbsp;&nbsp;&nbsp;&nbsp; **54001** |
| **Total Investments (99.9%) (Cost $7,704,667)** | **Total Investments (99.9%) (Cost $7,704,667)** | **Total Investments (99.9%) (Cost $7,704,667)** | &nbsp;&nbsp;&nbsp;&nbsp;**8808197** |
| **Other Assets and Liabilities—Net (0.1%)** | **Other Assets and Liabilities—Net (0.1%)** | **Other Assets and Liabilities—Net (0.1%)** | &nbsp;&nbsp;&nbsp;&nbsp;**8599** |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;**8816796** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $1,701. |
| 2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 3 | Collateral of $2,040 was received for securities on loan, of which $2,038 is held in Vanguard Market Liquidity Fund and $2 is held in cash. |

---

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps |
| Reference Entity | Termination<br> Date | &nbsp;&nbsp;&nbsp;Counterparty | &nbsp;&nbsp;&nbsp;Notional<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Floating<br> Interest Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> (Depreciation) ($000) |
| Clorox Co. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;7092 | &nbsp;&nbsp;&nbsp;(4.334) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| McCormick & Co Inc. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;4926 | &nbsp;&nbsp;&nbsp;(4.334) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Sprouts Farmers Market Inc. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;9557 | &nbsp;&nbsp;&nbsp;(4.334) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |

---

1 Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. <br> BANA—Bank of America, N.A.

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

------

Consumer Staples Index Fund

Statement of Assets and Liabilities

As of August 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $7,650,667) | 8754196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $54,000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54001 |
| Total Investments in Securities | 8808197 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972 |
| Cash Collateral Pledged—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10613 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total Assets** | **8822077** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2244 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5281** |
| **Net Assets** | **8816796** |
| 1 Includes $1,701 of securities on loan. |  |
| **At August 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 8338788 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;478008 |
| **Net Assets** | **8816796** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 34,277,442 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **7510294** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**$219.10** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 12,093,378 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **1306502** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**$108.03** |

---

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

------

Consumer Staples Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Year Ended<br> August 31, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | 201125 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;1613 |
| Total Income | 203083 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;5762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;1108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Shareholders' Reports and Proxy Fees—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;8155 |
| **Net Investment Income** | **194928** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | 267841 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(3357) |
| **Realized Net Gain (Loss)** | **264484** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | (208829) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change in Unrealized Appreciation (Depreciation)** | **(208829)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **250583** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of ($50). |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $343, $3, and ($1), respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $472,731 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

Consumer Staples Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;194928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205120 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;264484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322547 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;(208829) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639329 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;250583 | &nbsp;&nbsp;&nbsp;&nbsp;1166996 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;(165813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175104) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(30160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33095) |
| Total Distributions | &nbsp;&nbsp;&nbsp;(195973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(208199) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;205780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(477157) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(48597) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40751) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;157183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(517908) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;211793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440889 |
| **Net Assets** |  |  |
| **Beginning of Period** | **8605003** | &nbsp;&nbsp;&nbsp;&nbsp;**8164114** |
| **End of Period** | **8816796** | &nbsp;&nbsp;&nbsp;&nbsp;**8605003** |

---

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

------

Consumer Staples Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ETF Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$217.66** | &nbsp;&nbsp;&nbsp;**$192.42** | &nbsp;&nbsp;&nbsp;**$188.63** | &nbsp;&nbsp;&nbsp;**$187.61** | &nbsp;&nbsp;&nbsp;**$167.31** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.385 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.341 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.726 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.936) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.223) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.824) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.427) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.936) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.223) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.824) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.427) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$219.10** | &nbsp;&nbsp;&nbsp;**$217.66** | &nbsp;&nbsp;&nbsp;**$192.42** | &nbsp;&nbsp;&nbsp;**$188.63** | &nbsp;&nbsp;&nbsp;**$187.61** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**2.99%** | &nbsp;&nbsp;&nbsp;**16.19%** | &nbsp;&nbsp;&nbsp;**4.65%** | &nbsp;&nbsp;&nbsp;**2.83%** | &nbsp;&nbsp;&nbsp;**15.01%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$7510 | &nbsp;&nbsp;&nbsp;$7260 | &nbsp;&nbsp;&nbsp;$6940 | &nbsp;&nbsp;&nbsp;$6747 | &nbsp;&nbsp;&nbsp;$5908 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;0.10%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.10%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;2.63% | &nbsp;&nbsp;&nbsp;2.57% | &nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;2.50% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;8% |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

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

------

Consumer Staples Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$107.32** | &nbsp;&nbsp;&nbsp;&nbsp;**$94.88** | &nbsp;&nbsp;&nbsp;**$93.01** | &nbsp;&nbsp;&nbsp;**$92.51** | &nbsp;&nbsp;&nbsp;**$82.50** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.160 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.448 | &nbsp;&nbsp;&nbsp;&nbsp;10.032 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.595 | &nbsp;&nbsp;&nbsp;&nbsp;12.192 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.433) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.576) | &nbsp;&nbsp;&nbsp;&nbsp;(2.377) | &nbsp;&nbsp;&nbsp;&nbsp;(2.095) | &nbsp;&nbsp;&nbsp;&nbsp;(2.183) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.433) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.576) | &nbsp;&nbsp;&nbsp;&nbsp;(2.377) | &nbsp;&nbsp;&nbsp;&nbsp;(2.095) | &nbsp;&nbsp;&nbsp;&nbsp;(2.183) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$108.03** | &nbsp;&nbsp;&nbsp;**$107.32** | &nbsp;&nbsp;&nbsp;**$94.88** | &nbsp;&nbsp;&nbsp;**$93.01** | &nbsp;&nbsp;&nbsp;**$92.51** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**2.99%** | &nbsp;&nbsp;&nbsp;**16.19%** | &nbsp;&nbsp;&nbsp;**4.65%** | &nbsp;&nbsp;&nbsp;**2.85%** | &nbsp;&nbsp;&nbsp;**15.04%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$1307 | &nbsp;&nbsp;&nbsp;$1345 | &nbsp;&nbsp;&nbsp;$1224 | &nbsp;&nbsp;&nbsp;$1225 | &nbsp;&nbsp;&nbsp;$846 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;0.10%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.10%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;2.62% | &nbsp;&nbsp;&nbsp;2.56% | &nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;2.50% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;8% |

---

---

| | |
|:---|:---|
| 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 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%. |
| 4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

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

------

Consumer Staples Index Fund

Notes to Financial Statements

Vanguard Consumer Staples Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and Admiral 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.

**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 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.

2. 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.

The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.

During the year ended August 31, 2025, the fund's average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of 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 virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for 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 at the fiscal year-end 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 Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. 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 Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may

------

Consumer Staples Index Fund

be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which 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 either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the year ended August 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

7. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. 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), shareholder reporting, and proxy fees. 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 and 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 August 31, 2025, the fund had contributed to Vanguard capital in the amount of $225,000, representing less than 0.01% of the fund's net assets and 0.09% of Vanguard's capital received pursuant to the FSA. 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 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.**

The following table summarizes the market value of the fund's investments and derivatives as of August 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 8754196 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;8754196 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54001 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54001 |
| Total | 8808197 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;8808197 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |

---

**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. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and
distributions in connection with fund share redemptions.

------

Consumer Staples Index Fund

Permanent differences were reclassified between the following accounts:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;472722 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(472722) |

---

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. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25014 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;1087855 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(634861) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478008 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;195973 | &nbsp;&nbsp;&nbsp;&nbsp;208199 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;195973 | &nbsp;&nbsp;&nbsp;&nbsp;208199 |

---

\* Includes short-term capital gains, if any.

As of August 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;7720342 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;1833257 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(745402) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;1087855 |

---

**E.** During the year ended August 31, 2025, the fund purchased $743,653,000 of investment securities and sold $808,973,000 of investment securities, other than temporary cash investments. In addition, the fund purchased
and sold investment securities of $1,300,743,000 and $1,133,406,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended August 31, 2025, such purchases were $5,074,000 and sales were $3,473,000, resulting in net realized loss of $3,082,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;1342567 | &nbsp;&nbsp;&nbsp;&nbsp;6129 | &nbsp;&nbsp;&nbsp;&nbsp;1041691<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5115<sup>1</sup> |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (1136787) | &nbsp;&nbsp;(5205) | &nbsp;&nbsp;(1518848)<sup>1</sup> | &nbsp;&nbsp;(7830)<sup>1</sup> |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;205780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(477157) | &nbsp;&nbsp;&nbsp;&nbsp;(2715) |

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------

Consumer Staples Index Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;346084 | &nbsp;&nbsp;&nbsp;&nbsp;3222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332518<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3462<sup>1</sup> |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 |
| Redeemed | &nbsp;&nbsp;&nbsp;(421428) | &nbsp;&nbsp;(3915) | &nbsp;&nbsp;&nbsp;&nbsp;(402710)<sup>1</sup> | &nbsp;&nbsp;(4135)<sup>1</sup> |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(48597) | &nbsp;&nbsp;&nbsp;&nbsp;(441) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(365) |

---

---

| | |
|:---|:---|
| 1 | Includes unsettled in-kind transactions as of August 31, 2024 for 1,290,000 issued shares and 1,275,000 redeemed shares valued at $280,162,000 and $272,639,000, respectively, which settled shortly afterwards. |

---

**G.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

**H.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**I.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

------

Energy Index Fund

Financial Statements

#### Schedule of Investments
As of August 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 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (99.3%)** | **Common Stocks (99.3%)** | **Common Stocks (99.3%)** | **Common Stocks (99.3%)** |
| **Coal & Consumable Fuels (0.9%)** | **Coal & Consumable Fuels (0.9%)** | **Coal & Consumable Fuels (0.9%)** | **Coal & Consumable Fuels (0.9%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Uranium Energy Corp. | 2290654 | &nbsp;&nbsp;&nbsp;&nbsp; 24487 |
|  | &nbsp;&nbsp;&nbsp;Core Natural Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;273282 | &nbsp;&nbsp;&nbsp;&nbsp; 20294 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Centrus Energy Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91979 | &nbsp;&nbsp;&nbsp;&nbsp; 18555 |
|  | &nbsp;&nbsp;&nbsp;Peabody Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;680609 | &nbsp;&nbsp;&nbsp;&nbsp; 11842 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ur-Energy Inc. | 3010161 | &nbsp;&nbsp;&nbsp;&nbsp; 4184 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **79362** |
| **Integrated Oil & Gas (40.4%)** | **Integrated Oil & Gas (40.4%)** | **Integrated Oil & Gas (40.4%)** | **Integrated Oil & Gas (40.4%)** |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 17963664 | &nbsp;&nbsp;&nbsp;&nbsp;2053067 |
|  | &nbsp;&nbsp;&nbsp;Chevron Corp. | 8941632 | &nbsp;&nbsp;&nbsp;&nbsp;1436026 |
|  | &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 3035424 | &nbsp;&nbsp;&nbsp;&nbsp; 144517 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3633610** |
| **Oil & Gas Drilling (0.9%)** | **Oil & Gas Drilling (0.9%)** | **Oil & Gas Drilling (0.9%)** | **Oil & Gas Drilling (0.9%)** |
|  | &nbsp;&nbsp;&nbsp;Noble Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;665088 | &nbsp;&nbsp;&nbsp;&nbsp; 19168 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Valaris Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;336250 | &nbsp;&nbsp;&nbsp;&nbsp; 16701 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Transocean Ltd. (XNYS) | 3991533 | &nbsp;&nbsp;&nbsp;&nbsp; 12094 |
|  | &nbsp;&nbsp;&nbsp;Patterson-UTI Energy Inc. | 1976045 | &nbsp;&nbsp;&nbsp;&nbsp; 11481 |
|  | &nbsp;&nbsp;&nbsp;Helmerich & Payne Inc. | &nbsp;&nbsp;&nbsp;&nbsp;545280 | &nbsp;&nbsp;&nbsp;&nbsp; 11391 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Seadrill Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;327443 | &nbsp;&nbsp;&nbsp;&nbsp; 10449 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nabors Industries Ltd. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98352 | &nbsp;&nbsp;&nbsp;&nbsp; 3667 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **84951** |
| **Oil & Gas Equipment & Services (9.3%)** | **Oil & Gas Equipment & Services (9.3%)** | **Oil & Gas Equipment & Services (9.3%)** | **Oil & Gas Equipment & Services (9.3%)** |
|  | &nbsp;&nbsp;&nbsp;Schlumberger NV | 6932080 | &nbsp;&nbsp;&nbsp;&nbsp; 255378 |
|  | &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 4605896 | &nbsp;&nbsp;&nbsp;&nbsp; 209108 |
|  | &nbsp;&nbsp;&nbsp;Halliburton Co. | 4085411 | &nbsp;&nbsp;&nbsp;&nbsp; 92861 |
|  | &nbsp;&nbsp;&nbsp;TechnipFMC plc | 2021241 | &nbsp;&nbsp;&nbsp;&nbsp; 74301 |
|  | &nbsp;&nbsp;&nbsp;NOV Inc. | 1926308 | &nbsp;&nbsp;&nbsp;&nbsp; 25601 |
|  | &nbsp;&nbsp;&nbsp;Weatherford International plc | &nbsp;&nbsp;&nbsp;&nbsp;362799 | &nbsp;&nbsp;&nbsp;&nbsp; 23112 |
|  | &nbsp;&nbsp;&nbsp;Archrock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;841030 | &nbsp;&nbsp;&nbsp;&nbsp; 20824 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tidewater Inc. | &nbsp;&nbsp;&nbsp;&nbsp;256248 | &nbsp;&nbsp;&nbsp;&nbsp; 15426 |
|  | &nbsp;&nbsp;&nbsp;Cactus Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;355065 | &nbsp;&nbsp;&nbsp;&nbsp; 14895 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Oceaneering International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;550629 | &nbsp;&nbsp;&nbsp;&nbsp; 13435 |
|  | &nbsp;&nbsp;&nbsp;Kodiak Gas Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;308580 | &nbsp;&nbsp;&nbsp;&nbsp; 11044 |
|  | &nbsp;&nbsp;&nbsp;Liberty Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;851729 | &nbsp;&nbsp;&nbsp;&nbsp; 9582 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Expro Group Holdings NV | &nbsp;&nbsp;&nbsp;&nbsp;604516 | &nbsp;&nbsp;&nbsp;&nbsp; 7538 |
|  | &nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure Inc. | &nbsp;&nbsp;&nbsp;&nbsp;232743 | &nbsp;&nbsp;&nbsp;&nbsp; 7352 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;941860 | &nbsp;&nbsp;&nbsp;&nbsp; 6207 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bristow Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;151567 | &nbsp;&nbsp;&nbsp;&nbsp; 5837 |
|  | &nbsp;&nbsp;&nbsp;Select Water Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;625817 | &nbsp;&nbsp;&nbsp;&nbsp; 5332 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TETRA Technologies Inc. | 1086942 | &nbsp;&nbsp;&nbsp;&nbsp; 5109 |
|  | &nbsp;&nbsp;&nbsp;Aris Water Solutions Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;209213 | &nbsp;&nbsp;&nbsp;&nbsp; 5078 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Innovex International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;291284 | &nbsp;&nbsp;&nbsp;&nbsp; 5028 |
|  | &nbsp;&nbsp;&nbsp;Atlas Energy Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;368667 | &nbsp;&nbsp;&nbsp;&nbsp; 4317 |
|  | &nbsp;&nbsp;&nbsp;Core Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;366579 | &nbsp;&nbsp;&nbsp;&nbsp; 4219 |
|  | &nbsp;&nbsp;&nbsp;RPC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;773150 | &nbsp;&nbsp;&nbsp;&nbsp; 3688 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ProPetro Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;713478 | &nbsp;&nbsp;&nbsp;&nbsp; 3639 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Oil States International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;586329 | &nbsp;&nbsp;&nbsp;&nbsp; 3283 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DMC Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;316328 | &nbsp;&nbsp;&nbsp;&nbsp; 2119 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **834313** |
| **Oil & Gas Exploration & Production (22.7%)** | **Oil & Gas Exploration & Production (22.7%)** | **Oil & Gas Exploration & Production (22.7%)** | **Oil & Gas Exploration & Production (22.7%)** |
|  | &nbsp;&nbsp;&nbsp;ConocoPhillips | 5552834 | &nbsp;&nbsp;&nbsp;&nbsp; 549564 |
|  | &nbsp;&nbsp;&nbsp;EOG Resources Inc. | 2582713 | &nbsp;&nbsp;&nbsp;&nbsp; 322374 |
|  | &nbsp;&nbsp;&nbsp;EQT Corp. | 2764531 | &nbsp;&nbsp;&nbsp;&nbsp; 143313 |
|  | &nbsp;&nbsp;&nbsp;Diamondback Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;887179 | &nbsp;&nbsp;&nbsp;&nbsp; 131977 |
|  | &nbsp;&nbsp;&nbsp;Expand Energy Corp. | 1059343 | &nbsp;&nbsp;&nbsp;&nbsp; 102523 |
|  | &nbsp;&nbsp;&nbsp;Coterra Energy Inc. | 3586048 | &nbsp;&nbsp;&nbsp;&nbsp; 87643 |
|  | &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91854 | &nbsp;&nbsp;&nbsp;&nbsp; 85744 |
|  | &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 2276210 | &nbsp;&nbsp;&nbsp;&nbsp; 82171 |
|  | &nbsp;&nbsp;&nbsp;Ovintiv Inc. (XNYS) | 1243935 | &nbsp;&nbsp;&nbsp;&nbsp; 52395 |

---

------

Energy Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Antero Resources Corp. | 1412232 | &nbsp;&nbsp;&nbsp;&nbsp; 45078 |
|  | &nbsp;&nbsp;&nbsp;APA Corp. | 1765906 | &nbsp;&nbsp;&nbsp;&nbsp; 41004 |
|  | &nbsp;&nbsp;&nbsp;Permian Resources Corp. | 2864478 | &nbsp;&nbsp;&nbsp;&nbsp; 40933 |
|  | &nbsp;&nbsp;&nbsp;Range Resources Corp. | 1163292 | &nbsp;&nbsp;&nbsp;&nbsp; 39866 |
|  | &nbsp;&nbsp;&nbsp;Viper Energy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;857925 | &nbsp;&nbsp;&nbsp;&nbsp; 34184 |
|  | &nbsp;&nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;299920 | &nbsp;&nbsp;&nbsp;&nbsp; 32958 |
|  | &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;582536 | &nbsp;&nbsp;&nbsp;&nbsp; 29337 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CNX Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;757623 | &nbsp;&nbsp;&nbsp;&nbsp; 22123 |
|  | &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;886257 | &nbsp;&nbsp;&nbsp;&nbsp; 22050 |
|  | &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;714506 | &nbsp;&nbsp;&nbsp;&nbsp; 17763 |
|  | &nbsp;&nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;587477 | &nbsp;&nbsp;&nbsp;&nbsp; 16773 |
|  | &nbsp;&nbsp;&nbsp;California Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;333180 | &nbsp;&nbsp;&nbsp;&nbsp; 16552 |
|  | &nbsp;&nbsp;&nbsp;Civitas Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;409883 | &nbsp;&nbsp;&nbsp;&nbsp; 15076 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gulfport Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83239 | &nbsp;&nbsp;&nbsp;&nbsp; 14486 |
|  | &nbsp;&nbsp;&nbsp;Northern Oil & Gas Inc. | &nbsp;&nbsp;&nbsp;&nbsp;496548 | &nbsp;&nbsp;&nbsp;&nbsp; 12990 |
|  | &nbsp;&nbsp;&nbsp;Crescent Energy Co. Class A | 1047526 | &nbsp;&nbsp;&nbsp;&nbsp; 9993 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Talos Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;859741 | &nbsp;&nbsp;&nbsp;&nbsp; 8494 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Comstock Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;520759 | &nbsp;&nbsp;&nbsp;&nbsp; 8400 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sable Offshore Corp. | &nbsp;&nbsp;&nbsp;&nbsp;305507 | &nbsp;&nbsp;&nbsp;&nbsp; 8243 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Kimbell Royalty Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;519530 | &nbsp;&nbsp;&nbsp;&nbsp; 7258 |
|  | &nbsp;&nbsp;&nbsp;Vitesse Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;227636 | &nbsp;&nbsp;&nbsp;&nbsp; 6057 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kosmos Energy Ltd. | 3117791 | &nbsp;&nbsp;&nbsp;&nbsp; 5581 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vital Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;237461 | &nbsp;&nbsp;&nbsp;&nbsp; 4232 |
|  | &nbsp;&nbsp;&nbsp;SandRidge Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;337128 | &nbsp;&nbsp;&nbsp;&nbsp; 3992 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BKV Corp. | &nbsp;&nbsp;&nbsp;&nbsp;152299 | &nbsp;&nbsp;&nbsp;&nbsp; 3550 |
|  | &nbsp;&nbsp;&nbsp;VAALCO Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;906765 | &nbsp;&nbsp;&nbsp;&nbsp; 3518 |
|  | &nbsp;&nbsp;&nbsp;Granite Ridge Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;599109 | &nbsp;&nbsp;&nbsp;&nbsp; 3331 |
|  | &nbsp;&nbsp;&nbsp;Riley Exploration Permian Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108981 | &nbsp;&nbsp;&nbsp;&nbsp; 3189 |
|  | &nbsp;&nbsp;&nbsp;Berry Corp. | &nbsp;&nbsp;&nbsp;&nbsp;902491 | &nbsp;&nbsp;&nbsp;&nbsp; 3014 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;W&T Offshore Inc. | 1591448 | &nbsp;&nbsp;&nbsp;&nbsp; 2896 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;HighPeak Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;356527 | &nbsp;&nbsp;&nbsp;&nbsp; 2745 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ring Energy Inc. | 2482807 | &nbsp;&nbsp;&nbsp;&nbsp; 2706 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2046076** |
| **Oil & Gas Refining & Marketing (9.6%)** | **Oil & Gas Refining & Marketing (9.6%)** | **Oil & Gas Refining & Marketing (9.6%)** | **Oil & Gas Refining & Marketing (9.6%)** |
|  | &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 1486423 | &nbsp;&nbsp;&nbsp;&nbsp; 267125 |
|  | &nbsp;&nbsp;&nbsp;Phillips 66 | 1909163 | &nbsp;&nbsp;&nbsp;&nbsp; 255026 |
|  | &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 1466703 | &nbsp;&nbsp;&nbsp;&nbsp; 222954 |
|  | &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;786033 | &nbsp;&nbsp;&nbsp;&nbsp; 39993 |
|  | &nbsp;&nbsp;&nbsp;PBF Energy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;489482 | &nbsp;&nbsp;&nbsp;&nbsp; 13373 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Par Pacific Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;377593 | &nbsp;&nbsp;&nbsp;&nbsp; 13080 |
|  | &nbsp;&nbsp;&nbsp;Delek US Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;413228 | &nbsp;&nbsp;&nbsp;&nbsp; 11451 |
|  | &nbsp;&nbsp;&nbsp;World Kinect Corp. | &nbsp;&nbsp;&nbsp;&nbsp;348098 | &nbsp;&nbsp;&nbsp;&nbsp; 9332 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CVR Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;263388 | &nbsp;&nbsp;&nbsp;&nbsp; 8031 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;REX American Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;124620 | &nbsp;&nbsp;&nbsp;&nbsp; 7797 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Calumet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;435114 | &nbsp;&nbsp;&nbsp;&nbsp; 7092 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Green Plains Inc. | &nbsp;&nbsp;&nbsp;&nbsp;482568 | &nbsp;&nbsp;&nbsp;&nbsp; 5361 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Gevo Inc. | 2396479 | &nbsp;&nbsp;&nbsp;&nbsp; 4146 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Clean Energy Fuels Corp. | 1518989 | &nbsp;&nbsp;&nbsp;&nbsp; 3995 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **868756** |
| **Oil & Gas Storage & Transportation (15.5%)** | **Oil & Gas Storage & Transportation (15.5%)** | **Oil & Gas Storage & Transportation (15.5%)** | **Oil & Gas Storage & Transportation (15.5%)** |
|  | &nbsp;&nbsp;&nbsp;Williams Cos. Inc. | 5658743 | &nbsp;&nbsp;&nbsp;&nbsp; 327528 |
|  | &nbsp;&nbsp;&nbsp;Cheniere Energy Inc. | 1038251 | &nbsp;&nbsp;&nbsp;&nbsp; 251070 |
|  | &nbsp;&nbsp;&nbsp;Kinder Morgan Inc. | 9282138 | &nbsp;&nbsp;&nbsp;&nbsp; 250432 |
|  | &nbsp;&nbsp;&nbsp;ONEOK Inc. | 2901930 | &nbsp;&nbsp;&nbsp;&nbsp; 221649 |
|  | &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 1010053 | &nbsp;&nbsp;&nbsp;&nbsp; 169447 |
|  | &nbsp;&nbsp;&nbsp;DTE Midstream LLC | &nbsp;&nbsp;&nbsp;&nbsp;483827 | &nbsp;&nbsp;&nbsp;&nbsp; 50405 |
|  | &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 1787638 | &nbsp;&nbsp;&nbsp;&nbsp; 31802 |
|  | &nbsp;&nbsp;&nbsp;Hess Midstream LP Class A | &nbsp;&nbsp;&nbsp;&nbsp;622013 | &nbsp;&nbsp;&nbsp;&nbsp; 25627 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Plains GP Holdings LP Class A | 1008999 | &nbsp;&nbsp;&nbsp;&nbsp; 19474 |
|  | &nbsp;&nbsp;&nbsp;International Seaways Inc. | &nbsp;&nbsp;&nbsp;&nbsp;232270 | &nbsp;&nbsp;&nbsp;&nbsp; 10550 |
|  | &nbsp;&nbsp;&nbsp;Kinetik Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;249541 | &nbsp;&nbsp;&nbsp;&nbsp; 10438 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NextDecade Corp. | &nbsp;&nbsp;&nbsp;&nbsp;926651 | &nbsp;&nbsp;&nbsp;&nbsp; 9934 |
|  | &nbsp;&nbsp;&nbsp;Dorian LPG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;243658 | &nbsp;&nbsp;&nbsp;&nbsp; 7792 |
|  | &nbsp;&nbsp;&nbsp;Excelerate Energy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;209718 | &nbsp;&nbsp;&nbsp;&nbsp; 5121 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New Fortress Energy Inc. | 1233370 | &nbsp;&nbsp;&nbsp;&nbsp; 3034 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1394303** |
| **Total Common Stocks (Cost $8,071,116)** | **Total Common Stocks (Cost $8,071,116)** | **Total Common Stocks (Cost $8,071,116)** | &nbsp;&nbsp;&nbsp;&nbsp;**8941371** |

---

------

Energy Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Temporary Cash Investments (0.3%)** | **Temporary Cash Investments (0.3%)** | **Temporary Cash Investments (0.3%)** | **Temporary Cash Investments (0.3%)** |
| **Money Market Fund (0.3%)** | **Money Market Fund (0.3%)** | **Money Market Fund (0.3%)** | **Money Market Fund (0.3%)** |
| <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.362% **(Cost** $**24,044)** | &nbsp;&nbsp;&nbsp;&nbsp;240472 | &nbsp;&nbsp;&nbsp;&nbsp; **24045** |
| **Total Investments (99.6%) (Cost $8,095,160)** | **Total Investments (99.6%) (Cost $8,095,160)** | **Total Investments (99.6%) (Cost $8,095,160)** | &nbsp;&nbsp;&nbsp;&nbsp;**8965416** |
| **Other Assets and Liabilities—Net (0.4%)** | **Other Assets and Liabilities—Net (0.4%)** | **Other Assets and Liabilities—Net (0.4%)** | &nbsp;&nbsp;&nbsp;&nbsp;**38554** |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;**9003970** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $11,365. |
| 2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 3 | Collateral of $12,289 was received for securities on loan. |

---

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps |
| Reference Entity | Termination<br> Date | &nbsp;&nbsp;&nbsp;Counterparty | &nbsp;&nbsp;&nbsp;Notional<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Floating<br> Interest Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> (Depreciation) ($000) |
| ConocoPhillips | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;10788 | &nbsp;&nbsp;&nbsp;(4.334) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Devon Energy Corp. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;23140 | &nbsp;&nbsp;&nbsp;(4.334) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Occidental Petroleum Corp. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;19234 | &nbsp;&nbsp;&nbsp;(4.334) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Schlumberger NV | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;9984 | &nbsp;&nbsp;&nbsp;(4.334) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |

---

1 Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. <br> BANA—Bank of America, N.A.

At August 31, 2025, the counterparties had deposited in segregated accounts securities with a value of $4,269 in connection with open over-the-counter swap contracts.

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

------

Energy Index Fund

Statement of Assets and Liabilities

As of August 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $8,071,116) | 8941371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $24,044) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24045 |
| Total Investments in Securities | 8965416 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4548 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47142 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total Assets** | **9020123** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2109 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12289 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16153** |
| **Net Assets** | **9003970** |
| 1 Includes $11,365 of securities on loan. |  |
| **At August 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 9802860 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(798890) |
| **Net Assets** | **9003970** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 57,969,431 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **7355218** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**$126.88** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 26,011,763 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **1648752** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$63.38** |

---

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

------

Energy Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Year Ended<br> August 31, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends | 292771 |
| Interest<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1588 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 |
| Total Income | 294702 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;5888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;1431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Shareholders' Reports and Proxy Fees—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;8656 |
| **Net Investment Income** | **286046** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1,2</sup> | 414875 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;10915 |
| **Realized Net Gain (Loss)** | **425650** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | (528449) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(392) |
| **Change in Unrealized Appreciation (Depreciation)** | **(528841)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **182855** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $1,584, ($3), and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 2 | Includes $564,315 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

Energy Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321076 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542952 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(528841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(350441) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513587 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;(239827) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(257624) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55114) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(293383) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(312738) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;(873885) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(284275) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90993) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(177490) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;(964878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(461765) |
| Total Increase (Decrease) | &nbsp;&nbsp;(1075406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(260916) |
| **Net Assets** |  |  |
| **Beginning of Period** | **10079376** | &nbsp;&nbsp;&nbsp;&nbsp;**10340292** |
| **End of Period** | &nbsp;&nbsp;&nbsp;**9003970** | &nbsp;&nbsp;&nbsp;&nbsp;**10079376** |

---

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

------

Energy Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ETF Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$127.39** | &nbsp;&nbsp;&nbsp;**$124.62** | &nbsp;&nbsp;&nbsp;**$113.45** | &nbsp;&nbsp;&nbsp;&nbsp;**$67.99** | &nbsp;&nbsp;&nbsp;**$47.90** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.802 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.526 | &nbsp;&nbsp;&nbsp;&nbsp;19.789 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.151 | &nbsp;&nbsp;&nbsp;&nbsp;22.591 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.830) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.589) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.691) | &nbsp;&nbsp;&nbsp;&nbsp;(2.501) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.830) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.589) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.691) | &nbsp;&nbsp;&nbsp;&nbsp;(2.501) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$126.88** | &nbsp;&nbsp;&nbsp;**$127.39** | &nbsp;&nbsp;&nbsp;**$124.62** | &nbsp;&nbsp;&nbsp;**$113.45** | &nbsp;&nbsp;&nbsp;**$67.99** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**2.82%** | &nbsp;&nbsp;&nbsp;**5.37%** | &nbsp;&nbsp;&nbsp;**14.51%** | &nbsp;&nbsp;&nbsp;**74.07%** | &nbsp;&nbsp;&nbsp;**48.07%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$7355 | &nbsp;&nbsp;&nbsp;$8331 | &nbsp;&nbsp;&nbsp;$8440 | &nbsp;&nbsp;&nbsp;$7862 | &nbsp;&nbsp;&nbsp;$4806 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;0.10%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.10%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;3.12% | &nbsp;&nbsp;&nbsp;3.16% | &nbsp;&nbsp;&nbsp;3.58% | &nbsp;&nbsp;&nbsp;3.80% | &nbsp;&nbsp;&nbsp;4.54% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;5% |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

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

------

Energy Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$63.64** | &nbsp;&nbsp;&nbsp;**$62.25** | &nbsp;&nbsp;&nbsp;**$56.67** | &nbsp;&nbsp;&nbsp;**$33.97** | &nbsp;&nbsp;&nbsp;**$23.93** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.435 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.777 | &nbsp;&nbsp;&nbsp;&nbsp;22.715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.855 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.872 | &nbsp;&nbsp;&nbsp;&nbsp;24.544 | &nbsp;&nbsp;&nbsp;&nbsp;11.290 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(1.949) | &nbsp;&nbsp;&nbsp;&nbsp;(1.913) | &nbsp;&nbsp;&nbsp;&nbsp;(2.292) | &nbsp;&nbsp;&nbsp;&nbsp;(1.844) | &nbsp;&nbsp;&nbsp;&nbsp;(1.250) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.949) | &nbsp;&nbsp;&nbsp;&nbsp;(1.913) | &nbsp;&nbsp;&nbsp;&nbsp;(2.292) | &nbsp;&nbsp;&nbsp;&nbsp;(1.844) | &nbsp;&nbsp;&nbsp;&nbsp;(1.250) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$63.38** | &nbsp;&nbsp;&nbsp;**$63.64** | &nbsp;&nbsp;&nbsp;**$62.25** | &nbsp;&nbsp;&nbsp;**$56.67** | &nbsp;&nbsp;&nbsp;**$33.97** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**2.81%** | &nbsp;&nbsp;&nbsp;**5.39%** | &nbsp;&nbsp;&nbsp;**14.58%** | &nbsp;&nbsp;&nbsp;**73.97%** | &nbsp;&nbsp;&nbsp;**48.18%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$1649 | &nbsp;&nbsp;&nbsp;$1749 | &nbsp;&nbsp;&nbsp;$1900 | &nbsp;&nbsp;&nbsp;$1944 | &nbsp;&nbsp;&nbsp;$1100 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;0.10%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.10%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;3.13% | &nbsp;&nbsp;&nbsp;3.15% | &nbsp;&nbsp;&nbsp;3.57% | &nbsp;&nbsp;&nbsp;3.83% | &nbsp;&nbsp;&nbsp;4.52% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;5% |

---

---

| | |
|:---|:---|
| 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 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%. |
| 4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

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

------

Energy Index Fund

Notes to Financial Statements

Vanguard Energy Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and Admiral 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.

**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 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.

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

During the year ended August 31, 2025, 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.The fund had no open futures contracts at August 31, 2025.

3. 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.

The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.

During the year ended August 31, 2025, the fund's average amounts of investments in total return swaps represented 1% of net assets, based on the average of notional amounts at each quarter-end during the period.

4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

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

6. 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

------

Energy Index Fund

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 Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. 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.

7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which 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 either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the year ended August 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

8. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. 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), shareholder reporting, and proxy fees. 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 and 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 August 31, 2025, the fund had contributed to Vanguard capital in the amount of $225,000, representing less than 0.01% of the fund's net assets and 0.09% of Vanguard's capital received pursuant to the FSA. 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 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.**

------

Energy Index Fund

The following table summarizes the market value of the fund's investments and derivatives as of August 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 8941371 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;8941371 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24045 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24045 |
| Total | 8965416 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;8965416 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |

---

**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. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and
distributions in connection with fund share redemptions.

Permanent differences were reclassified between the following accounts:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;569032 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(569032) |

---

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. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63688 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824837 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;(1687415) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(798890) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;293383 | &nbsp;&nbsp;&nbsp;&nbsp;312738 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;293383 | &nbsp;&nbsp;&nbsp;&nbsp;312738 |

---

\* Includes short-term capital gains, if any.

As of August 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;8140579 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;1549381 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(724544) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824837 |

---

------

Energy Index Fund

**E.** During the year ended August 31, 2025, the fund purchased $986,084,000 of investment securities and sold $1,041,523,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $988,295,000 and $1,905,243,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended August 31, 2025, such purchases were $5,568,000 and sales were $5,102,000, resulting in net realized loss of $3,208,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;1033381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8398 | &nbsp;&nbsp;&nbsp;&nbsp;1485424 | &nbsp;&nbsp;&nbsp;&nbsp;11944 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (1907266) | &nbsp;&nbsp;(15825) | &nbsp;&nbsp;(1769699) | &nbsp;&nbsp;(14275) |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;&nbsp;(873885) | &nbsp;&nbsp;&nbsp;&nbsp;(7427) | &nbsp;&nbsp;&nbsp;&nbsp;(284275) | &nbsp;&nbsp;&nbsp;&nbsp;(2331) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;473933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6475 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779 |
| Redeemed | &nbsp;&nbsp;&nbsp;(613053) | &nbsp;&nbsp;&nbsp;&nbsp;(9896) | &nbsp;&nbsp;&nbsp;&nbsp;(631480) | &nbsp;&nbsp;(10302) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(90993) | &nbsp;&nbsp;&nbsp;&nbsp;(1465) | &nbsp;&nbsp;&nbsp;&nbsp;(177490) | &nbsp;&nbsp;&nbsp;&nbsp;(3048) |

---

**G.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

**H.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**I.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

------

Financials Index Fund

Financial Statements

#### Schedule of Investments
As of August 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 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (97.4%)** | **Common Stocks (97.4%)** | **Common Stocks (97.4%)** | **Common Stocks (97.4%)** |
| **Banks (28.0%)** | **Banks (28.0%)** | **Banks (28.0%)** | **Banks (28.0%)** |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 4534360 | &nbsp;&nbsp;&nbsp;&nbsp; 1366747 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 11674523 | &nbsp;&nbsp;&nbsp;&nbsp; 592365 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 5254320 | &nbsp;&nbsp;&nbsp;&nbsp; 431800 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 3003424 | &nbsp;&nbsp;&nbsp;&nbsp; 290041 |
|  | &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;645285 | &nbsp;&nbsp;&nbsp;&nbsp; 133858 |
|  | &nbsp;&nbsp;&nbsp;US Bancorp | 2541428 | &nbsp;&nbsp;&nbsp;&nbsp; 124098 |
|  | &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 2135768 | &nbsp;&nbsp;&nbsp;&nbsp; 99997 |
|  | &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;261635 | &nbsp;&nbsp;&nbsp;&nbsp; 52761 |
|  | &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 1088067 | &nbsp;&nbsp;&nbsp;&nbsp; 49801 |
|  | &nbsp;&nbsp;&nbsp;Huntington Bancshares Inc. | 2374680 | &nbsp;&nbsp;&nbsp;&nbsp; 42293 |
|  | &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 1465016 | &nbsp;&nbsp;&nbsp;&nbsp; 40127 |
|  | &nbsp;&nbsp;&nbsp;Citizens Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;706710 | &nbsp;&nbsp;&nbsp;&nbsp; 36947 |
|  | &nbsp;&nbsp;&nbsp;First Citizens BancShares Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15025 | &nbsp;&nbsp;&nbsp;&nbsp; 29808 |
|  | &nbsp;&nbsp;&nbsp;KeyCorp | 1521915 | &nbsp;&nbsp;&nbsp;&nbsp; 29464 |
|  | &nbsp;&nbsp;&nbsp;East West Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;224901 | &nbsp;&nbsp;&nbsp;&nbsp; 23646 |
|  | &nbsp;&nbsp;&nbsp;First Horizon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;826433 | &nbsp;&nbsp;&nbsp;&nbsp; 18677 |
|  | &nbsp;&nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;274099 | &nbsp;&nbsp;&nbsp;&nbsp; 17054 |
|  | &nbsp;&nbsp;&nbsp;SouthState Corp. | &nbsp;&nbsp;&nbsp;&nbsp;165656 | &nbsp;&nbsp;&nbsp;&nbsp; 16907 |
|  | &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;171217 | &nbsp;&nbsp;&nbsp;&nbsp; 15332 |
|  | &nbsp;&nbsp;&nbsp;Comerica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;213942 | &nbsp;&nbsp;&nbsp;&nbsp; 15100 |
|  | &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;123671 | &nbsp;&nbsp;&nbsp;&nbsp; 15075 |
|  | &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;109438 | &nbsp;&nbsp;&nbsp;&nbsp; 15025 |
|  | &nbsp;&nbsp;&nbsp;Popular Inc. | &nbsp;&nbsp;&nbsp;&nbsp;111499 | &nbsp;&nbsp;&nbsp;&nbsp; 14009 |
|  | &nbsp;&nbsp;&nbsp;Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;240381 | &nbsp;&nbsp;&nbsp;&nbsp; 13945 |
|  | &nbsp;&nbsp;&nbsp;Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;574320 | &nbsp;&nbsp;&nbsp;&nbsp; 13146 |
|  | &nbsp;&nbsp;&nbsp;Cullen / Frost Bankers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99828 | &nbsp;&nbsp;&nbsp;&nbsp; 12881 |
|  | &nbsp;&nbsp;&nbsp;Commerce Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;207602 | &nbsp;&nbsp;&nbsp;&nbsp; 12859 |
|  | &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;126359 | &nbsp;&nbsp;&nbsp;&nbsp; 12285 |
|  | &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;226385 | &nbsp;&nbsp;&nbsp;&nbsp; 11684 |
|  | &nbsp;&nbsp;&nbsp;Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;299591 | &nbsp;&nbsp;&nbsp;&nbsp; 11277 |
|  | &nbsp;&nbsp;&nbsp;Prosperity Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;156174 | &nbsp;&nbsp;&nbsp;&nbsp; 10796 |
|  | &nbsp;&nbsp;&nbsp;FNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;583221 | &nbsp;&nbsp;&nbsp;&nbsp; 9734 |
|  | &nbsp;&nbsp;&nbsp;Glacier Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;192856 | &nbsp;&nbsp;&nbsp;&nbsp; 9479 |
|  | &nbsp;&nbsp;&nbsp;Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;175954 | &nbsp;&nbsp;&nbsp;&nbsp; 9232 |
|  | &nbsp;&nbsp;&nbsp;Columbia Banking System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;341756 | &nbsp;&nbsp;&nbsp;&nbsp; 9149 |
|  | &nbsp;&nbsp;&nbsp;Home BancShares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;304453 | &nbsp;&nbsp;&nbsp;&nbsp; 9061 |
|  | &nbsp;&nbsp;&nbsp;United Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;230193 | &nbsp;&nbsp;&nbsp;&nbsp; 8826 |
|  | &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;138974 | &nbsp;&nbsp;&nbsp;&nbsp; 8744 |
|  | &nbsp;&nbsp;&nbsp;Valley National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;826135 | &nbsp;&nbsp;&nbsp;&nbsp; 8641 |
|  | &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;231827 | &nbsp;&nbsp;&nbsp;&nbsp; 8283 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axos Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87073 | &nbsp;&nbsp;&nbsp;&nbsp; 7942 |
|  | &nbsp;&nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;107185 | &nbsp;&nbsp;&nbsp;&nbsp; 7855 |
|  | &nbsp;&nbsp;&nbsp;ServisFirst Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84570 | &nbsp;&nbsp;&nbsp;&nbsp; 7455 |
|  | &nbsp;&nbsp;&nbsp;First Financial Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;198382 | &nbsp;&nbsp;&nbsp;&nbsp; 7374 |
|  | &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;271295 | &nbsp;&nbsp;&nbsp;&nbsp; 7317 |
|  | &nbsp;&nbsp;&nbsp;United Community Banks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;199822 | &nbsp;&nbsp;&nbsp;&nbsp; 6674 |
|  | &nbsp;&nbsp;&nbsp;International Bancshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91477 | &nbsp;&nbsp;&nbsp;&nbsp; 6544 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Texas Capital Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75371 | &nbsp;&nbsp;&nbsp;&nbsp; 6525 |
|  | &nbsp;&nbsp;&nbsp;Flagstar Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;507986 | &nbsp;&nbsp;&nbsp;&nbsp; 6512 |
|  | &nbsp;&nbsp;&nbsp;Renasant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;155237 | &nbsp;&nbsp;&nbsp;&nbsp; 6074 |
|  | &nbsp;&nbsp;&nbsp;First BanCorp (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;266429 | &nbsp;&nbsp;&nbsp;&nbsp; 5923 |
|  | &nbsp;&nbsp;&nbsp;Fulton Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;298857 | &nbsp;&nbsp;&nbsp;&nbsp; 5876 |
|  | &nbsp;&nbsp;&nbsp;Independent Bank Corp. (XNGS) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81574 | &nbsp;&nbsp;&nbsp;&nbsp; 5833 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72364 | &nbsp;&nbsp;&nbsp;&nbsp; 5517 |
|  | &nbsp;&nbsp;&nbsp;Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;107993 | &nbsp;&nbsp;&nbsp;&nbsp; 5390 |
|  | &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91998 | &nbsp;&nbsp;&nbsp;&nbsp; 5363 |
|  | &nbsp;&nbsp;&nbsp;First Hawaiian Inc. | &nbsp;&nbsp;&nbsp;&nbsp;206469 | &nbsp;&nbsp;&nbsp;&nbsp; 5358 |
|  | &nbsp;&nbsp;&nbsp;Eastern Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;306957 | &nbsp;&nbsp;&nbsp;&nbsp; 5252 |
|  | &nbsp;&nbsp;&nbsp;Community Financial System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86209 | &nbsp;&nbsp;&nbsp;&nbsp; 5163 |
|  | &nbsp;&nbsp;&nbsp;WesBanco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;156354 | &nbsp;&nbsp;&nbsp;&nbsp; 5128 |

---

------

Financials Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;BankUnited Inc. | &nbsp;&nbsp;&nbsp;&nbsp;123288 | &nbsp;&nbsp;&nbsp;&nbsp; 4832 |
|  | &nbsp;&nbsp;&nbsp;Simmons First National Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;231754 | &nbsp;&nbsp;&nbsp;&nbsp; 4816 |
|  | &nbsp;&nbsp;&nbsp;First Interstate BancSystem Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;146720 | &nbsp;&nbsp;&nbsp;&nbsp; 4801 |
|  | &nbsp;&nbsp;&nbsp;BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35272 | &nbsp;&nbsp;&nbsp;&nbsp; 4690 |
|  | &nbsp;&nbsp;&nbsp;Towne Bank | &nbsp;&nbsp;&nbsp;&nbsp;121319 | &nbsp;&nbsp;&nbsp;&nbsp; 4451 |
|  | &nbsp;&nbsp;&nbsp;Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65027 | &nbsp;&nbsp;&nbsp;&nbsp; 4430 |
|  | &nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | &nbsp;&nbsp;&nbsp;&nbsp;140152 | &nbsp;&nbsp;&nbsp;&nbsp; 4360 |
|  | &nbsp;&nbsp;&nbsp;CVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;215004 | &nbsp;&nbsp;&nbsp;&nbsp; 4328 |
|  | &nbsp;&nbsp;&nbsp;First Financial Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;156365 | &nbsp;&nbsp;&nbsp;&nbsp; 4141 |
|  | &nbsp;&nbsp;&nbsp;BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37035 | &nbsp;&nbsp;&nbsp;&nbsp; 4126 |
|  | &nbsp;&nbsp;&nbsp;Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23679 | &nbsp;&nbsp;&nbsp;&nbsp; 4067 |
|  | &nbsp;&nbsp;&nbsp;WaFd Inc. | &nbsp;&nbsp;&nbsp;&nbsp;128989 | &nbsp;&nbsp;&nbsp;&nbsp; 4057 |
|  | &nbsp;&nbsp;&nbsp;Provident Financial Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;203219 | &nbsp;&nbsp;&nbsp;&nbsp; 4032 |
|  | &nbsp;&nbsp;&nbsp;First Merchants Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95766 | &nbsp;&nbsp;&nbsp;&nbsp; 3976 |
|  | &nbsp;&nbsp;&nbsp;Pacific Premier Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;159470 | &nbsp;&nbsp;&nbsp;&nbsp; 3905 |
|  | &nbsp;&nbsp;&nbsp;Trustmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94521 | &nbsp;&nbsp;&nbsp;&nbsp; 3806 |
|  | &nbsp;&nbsp;&nbsp;NBT Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85531 | &nbsp;&nbsp;&nbsp;&nbsp; 3786 |
|  | &nbsp;&nbsp;&nbsp;Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56304 | &nbsp;&nbsp;&nbsp;&nbsp; 3774 |
|  | &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60469 | &nbsp;&nbsp;&nbsp;&nbsp; 3703 |
|  | &nbsp;&nbsp;&nbsp;Stock Yards Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45675 | &nbsp;&nbsp;&nbsp;&nbsp; 3686 |
|  | &nbsp;&nbsp;&nbsp;First Bancorp / Southern Pines NC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67341 | &nbsp;&nbsp;&nbsp;&nbsp; 3676 |
|  | &nbsp;&nbsp;&nbsp;First Busey Corp. | &nbsp;&nbsp;&nbsp;&nbsp;145882 | &nbsp;&nbsp;&nbsp;&nbsp; 3603 |
|  | &nbsp;&nbsp;&nbsp;FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65890 | &nbsp;&nbsp;&nbsp;&nbsp; 3537 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Customers Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48835 | &nbsp;&nbsp;&nbsp;&nbsp; 3501 |
|  | &nbsp;&nbsp;&nbsp;Banc of California Inc. | &nbsp;&nbsp;&nbsp;&nbsp;202670 | &nbsp;&nbsp;&nbsp;&nbsp; 3429 |
|  | &nbsp;&nbsp;&nbsp;OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74397 | &nbsp;&nbsp;&nbsp;&nbsp; 3329 |
|  | &nbsp;&nbsp;&nbsp;Pathward Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38972 | &nbsp;&nbsp;&nbsp;&nbsp; 3097 |
|  | &nbsp;&nbsp;&nbsp;City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24028 | &nbsp;&nbsp;&nbsp;&nbsp; 3087 |
|  | &nbsp;&nbsp;&nbsp;Nicolet Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22273 | &nbsp;&nbsp;&nbsp;&nbsp; 3080 |
|  | &nbsp;&nbsp;&nbsp;Veritex Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89429 | &nbsp;&nbsp;&nbsp;&nbsp; 3072 |
|  | &nbsp;&nbsp;&nbsp;Northwest Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;237700 | &nbsp;&nbsp;&nbsp;&nbsp; 3007 |
|  | &nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;168285 | &nbsp;&nbsp;&nbsp;&nbsp; 2987 |
|  | &nbsp;&nbsp;&nbsp;Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42494 | &nbsp;&nbsp;&nbsp;&nbsp; 2909 |
|  | &nbsp;&nbsp;&nbsp;Hilltop Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79740 | &nbsp;&nbsp;&nbsp;&nbsp; 2797 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coastal Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22057 | &nbsp;&nbsp;&nbsp;&nbsp; 2526 |
|  | &nbsp;&nbsp;&nbsp;German American Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60249 | &nbsp;&nbsp;&nbsp;&nbsp; 2517 |
|  | &nbsp;&nbsp;&nbsp;Stellar Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81337 | &nbsp;&nbsp;&nbsp;&nbsp; 2515 |
|  | &nbsp;&nbsp;&nbsp;S&T Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62650 | &nbsp;&nbsp;&nbsp;&nbsp; 2475 |
|  | &nbsp;&nbsp;&nbsp;National Bank Holdings Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62541 | &nbsp;&nbsp;&nbsp;&nbsp; 2453 |
|  | &nbsp;&nbsp;&nbsp;TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50801 | &nbsp;&nbsp;&nbsp;&nbsp; 2307 |
|  | &nbsp;&nbsp;&nbsp;Live Oak Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59567 | &nbsp;&nbsp;&nbsp;&nbsp; 2305 |
|  | &nbsp;&nbsp;&nbsp;Hope Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;201892 | &nbsp;&nbsp;&nbsp;&nbsp; 2247 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Triumph Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36505 | &nbsp;&nbsp;&nbsp;&nbsp; 2245 |
|  | &nbsp;&nbsp;&nbsp;Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43830 | &nbsp;&nbsp;&nbsp;&nbsp; 2192 |
|  | &nbsp;&nbsp;&nbsp;QCR Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27799 | &nbsp;&nbsp;&nbsp;&nbsp; 2179 |
|  | &nbsp;&nbsp;&nbsp;Dime Community Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67983 | &nbsp;&nbsp;&nbsp;&nbsp; 2091 |
|  | &nbsp;&nbsp;&nbsp;Bank First Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15462 | &nbsp;&nbsp;&nbsp;&nbsp; 2009 |
|  | &nbsp;&nbsp;&nbsp;1st Source Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30884 | &nbsp;&nbsp;&nbsp;&nbsp; 1990 |
|  | &nbsp;&nbsp;&nbsp;ConnectOne Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77437 | &nbsp;&nbsp;&nbsp;&nbsp; 1982 |
|  | &nbsp;&nbsp;&nbsp;Berkshire Hills Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74353 | &nbsp;&nbsp;&nbsp;&nbsp; 1943 |
|  | &nbsp;&nbsp;&nbsp;Origin Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48393 | &nbsp;&nbsp;&nbsp;&nbsp; 1882 |
|  | &nbsp;&nbsp;&nbsp;Peoples Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58750 | &nbsp;&nbsp;&nbsp;&nbsp; 1818 |
|  | &nbsp;&nbsp;&nbsp;Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18923 | &nbsp;&nbsp;&nbsp;&nbsp; 1786 |
|  | &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96268 | &nbsp;&nbsp;&nbsp;&nbsp; 1770 |
|  | &nbsp;&nbsp;&nbsp;Brookline Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;148157 | &nbsp;&nbsp;&nbsp;&nbsp; 1622 |
|  | &nbsp;&nbsp;&nbsp;Community Trust Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26521 | &nbsp;&nbsp;&nbsp;&nbsp; 1549 |
|  | &nbsp;&nbsp;&nbsp;Univest Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47080 | &nbsp;&nbsp;&nbsp;&nbsp; 1491 |
|  | &nbsp;&nbsp;&nbsp;Southside Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47402 | &nbsp;&nbsp;&nbsp;&nbsp; 1481 |
|  | &nbsp;&nbsp;&nbsp;Byline Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50965 | &nbsp;&nbsp;&nbsp;&nbsp; 1473 |
|  | &nbsp;&nbsp;&nbsp;First Mid Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35135 | &nbsp;&nbsp;&nbsp;&nbsp; 1421 |
|  | &nbsp;&nbsp;&nbsp;Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19962 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 |
|  | &nbsp;&nbsp;&nbsp;Burke & Herbert Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21838 | &nbsp;&nbsp;&nbsp;&nbsp; 1388 |
|  | &nbsp;&nbsp;&nbsp;Horizon Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82051 | &nbsp;&nbsp;&nbsp;&nbsp; 1383 |
|  | &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44073 | &nbsp;&nbsp;&nbsp;&nbsp; 1380 |
|  | &nbsp;&nbsp;&nbsp;Northeast Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12425 | &nbsp;&nbsp;&nbsp;&nbsp; 1374 |
|  | &nbsp;&nbsp;&nbsp;Heritage Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55589 | &nbsp;&nbsp;&nbsp;&nbsp; 1359 |
|  | &nbsp;&nbsp;&nbsp;Capitol Federal Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;207310 | &nbsp;&nbsp;&nbsp;&nbsp; 1343 |
|  | &nbsp;&nbsp;&nbsp;Old Second Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70522 | &nbsp;&nbsp;&nbsp;&nbsp; 1302 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15553 | &nbsp;&nbsp;&nbsp;&nbsp; 1235 |
|  | &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48886 | &nbsp;&nbsp;&nbsp;&nbsp; 1230 |

---

------

Financials Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24969 | &nbsp;&nbsp;&nbsp;&nbsp; 1230 |
|  | &nbsp;&nbsp;&nbsp;TrustCo Bank Corp. NY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30866 | &nbsp;&nbsp;&nbsp;&nbsp; 1228 |
|  | &nbsp;&nbsp;&nbsp;CNB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45976 | &nbsp;&nbsp;&nbsp;&nbsp; 1210 |
|  | &nbsp;&nbsp;&nbsp;Amerant Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55457 | &nbsp;&nbsp;&nbsp;&nbsp; 1192 |
|  | &nbsp;&nbsp;&nbsp;Business First Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46254 | &nbsp;&nbsp;&nbsp;&nbsp; 1157 |
|  | &nbsp;&nbsp;&nbsp;Esquire Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11612 | &nbsp;&nbsp;&nbsp;&nbsp; 1139 |
|  | &nbsp;&nbsp;&nbsp;Orrstown Financial Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32299 | &nbsp;&nbsp;&nbsp;&nbsp; 1126 |
|  | &nbsp;&nbsp;&nbsp;First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19011 | &nbsp;&nbsp;&nbsp;&nbsp; 1122 |
|  | &nbsp;&nbsp;&nbsp;Camden National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27236 | &nbsp;&nbsp;&nbsp;&nbsp; 1114 |
|  | &nbsp;&nbsp;&nbsp;Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33869 | &nbsp;&nbsp;&nbsp;&nbsp; 1114 |
|  | &nbsp;&nbsp;&nbsp;HomeTrust Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26903 | &nbsp;&nbsp;&nbsp;&nbsp; 1113 |
|  | &nbsp;&nbsp;&nbsp;Equity Bancshares Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25448 | &nbsp;&nbsp;&nbsp;&nbsp; 1031 |
|  | &nbsp;&nbsp;&nbsp;Capital City Bank Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23333 | &nbsp;&nbsp;&nbsp;&nbsp; 1023 |
|  | &nbsp;&nbsp;&nbsp;MidWestOne Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33649 | &nbsp;&nbsp;&nbsp;&nbsp; 1018 |
|  | &nbsp;&nbsp;&nbsp;First Community Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26602 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 |
|  | &nbsp;&nbsp;&nbsp;Heritage Commerce Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96424 | &nbsp;&nbsp;&nbsp;&nbsp; 996 |
|  | &nbsp;&nbsp;&nbsp;NB Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52702 | &nbsp;&nbsp;&nbsp;&nbsp; 996 |
|  | &nbsp;&nbsp;&nbsp;Eagle Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50081 | &nbsp;&nbsp;&nbsp;&nbsp; 973 |
|  | &nbsp;&nbsp;&nbsp;Washington Trust Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31992 | &nbsp;&nbsp;&nbsp;&nbsp; 970 |
|  | &nbsp;&nbsp;&nbsp;Great Southern Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15162 | &nbsp;&nbsp;&nbsp;&nbsp; 960 |
|  | &nbsp;&nbsp;&nbsp;Mid Penn Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31486 | &nbsp;&nbsp;&nbsp;&nbsp; 949 |
|  | &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32562 | &nbsp;&nbsp;&nbsp;&nbsp; 941 |
|  | &nbsp;&nbsp;&nbsp;Farmers National Banc Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60370 | &nbsp;&nbsp;&nbsp;&nbsp; 916 |
|  | &nbsp;&nbsp;&nbsp;Southern Missouri Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15469 | &nbsp;&nbsp;&nbsp;&nbsp; 890 |
|  | &nbsp;&nbsp;&nbsp;SmartFinancial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23009 | &nbsp;&nbsp;&nbsp;&nbsp; 848 |
|  | &nbsp;&nbsp;&nbsp;South Plains Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20807 | &nbsp;&nbsp;&nbsp;&nbsp; 845 |
|  | &nbsp;&nbsp;&nbsp;Shore Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49124 | &nbsp;&nbsp;&nbsp;&nbsp; 844 |
|  | &nbsp;&nbsp;&nbsp;HarborOne Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64105 | &nbsp;&nbsp;&nbsp;&nbsp; 824 |
|  | &nbsp;&nbsp;&nbsp;Five Star Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24625 | &nbsp;&nbsp;&nbsp;&nbsp; 807 |
|  | &nbsp;&nbsp;&nbsp;Arrow Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27016 | &nbsp;&nbsp;&nbsp;&nbsp; 803 |
|  | &nbsp;&nbsp;&nbsp;Bar Harbor Bankshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24520 | &nbsp;&nbsp;&nbsp;&nbsp; 791 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Hingham Institution for Savings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2717 | &nbsp;&nbsp;&nbsp;&nbsp; 772 |
|  | &nbsp;&nbsp;&nbsp;Northfield Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63122 | &nbsp;&nbsp;&nbsp;&nbsp; 748 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Carter Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37487 | &nbsp;&nbsp;&nbsp;&nbsp; 730 |
|  | &nbsp;&nbsp;&nbsp;Flushing Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52305 | &nbsp;&nbsp;&nbsp;&nbsp; 720 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;First Foundation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;119586 | &nbsp;&nbsp;&nbsp;&nbsp; 712 |
|  | &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24442 | &nbsp;&nbsp;&nbsp;&nbsp; 709 |
|  | &nbsp;&nbsp;&nbsp;Kearny Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99117 | &nbsp;&nbsp;&nbsp;&nbsp; 669 |
|  | &nbsp;&nbsp;&nbsp;Midland States Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33941 | &nbsp;&nbsp;&nbsp;&nbsp; 625 |
|  | &nbsp;&nbsp;&nbsp;Bank of Marin Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24744 | &nbsp;&nbsp;&nbsp;&nbsp; 607 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4008042** |
| **Capital Markets (25.2%)** | **Capital Markets (25.2%)** | **Capital Markets (25.2%)** | **Capital Markets (25.2%)** |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500613 | &nbsp;&nbsp;&nbsp;&nbsp; 373082 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 1955404 | &nbsp;&nbsp;&nbsp;&nbsp; 294249 |
|  | &nbsp;&nbsp;&nbsp;S&P Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;512191 | &nbsp;&nbsp;&nbsp;&nbsp; 280906 |
|  | &nbsp;&nbsp;&nbsp;Blackrock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;240140 | &nbsp;&nbsp;&nbsp;&nbsp; 270671 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 2816335 | &nbsp;&nbsp;&nbsp;&nbsp; 269918 |
|  | &nbsp;&nbsp;&nbsp;Blackstone Inc. | 1190484 | &nbsp;&nbsp;&nbsp;&nbsp; 204049 |
|  | &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | &nbsp;&nbsp;&nbsp;&nbsp;935914 | &nbsp;&nbsp;&nbsp;&nbsp; 165282 |
|  | &nbsp;&nbsp;&nbsp;CME Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;587924 | &nbsp;&nbsp;&nbsp;&nbsp; 156688 |
|  | &nbsp;&nbsp;&nbsp;KKR & Co. Inc. | 1017216 | &nbsp;&nbsp;&nbsp;&nbsp; 141891 |
|  | &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;264168 | &nbsp;&nbsp;&nbsp;&nbsp; 134662 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Robinhood Markets Inc. Class A | 1188914 | &nbsp;&nbsp;&nbsp;&nbsp; 123683 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 1167134 | &nbsp;&nbsp;&nbsp;&nbsp; 123249 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coinbase Global Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;327676 | &nbsp;&nbsp;&nbsp;&nbsp; 99790 |
|  | &nbsp;&nbsp;&nbsp;Ameriprise Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;155334 | &nbsp;&nbsp;&nbsp;&nbsp; 79968 |
|  | &nbsp;&nbsp;&nbsp;MSCI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;126211 | &nbsp;&nbsp;&nbsp;&nbsp; 71653 |
|  | &nbsp;&nbsp;&nbsp;Nasdaq Inc. | &nbsp;&nbsp;&nbsp;&nbsp;702458 | &nbsp;&nbsp;&nbsp;&nbsp; 66551 |
|  | &nbsp;&nbsp;&nbsp;Ares Management Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;351910 | &nbsp;&nbsp;&nbsp;&nbsp; 63062 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;465103 | &nbsp;&nbsp;&nbsp;&nbsp; 53473 |
|  | &nbsp;&nbsp;&nbsp;Raymond James Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;312645 | &nbsp;&nbsp;&nbsp;&nbsp; 52975 |
|  | &nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130469 | &nbsp;&nbsp;&nbsp;&nbsp; 47553 |
|  | &nbsp;&nbsp;&nbsp;Interactive Brokers Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;711878 | &nbsp;&nbsp;&nbsp;&nbsp; 44307 |
|  | &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;317240 | &nbsp;&nbsp;&nbsp;&nbsp; 41647 |
|  | &nbsp;&nbsp;&nbsp;Cboe Global Markets Inc. | &nbsp;&nbsp;&nbsp;&nbsp;171021 | &nbsp;&nbsp;&nbsp;&nbsp; 40352 |
|  | &nbsp;&nbsp;&nbsp;T Rowe Price Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;359150 | &nbsp;&nbsp;&nbsp;&nbsp; 38652 |
|  | &nbsp;&nbsp;&nbsp;Carlyle Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;383465 | &nbsp;&nbsp;&nbsp;&nbsp; 24757 |
|  | &nbsp;&nbsp;&nbsp;Tradeweb Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;190194 | &nbsp;&nbsp;&nbsp;&nbsp; 23462 |
|  | &nbsp;&nbsp;&nbsp;FactSet Research Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61570 | &nbsp;&nbsp;&nbsp;&nbsp; 22985 |

---

------

Financials Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Evercore Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63078 | &nbsp;&nbsp;&nbsp;&nbsp; 20283 |
|  | &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;167538 | &nbsp;&nbsp;&nbsp;&nbsp; 19315 |
|  | &nbsp;&nbsp;&nbsp;Blue Owl Capital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;970052 | &nbsp;&nbsp;&nbsp;&nbsp; 17965 |
|  | &nbsp;&nbsp;&nbsp;Houlihan Lokey Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87698 | &nbsp;&nbsp;&nbsp;&nbsp; 17474 |
|  | &nbsp;&nbsp;&nbsp;Jefferies Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;252589 | &nbsp;&nbsp;&nbsp;&nbsp; 16380 |
|  | &nbsp;&nbsp;&nbsp;SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;172548 | &nbsp;&nbsp;&nbsp;&nbsp; 15233 |
|  | &nbsp;&nbsp;&nbsp;TPG Inc. | &nbsp;&nbsp;&nbsp;&nbsp;213866 | &nbsp;&nbsp;&nbsp;&nbsp; 12907 |
|  | &nbsp;&nbsp;&nbsp;Invesco Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;587132 | &nbsp;&nbsp;&nbsp;&nbsp; 12852 |
|  | &nbsp;&nbsp;&nbsp;Franklin Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;472381 | &nbsp;&nbsp;&nbsp;&nbsp; 12121 |
|  | &nbsp;&nbsp;&nbsp;Morningstar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44779 | &nbsp;&nbsp;&nbsp;&nbsp; 11751 |
|  | &nbsp;&nbsp;&nbsp;MarketAxess Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61125 | &nbsp;&nbsp;&nbsp;&nbsp; 11237 |
|  | &nbsp;&nbsp;&nbsp;Affiliated Managers Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46299 | &nbsp;&nbsp;&nbsp;&nbsp; 10409 |
|  | &nbsp;&nbsp;&nbsp;Hamilton Lane Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64118 | &nbsp;&nbsp;&nbsp;&nbsp; 9896 |
|  | &nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28955 | &nbsp;&nbsp;&nbsp;&nbsp; 9665 |
|  | &nbsp;&nbsp;&nbsp;Janus Henderson Group plc | &nbsp;&nbsp;&nbsp;&nbsp;206335 | &nbsp;&nbsp;&nbsp;&nbsp; 9145 |
|  | &nbsp;&nbsp;&nbsp;Lazard Inc. | &nbsp;&nbsp;&nbsp;&nbsp;153438 | &nbsp;&nbsp;&nbsp;&nbsp; 8771 |
|  | &nbsp;&nbsp;&nbsp;Moelis & Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;120987 | &nbsp;&nbsp;&nbsp;&nbsp; 8724 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;StoneX Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72137 | &nbsp;&nbsp;&nbsp;&nbsp; 7370 |
|  | &nbsp;&nbsp;&nbsp;StepStone Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;115311 | &nbsp;&nbsp;&nbsp;&nbsp; 7156 |
|  | &nbsp;&nbsp;&nbsp;PJT Partners Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37867 | &nbsp;&nbsp;&nbsp;&nbsp; 6778 |
|  | &nbsp;&nbsp;&nbsp;Federated Hermes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;122203 | &nbsp;&nbsp;&nbsp;&nbsp; 6489 |
|  | &nbsp;&nbsp;&nbsp;BGC Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;617406 | &nbsp;&nbsp;&nbsp;&nbsp; 6057 |
|  | &nbsp;&nbsp;&nbsp;Virtu Financial Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;134252 | &nbsp;&nbsp;&nbsp;&nbsp; 5628 |
|  | &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;114476 | &nbsp;&nbsp;&nbsp;&nbsp; 5356 |
|  | &nbsp;&nbsp;&nbsp;Victory Capital Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;&nbsp;&nbsp; 5061 |
|  | &nbsp;&nbsp;&nbsp;Cohen & Steers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45637 | &nbsp;&nbsp;&nbsp;&nbsp; 3371 |
|  | &nbsp;&nbsp;&nbsp;DigitalBridge Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;286855 | &nbsp;&nbsp;&nbsp;&nbsp; 3273 |
|  | &nbsp;&nbsp;&nbsp;WisdomTree Inc. | &nbsp;&nbsp;&nbsp;&nbsp;205012 | &nbsp;&nbsp;&nbsp;&nbsp; 2790 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41780 | &nbsp;&nbsp;&nbsp;&nbsp; 2372 |
|  | &nbsp;&nbsp;&nbsp;Acadian Asset Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43297 | &nbsp;&nbsp;&nbsp;&nbsp; 2207 |
|  | &nbsp;&nbsp;&nbsp;Virtus Investment Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10870 | &nbsp;&nbsp;&nbsp;&nbsp; 2190 |
|  | &nbsp;&nbsp;&nbsp;Perella Weinberg Partners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97911 | &nbsp;&nbsp;&nbsp;&nbsp; 2167 |
|  | &nbsp;&nbsp;&nbsp;P10 Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93731 | &nbsp;&nbsp;&nbsp;&nbsp; 1157 |
|  | &nbsp;&nbsp;&nbsp;GCM Grosvenor Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74392 | &nbsp;&nbsp;&nbsp;&nbsp; 964 |
|  | &nbsp;&nbsp;&nbsp;Oppenheimer Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9391 | &nbsp;&nbsp;&nbsp;&nbsp; 682 |
|  | &nbsp;&nbsp;&nbsp;Diamond Hill Investment Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4591 | &nbsp;&nbsp;&nbsp;&nbsp; 669 |
|  | &nbsp;&nbsp;&nbsp;Bridge Investment Group Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64913 | &nbsp;&nbsp;&nbsp;&nbsp; 623 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Open Lending Corp. | &nbsp;&nbsp;&nbsp;&nbsp;164320 | &nbsp;&nbsp;&nbsp;&nbsp; 347 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;B Riley Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27742 | &nbsp;&nbsp;&nbsp;&nbsp; 153 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3606505** |
| **Consumer Finance (5.1%)** | **Consumer Finance (5.1%)** | **Consumer Finance (5.1%)** | **Consumer Finance (5.1%)** |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;914408 | &nbsp;&nbsp;&nbsp;&nbsp; 302925 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 1044310 | &nbsp;&nbsp;&nbsp;&nbsp; 237288 |
|  | &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;621109 | &nbsp;&nbsp;&nbsp;&nbsp; 47415 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SoFi Technologies Inc. | 1803229 | &nbsp;&nbsp;&nbsp;&nbsp; 46055 |
|  | &nbsp;&nbsp;&nbsp;Ally Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;451160 | &nbsp;&nbsp;&nbsp;&nbsp; 18520 |
|  | &nbsp;&nbsp;&nbsp;OneMain Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;195088 | &nbsp;&nbsp;&nbsp;&nbsp; 12068 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Upstart Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;139790 | &nbsp;&nbsp;&nbsp;&nbsp; 10244 |
|  | &nbsp;&nbsp;&nbsp;SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;326162 | &nbsp;&nbsp;&nbsp;&nbsp; 10202 |
|  | &nbsp;&nbsp;&nbsp;FirstCash Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65025 | &nbsp;&nbsp;&nbsp;&nbsp; 9576 |
|  | &nbsp;&nbsp;&nbsp;Bread Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80219 | &nbsp;&nbsp;&nbsp;&nbsp; 5310 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enova International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41082 | &nbsp;&nbsp;&nbsp;&nbsp; 4983 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Credit Acceptance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9449 | &nbsp;&nbsp;&nbsp;&nbsp; 4864 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dave Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15423 | &nbsp;&nbsp;&nbsp;&nbsp; 3289 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LendingClub Corp. | &nbsp;&nbsp;&nbsp;&nbsp;186617 | &nbsp;&nbsp;&nbsp;&nbsp; 3206 |
|  | &nbsp;&nbsp;&nbsp;Nelnet Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23025 | &nbsp;&nbsp;&nbsp;&nbsp; 2961 |
|  | &nbsp;&nbsp;&nbsp;PROG Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66418 | &nbsp;&nbsp;&nbsp;&nbsp; 2341 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Encore Capital Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38686 | &nbsp;&nbsp;&nbsp;&nbsp; 1619 |
|  | &nbsp;&nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;115447 | &nbsp;&nbsp;&nbsp;&nbsp; 1583 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EZCorp. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85072 | &nbsp;&nbsp;&nbsp;&nbsp; 1418 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LendingTree Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18623 | &nbsp;&nbsp;&nbsp;&nbsp; 1265 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Green Dot Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79984 | &nbsp;&nbsp;&nbsp;&nbsp; 1113 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PRA Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63301 | &nbsp;&nbsp;&nbsp;&nbsp; 1082 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;World Acceptance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4291 | &nbsp;&nbsp;&nbsp;&nbsp; 736 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Atlanticus Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10722 | &nbsp;&nbsp;&nbsp;&nbsp; 715 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NerdWallet Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59089 | &nbsp;&nbsp;&nbsp;&nbsp; 611 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **731389** |

---

------

Financials Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Financial Services (23.7%)** | **Financial Services (23.7%)** | **Financial Services (23.7%)** | **Financial Services (23.7%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Inc. Class B | 2211136 | &nbsp;&nbsp;&nbsp;&nbsp; 1112157 |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. Class A | 1396984 | &nbsp;&nbsp;&nbsp;&nbsp; 831611 |
|  | &nbsp;&nbsp;&nbsp;Visa Inc. Class A | 1706660 | &nbsp;&nbsp;&nbsp;&nbsp; 600369 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fiserv Inc. | &nbsp;&nbsp;&nbsp;&nbsp;904269 | &nbsp;&nbsp;&nbsp;&nbsp; 124952 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PayPal Holdings Inc. | 1506898 | &nbsp;&nbsp;&nbsp;&nbsp; 105769 |
|  | &nbsp;&nbsp;&nbsp;Apollo Global Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;706972 | &nbsp;&nbsp;&nbsp;&nbsp; 96311 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Block Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;905270 | &nbsp;&nbsp;&nbsp;&nbsp; 72096 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Information Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;856809 | &nbsp;&nbsp;&nbsp;&nbsp; 59814 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Affirm Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;436827 | &nbsp;&nbsp;&nbsp;&nbsp; 38642 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corpay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;109425 | &nbsp;&nbsp;&nbsp;&nbsp; 35636 |
|  | &nbsp;&nbsp;&nbsp;Global Payments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;397672 | &nbsp;&nbsp;&nbsp;&nbsp; 35321 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Toast Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;731231 | &nbsp;&nbsp;&nbsp;&nbsp; 32978 |
|  | &nbsp;&nbsp;&nbsp;Equitable Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;495367 | &nbsp;&nbsp;&nbsp;&nbsp; 26383 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mr. Cooper Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104593 | &nbsp;&nbsp;&nbsp;&nbsp; 19719 |
|  | &nbsp;&nbsp;&nbsp;Jack Henry & Associates Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118997 | &nbsp;&nbsp;&nbsp;&nbsp; 19427 |
|  | &nbsp;&nbsp;&nbsp;Corebridge Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;439519 | &nbsp;&nbsp;&nbsp;&nbsp; 15282 |
|  | &nbsp;&nbsp;&nbsp;Voya Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;157209 | &nbsp;&nbsp;&nbsp;&nbsp; 11805 |
|  | &nbsp;&nbsp;&nbsp;Jackson Financial Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;116328 | &nbsp;&nbsp;&nbsp;&nbsp; 11493 |
|  | &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;386147 | &nbsp;&nbsp;&nbsp;&nbsp; 10746 |
|  | &nbsp;&nbsp;&nbsp;Essent Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;164880 | &nbsp;&nbsp;&nbsp;&nbsp; 10345 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;WEX Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53170 | &nbsp;&nbsp;&nbsp;&nbsp; 9111 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Shift4 Payments Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97418 | &nbsp;&nbsp;&nbsp;&nbsp; 8809 |
|  | &nbsp;&nbsp;&nbsp;Radian Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;218078 | &nbsp;&nbsp;&nbsp;&nbsp; 7607 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Rocket Cos. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;376686 | &nbsp;&nbsp;&nbsp;&nbsp; 6694 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Euronet Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67156 | &nbsp;&nbsp;&nbsp;&nbsp; 6258 |
|  | &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;196861 | &nbsp;&nbsp;&nbsp;&nbsp; 5559 |
|  | &nbsp;&nbsp;&nbsp;PennyMac Financial Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50381 | &nbsp;&nbsp;&nbsp;&nbsp; 5547 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Remitly Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;282570 | &nbsp;&nbsp;&nbsp;&nbsp; 5236 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NMI Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127964 | &nbsp;&nbsp;&nbsp;&nbsp; 5035 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NCR Atleos Corp. | &nbsp;&nbsp;&nbsp;&nbsp;120067 | &nbsp;&nbsp;&nbsp;&nbsp; 4757 |
|  | &nbsp;&nbsp;&nbsp;Walker & Dunlop Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55534 | &nbsp;&nbsp;&nbsp;&nbsp; 4723 |
|  | &nbsp;&nbsp;&nbsp;Western Union Co. | &nbsp;&nbsp;&nbsp;&nbsp;533695 | &nbsp;&nbsp;&nbsp;&nbsp; 4627 |
|  | &nbsp;&nbsp;&nbsp;Burford Capital Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;323356 | &nbsp;&nbsp;&nbsp;&nbsp; 4527 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Marqeta Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;638110 | &nbsp;&nbsp;&nbsp;&nbsp; 4062 |
|  | &nbsp;&nbsp;&nbsp;EVERTEC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104737 | &nbsp;&nbsp;&nbsp;&nbsp; 3737 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Payoneer Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;473496 | &nbsp;&nbsp;&nbsp;&nbsp; 3291 |
|  | &nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage Corp. Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15436 | &nbsp;&nbsp;&nbsp;&nbsp; 3235 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AvidXchange Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;285684 | &nbsp;&nbsp;&nbsp;&nbsp; 2840 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sezzle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29872 | &nbsp;&nbsp;&nbsp;&nbsp; 2826 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Flywire Corp. | &nbsp;&nbsp;&nbsp;&nbsp;178749 | &nbsp;&nbsp;&nbsp;&nbsp; 2351 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Paymentus Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51604 | &nbsp;&nbsp;&nbsp;&nbsp; 2009 |
|  | &nbsp;&nbsp;&nbsp;UWM Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;286094 | &nbsp;&nbsp;&nbsp;&nbsp; 1631 |
|  | &nbsp;&nbsp;&nbsp;Cannae Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84439 | &nbsp;&nbsp;&nbsp;&nbsp; 1579 |
|  | &nbsp;&nbsp;&nbsp;Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33948 | &nbsp;&nbsp;&nbsp;&nbsp; 1101 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cantaloupe Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95326 | &nbsp;&nbsp;&nbsp;&nbsp; 1036 |
|  | &nbsp;&nbsp;&nbsp;Compass Diversified Holdings | &nbsp;&nbsp;&nbsp;&nbsp;113892 | &nbsp;&nbsp;&nbsp;&nbsp; 854 |
|  | &nbsp;&nbsp;&nbsp;Cass Information Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19718 | &nbsp;&nbsp;&nbsp;&nbsp; 850 |
|  | &nbsp;&nbsp;&nbsp;Alerus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37814 | &nbsp;&nbsp;&nbsp;&nbsp; 842 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Repay Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;125207 | &nbsp;&nbsp;&nbsp;&nbsp; 741 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;International Money Express Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46200 | &nbsp;&nbsp;&nbsp;&nbsp; 670 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Acacia Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62465 | &nbsp;&nbsp;&nbsp;&nbsp; 213 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3383214** |
| **Insurance (14.7%)** | **Insurance (14.7%)** | **Insurance (14.7%)** | **Insurance (14.7%)** |
|  | &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;956519 | &nbsp;&nbsp;&nbsp;&nbsp; 236318 |
|  | &nbsp;&nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;621084 | &nbsp;&nbsp;&nbsp;&nbsp; 170842 |
|  | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;803928 | &nbsp;&nbsp;&nbsp;&nbsp; 165456 |
|  | &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;417854 | &nbsp;&nbsp;&nbsp;&nbsp; 126505 |
|  | &nbsp;&nbsp;&nbsp;Aon plc Class A (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;334689 | &nbsp;&nbsp;&nbsp;&nbsp; 122831 |
|  | &nbsp;&nbsp;&nbsp;Travelers Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;369613 | &nbsp;&nbsp;&nbsp;&nbsp; 100354 |
|  | &nbsp;&nbsp;&nbsp;Aflac Inc. | &nbsp;&nbsp;&nbsp;&nbsp;837780 | &nbsp;&nbsp;&nbsp;&nbsp; 89525 |
|  | &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;431981 | &nbsp;&nbsp;&nbsp;&nbsp; 87887 |
|  | &nbsp;&nbsp;&nbsp;American International Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;939899 | &nbsp;&nbsp;&nbsp;&nbsp; 76433 |
|  | &nbsp;&nbsp;&nbsp;MetLife Inc. | &nbsp;&nbsp;&nbsp;&nbsp;930626 | &nbsp;&nbsp;&nbsp;&nbsp; 75716 |
|  | &nbsp;&nbsp;&nbsp;Prudential Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;577329 | &nbsp;&nbsp;&nbsp;&nbsp; 63310 |
|  | &nbsp;&nbsp;&nbsp;Hartford Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;463236 | &nbsp;&nbsp;&nbsp;&nbsp; 61291 |
|  | &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;611187 | &nbsp;&nbsp;&nbsp;&nbsp; 55942 |
|  | &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;161730 | &nbsp;&nbsp;&nbsp;&nbsp; 52852 |
|  | &nbsp;&nbsp;&nbsp;Brown & Brown Inc. | &nbsp;&nbsp;&nbsp;&nbsp;484181 | &nbsp;&nbsp;&nbsp;&nbsp; 46941 |

---

------

Financials Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Markel Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20687 | &nbsp;&nbsp;&nbsp;&nbsp; 40527 |
|  | &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;254848 | &nbsp;&nbsp;&nbsp;&nbsp; 39145 |
|  | &nbsp;&nbsp;&nbsp;W R Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;495699 | &nbsp;&nbsp;&nbsp;&nbsp; 35537 |
|  | &nbsp;&nbsp;&nbsp;Principal Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;365511 | &nbsp;&nbsp;&nbsp;&nbsp; 29427 |
|  | &nbsp;&nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;290476 | &nbsp;&nbsp;&nbsp;&nbsp; 28118 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;426432 | &nbsp;&nbsp;&nbsp;&nbsp; 25530 |
|  | &nbsp;&nbsp;&nbsp;Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69328 | &nbsp;&nbsp;&nbsp;&nbsp; 23702 |
|  | &nbsp;&nbsp;&nbsp;Reinsurance Group of America Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108005 | &nbsp;&nbsp;&nbsp;&nbsp; 21038 |
|  | &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79292 | &nbsp;&nbsp;&nbsp;&nbsp; 19267 |
|  | &nbsp;&nbsp;&nbsp;Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;269927 | &nbsp;&nbsp;&nbsp;&nbsp; 18857 |
|  | &nbsp;&nbsp;&nbsp;Globe Life Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134566 | &nbsp;&nbsp;&nbsp;&nbsp; 18832 |
|  | &nbsp;&nbsp;&nbsp;Assurant Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82978 | &nbsp;&nbsp;&nbsp;&nbsp; 17891 |
|  | &nbsp;&nbsp;&nbsp;Kinsale Capital Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36149 | &nbsp;&nbsp;&nbsp;&nbsp; 16536 |
|  | &nbsp;&nbsp;&nbsp;Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;381713 | &nbsp;&nbsp;&nbsp;&nbsp; 15257 |
|  | &nbsp;&nbsp;&nbsp;American Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;109220 | &nbsp;&nbsp;&nbsp;&nbsp; 14839 |
|  | &nbsp;&nbsp;&nbsp;Erie Indemnity Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41485 | &nbsp;&nbsp;&nbsp;&nbsp; 14701 |
|  | &nbsp;&nbsp;&nbsp;Primerica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53518 | &nbsp;&nbsp;&nbsp;&nbsp; 14415 |
|  | &nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;128802 | &nbsp;&nbsp;&nbsp;&nbsp; 12697 |
|  | &nbsp;&nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;279169 | &nbsp;&nbsp;&nbsp;&nbsp; 11985 |
|  | &nbsp;&nbsp;&nbsp;First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;168612 | &nbsp;&nbsp;&nbsp;&nbsp; 11128 |
|  | &nbsp;&nbsp;&nbsp;Hanover Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58420 | &nbsp;&nbsp;&nbsp;&nbsp; 10135 |
|  | &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;175536 | &nbsp;&nbsp;&nbsp;&nbsp; 9923 |
|  | &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;135182 | &nbsp;&nbsp;&nbsp;&nbsp; 9156 |
|  | &nbsp;&nbsp;&nbsp;Selective Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99535 | &nbsp;&nbsp;&nbsp;&nbsp; 7787 |
|  | &nbsp;&nbsp;&nbsp;White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4192 | &nbsp;&nbsp;&nbsp;&nbsp; 7672 |
|  | &nbsp;&nbsp;&nbsp;CNO Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;163332 | &nbsp;&nbsp;&nbsp;&nbsp; 6447 |
|  | &nbsp;&nbsp;&nbsp;Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75631 | &nbsp;&nbsp;&nbsp;&nbsp; 6217 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Genworth Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;677402 | &nbsp;&nbsp;&nbsp;&nbsp; 5805 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Oscar Health Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;321669 | &nbsp;&nbsp;&nbsp;&nbsp; 5359 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palomar Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43548 | &nbsp;&nbsp;&nbsp;&nbsp; 5357 |
|  | &nbsp;&nbsp;&nbsp;Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99049 | &nbsp;&nbsp;&nbsp;&nbsp; 5314 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lemonade Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95612 | &nbsp;&nbsp;&nbsp;&nbsp; 5058 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Brighthouse Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94899 | &nbsp;&nbsp;&nbsp;&nbsp; 4485 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Baldwin Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;115505 | &nbsp;&nbsp;&nbsp;&nbsp; 3658 |
|  | &nbsp;&nbsp;&nbsp;Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45228 | &nbsp;&nbsp;&nbsp;&nbsp; 3497 |
|  | &nbsp;&nbsp;&nbsp;Goosehead Insurance Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40886 | &nbsp;&nbsp;&nbsp;&nbsp; 3463 |
|  | &nbsp;&nbsp;&nbsp;Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45945 | &nbsp;&nbsp;&nbsp;&nbsp; 3347 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SiriusPoint Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;170366 | &nbsp;&nbsp;&nbsp;&nbsp; 3189 |
|  | &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67221 | &nbsp;&nbsp;&nbsp;&nbsp; 3091 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59249 | &nbsp;&nbsp;&nbsp;&nbsp; 2862 |
|  | &nbsp;&nbsp;&nbsp;HCI Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15983 | &nbsp;&nbsp;&nbsp;&nbsp; 2664 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trupanion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52272 | &nbsp;&nbsp;&nbsp;&nbsp; 2423 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ProAssurance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79429 | &nbsp;&nbsp;&nbsp;&nbsp; 1891 |
|  | &nbsp;&nbsp;&nbsp;Safety Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24582 | &nbsp;&nbsp;&nbsp;&nbsp; 1819 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hamilton Insurance Group Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75487 | &nbsp;&nbsp;&nbsp;&nbsp; 1800 |
|  | &nbsp;&nbsp;&nbsp;Employers Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39109 | &nbsp;&nbsp;&nbsp;&nbsp; 1692 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Root Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17665 | &nbsp;&nbsp;&nbsp;&nbsp; 1629 |
|  | &nbsp;&nbsp;&nbsp;AMERISAFE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31409 | &nbsp;&nbsp;&nbsp;&nbsp; 1450 |
|  | &nbsp;&nbsp;&nbsp;United Fire Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35593 | &nbsp;&nbsp;&nbsp;&nbsp; 1094 |
|  | &nbsp;&nbsp;&nbsp;Universal Insurance Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43692 | &nbsp;&nbsp;&nbsp;&nbsp; 1066 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hippo Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26638 | &nbsp;&nbsp;&nbsp;&nbsp; 901 |
|  | &nbsp;&nbsp;&nbsp;Tiptree Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36778 | &nbsp;&nbsp;&nbsp;&nbsp; 862 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Heritage Insurance Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37713 | &nbsp;&nbsp;&nbsp;&nbsp; 859 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bowhead Specialty Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26619 | &nbsp;&nbsp;&nbsp;&nbsp; 827 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ambac Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68219 | &nbsp;&nbsp;&nbsp;&nbsp; 616 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Greenlight Capital Re Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45006 | &nbsp;&nbsp;&nbsp;&nbsp; 580 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Selectquote Inc. | &nbsp;&nbsp;&nbsp;&nbsp;237770 | &nbsp;&nbsp;&nbsp;&nbsp; 537 |
|  | &nbsp;&nbsp;&nbsp;Donegal Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26811 | &nbsp;&nbsp;&nbsp;&nbsp; 480 |
|  | &nbsp;&nbsp;&nbsp;American Coastal Insurance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40127 | &nbsp;&nbsp;&nbsp;&nbsp; 443 |
|  | &nbsp;&nbsp;&nbsp;James River Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63642 | &nbsp;&nbsp;&nbsp;&nbsp; 358 |
|  | &nbsp;&nbsp;&nbsp;Crawford & Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26950 | &nbsp;&nbsp;&nbsp;&nbsp; 292 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2097737** |
| **Mortgage Real Estate Investment Trusts (REITs) (0.7%)** | **Mortgage Real Estate Investment Trusts (REITs) (0.7%)** | **Mortgage Real Estate Investment Trusts (REITs) (0.7%)** | **Mortgage Real Estate Investment Trusts (REITs) (0.7%)** |
|  | &nbsp;&nbsp;&nbsp;Annaly Capital Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;985733 | &nbsp;&nbsp;&nbsp;&nbsp; 20888 |
|  | &nbsp;&nbsp;&nbsp;AGNC Investment Corp. | 1662402 | &nbsp;&nbsp;&nbsp;&nbsp; 16225 |
|  | &nbsp;&nbsp;&nbsp;Starwood Property Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;531473 | &nbsp;&nbsp;&nbsp;&nbsp; 10773 |
|  | &nbsp;&nbsp;&nbsp;Rithm Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;866314 | &nbsp;&nbsp;&nbsp;&nbsp; 10725 |
|  | &nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;265935 | &nbsp;&nbsp;&nbsp;&nbsp; 5202 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Arbor Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;311891 | &nbsp;&nbsp;&nbsp;&nbsp; 3724 |

---

------

Financials Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;ARMOUR Residential REIT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;179686 | &nbsp;&nbsp;&nbsp;&nbsp; 2751 |
|  | &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;214976 | &nbsp;&nbsp;&nbsp;&nbsp; 2277 |
|  | &nbsp;&nbsp;&nbsp;Dynex Capital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;172576 | &nbsp;&nbsp;&nbsp;&nbsp; 2178 |
|  | &nbsp;&nbsp;&nbsp;Ladder Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;187382 | &nbsp;&nbsp;&nbsp;&nbsp; 2177 |
|  | &nbsp;&nbsp;&nbsp;Ellington Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;157827 | &nbsp;&nbsp;&nbsp;&nbsp; 2153 |
|  | &nbsp;&nbsp;&nbsp;Chimera Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;131134 | &nbsp;&nbsp;&nbsp;&nbsp; 1858 |
|  | &nbsp;&nbsp;&nbsp;PennyMac Mortgage Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;140936 | &nbsp;&nbsp;&nbsp;&nbsp; 1735 |
|  | &nbsp;&nbsp;&nbsp;MFA Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;167092 | &nbsp;&nbsp;&nbsp;&nbsp; 1704 |
|  | &nbsp;&nbsp;&nbsp;Two Harbors Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;169802 | &nbsp;&nbsp;&nbsp;&nbsp; 1698 |
|  | &nbsp;&nbsp;&nbsp;Franklin BSP Realty Trust Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;134895 | &nbsp;&nbsp;&nbsp;&nbsp; 1558 |
|  | &nbsp;&nbsp;&nbsp;Orchid Island Capital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;205098 | &nbsp;&nbsp;&nbsp;&nbsp; 1448 |
|  | &nbsp;&nbsp;&nbsp;Redwood Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;216374 | &nbsp;&nbsp;&nbsp;&nbsp; 1324 |
|  | &nbsp;&nbsp;&nbsp;Brightspire Capital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;213198 | &nbsp;&nbsp;&nbsp;&nbsp; 1237 |
|  | &nbsp;&nbsp;&nbsp;Ready Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;266597 | &nbsp;&nbsp;&nbsp;&nbsp; 1136 |
|  | &nbsp;&nbsp;&nbsp;TPG RE Finance Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;110750 | &nbsp;&nbsp;&nbsp;&nbsp; 1035 |
|  | &nbsp;&nbsp;&nbsp;New York Mortgage Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;139325 | &nbsp;&nbsp;&nbsp;&nbsp; 1006 |
|  | &nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94428 | &nbsp;&nbsp;&nbsp;&nbsp; 909 |
|  | &nbsp;&nbsp;&nbsp;Invesco Mortgage Capital Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;109754 | &nbsp;&nbsp;&nbsp;&nbsp; 858 |
|  | &nbsp;&nbsp;&nbsp;Claros Mortgage Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;182305 | &nbsp;&nbsp;&nbsp;&nbsp; 674 |
|  | &nbsp;&nbsp;&nbsp;Ares Commercial Real Estate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84442 | &nbsp;&nbsp;&nbsp;&nbsp; 399 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **97652** |
| **Total Common Stocks (Cost $9,702,222)** | **Total Common Stocks (Cost $9,702,222)** | **Total Common Stocks (Cost $9,702,222)** | &nbsp;&nbsp;&nbsp;&nbsp;**13924539** |
| **Temporary Cash Investments (2.6%)** | **Temporary Cash Investments (2.6%)** | **Temporary Cash Investments (2.6%)** | **Temporary Cash Investments (2.6%)** |
| **Money Market Fund (2.6%)** | **Money Market Fund (2.6%)** | **Money Market Fund (2.6%)** | **Money Market Fund (2.6%)** |
| <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.362% **(Cost $375,334)** | 3753875 | &nbsp;&nbsp;&nbsp;&nbsp; **375350** |
| **Total Investments (100.0%) (Cost $10,077,556)** | **Total Investments (100.0%) (Cost $10,077,556)** | **Total Investments (100.0%) (Cost $10,077,556)** | &nbsp;&nbsp;&nbsp;&nbsp;**14299889** |
| **Other Assets and Liabilities—Net (0.0%)** | **Other Assets and Liabilities—Net (0.0%)** | **Other Assets and Liabilities—Net (0.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;**6580** |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;**14306469** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $6,765. |
| 2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 3 | Collateral of $7,252 was received for securities on loan. |

---

REIT—Real Estate Investment Trust.

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps |
| Reference Entity | Termination<br> Date | &nbsp;&nbsp;&nbsp;Counterparty | &nbsp;&nbsp;&nbsp;Notional<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Floating<br> Interest Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> (Depreciation) ($000) |
| Visa Inc. Class A | 1/30/2026 | &nbsp;&nbsp;&nbsp;CITNA | &nbsp;&nbsp;&nbsp;355298 | &nbsp;&nbsp;&nbsp;(4.337) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(539) |
| Visa Inc. Class A | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;26383 | &nbsp;&nbsp;&nbsp;(4.334) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(539) |

---

1 Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. <br> BANA—Bank of America, N.A. <br> CITNA—Citibank, N.A.

At August 31, 2025, the counterparties had deposited in segregated accounts securities with a value of $4,003 in connection with open over-the-counter swap contracts.

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

------

Financials Index Fund

Statement of Assets and Liabilities

As of August 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $9,702,222) | 13924539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $375,334) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375350 |
| Total Investments in Securities | 14299889 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6985 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13469 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7575 |
| **Total Assets** | **14329348** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13715 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7252 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556 |
| Unrealized Depreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22879** |
| **Net Assets** | **14306469** |
| 1 Includes $6,765 of securities on loan. |  |
| **At August 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 11051215 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;3255254 |
| **Net Assets** | **14306469** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 98,604,816 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **13012340** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$131.96** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 19,567,701 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**1294129** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$66.14** |

---

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

------

Financials Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Year Ended<br> August 31, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends | &nbsp;&nbsp;&nbsp;216503 |
| Interest<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13204 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 |
| Total Income | &nbsp;&nbsp;&nbsp;230016 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| Shareholders' Reports and Proxy Fees—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;11936 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;**218080** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;402678 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;46375 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;**449053** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | 1708240 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(898) |
| **Change in Unrealized Appreciation (Depreciation)** | **1707342** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **2374475** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $13,185, ($3), and ($1), respectively. Purchases and sales are for temporary cash investment purposes. |
| 2 | Includes $415,076 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

Financials Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183019 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551653 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;1707342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2217561 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;2374475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2952233 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;(212114) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(185098) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18464) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14613) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(230578) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(199711) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872071 | &nbsp;&nbsp;&nbsp;&nbsp;(1079766) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28028) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;1143185 | &nbsp;&nbsp;&nbsp;&nbsp;(1107794) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;3287082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1644728 |
| **Net Assets** |  |  |
| **Beginning of Period** | **11019387** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9374659** |
| **End of Period** | **14306469** | &nbsp;&nbsp;&nbsp;&nbsp;**11019387** |

---

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

------

Financials Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ETF Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$110.81** | &nbsp;&nbsp;&nbsp;&nbsp;**$83.49** | &nbsp;&nbsp;&nbsp;**$81.31** | &nbsp;&nbsp;&nbsp;**$94.79** | &nbsp;&nbsp;&nbsp;**$61.18** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.676 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.219 | &nbsp;&nbsp;&nbsp;&nbsp;(13.457) | &nbsp;&nbsp;&nbsp;&nbsp;33.519 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.143 | &nbsp;&nbsp;&nbsp;&nbsp;(11.605) | &nbsp;&nbsp;&nbsp;&nbsp;35.195 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.906) | &nbsp;&nbsp;&nbsp;&nbsp;(1.963) | &nbsp;&nbsp;&nbsp;&nbsp;(1.875) | &nbsp;&nbsp;&nbsp;&nbsp;(1.585) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.906) | &nbsp;&nbsp;&nbsp;&nbsp;(1.963) | &nbsp;&nbsp;&nbsp;&nbsp;(1.875) | &nbsp;&nbsp;&nbsp;&nbsp;(1.585) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$131.96** | &nbsp;&nbsp;&nbsp;**$110.81** | &nbsp;&nbsp;&nbsp;**$83.49** | &nbsp;&nbsp;&nbsp;**$81.31** | &nbsp;&nbsp;&nbsp;**$94.79** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**21.32%** | &nbsp;&nbsp;&nbsp;**35.49%** | &nbsp;&nbsp;&nbsp;**5.27%** | &nbsp;&nbsp;&nbsp;**-12.43%** | &nbsp;&nbsp;&nbsp;**58.26%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$13012 | &nbsp;&nbsp;&nbsp;$10177 | &nbsp;&nbsp;&nbsp;$8711 | &nbsp;&nbsp;&nbsp;$8676 | &nbsp;&nbsp;&nbsp;$10946 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;0.10%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;2.03% | &nbsp;&nbsp;&nbsp;2.09% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;4% |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

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

------

Financials Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$55.53** | &nbsp;&nbsp;&nbsp;**$41.84** | &nbsp;&nbsp;&nbsp;**$40.75** | &nbsp;&nbsp;&nbsp;**$47.51** | &nbsp;&nbsp;&nbsp;**$30.66** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.841 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;10.675 | &nbsp;&nbsp;&nbsp;&nbsp;13.753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.112 | &nbsp;&nbsp;&nbsp;&nbsp;(6.751) | &nbsp;&nbsp;&nbsp;&nbsp;16.803 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;11.709 | &nbsp;&nbsp;&nbsp;&nbsp;14.645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.074 | &nbsp;&nbsp;&nbsp;&nbsp;(5.820) | &nbsp;&nbsp;&nbsp;&nbsp;17.644 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(1.099) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.984) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.794) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.099) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.984) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.794) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$66.14** | &nbsp;&nbsp;&nbsp;**$55.53** | &nbsp;&nbsp;&nbsp;**$41.84** | &nbsp;&nbsp;&nbsp;**$40.75** | &nbsp;&nbsp;&nbsp;**$47.51** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**21.35%** | &nbsp;&nbsp;&nbsp;**35.50%** | &nbsp;&nbsp;&nbsp;**5.27%** | &nbsp;&nbsp;&nbsp;**-12.43%** | &nbsp;&nbsp;&nbsp;**58.32%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$1294 | &nbsp;&nbsp;&nbsp;$843 | &nbsp;&nbsp;&nbsp;$664 | &nbsp;&nbsp;&nbsp;$721 | &nbsp;&nbsp;&nbsp;$822 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;0.10%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;2.05% | &nbsp;&nbsp;&nbsp;2.09% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;4% |

---

---

| | |
|:---|:---|
| 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 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%. |
| 4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

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

------

Financials Index Fund

Notes to Financial Statements

Vanguard Financials Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and Admiral 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.

**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 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.

2. 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.

The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.

During the year ended August 31, 2025, the fund's average amounts of investments in total return swaps represented 2% of net assets, based on the average of 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 virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for 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 at the fiscal year-end 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 Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. 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 Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may

------

Financials Index Fund

be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which 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 either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the year ended August 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

7. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. 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), shareholder reporting, and proxy fees. 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 and 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 August 31, 2025, the fund had contributed to Vanguard capital in the amount of $354,000, representing less than 0.01% of the fund's net assets and 0.14% of Vanguard's capital received pursuant to the FSA. 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 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.**

The following table summarizes the market value of the fund's investments and derivatives as of August 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 13924539 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;13924539 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375350 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375350 |
| Total | 14299889 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;14299889 |
| **Derivative Financial Instruments** |  |  |  |  |
| Liabilities |  |  |  |  |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;(539) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(539) |

---

**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. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and
distributions in connection with fund share redemptions.

------

Financials Index Fund

Permanent differences were reclassified between the following accounts:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;436692 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(436692) |

---

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. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54174 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;4200219 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(999139) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;3255254 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;230578 | &nbsp;&nbsp;&nbsp;&nbsp;199711 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;230578 | &nbsp;&nbsp;&nbsp;&nbsp;199711 |

---

\* Includes short-term capital gains, if any.

As of August 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;10099670 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;4462840 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262621) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;4200219 |

---

**E.** During the year ended August 31, 2025, the fund purchased $884,112,000 of investment securities and sold $636,695,000 of investment securities, other than temporary cash investments. In addition, the fund purchased
and sold investment securities of $1,841,076,000 and $1,079,750,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended August 31, 2025, such purchases were $5,913,000 and sales were $3,668,000, resulting in net realized loss of $80,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;1969196 | &nbsp;&nbsp;&nbsp;16140 | &nbsp;&nbsp;&nbsp;&nbsp;1359130 | &nbsp;&nbsp;&nbsp;&nbsp;15234 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (1097125) | &nbsp;&nbsp;(9375) | &nbsp;&nbsp;(2438896) | &nbsp;&nbsp;(27725) |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;872071 | &nbsp;&nbsp;&nbsp;&nbsp;6765 | &nbsp;&nbsp;(1079766) | &nbsp;&nbsp;(12491) |

---

------

Financials Index Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;562315 | &nbsp;&nbsp;&nbsp;&nbsp;9245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3531 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 |
| Redeemed | &nbsp;&nbsp;&nbsp;(306686) | &nbsp;&nbsp;(5115) | &nbsp;&nbsp;&nbsp;&nbsp;(211382) | &nbsp;&nbsp;&nbsp;&nbsp;(4481) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;271114 | &nbsp;&nbsp;&nbsp;&nbsp;4392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28028) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(688) |

---

**G.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

At August 31, 2025, one shareholder was the record or beneficial owner of 25% of the fund's net assets. If this shareholder were to redeem its investment in the fund, the redemption might result in an increase in the fund's expense ratio, cause the fund to incur higher transaction costs, or lead to the realization of taxable capital gains.

**H.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**I.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

------

Health Care Index Fund

Financial Statements

#### Schedule of Investments
As of August 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 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (96.4%)** | **Common Stocks (96.4%)** | **Common Stocks (96.4%)** | **Common Stocks (96.4%)** |
| **Biotechnology (20.2%)** | **Biotechnology (20.2%)** | **Biotechnology (20.2%)** | **Biotechnology (20.2%)** |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | 4487382 | &nbsp;&nbsp;&nbsp;&nbsp; 944145 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | 1624784 | &nbsp;&nbsp;&nbsp;&nbsp; 467467 |
|  | &nbsp;&nbsp;&nbsp;Gilead Sciences Inc. | 3758662 | &nbsp;&nbsp;&nbsp;&nbsp; 424616 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;775977 | &nbsp;&nbsp;&nbsp;&nbsp; 303423 |
|  | &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;320782 | &nbsp;&nbsp;&nbsp;&nbsp; 186278 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;393995 | &nbsp;&nbsp;&nbsp;&nbsp; 175923 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Insmed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;573996 | &nbsp;&nbsp;&nbsp;&nbsp; 78121 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Natera Inc. | &nbsp;&nbsp;&nbsp;&nbsp;392012 | &nbsp;&nbsp;&nbsp;&nbsp; 65956 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Biogen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;443013 | &nbsp;&nbsp;&nbsp;&nbsp; 58575 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Incyte Corp. | &nbsp;&nbsp;&nbsp;&nbsp;497249 | &nbsp;&nbsp;&nbsp;&nbsp; 42072 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Neurocrine Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;299119 | &nbsp;&nbsp;&nbsp;&nbsp; 41757 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Therapeutics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;129522 | &nbsp;&nbsp;&nbsp;&nbsp; 39473 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;579834 | &nbsp;&nbsp;&nbsp;&nbsp; 33787 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Exelixis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;783210 | &nbsp;&nbsp;&nbsp;&nbsp; 29308 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Halozyme Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;372565 | &nbsp;&nbsp;&nbsp;&nbsp; 27253 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Exact Sciences Corp. | &nbsp;&nbsp;&nbsp;&nbsp;570341 | &nbsp;&nbsp;&nbsp;&nbsp; 27046 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Moderna Inc. | 1052432 | &nbsp;&nbsp;&nbsp;&nbsp; 25353 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bridgebio Pharma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;430811 | &nbsp;&nbsp;&nbsp;&nbsp; 22299 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;456329 | &nbsp;&nbsp;&nbsp;&nbsp; 19456 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43553 | &nbsp;&nbsp;&nbsp;&nbsp; 19070 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;159337 | &nbsp;&nbsp;&nbsp;&nbsp; 16436 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Revolution Medicines Inc. | &nbsp;&nbsp;&nbsp;&nbsp;422106 | &nbsp;&nbsp;&nbsp;&nbsp; 16027 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alkermes plc | &nbsp;&nbsp;&nbsp;&nbsp;474382 | &nbsp;&nbsp;&nbsp;&nbsp; 13743 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TG Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;455181 | &nbsp;&nbsp;&nbsp;&nbsp; 13350 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;CRISPR Therapeutics AG | &nbsp;&nbsp;&nbsp;&nbsp;248329 | &nbsp;&nbsp;&nbsp;&nbsp; 12871 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Avidity Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;273407 | &nbsp;&nbsp;&nbsp;&nbsp; 12735 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ADMA Biologics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;720548 | &nbsp;&nbsp;&nbsp;&nbsp; 12437 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cytokinetics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;342199 | &nbsp;&nbsp;&nbsp;&nbsp; 12090 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Roivant Sciences Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;922448 | &nbsp;&nbsp;&nbsp;&nbsp; 11005 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vaxcyte Inc. | &nbsp;&nbsp;&nbsp;&nbsp;351112 | &nbsp;&nbsp;&nbsp;&nbsp; 10811 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Summit Therapeutics Inc. (XNMS) | &nbsp;&nbsp;&nbsp;&nbsp;448273 | &nbsp;&nbsp;&nbsp;&nbsp; 10624 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PTC Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;215304 | &nbsp;&nbsp;&nbsp;&nbsp; 10621 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Merus NV | &nbsp;&nbsp;&nbsp;&nbsp;157350 | &nbsp;&nbsp;&nbsp;&nbsp; 10360 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Krystal Biotech Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65649 | &nbsp;&nbsp;&nbsp;&nbsp; 9696 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nuvalent Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;120318 | &nbsp;&nbsp;&nbsp;&nbsp; 9214 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;353678 | &nbsp;&nbsp;&nbsp;&nbsp; 9192 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Protagonist Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;149674 | &nbsp;&nbsp;&nbsp;&nbsp; 8838 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Viking Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;322311 | &nbsp;&nbsp;&nbsp;&nbsp; 8718 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112137 | &nbsp;&nbsp;&nbsp;&nbsp; 8284 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Soleno Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;119412 | &nbsp;&nbsp;&nbsp;&nbsp; 8081 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Akero Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;169006 | &nbsp;&nbsp;&nbsp;&nbsp; 7898 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;256728 | &nbsp;&nbsp;&nbsp;&nbsp; 7692 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Xenon Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;197216 | &nbsp;&nbsp;&nbsp;&nbsp; 7634 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;334595 | &nbsp;&nbsp;&nbsp;&nbsp; 7371 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;350332 | &nbsp;&nbsp;&nbsp;&nbsp; 7213 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Veracyte Inc. | &nbsp;&nbsp;&nbsp;&nbsp;237349 | &nbsp;&nbsp;&nbsp;&nbsp; 7201 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Denali Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;416610 | &nbsp;&nbsp;&nbsp;&nbsp; 6362 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;227648 | &nbsp;&nbsp;&nbsp;&nbsp; 6276 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;166085 | &nbsp;&nbsp;&nbsp;&nbsp; 6263 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Scholar Rock Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;186287 | &nbsp;&nbsp;&nbsp;&nbsp; 6082 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ideaya Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;238677 | &nbsp;&nbsp;&nbsp;&nbsp; 5859 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arcellx Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83049 | &nbsp;&nbsp;&nbsp;&nbsp; 5763 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amicus Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;743484 | &nbsp;&nbsp;&nbsp;&nbsp; 5643 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vericel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;151582 | &nbsp;&nbsp;&nbsp;&nbsp; 5511 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kymera Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127099 | &nbsp;&nbsp;&nbsp;&nbsp; 5236 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;322766 | &nbsp;&nbsp;&nbsp;&nbsp; 5009 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;598569 | &nbsp;&nbsp;&nbsp;&nbsp; 4974 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Twist Bioscience Corp. | &nbsp;&nbsp;&nbsp;&nbsp;180304 | &nbsp;&nbsp;&nbsp;&nbsp; 4863 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sarepta Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;266912 | &nbsp;&nbsp;&nbsp;&nbsp; 4858 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ardelyx Inc. | &nbsp;&nbsp;&nbsp;&nbsp;725141 | &nbsp;&nbsp;&nbsp;&nbsp; 4612 |

---

------

Health Care Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Recursion Pharmaceuticals Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;966024 | &nbsp;&nbsp;&nbsp;&nbsp; 4540 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Beam Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;274008 | &nbsp;&nbsp;&nbsp;&nbsp; 4483 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Travere Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;255027 | &nbsp;&nbsp;&nbsp;&nbsp; 4463 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aurinia Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;346744 | &nbsp;&nbsp;&nbsp;&nbsp; 4157 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Disc Medicine Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68026 | &nbsp;&nbsp;&nbsp;&nbsp; 4057 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Biohaven Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;262410 | &nbsp;&nbsp;&nbsp;&nbsp; 4038 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Syndax Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;246648 | &nbsp;&nbsp;&nbsp;&nbsp; 4028 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MannKind Corp. | &nbsp;&nbsp;&nbsp;&nbsp;873002 | &nbsp;&nbsp;&nbsp;&nbsp; 4007 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Celldex Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;179489 | &nbsp;&nbsp;&nbsp;&nbsp; 3963 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MoonLake Immunotherapeutics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67564 | &nbsp;&nbsp;&nbsp;&nbsp; 3767 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dyne Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;277619 | &nbsp;&nbsp;&nbsp;&nbsp; 3745 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kiniksa Pharmaceuticals International plc | &nbsp;&nbsp;&nbsp;&nbsp;102393 | &nbsp;&nbsp;&nbsp;&nbsp; 3429 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CG oncology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127024 | &nbsp;&nbsp;&nbsp;&nbsp; 3407 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intellia Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;297555 | &nbsp;&nbsp;&nbsp;&nbsp; 3379 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Novavax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;437370 | &nbsp;&nbsp;&nbsp;&nbsp; 3267 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Newamsterdam Pharma Co. NV | &nbsp;&nbsp;&nbsp;&nbsp;135567 | &nbsp;&nbsp;&nbsp;&nbsp; 3260 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Viridian Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;172791 | &nbsp;&nbsp;&nbsp;&nbsp; 3176 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cogent Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;252443 | &nbsp;&nbsp;&nbsp;&nbsp; 3049 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;GRAIL Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92303 | &nbsp;&nbsp;&nbsp;&nbsp; 3027 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Immunovant Inc. | &nbsp;&nbsp;&nbsp;&nbsp;205754 | &nbsp;&nbsp;&nbsp;&nbsp; 3023 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;89bio Inc. | &nbsp;&nbsp;&nbsp;&nbsp;330481 | &nbsp;&nbsp;&nbsp;&nbsp; 2984 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dynavax Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;290193 | &nbsp;&nbsp;&nbsp;&nbsp; 2937 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vera Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125088 | &nbsp;&nbsp;&nbsp;&nbsp; 2707 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Janux Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116106 | &nbsp;&nbsp;&nbsp;&nbsp; 2638 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MiMedx Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;356835 | &nbsp;&nbsp;&nbsp;&nbsp; 2534 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Praxis Precision Medicines Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55321 | &nbsp;&nbsp;&nbsp;&nbsp; 2519 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Anavex Life Sciences Corp. | &nbsp;&nbsp;&nbsp;&nbsp;260721 | &nbsp;&nbsp;&nbsp;&nbsp; 2513 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Akebia Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;793261 | &nbsp;&nbsp;&nbsp;&nbsp; 2491 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Apogee Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67277 | &nbsp;&nbsp;&nbsp;&nbsp; 2447 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stoke Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;115400 | &nbsp;&nbsp;&nbsp;&nbsp; 2280 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arcus Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;207736 | &nbsp;&nbsp;&nbsp;&nbsp; 2200 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CareDx Inc. | &nbsp;&nbsp;&nbsp;&nbsp;159526 | &nbsp;&nbsp;&nbsp;&nbsp; 2179 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Geron Corp. (XNGS) | 1441088 | &nbsp;&nbsp;&nbsp;&nbsp; 2017 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Immunome Inc. | &nbsp;&nbsp;&nbsp;&nbsp;210699 | &nbsp;&nbsp;&nbsp;&nbsp; 2004 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nurix Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;207810 | &nbsp;&nbsp;&nbsp;&nbsp; 1941 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;ImmunityBio Inc. | &nbsp;&nbsp;&nbsp;&nbsp;799173 | &nbsp;&nbsp;&nbsp;&nbsp; 1870 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Iovance Biotherapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;811519 | &nbsp;&nbsp;&nbsp;&nbsp; 1810 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Spyre Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;109726 | &nbsp;&nbsp;&nbsp;&nbsp; 1809 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Myriad Genetics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;276591 | &nbsp;&nbsp;&nbsp;&nbsp; 1762 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;uniQure NV | &nbsp;&nbsp;&nbsp;&nbsp;107446 | &nbsp;&nbsp;&nbsp;&nbsp; 1755 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mineralys Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108233 | &nbsp;&nbsp;&nbsp;&nbsp; 1675 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zymeworks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112505 | &nbsp;&nbsp;&nbsp;&nbsp; 1666 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kura Oncology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;208972 | &nbsp;&nbsp;&nbsp;&nbsp; 1651 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arbutus Biopharma Corp. | &nbsp;&nbsp;&nbsp;&nbsp;431296 | &nbsp;&nbsp;&nbsp;&nbsp; 1600 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ARS Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133554 | &nbsp;&nbsp;&nbsp;&nbsp; 1552 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Taysha Gene Therapies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;513207 | &nbsp;&nbsp;&nbsp;&nbsp; 1499 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Day One Biopharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;199521 | &nbsp;&nbsp;&nbsp;&nbsp; 1498 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Xencor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;181193 | &nbsp;&nbsp;&nbsp;&nbsp; 1473 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Emergent BioSolutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;164694 | &nbsp;&nbsp;&nbsp;&nbsp; 1367 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vir Biotechnology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;270236 | &nbsp;&nbsp;&nbsp;&nbsp; 1335 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Keros Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85857 | &nbsp;&nbsp;&nbsp;&nbsp; 1306 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Relay Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;358229 | &nbsp;&nbsp;&nbsp;&nbsp; 1286 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arcturus Therapeutics Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73686 | &nbsp;&nbsp;&nbsp;&nbsp; 1253 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Sana Biotechnology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;409035 | &nbsp;&nbsp;&nbsp;&nbsp; 1252 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;REGENXBIO Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127568 | &nbsp;&nbsp;&nbsp;&nbsp; 1139 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Prothena Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;129959 | &nbsp;&nbsp;&nbsp;&nbsp; 1066 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ArriVent Biopharma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55397 | &nbsp;&nbsp;&nbsp;&nbsp; 1059 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ORIC Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102936 | &nbsp;&nbsp;&nbsp;&nbsp; 1053 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;KalVista Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75350 | &nbsp;&nbsp;&nbsp;&nbsp; 1014 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MeiraGTx Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;131203 | &nbsp;&nbsp;&nbsp;&nbsp; 958 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Altimmune Inc. | &nbsp;&nbsp;&nbsp;&nbsp;247401 | &nbsp;&nbsp;&nbsp;&nbsp; 948 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aura Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;149816 | &nbsp;&nbsp;&nbsp;&nbsp; 938 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Prime Medicine Inc. | &nbsp;&nbsp;&nbsp;&nbsp;286580 | &nbsp;&nbsp;&nbsp;&nbsp; 928 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Organogenesis Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;177782 | &nbsp;&nbsp;&nbsp;&nbsp; 916 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AnaptysBio Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44315 | &nbsp;&nbsp;&nbsp;&nbsp; 901 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Ocugen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;876130 | &nbsp;&nbsp;&nbsp;&nbsp; 894 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tango Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130838 | &nbsp;&nbsp;&nbsp;&nbsp; 878 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aldeyra Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;145069 | &nbsp;&nbsp;&nbsp;&nbsp; 847 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Y-mAbs Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95770 | &nbsp;&nbsp;&nbsp;&nbsp; 819 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Erasca Inc. | &nbsp;&nbsp;&nbsp;&nbsp;517544 | &nbsp;&nbsp;&nbsp;&nbsp; 813 |

---

------

Health Care Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rocket Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;243791 | &nbsp;&nbsp;&nbsp;&nbsp; 800 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vanda Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;168161 | &nbsp;&nbsp;&nbsp;&nbsp; 795 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bicara Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57688 | &nbsp;&nbsp;&nbsp;&nbsp; 689 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Savara Inc. | &nbsp;&nbsp;&nbsp;&nbsp;208648 | &nbsp;&nbsp;&nbsp;&nbsp; 684 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Editas Medicine Inc. | &nbsp;&nbsp;&nbsp;&nbsp;260515 | &nbsp;&nbsp;&nbsp;&nbsp; 669 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Replimune Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116584 | &nbsp;&nbsp;&nbsp;&nbsp; 630 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Olema Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113787 | &nbsp;&nbsp;&nbsp;&nbsp; 621 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;4D Molecular Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98952 | &nbsp;&nbsp;&nbsp;&nbsp; 610 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lexicon Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;547409 | &nbsp;&nbsp;&nbsp;&nbsp; 602 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cullinan Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79553 | &nbsp;&nbsp;&nbsp;&nbsp; 600 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dianthus Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24605 | &nbsp;&nbsp;&nbsp;&nbsp; 580 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ironwood Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;438656 | &nbsp;&nbsp;&nbsp;&nbsp; 579 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Humacyte Inc. | &nbsp;&nbsp;&nbsp;&nbsp;372980 | &nbsp;&nbsp;&nbsp;&nbsp; 578 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Perspective Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;168184 | &nbsp;&nbsp;&nbsp;&nbsp; 565 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Monte Rosa Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;111361 | &nbsp;&nbsp;&nbsp;&nbsp; 535 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Astria Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85618 | &nbsp;&nbsp;&nbsp;&nbsp; 529 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tyra Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40175 | &nbsp;&nbsp;&nbsp;&nbsp; 509 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Allogene Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;446647 | &nbsp;&nbsp;&nbsp;&nbsp; 505 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Heron Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;371000 | &nbsp;&nbsp;&nbsp;&nbsp; 501 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alector Inc. | &nbsp;&nbsp;&nbsp;&nbsp;199563 | &nbsp;&nbsp;&nbsp;&nbsp; 469 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annexon Inc. | &nbsp;&nbsp;&nbsp;&nbsp;211600 | &nbsp;&nbsp;&nbsp;&nbsp; 436 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coherus Oncology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;335969 | &nbsp;&nbsp;&nbsp;&nbsp; 390 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Agenus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87915 | &nbsp;&nbsp;&nbsp;&nbsp; 367 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Korro Bio Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13768 | &nbsp;&nbsp;&nbsp;&nbsp; 318 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Entrada Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57472 | &nbsp;&nbsp;&nbsp;&nbsp; 314 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fate Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;294378 | &nbsp;&nbsp;&nbsp;&nbsp; 306 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MacroGenics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;154555 | &nbsp;&nbsp;&nbsp;&nbsp; 274 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zentalis Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;135893 | &nbsp;&nbsp;&nbsp;&nbsp; 230 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lyell Immunopharma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15940 | &nbsp;&nbsp;&nbsp;&nbsp; 177 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Applied Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;323677 | &nbsp;&nbsp;&nbsp;&nbsp; 159 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;HilleVax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59010 | &nbsp;&nbsp;&nbsp;&nbsp; 123 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mural Oncology plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45838 | &nbsp;&nbsp;&nbsp;&nbsp; 94 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ALX Oncology Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76505 | &nbsp;&nbsp;&nbsp;&nbsp; 89 |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;Prevail Therapeutics CVR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3549404** |
| **Health Care Equipment & Supplies (22.5%)** | **Health Care Equipment & Supplies (22.5%)** | **Health Care Equipment & Supplies (22.5%)** | **Health Care Equipment & Supplies (22.5%)** |
|  | &nbsp;&nbsp;&nbsp;Abbott Laboratories | 5257052 | &nbsp;&nbsp;&nbsp;&nbsp; 697401 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intuitive Surgical Inc. | 1083015 | &nbsp;&nbsp;&nbsp;&nbsp; 512586 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | 4470217 | &nbsp;&nbsp;&nbsp;&nbsp; 471608 |
|  | &nbsp;&nbsp;&nbsp;Stryker Corp. | 1039296 | &nbsp;&nbsp;&nbsp;&nbsp; 406791 |
|  | &nbsp;&nbsp;&nbsp;Medtronic plc | 3871592 | &nbsp;&nbsp;&nbsp;&nbsp; 359322 |
|  | &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;866149 | &nbsp;&nbsp;&nbsp;&nbsp; 167149 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IDEXX Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;243019 | &nbsp;&nbsp;&nbsp;&nbsp; 157255 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp. | 1772532 | &nbsp;&nbsp;&nbsp;&nbsp; 144178 |
|  | &nbsp;&nbsp;&nbsp;ResMed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;443087 | &nbsp;&nbsp;&nbsp;&nbsp; 121632 |
|  | &nbsp;&nbsp;&nbsp;GE Healthcare Inc. | 1383878 | &nbsp;&nbsp;&nbsp;&nbsp; 102033 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dexcom Inc. | 1184912 | &nbsp;&nbsp;&nbsp;&nbsp; 89271 |
|  | &nbsp;&nbsp;&nbsp;STERIS plc | &nbsp;&nbsp;&nbsp;&nbsp;297349 | &nbsp;&nbsp;&nbsp;&nbsp; 72868 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Insulet Corp. | &nbsp;&nbsp;&nbsp;&nbsp;212674 | &nbsp;&nbsp;&nbsp;&nbsp; 72284 |
|  | &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;597987 | &nbsp;&nbsp;&nbsp;&nbsp; 63446 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hologic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;672465 | &nbsp;&nbsp;&nbsp;&nbsp; 45136 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cooper Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;602072 | &nbsp;&nbsp;&nbsp;&nbsp; 40577 |
|  | &nbsp;&nbsp;&nbsp;Baxter International Inc. | 1551766 | &nbsp;&nbsp;&nbsp;&nbsp; 38313 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Solventum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;470870 | &nbsp;&nbsp;&nbsp;&nbsp; 34416 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Penumbra Inc. | &nbsp;&nbsp;&nbsp;&nbsp;111198 | &nbsp;&nbsp;&nbsp;&nbsp; 30317 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Align Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;207805 | &nbsp;&nbsp;&nbsp;&nbsp; 29500 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Masimo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;139434 | &nbsp;&nbsp;&nbsp;&nbsp; 19480 |
|  | &nbsp;&nbsp;&nbsp;Teleflex Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133354 | &nbsp;&nbsp;&nbsp;&nbsp; 16857 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Glaukos Corp. | &nbsp;&nbsp;&nbsp;&nbsp;172958 | &nbsp;&nbsp;&nbsp;&nbsp; 16573 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;iRhythm Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96351 | &nbsp;&nbsp;&nbsp;&nbsp; 16378 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Merit Medical Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;178567 | &nbsp;&nbsp;&nbsp;&nbsp; 16167 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Globus Medical Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;240856 | &nbsp;&nbsp;&nbsp;&nbsp; 14757 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lantheus Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;208782 | &nbsp;&nbsp;&nbsp;&nbsp; 11462 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Integer Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;105309 | &nbsp;&nbsp;&nbsp;&nbsp; 11360 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TransMedics Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97000 | &nbsp;&nbsp;&nbsp;&nbsp; 11151 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Envista Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;511601 | &nbsp;&nbsp;&nbsp;&nbsp; 10836 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LivaNova plc | &nbsp;&nbsp;&nbsp;&nbsp;165148 | &nbsp;&nbsp;&nbsp;&nbsp; 9309 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ICU Medical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70817 | &nbsp;&nbsp;&nbsp;&nbsp; 9041 |
|  | &nbsp;&nbsp;&nbsp;DENTSPLY SIRONA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;604447 | &nbsp;&nbsp;&nbsp;&nbsp; 8644 |

---

------

Health Care Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Inspire Medical Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84546 | &nbsp;&nbsp;&nbsp;&nbsp; 7921 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Haemonetics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;144966 | &nbsp;&nbsp;&nbsp;&nbsp; 7906 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;166958 | &nbsp;&nbsp;&nbsp;&nbsp; 6707 |
|  | &nbsp;&nbsp;&nbsp;LeMaitre Vascular Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64787 | &nbsp;&nbsp;&nbsp;&nbsp; 6178 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QuidelOrtho Corp. | &nbsp;&nbsp;&nbsp;&nbsp;204878 | &nbsp;&nbsp;&nbsp;&nbsp; 5878 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alphatec Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;352927 | &nbsp;&nbsp;&nbsp;&nbsp; 5612 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AtriCure Inc. | &nbsp;&nbsp;&nbsp;&nbsp;149669 | &nbsp;&nbsp;&nbsp;&nbsp; 5536 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enovis Corp. | &nbsp;&nbsp;&nbsp;&nbsp;172880 | &nbsp;&nbsp;&nbsp;&nbsp; 5342 |
|  | &nbsp;&nbsp;&nbsp;CONMED Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93513 | &nbsp;&nbsp;&nbsp;&nbsp; 5083 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Artivion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;109794 | &nbsp;&nbsp;&nbsp;&nbsp; 4823 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;UFP Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22097 | &nbsp;&nbsp;&nbsp;&nbsp; 4644 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Omnicell Inc. | &nbsp;&nbsp;&nbsp;&nbsp;141732 | &nbsp;&nbsp;&nbsp;&nbsp; 4619 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Novocure Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;319713 | &nbsp;&nbsp;&nbsp;&nbsp; 3942 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Neogen Corp. | &nbsp;&nbsp;&nbsp;&nbsp;623563 | &nbsp;&nbsp;&nbsp;&nbsp; 3585 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;199306 | &nbsp;&nbsp;&nbsp;&nbsp; 3016 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;STAAR Surgical Co. | &nbsp;&nbsp;&nbsp;&nbsp;104351 | &nbsp;&nbsp;&nbsp;&nbsp; 2855 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tandem Diabetes Care Inc. | &nbsp;&nbsp;&nbsp;&nbsp;201261 | &nbsp;&nbsp;&nbsp;&nbsp; 2518 |
|  | &nbsp;&nbsp;&nbsp;Embecta Corp. | &nbsp;&nbsp;&nbsp;&nbsp;167253 | &nbsp;&nbsp;&nbsp;&nbsp; 2422 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Establishment Labs Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52358 | &nbsp;&nbsp;&nbsp;&nbsp; 2161 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axogen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130570 | &nbsp;&nbsp;&nbsp;&nbsp; 2107 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SI-BONE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;115665 | &nbsp;&nbsp;&nbsp;&nbsp; 1928 |
|  | &nbsp;&nbsp;&nbsp;iRadimed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24926 | &nbsp;&nbsp;&nbsp;&nbsp; 1806 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Avanos Medical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;140596 | &nbsp;&nbsp;&nbsp;&nbsp; 1679 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zimvie Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84655 | &nbsp;&nbsp;&nbsp;&nbsp; 1598 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Surmodics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43155 | &nbsp;&nbsp;&nbsp;&nbsp; 1469 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Varex Imaging Corp. | &nbsp;&nbsp;&nbsp;&nbsp;124291 | &nbsp;&nbsp;&nbsp;&nbsp; 1436 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Orthofix Medical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94612 | &nbsp;&nbsp;&nbsp;&nbsp; 1417 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AngioDynamics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;122714 | &nbsp;&nbsp;&nbsp;&nbsp; 1259 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Treace Medical Concepts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;151508 | &nbsp;&nbsp;&nbsp;&nbsp; 1112 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;OrthoPediatrics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47857 | &nbsp;&nbsp;&nbsp;&nbsp; 1022 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Pulse Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60908 | &nbsp;&nbsp;&nbsp;&nbsp; 947 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RxSight Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104409 | &nbsp;&nbsp;&nbsp;&nbsp; 944 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Butterfly Network Inc. | &nbsp;&nbsp;&nbsp;&nbsp;566894 | &nbsp;&nbsp;&nbsp;&nbsp; 913 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bioventus Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;120251 | &nbsp;&nbsp;&nbsp;&nbsp; 890 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cerus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;567688 | &nbsp;&nbsp;&nbsp;&nbsp; 744 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;OraSure Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;208851 | &nbsp;&nbsp;&nbsp;&nbsp; 691 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ceribell Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49024 | &nbsp;&nbsp;&nbsp;&nbsp; 580 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pulmonx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;110490 | &nbsp;&nbsp;&nbsp;&nbsp; 189 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3941577** |
| **Health Care Providers & Services (17.3%)** | **Health Care Providers & Services (17.3%)** | **Health Care Providers & Services (17.3%)** | **Health Care Providers & Services (17.3%)** |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 2576058 | &nbsp;&nbsp;&nbsp;&nbsp; 798243 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | 3822483 | &nbsp;&nbsp;&nbsp;&nbsp; 279615 |
|  | &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;377777 | &nbsp;&nbsp;&nbsp;&nbsp; 259397 |
|  | &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;807260 | &nbsp;&nbsp;&nbsp;&nbsp; 242880 |
|  | &nbsp;&nbsp;&nbsp;HCA Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;545222 | &nbsp;&nbsp;&nbsp;&nbsp; 220248 |
|  | &nbsp;&nbsp;&nbsp;Elevance Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;682755 | &nbsp;&nbsp;&nbsp;&nbsp; 217560 |
|  | &nbsp;&nbsp;&nbsp;Cencora Inc. | &nbsp;&nbsp;&nbsp;&nbsp;556378 | &nbsp;&nbsp;&nbsp;&nbsp; 162245 |
|  | &nbsp;&nbsp;&nbsp;Humana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;364726 | &nbsp;&nbsp;&nbsp;&nbsp; 110753 |
|  | &nbsp;&nbsp;&nbsp;Cardinal Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;720748 | &nbsp;&nbsp;&nbsp;&nbsp; 107233 |
|  | &nbsp;&nbsp;&nbsp;Labcorp Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;252968 | &nbsp;&nbsp;&nbsp;&nbsp; 70322 |
|  | &nbsp;&nbsp;&nbsp;Quest Diagnostics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;337371 | &nbsp;&nbsp;&nbsp;&nbsp; 61280 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;280715 | &nbsp;&nbsp;&nbsp;&nbsp; 51744 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Centene Corp. | 1504360 | &nbsp;&nbsp;&nbsp;&nbsp; 43687 |
|  | &nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;304670 | &nbsp;&nbsp;&nbsp;&nbsp; 37097 |
|  | &nbsp;&nbsp;&nbsp;Universal Health Services Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;172898 | &nbsp;&nbsp;&nbsp;&nbsp; 31395 |
|  | &nbsp;&nbsp;&nbsp;Ensign Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;173803 | &nbsp;&nbsp;&nbsp;&nbsp; 29856 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Molina Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;163564 | &nbsp;&nbsp;&nbsp;&nbsp; 29577 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hims & Hers Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;586354 | &nbsp;&nbsp;&nbsp;&nbsp; 24832 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Henry Schein Inc. | &nbsp;&nbsp;&nbsp;&nbsp;340272 | &nbsp;&nbsp;&nbsp;&nbsp; 23676 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;HealthEquity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;261547 | &nbsp;&nbsp;&nbsp;&nbsp; 23364 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Guardant Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;337289 | &nbsp;&nbsp;&nbsp;&nbsp; 22740 |
|  | &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44249 | &nbsp;&nbsp;&nbsp;&nbsp; 20264 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DaVita Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125357 | &nbsp;&nbsp;&nbsp;&nbsp; 17269 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Option Care Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;495576 | &nbsp;&nbsp;&nbsp;&nbsp; 14213 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RadNet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;197492 | &nbsp;&nbsp;&nbsp;&nbsp; 14172 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CorVel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93364 | &nbsp;&nbsp;&nbsp;&nbsp; 8314 |
|  | &nbsp;&nbsp;&nbsp;Concentra Group Holdings Parent Inc. | &nbsp;&nbsp;&nbsp;&nbsp;347905 | &nbsp;&nbsp;&nbsp;&nbsp; 8280 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GeneDx Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55977 | &nbsp;&nbsp;&nbsp;&nbsp; 7248 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BrightSpring Health Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;292949 | &nbsp;&nbsp;&nbsp;&nbsp; 6940 |

---

------

Health Care Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alignment Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;418059 | &nbsp;&nbsp;&nbsp;&nbsp; 6839 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Privia Health Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;296009 | &nbsp;&nbsp;&nbsp;&nbsp; 6820 |
|  | &nbsp;&nbsp;&nbsp;Premier Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;248615 | &nbsp;&nbsp;&nbsp;&nbsp; 6439 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Addus HomeCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55546 | &nbsp;&nbsp;&nbsp;&nbsp; 6397 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Acadia Healthcare Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;278182 | &nbsp;&nbsp;&nbsp;&nbsp; 6387 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Progyny Inc. | &nbsp;&nbsp;&nbsp;&nbsp;245828 | &nbsp;&nbsp;&nbsp;&nbsp; 5819 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Surgery Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;231550 | &nbsp;&nbsp;&nbsp;&nbsp; 5254 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Brookdale Senior Living Inc. | &nbsp;&nbsp;&nbsp;&nbsp;636579 | &nbsp;&nbsp;&nbsp;&nbsp; 4902 |
|  | &nbsp;&nbsp;&nbsp;National HealthCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39978 | &nbsp;&nbsp;&nbsp;&nbsp; 4537 |
|  | &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;347815 | &nbsp;&nbsp;&nbsp;&nbsp; 4525 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pediatrix Medical Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;261111 | &nbsp;&nbsp;&nbsp;&nbsp; 4494 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Astrana Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134978 | &nbsp;&nbsp;&nbsp;&nbsp; 4314 |
|  | &nbsp;&nbsp;&nbsp;US Physical Therapy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45877 | &nbsp;&nbsp;&nbsp;&nbsp; 3803 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NeoGenomics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;388820 | &nbsp;&nbsp;&nbsp;&nbsp; 3414 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Clover Health Investments Corp. | 1257273 | &nbsp;&nbsp;&nbsp;&nbsp; 3294 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AdaptHealth Corp. | &nbsp;&nbsp;&nbsp;&nbsp;285264 | &nbsp;&nbsp;&nbsp;&nbsp; 2707 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pennant Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104581 | &nbsp;&nbsp;&nbsp;&nbsp; 2511 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AMN Healthcare Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;115686 | &nbsp;&nbsp;&nbsp;&nbsp; 2404 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LifeStance Health Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;408604 | &nbsp;&nbsp;&nbsp;&nbsp; 2239 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Castle Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87352 | &nbsp;&nbsp;&nbsp;&nbsp; 2097 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;OPKO Health Inc. | 1317271 | &nbsp;&nbsp;&nbsp;&nbsp; 1818 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PACS Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;141068 | &nbsp;&nbsp;&nbsp;&nbsp; 1642 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fulgent Genetics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59659 | &nbsp;&nbsp;&nbsp;&nbsp; 1323 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;agilon health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;935662 | &nbsp;&nbsp;&nbsp;&nbsp; 1198 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cross Country Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88517 | &nbsp;&nbsp;&nbsp;&nbsp; 1184 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Talkspace Inc. | &nbsp;&nbsp;&nbsp;&nbsp;433758 | &nbsp;&nbsp;&nbsp;&nbsp; 1154 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Owens & Minor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;232258 | &nbsp;&nbsp;&nbsp;&nbsp; 1138 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Community Health Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;382040 | &nbsp;&nbsp;&nbsp;&nbsp; 1054 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enhabit Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130416 | &nbsp;&nbsp;&nbsp;&nbsp; 1028 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DocGo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;260754 | &nbsp;&nbsp;&nbsp;&nbsp; 407 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3045586** |
| **Health Care Technology (1.1%)** | **Health Care Technology (1.1%)** | **Health Care Technology (1.1%)** | **Health Care Technology (1.1%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Veeva Systems Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;469150 | &nbsp;&nbsp;&nbsp;&nbsp; 126295 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Doximity Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;372591 | &nbsp;&nbsp;&nbsp;&nbsp; 25314 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Waystar Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;287178 | &nbsp;&nbsp;&nbsp;&nbsp; 10878 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Phreesia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;179583 | &nbsp;&nbsp;&nbsp;&nbsp; 5686 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Teladoc Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;530087 | &nbsp;&nbsp;&nbsp;&nbsp; 4098 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Certara Inc. | &nbsp;&nbsp;&nbsp;&nbsp;367230 | &nbsp;&nbsp;&nbsp;&nbsp; 3981 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Schrodinger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;194469 | &nbsp;&nbsp;&nbsp;&nbsp; 3794 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Evolent Health Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;299717 | &nbsp;&nbsp;&nbsp;&nbsp; 2892 |
|  | &nbsp;&nbsp;&nbsp;HealthStream Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74226 | &nbsp;&nbsp;&nbsp;&nbsp; 2084 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GoodRx Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;259239 | &nbsp;&nbsp;&nbsp;&nbsp; 1128 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Claritev Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12396 | &nbsp;&nbsp;&nbsp;&nbsp; 854 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Simulations Plus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52141 | &nbsp;&nbsp;&nbsp;&nbsp; 739 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Health Catalyst Inc. | &nbsp;&nbsp;&nbsp;&nbsp;209901 | &nbsp;&nbsp;&nbsp;&nbsp; 711 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Definitive Healthcare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;113148 | &nbsp;&nbsp;&nbsp;&nbsp; 456 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Well Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37855 | &nbsp;&nbsp;&nbsp;&nbsp; 261 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **189171** |
| **Life Sciences Tools & Services (9.4%)** | **Life Sciences Tools & Services (9.4%)** | **Life Sciences Tools & Services (9.4%)** | **Life Sciences Tools & Services (9.4%)** |
|  | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc. | 1140785 | &nbsp;&nbsp;&nbsp;&nbsp; 562088 |
|  | &nbsp;&nbsp;&nbsp;Danaher Corp. | 1946591 | &nbsp;&nbsp;&nbsp;&nbsp; 400647 |
|  | &nbsp;&nbsp;&nbsp;Agilent Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;857798 | &nbsp;&nbsp;&nbsp;&nbsp; 107791 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IQVIA Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;522068 | &nbsp;&nbsp;&nbsp;&nbsp; 99616 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mettler-Toledo International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62719 | &nbsp;&nbsp;&nbsp;&nbsp; 81600 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Waters Corp. | &nbsp;&nbsp;&nbsp;&nbsp;180026 | &nbsp;&nbsp;&nbsp;&nbsp; 54332 |
|  | &nbsp;&nbsp;&nbsp;West Pharmaceutical Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;216811 | &nbsp;&nbsp;&nbsp;&nbsp; 53541 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Illumina Inc. | &nbsp;&nbsp;&nbsp;&nbsp;478653 | &nbsp;&nbsp;&nbsp;&nbsp; 47846 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Medpace Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73860 | &nbsp;&nbsp;&nbsp;&nbsp; 35121 |
|  | &nbsp;&nbsp;&nbsp;Revvity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;355739 | &nbsp;&nbsp;&nbsp;&nbsp; 32056 |
|  | &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;473124 | &nbsp;&nbsp;&nbsp;&nbsp; 25847 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Avantor Inc. | 1899453 | &nbsp;&nbsp;&nbsp;&nbsp; 25586 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Charles River Laboratories International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;148571 | &nbsp;&nbsp;&nbsp;&nbsp; 24263 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Tempus AI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;279691 | &nbsp;&nbsp;&nbsp;&nbsp; 21217 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Repligen Corp. | &nbsp;&nbsp;&nbsp;&nbsp;161488 | &nbsp;&nbsp;&nbsp;&nbsp; 19753 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56798 | &nbsp;&nbsp;&nbsp;&nbsp; 16919 |
|  | &nbsp;&nbsp;&nbsp;Bruker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;320459 | &nbsp;&nbsp;&nbsp;&nbsp; 10889 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sotera Health Co. | &nbsp;&nbsp;&nbsp;&nbsp;473530 | &nbsp;&nbsp;&nbsp;&nbsp; 7752 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;321063 | &nbsp;&nbsp;&nbsp;&nbsp; 4232 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;10X Genomics Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;301806 | &nbsp;&nbsp;&nbsp;&nbsp; 4228 |

---

------

Health Care Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Azenta Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125393 | &nbsp;&nbsp;&nbsp;&nbsp; 3829 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BioLife Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;122767 | &nbsp;&nbsp;&nbsp;&nbsp; 3075 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fortrea Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;273085 | &nbsp;&nbsp;&nbsp;&nbsp; 2690 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Niagen Bioscience Inc. | &nbsp;&nbsp;&nbsp;&nbsp;169577 | &nbsp;&nbsp;&nbsp;&nbsp; 1679 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cytek Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;329852 | &nbsp;&nbsp;&nbsp;&nbsp; 1366 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CryoPort Inc. | &nbsp;&nbsp;&nbsp;&nbsp;150766 | &nbsp;&nbsp;&nbsp;&nbsp; 1336 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ginkgo Bioworks Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89976 | &nbsp;&nbsp;&nbsp;&nbsp; 1140 |
|  | &nbsp;&nbsp;&nbsp;Mesa Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16536 | &nbsp;&nbsp;&nbsp;&nbsp; 1120 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pacific Biosciences of California Inc. | &nbsp;&nbsp;&nbsp;&nbsp;783284 | &nbsp;&nbsp;&nbsp;&nbsp; 1026 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Standard BioTools Inc. | &nbsp;&nbsp;&nbsp;&nbsp;745693 | &nbsp;&nbsp;&nbsp;&nbsp; 940 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Maravai LifeSciences Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;325600 | &nbsp;&nbsp;&nbsp;&nbsp; 788 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Quanterix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;111332 | &nbsp;&nbsp;&nbsp;&nbsp; 507 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;OmniAb Inc. | &nbsp;&nbsp;&nbsp;&nbsp;295190 | &nbsp;&nbsp;&nbsp;&nbsp; 472 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MaxCyte Inc. | &nbsp;&nbsp;&nbsp;&nbsp;303778 | &nbsp;&nbsp;&nbsp;&nbsp; 422 |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;OmniAb Inc. 12.5 Earnout | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22076 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;OmniAb Inc. 15 Earnout | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22076 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1655714** |
| **Pharmaceuticals (25.9%)** | **Pharmaceuticals (25.9%)** | **Pharmaceuticals (25.9%)** | **Pharmaceuticals (25.9%)** |
|  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 2434136 | &nbsp;&nbsp;&nbsp;&nbsp; 1783199 |
|  | &nbsp;&nbsp;&nbsp;Johnson & Johnson | 5020212 | &nbsp;&nbsp;&nbsp;&nbsp; 889431 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 7587652 | &nbsp;&nbsp;&nbsp;&nbsp; 638273 |
|  | &nbsp;&nbsp;&nbsp;Pfizer Inc. | 17180291 | &nbsp;&nbsp;&nbsp;&nbsp; 425384 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 6149636 | &nbsp;&nbsp;&nbsp;&nbsp; 290140 |
|  | &nbsp;&nbsp;&nbsp;Zoetis Inc. | 1345481 | &nbsp;&nbsp;&nbsp;&nbsp; 210433 |
|  | &nbsp;&nbsp;&nbsp;Royalty Pharma plc Class A | 1146097 | &nbsp;&nbsp;&nbsp;&nbsp; 41237 |
|  | &nbsp;&nbsp;&nbsp;Viatris Inc. | 3541759 | &nbsp;&nbsp;&nbsp;&nbsp; 37366 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Elanco Animal Health Inc. (XNYS) | 1499609 | &nbsp;&nbsp;&nbsp;&nbsp; 27518 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals plc | &nbsp;&nbsp;&nbsp;&nbsp;173483 | &nbsp;&nbsp;&nbsp;&nbsp; 22162 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corcept Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;288765 | &nbsp;&nbsp;&nbsp;&nbsp; 20133 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axsome Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;103994 | &nbsp;&nbsp;&nbsp;&nbsp; 12612 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;148587 | &nbsp;&nbsp;&nbsp;&nbsp; 10110 |
|  | &nbsp;&nbsp;&nbsp;Perrigo Co. plc | &nbsp;&nbsp;&nbsp;&nbsp;414901 | &nbsp;&nbsp;&nbsp;&nbsp; 9850 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58223 | &nbsp;&nbsp;&nbsp;&nbsp; 9415 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;268483 | &nbsp;&nbsp;&nbsp;&nbsp; 8320 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;169088 | &nbsp;&nbsp;&nbsp;&nbsp; 7629 |
|  | &nbsp;&nbsp;&nbsp;Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp;784750 | &nbsp;&nbsp;&nbsp;&nbsp; 7392 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95083 | &nbsp;&nbsp;&nbsp;&nbsp; 5570 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liquidia Corp. | &nbsp;&nbsp;&nbsp;&nbsp;193390 | &nbsp;&nbsp;&nbsp;&nbsp; 5353 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ANI Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52183 | &nbsp;&nbsp;&nbsp;&nbsp; 4879 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130218 | &nbsp;&nbsp;&nbsp;&nbsp; 4804 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;474431 | &nbsp;&nbsp;&nbsp;&nbsp; 4536 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Tilray Brands Inc. | 3132536 | &nbsp;&nbsp;&nbsp;&nbsp; 4323 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Avadel Pharmaceuticals plc | &nbsp;&nbsp;&nbsp;&nbsp;262950 | &nbsp;&nbsp;&nbsp;&nbsp; 3881 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ocular Therapeutix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;312700 | &nbsp;&nbsp;&nbsp;&nbsp; 3818 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97825 | &nbsp;&nbsp;&nbsp;&nbsp; 3796 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Xeris Biopharma Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;483497 | &nbsp;&nbsp;&nbsp;&nbsp; 3786 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pacira BioSciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;139959 | &nbsp;&nbsp;&nbsp;&nbsp; 3733 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Innoviva Inc. | &nbsp;&nbsp;&nbsp;&nbsp;180474 | &nbsp;&nbsp;&nbsp;&nbsp; 3687 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Harrow Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93957 | &nbsp;&nbsp;&nbsp;&nbsp; 3664 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113415 | &nbsp;&nbsp;&nbsp;&nbsp; 3473 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;WaVe Life Sciences Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;330350 | &nbsp;&nbsp;&nbsp;&nbsp; 3171 |
|  | &nbsp;&nbsp;&nbsp;Phibro Animal Health Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61721 | &nbsp;&nbsp;&nbsp;&nbsp; 2288 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Edgewise Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;158762 | &nbsp;&nbsp;&nbsp;&nbsp; 2278 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;ATAI Life Sciences NV | &nbsp;&nbsp;&nbsp;&nbsp;448264 | &nbsp;&nbsp;&nbsp;&nbsp; 2053 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EyePoint Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;176834 | &nbsp;&nbsp;&nbsp;&nbsp; 2046 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enliven Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98276 | &nbsp;&nbsp;&nbsp;&nbsp; 1992 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Nuvation Bio Inc. | &nbsp;&nbsp;&nbsp;&nbsp;562857 | &nbsp;&nbsp;&nbsp;&nbsp; 1672 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amylyx Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;174955 | &nbsp;&nbsp;&nbsp;&nbsp; 1641 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mind Medicine MindMed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;182614 | &nbsp;&nbsp;&nbsp;&nbsp; 1622 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Theravance Biopharma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113991 | &nbsp;&nbsp;&nbsp;&nbsp; 1582 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Phathom Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;126517 | &nbsp;&nbsp;&nbsp;&nbsp; 1541 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arvinas Inc. | &nbsp;&nbsp;&nbsp;&nbsp;176165 | &nbsp;&nbsp;&nbsp;&nbsp; 1362 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LENZ Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34715 | &nbsp;&nbsp;&nbsp;&nbsp; 1341 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Terns Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;171706 | &nbsp;&nbsp;&nbsp;&nbsp; 1195 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Evolus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;144195 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 |
|  | &nbsp;&nbsp;&nbsp;SIGA Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130047 | &nbsp;&nbsp;&nbsp;&nbsp; 1091 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rapport Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49775 | &nbsp;&nbsp;&nbsp;&nbsp; 878 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alumis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;144804 | &nbsp;&nbsp;&nbsp;&nbsp; 672 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Atea Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;180767 | &nbsp;&nbsp;&nbsp;&nbsp; 607 |

---

------

Health Care Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ventyx Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;162933 | &nbsp;&nbsp;&nbsp;&nbsp; 391 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cassava Sciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;132887 | &nbsp;&nbsp;&nbsp;&nbsp; 303 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Neumora Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;170666 | &nbsp;&nbsp;&nbsp;&nbsp; 295 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pliant Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;146459 | &nbsp;&nbsp;&nbsp;&nbsp; 240 |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;Chinook Therapeutics Inc. CVR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4541268** |
| **Total Common Stocks (Cost $14,456,498)** | **Total Common Stocks (Cost $14,456,498)** | **Total Common Stocks (Cost $14,456,498)** | &nbsp;&nbsp;&nbsp;&nbsp;**16922720** |
| **Temporary Cash Investments (3.6%)** | **Temporary Cash Investments (3.6%)** | **Temporary Cash Investments (3.6%)** | **Temporary Cash Investments (3.6%)** |
| **Money Market Fund (3.6%)** | **Money Market Fund (3.6%)** | **Money Market Fund (3.6%)** | **Money Market Fund (3.6%)** |
| <sup>3,4</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.362% **(Cost $628,295)** | 6283669 | &nbsp;&nbsp;&nbsp;&nbsp; **628304** |
| **Total Investments (100.0%) (Cost $15,084,793)** | **Total Investments (100.0%) (Cost $15,084,793)** | **Total Investments (100.0%) (Cost $15,084,793)** | &nbsp;&nbsp;&nbsp;&nbsp;**17551024** |
| **Other Assets and Liabilities—Net (0.0%)** | **Other Assets and Liabilities—Net (0.0%)** | **Other Assets and Liabilities—Net (0.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;**6770** |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;**17557794** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $54,235. |
| 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 $59,974 was received for securities on loan. |

---

CVR—Contingent Value Rights.

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps |
| Reference Entity | Termination<br> Date | &nbsp;&nbsp;&nbsp;Counterparty | &nbsp;&nbsp;&nbsp;Notional<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Floating<br> Interest Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> (Depreciation) ($000) |
| AbbVie Inc. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;178840 | &nbsp;&nbsp;&nbsp;(5.034) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Avantor Inc. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;2182 | &nbsp;&nbsp;&nbsp;(4.334) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Globus Medical Inc. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;6127 | &nbsp;&nbsp;&nbsp;(4.334) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Johnson & Johnson | 1/30/2026 | &nbsp;&nbsp;&nbsp;GSI | &nbsp;&nbsp;&nbsp;17664 | &nbsp;&nbsp;&nbsp;(4.333) | &nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;— |
| Johnson & Johnson | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;380915 | &nbsp;&nbsp;&nbsp;(5.034) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| UnitedHealth Group Inc. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;51129 | &nbsp;&nbsp;&nbsp;(4.983) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(64) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;(64) |

---

1 Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. <br> BANA—Bank of America, N.A. <br> GSI—Goldman Sachs International.

At August 31, 2025, the counterparties had deposited in segregated accounts securities with a value of $42,462 in connection with open over-the-counter swap contracts.

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

------

Health Care Index Fund

Statement of Assets and Liabilities

As of August 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $14,456,498) | 16922720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $628,295) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628304 |
| Total Investments in Securities | 17551024 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45994 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29823 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 |
| **Total Assets** | **17627910** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59974 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6232 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693 |
| Unrealized Depreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**70116** |
| **Net Assets** | **17557794** |
| 1 Includes $54,235 of securities on loan. |  |
| **At August 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 16230509 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;1327285 |
| **Net Assets** | **17557794** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 59,553,592 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **15188330** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$255.04** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 18,572,890 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**2369464** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$127.58** |

---

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

------

Health Care Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Year Ended<br> August 31, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends | &nbsp;&nbsp;&nbsp;&nbsp;281248 |
| Interest<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21380 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1887 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;304515 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Shareholders' Reports and Proxy Fees—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18059 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;**286456** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;795037 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13112 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;**808149** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | (3312564) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2353) |
| **Change in Unrealized Appreciation (Depreciation)** | **(3314917)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **(2220312)** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $21,357, $10, and $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 2 | Includes $1,126,169 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

Health Care Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286512 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832644 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;(3314917) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2503192 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;(2220312) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3622348 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;(254457) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(239087) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40445) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39943) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(294902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(279030) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;(1660795) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(829112) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(346733) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(246641) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;(2007528) | &nbsp;&nbsp;&nbsp;&nbsp;(1075753) |
| Total Increase (Decrease) | &nbsp;&nbsp;(4522742) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267565 |
| **Net Assets** |  |  |
| **Beginning of Period** | **22080536** | &nbsp;&nbsp;&nbsp;&nbsp;**19812971** |
| **End of Period** | **17557794** | &nbsp;&nbsp;&nbsp;&nbsp;**22080536** |

---

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

------

Health Care Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ETF Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$288.15** | &nbsp;&nbsp;&nbsp;**$244.43** | &nbsp;&nbsp;&nbsp;**$231.59** | &nbsp;&nbsp;&nbsp;**$262.41** | &nbsp;&nbsp;&nbsp;**$207.65** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.893 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;(33.035) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.859 | &nbsp;&nbsp;&nbsp;&nbsp;(30.771) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.714 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;(29.123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.277 | &nbsp;&nbsp;&nbsp;&nbsp;(27.614) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.607 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.987) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.206) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.846) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.987) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.206) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.846) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$255.04** | &nbsp;&nbsp;&nbsp;**$288.15** | &nbsp;&nbsp;&nbsp;**$244.43** | &nbsp;&nbsp;&nbsp;**$231.59** | &nbsp;&nbsp;&nbsp;**$262.41** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**-10.13%** | &nbsp;&nbsp;&nbsp;**19.55%** | &nbsp;&nbsp;&nbsp;**7.07%** | &nbsp;&nbsp;&nbsp;**-10.60%** | &nbsp;&nbsp;&nbsp;**27.99%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$15188 | &nbsp;&nbsp;&nbsp;$19012 | &nbsp;&nbsp;&nbsp;$16976 | &nbsp;&nbsp;&nbsp;$15829 | &nbsp;&nbsp;&nbsp;$16894 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;0.10%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.10%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;1.25% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;5% |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

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

------

Health Care Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$144.14** | &nbsp;&nbsp;&nbsp;**$122.27** | &nbsp;&nbsp;&nbsp;**$115.84** | &nbsp;&nbsp;&nbsp;**$131.26** | &nbsp;&nbsp;&nbsp;**$103.87** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.450 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;(16.522) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.438 | &nbsp;&nbsp;&nbsp;&nbsp;(15.400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.365 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;(14.566) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.149 | &nbsp;&nbsp;&nbsp;&nbsp;(13.817) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.815 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.994) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.779) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.719) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.603) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.425) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.994) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.779) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.719) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.603) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.425) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$127.58** | &nbsp;&nbsp;&nbsp;**$144.14** | &nbsp;&nbsp;&nbsp;**$122.27** | &nbsp;&nbsp;&nbsp;**$115.84** | &nbsp;&nbsp;&nbsp;**$131.26** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**-10.13%** | &nbsp;&nbsp;&nbsp;**19.55%** | &nbsp;&nbsp;&nbsp;**7.08%** | &nbsp;&nbsp;&nbsp;**-10.59%** | &nbsp;&nbsp;&nbsp;**28.01%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$2369 | &nbsp;&nbsp;&nbsp;$3068 | &nbsp;&nbsp;&nbsp;$2837 | &nbsp;&nbsp;&nbsp;$2744 | &nbsp;&nbsp;&nbsp;$2972 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;0.10%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.10%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;1.25% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;5% |

---

---

| | |
|:---|:---|
| 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 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%. |
| 4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

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

------

Health Care Index Fund

Notes to Financial Statements

Vanguard Health Care Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and Admiral 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.

**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 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.

2. 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.

The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.

During the year ended August 31, 2025, the fund's average amounts of investments in total return swaps represented 3% of net assets, based on the average of 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 virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for 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 at the fiscal year-end 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 Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. 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 Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may

------

Health Care Index Fund

be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which 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 either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the year ended August 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

7. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. 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), shareholder reporting, and proxy fees. 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 and 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 August 31, 2025, the fund had contributed to Vanguard capital in the amount of $435,000, representing less than 0.01% of the fund's net assets and 0.17% of Vanguard's capital received pursuant to the FSA. 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 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.**

The following table summarizes the market value of the fund's investments and derivatives as of August 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 16922720 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;16922720 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628304 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628304 |
| Total | 17551024 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;17551024 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;162 |
| Liabilities |  |  |  |  |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;(64) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(64) |

---

**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. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and
distributions in connection with fund share redemptions.

------

Health Care Index Fund

Permanent differences were reclassified between the following accounts:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;1158102 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(1158102) |

---

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. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48703 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp;2401420 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;(1122838) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;1327285 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;294902 | &nbsp;&nbsp;&nbsp;&nbsp;279030 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;294902 | &nbsp;&nbsp;&nbsp;&nbsp;279030 |

---

\* Includes short-term capital gains, if any.

As of August 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;15149604 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;4814044 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(2412624) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;2401420 |

---

**E.** During the year ended August 31, 2025, the fund purchased $672,056,000 of investment securities and sold $951,463,000 of investment securities, other than temporary cash investments. In addition, the fund purchased
and sold investment securities of $630,125,000 and $2,373,806,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended August 31, 2025, such purchases were $9,498,000 and sales were $2,608,000, resulting in net realized loss of $3,030,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;720164 | &nbsp;&nbsp;&nbsp;&nbsp;2848 | &nbsp;&nbsp;&nbsp;&nbsp;1174984 | &nbsp;&nbsp;&nbsp;&nbsp;4607 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (2380959) | &nbsp;&nbsp;(9275) | &nbsp;&nbsp;(2004096) | &nbsp;&nbsp;(8075) |
| Net Increase (Decrease)—ETF Shares | (1660795) | &nbsp;&nbsp;(6427) | &nbsp;&nbsp;&nbsp;&nbsp;(829112) | &nbsp;&nbsp;(3468) |

---

------

Health Care Index Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;346347 | &nbsp;&nbsp;&nbsp;&nbsp;2650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349006 | &nbsp;&nbsp;&nbsp;&nbsp;2717 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 |
| Redeemed | &nbsp;&nbsp;&nbsp;(727299) | &nbsp;&nbsp;(5624) | &nbsp;&nbsp;&nbsp;&nbsp;(629396) | &nbsp;&nbsp;(4903) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;(346733) | &nbsp;&nbsp;(2713) | &nbsp;&nbsp;&nbsp;&nbsp;(246641) | &nbsp;&nbsp;(1919) |

---

**G.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

**H.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**I.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

------

Industrials Index Fund

Financial Statements

#### Schedule of Investments
As of August 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 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (99.5%)** | **Common Stocks (99.5%)** | **Common Stocks (99.5%)** | **Common Stocks (99.5%)** |
| **Aerospace & Defense (22.3%)** | **Aerospace & Defense (22.3%)** | **Aerospace & Defense (22.3%)** | **Aerospace & Defense (22.3%)** |
|  | &nbsp;&nbsp;&nbsp;General Electric Co. | 1164232 | &nbsp;&nbsp;&nbsp;&nbsp; 320397 |
|  | &nbsp;&nbsp;&nbsp;RTX Corp. | 1458543 | &nbsp;&nbsp;&nbsp;&nbsp; 231325 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boeing Co. | &nbsp;&nbsp;&nbsp;&nbsp;698188 | &nbsp;&nbsp;&nbsp;&nbsp; 163851 |
|  | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;230221 | &nbsp;&nbsp;&nbsp;&nbsp; 104896 |
|  | &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;149280 | &nbsp;&nbsp;&nbsp;&nbsp; 88081 |
|  | &nbsp;&nbsp;&nbsp;TransDigm Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61321 | &nbsp;&nbsp;&nbsp;&nbsp; 85781 |
|  | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;249079 | &nbsp;&nbsp;&nbsp;&nbsp; 80843 |
|  | &nbsp;&nbsp;&nbsp;Howmet Aerospace Inc. | &nbsp;&nbsp;&nbsp;&nbsp;418664 | &nbsp;&nbsp;&nbsp;&nbsp; 72889 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axon Enterprise Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80742 | &nbsp;&nbsp;&nbsp;&nbsp; 60338 |
|  | &nbsp;&nbsp;&nbsp;L3Harris Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;204106 | &nbsp;&nbsp;&nbsp;&nbsp; 56664 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rocket Lab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;470967 | &nbsp;&nbsp;&nbsp;&nbsp; 22889 |
|  | &nbsp;&nbsp;&nbsp;HEICO Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;82569 | &nbsp;&nbsp;&nbsp;&nbsp; 20230 |
|  | &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41146 | &nbsp;&nbsp;&nbsp;&nbsp; 19674 |
|  | &nbsp;&nbsp;&nbsp;BWX Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99739 | &nbsp;&nbsp;&nbsp;&nbsp; 16162 |
|  | &nbsp;&nbsp;&nbsp;Woodward Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64956 | &nbsp;&nbsp;&nbsp;&nbsp; 16032 |
|  | &nbsp;&nbsp;&nbsp;Textron Inc. | &nbsp;&nbsp;&nbsp;&nbsp;197117 | &nbsp;&nbsp;&nbsp;&nbsp; 15801 |
|  | &nbsp;&nbsp;&nbsp;HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;48095 | &nbsp;&nbsp;&nbsp;&nbsp; 15007 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;183810 | &nbsp;&nbsp;&nbsp;&nbsp; 12102 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ATI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;154006 | &nbsp;&nbsp;&nbsp;&nbsp; 11942 |
|  | &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42847 | &nbsp;&nbsp;&nbsp;&nbsp; 11602 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AeroVironment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35233 | &nbsp;&nbsp;&nbsp;&nbsp; 8503 |
|  | &nbsp;&nbsp;&nbsp;Moog Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;30881 | &nbsp;&nbsp;&nbsp;&nbsp; 6048 |
|  | &nbsp;&nbsp;&nbsp;Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;87774 | &nbsp;&nbsp;&nbsp;&nbsp; 5543 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Spirit AeroSystems Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;128000 | &nbsp;&nbsp;&nbsp;&nbsp; 5323 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Archer Aviation Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;588264 | &nbsp;&nbsp;&nbsp;&nbsp; 5265 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;StandardAero Inc. | &nbsp;&nbsp;&nbsp;&nbsp;161352 | &nbsp;&nbsp;&nbsp;&nbsp; 4274 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mercury Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55471 | &nbsp;&nbsp;&nbsp;&nbsp; 3747 |
|  | &nbsp;&nbsp;&nbsp;Leonardo DRS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;87359 | &nbsp;&nbsp;&nbsp;&nbsp; 3639 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AAR Corp. | &nbsp;&nbsp;&nbsp;&nbsp;39387 | &nbsp;&nbsp;&nbsp;&nbsp; 2980 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Loar Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35744 | &nbsp;&nbsp;&nbsp;&nbsp; 2526 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ducommun Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15398 | &nbsp;&nbsp;&nbsp;&nbsp; 1405 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;V2X Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22483 | &nbsp;&nbsp;&nbsp;&nbsp; 1293 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Astronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;28557 | &nbsp;&nbsp;&nbsp;&nbsp; 1039 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intuitive Machines Inc. | &nbsp;&nbsp;&nbsp;&nbsp;115978 | &nbsp;&nbsp;&nbsp;&nbsp; 1017 |
|  | &nbsp;&nbsp;&nbsp;Cadre Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31021 | &nbsp;&nbsp;&nbsp;&nbsp; 956 |
|  | &nbsp;&nbsp;&nbsp;National Presto Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6222 | &nbsp;&nbsp;&nbsp;&nbsp; 652 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Redwire Corp. | &nbsp;&nbsp;&nbsp;&nbsp;54394 | &nbsp;&nbsp;&nbsp;&nbsp; 485 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AerSale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;33440 | &nbsp;&nbsp;&nbsp;&nbsp; 289 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Virgin Galactic Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45178 | &nbsp;&nbsp;&nbsp;&nbsp; 140 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1481630** |
| **Air Freight & Logistics (2.6%)** | **Air Freight & Logistics (2.6%)** | **Air Freight & Logistics (2.6%)** | **Air Freight & Logistics (2.6%)** |
|  | &nbsp;&nbsp;&nbsp;United Parcel Service Inc. Class B (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;801116 | &nbsp;&nbsp;&nbsp;&nbsp; 70050 |
|  | &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;248514 | &nbsp;&nbsp;&nbsp;&nbsp; 57424 |
|  | &nbsp;&nbsp;&nbsp;Expeditors International of Washington Inc. | &nbsp;&nbsp;&nbsp;&nbsp;149540 | &nbsp;&nbsp;&nbsp;&nbsp; 18025 |
|  | &nbsp;&nbsp;&nbsp;CH Robinson Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;129636 | &nbsp;&nbsp;&nbsp;&nbsp; 16684 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GXO Logistics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;124836 | &nbsp;&nbsp;&nbsp;&nbsp; 6573 |
|  | &nbsp;&nbsp;&nbsp;Hub Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;66140 | &nbsp;&nbsp;&nbsp;&nbsp; 2475 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Forward Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21643 | &nbsp;&nbsp;&nbsp;&nbsp; 650 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **171881** |
| **Building Products (6.6%)** | **Building Products (6.6%)** | **Building Products (6.6%)** | **Building Products (6.6%)** |
|  | &nbsp;&nbsp;&nbsp;Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;243495 | &nbsp;&nbsp;&nbsp;&nbsp; 101196 |
|  | &nbsp;&nbsp;&nbsp;Johnson Controls International plc | &nbsp;&nbsp;&nbsp;&nbsp;718454 | &nbsp;&nbsp;&nbsp;&nbsp; 76796 |
|  | &nbsp;&nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;841664 | &nbsp;&nbsp;&nbsp;&nbsp; 54876 |
|  | &nbsp;&nbsp;&nbsp;Lennox International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34872 | &nbsp;&nbsp;&nbsp;&nbsp; 19454 |
|  | &nbsp;&nbsp;&nbsp;Carlisle Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47234 | &nbsp;&nbsp;&nbsp;&nbsp; 18227 |
|  | &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;230401 | &nbsp;&nbsp;&nbsp;&nbsp; 16909 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Builders FirstSource Inc. | &nbsp;&nbsp;&nbsp;&nbsp;120573 | &nbsp;&nbsp;&nbsp;&nbsp; 16721 |
|  | &nbsp;&nbsp;&nbsp;Allegion plc | &nbsp;&nbsp;&nbsp;&nbsp;93983 | &nbsp;&nbsp;&nbsp;&nbsp; 15958 |
|  | &nbsp;&nbsp;&nbsp;Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;92881 | &nbsp;&nbsp;&nbsp;&nbsp; 13948 |

---

------

Industrials Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Advanced Drainage Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80547 | &nbsp;&nbsp;&nbsp;&nbsp; 11596 |
|  | &nbsp;&nbsp;&nbsp;Armstrong World Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47433 | &nbsp;&nbsp;&nbsp;&nbsp; 9286 |
|  | &nbsp;&nbsp;&nbsp;A O Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;126800 | &nbsp;&nbsp;&nbsp;&nbsp; 9040 |
|  | &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45687 | &nbsp;&nbsp;&nbsp;&nbsp; 8732 |
|  | &nbsp;&nbsp;&nbsp;Fortune Brands Innovations Inc. | &nbsp;&nbsp;&nbsp;&nbsp;131349 | &nbsp;&nbsp;&nbsp;&nbsp; 7686 |
|  | &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;&nbsp;165356 | &nbsp;&nbsp;&nbsp;&nbsp; 7501 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trex Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;117086 | &nbsp;&nbsp;&nbsp;&nbsp; 7216 |
|  | &nbsp;&nbsp;&nbsp;UFP Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65966 | &nbsp;&nbsp;&nbsp;&nbsp; 6661 |
|  | &nbsp;&nbsp;&nbsp;AAON Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75512 | &nbsp;&nbsp;&nbsp;&nbsp; 6264 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Resideo Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;153967 | &nbsp;&nbsp;&nbsp;&nbsp; 5243 |
|  | &nbsp;&nbsp;&nbsp;CSW Industrials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18352 | &nbsp;&nbsp;&nbsp;&nbsp; 5020 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hayward Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;236133 | &nbsp;&nbsp;&nbsp;&nbsp; 3797 |
|  | &nbsp;&nbsp;&nbsp;AZZ Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31131 | &nbsp;&nbsp;&nbsp;&nbsp; 3514 |
|  | &nbsp;&nbsp;&nbsp;Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41060 | &nbsp;&nbsp;&nbsp;&nbsp; 3127 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gibraltar Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32203 | &nbsp;&nbsp;&nbsp;&nbsp; 2016 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Masterbrand Inc. | &nbsp;&nbsp;&nbsp;&nbsp;138550 | &nbsp;&nbsp;&nbsp;&nbsp; 1761 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Janus International Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;153117 | &nbsp;&nbsp;&nbsp;&nbsp; 1585 |
|  | &nbsp;&nbsp;&nbsp;Apogee Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23336 | &nbsp;&nbsp;&nbsp;&nbsp; 1026 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Woodmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15720 | &nbsp;&nbsp;&nbsp;&nbsp; 1015 |
|  | &nbsp;&nbsp;&nbsp;Quanex Building Products Corp. | &nbsp;&nbsp;&nbsp;&nbsp;44969 | &nbsp;&nbsp;&nbsp;&nbsp; 956 |
|  | &nbsp;&nbsp;&nbsp;Insteel Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21394 | &nbsp;&nbsp;&nbsp;&nbsp; 821 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;JELD-WEN Holding Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92919 | &nbsp;&nbsp;&nbsp;&nbsp; 594 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **438542** |
| **Commercial Services & Supplies (7.1%)** | **Commercial Services & Supplies (7.1%)** | **Commercial Services & Supplies (7.1%)** | **Commercial Services & Supplies (7.1%)** |
|  | &nbsp;&nbsp;&nbsp;Waste Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;439351 | &nbsp;&nbsp;&nbsp;&nbsp; 99465 |
|  | &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;396760 | &nbsp;&nbsp;&nbsp;&nbsp; 83332 |
|  | &nbsp;&nbsp;&nbsp;Republic Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;238836 | &nbsp;&nbsp;&nbsp;&nbsp; 55880 |
|  | &nbsp;&nbsp;&nbsp;Waste Connections Inc. (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;282116 | &nbsp;&nbsp;&nbsp;&nbsp; 52138 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Copart Inc. | 1002888 | &nbsp;&nbsp;&nbsp;&nbsp; 48951 |
|  | &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;270604 | &nbsp;&nbsp;&nbsp;&nbsp; 28735 |
|  | &nbsp;&nbsp;&nbsp;Rollins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;317457 | &nbsp;&nbsp;&nbsp;&nbsp; 17949 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Clean Harbors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55574 | &nbsp;&nbsp;&nbsp;&nbsp; 13461 |
|  | &nbsp;&nbsp;&nbsp;Tetra Tech Inc. | &nbsp;&nbsp;&nbsp;&nbsp;273058 | &nbsp;&nbsp;&nbsp;&nbsp; 9945 |
|  | &nbsp;&nbsp;&nbsp;MSA Safety Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40764 | &nbsp;&nbsp;&nbsp;&nbsp; 6954 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Casella Waste Systems Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;68275 | &nbsp;&nbsp;&nbsp;&nbsp; 6729 |
|  | &nbsp;&nbsp;&nbsp;Brink's Co. | &nbsp;&nbsp;&nbsp;&nbsp;45846 | &nbsp;&nbsp;&nbsp;&nbsp; 5137 |
|  | &nbsp;&nbsp;&nbsp;Brady Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;47749 | &nbsp;&nbsp;&nbsp;&nbsp; 3728 |
|  | &nbsp;&nbsp;&nbsp;VSE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21495 | &nbsp;&nbsp;&nbsp;&nbsp; 3491 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;OPENLANE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;117151 | &nbsp;&nbsp;&nbsp;&nbsp; 3388 |
|  | &nbsp;&nbsp;&nbsp;ABM Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68173 | &nbsp;&nbsp;&nbsp;&nbsp; 3352 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GEO Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;154261 | &nbsp;&nbsp;&nbsp;&nbsp; 3199 |
|  | &nbsp;&nbsp;&nbsp;UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16356 | &nbsp;&nbsp;&nbsp;&nbsp; 2908 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CoreCivic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;119097 | &nbsp;&nbsp;&nbsp;&nbsp; 2415 |
|  | &nbsp;&nbsp;&nbsp;HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;50950 | &nbsp;&nbsp;&nbsp;&nbsp; 2290 |
|  | &nbsp;&nbsp;&nbsp;Pitney Bowes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;186829 | &nbsp;&nbsp;&nbsp;&nbsp; 2264 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ACV Auctions Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;186895 | &nbsp;&nbsp;&nbsp;&nbsp; 2179 |
|  | &nbsp;&nbsp;&nbsp;Interface Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63887 | &nbsp;&nbsp;&nbsp;&nbsp; 1707 |
|  | &nbsp;&nbsp;&nbsp;Steelcase Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;94279 | &nbsp;&nbsp;&nbsp;&nbsp; 1578 |
|  | &nbsp;&nbsp;&nbsp;MillerKnoll Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73843 | &nbsp;&nbsp;&nbsp;&nbsp; 1559 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CECO Environmental Corp. | &nbsp;&nbsp;&nbsp;&nbsp;32913 | &nbsp;&nbsp;&nbsp;&nbsp; 1501 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Driven Brands Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71609 | &nbsp;&nbsp;&nbsp;&nbsp; 1319 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Healthcare Services Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79491 | &nbsp;&nbsp;&nbsp;&nbsp; 1241 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BrightView Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77917 | &nbsp;&nbsp;&nbsp;&nbsp; 1122 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cimpress plc | &nbsp;&nbsp;&nbsp;&nbsp;17638 | &nbsp;&nbsp;&nbsp;&nbsp; 1113 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Montrose Environmental Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35517 | &nbsp;&nbsp;&nbsp;&nbsp; 1103 |
|  | &nbsp;&nbsp;&nbsp;Deluxe Corp. | &nbsp;&nbsp;&nbsp;&nbsp;48718 | &nbsp;&nbsp;&nbsp;&nbsp; 958 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enviri Corp. | &nbsp;&nbsp;&nbsp;&nbsp;79314 | &nbsp;&nbsp;&nbsp;&nbsp; 896 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liquidity Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27214 | &nbsp;&nbsp;&nbsp;&nbsp; 724 |
|  | &nbsp;&nbsp;&nbsp;Vestis Corp. | &nbsp;&nbsp;&nbsp;&nbsp;122714 | &nbsp;&nbsp;&nbsp;&nbsp; 574 |
|  | &nbsp;&nbsp;&nbsp;Ennis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26752 | &nbsp;&nbsp;&nbsp;&nbsp; 489 |
|  | &nbsp;&nbsp;&nbsp;ACCO Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;98648 | &nbsp;&nbsp;&nbsp;&nbsp; 397 |
|  | &nbsp;&nbsp;&nbsp;Civeo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12509 | &nbsp;&nbsp;&nbsp;&nbsp; 297 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **474468** |
| **Construction & Engineering (3.7%)** | **Construction & Engineering (3.7%)** | **Construction & Engineering (3.7%)** | **Construction & Engineering (3.7%)** |
|  | &nbsp;&nbsp;&nbsp;Quanta Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;161797 | &nbsp;&nbsp;&nbsp;&nbsp; 61153 |
|  | &nbsp;&nbsp;&nbsp;EMCOR Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48863 | &nbsp;&nbsp;&nbsp;&nbsp; 30295 |
|  | &nbsp;&nbsp;&nbsp;Comfort Systems USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38509 | &nbsp;&nbsp;&nbsp;&nbsp; 27087 |
|  | &nbsp;&nbsp;&nbsp;AECOM | &nbsp;&nbsp;&nbsp;&nbsp;144466 | &nbsp;&nbsp;&nbsp;&nbsp; 18042 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;API Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;362718 | &nbsp;&nbsp;&nbsp;&nbsp; 12942 |

---

------

Industrials Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MasTec Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68915 | &nbsp;&nbsp;&nbsp;&nbsp; 12521 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sterling Infrastructure Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33198 | &nbsp;&nbsp;&nbsp;&nbsp; 9247 |
|  | &nbsp;&nbsp;&nbsp;Valmont Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21914 | &nbsp;&nbsp;&nbsp;&nbsp; 8045 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dycom Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31599 | &nbsp;&nbsp;&nbsp;&nbsp; 7978 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fluor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;179626 | &nbsp;&nbsp;&nbsp;&nbsp; 7368 |
|  | &nbsp;&nbsp;&nbsp;Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;58938 | &nbsp;&nbsp;&nbsp;&nbsp; 6987 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Construction Partners Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;51545 | &nbsp;&nbsp;&nbsp;&nbsp; 6180 |
|  | &nbsp;&nbsp;&nbsp;Arcosa Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53295 | &nbsp;&nbsp;&nbsp;&nbsp; 5274 |
|  | &nbsp;&nbsp;&nbsp;Granite Construction Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47749 | &nbsp;&nbsp;&nbsp;&nbsp; 5145 |
|  | &nbsp;&nbsp;&nbsp;WillScot Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;199058 | &nbsp;&nbsp;&nbsp;&nbsp; 4825 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Everus Construction Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52984 | &nbsp;&nbsp;&nbsp;&nbsp; 4156 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IES Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9751 | &nbsp;&nbsp;&nbsp;&nbsp; 3406 |
|  | &nbsp;&nbsp;&nbsp;Argan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14888 | &nbsp;&nbsp;&nbsp;&nbsp; 3398 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MYR Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16940 | &nbsp;&nbsp;&nbsp;&nbsp; 3172 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tutor Perini Corp. | &nbsp;&nbsp;&nbsp;&nbsp;48878 | &nbsp;&nbsp;&nbsp;&nbsp; 2881 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Limbach Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12057 | &nbsp;&nbsp;&nbsp;&nbsp; 1381 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Centuri Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58011 | &nbsp;&nbsp;&nbsp;&nbsp; 1232 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ameresco Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;35863 | &nbsp;&nbsp;&nbsp;&nbsp; 912 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp. | &nbsp;&nbsp;&nbsp;&nbsp;74287 | &nbsp;&nbsp;&nbsp;&nbsp; 866 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Matrix Service Co. | &nbsp;&nbsp;&nbsp;&nbsp;28553 | &nbsp;&nbsp;&nbsp;&nbsp; 432 |
|  | &nbsp;&nbsp;&nbsp;Concrete Pumping Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25875 | &nbsp;&nbsp;&nbsp;&nbsp; 180 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **245105** |
| **Electrical Equipment (10.4%)** | **Electrical Equipment (10.4%)** | **Electrical Equipment (10.4%)** | **Electrical Equipment (10.4%)** |
|  | &nbsp;&nbsp;&nbsp;GE Vernova Inc. | &nbsp;&nbsp;&nbsp;&nbsp;297976 | &nbsp;&nbsp;&nbsp;&nbsp; 182650 |
|  | &nbsp;&nbsp;&nbsp;Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;427211 | &nbsp;&nbsp;&nbsp;&nbsp; 149156 |
|  | &nbsp;&nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;614123 | &nbsp;&nbsp;&nbsp;&nbsp; 81064 |
|  | &nbsp;&nbsp;&nbsp;Vertiv Holdings Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;395261 | &nbsp;&nbsp;&nbsp;&nbsp; 50415 |
|  | &nbsp;&nbsp;&nbsp;AMETEK Inc. | &nbsp;&nbsp;&nbsp;&nbsp;252083 | &nbsp;&nbsp;&nbsp;&nbsp; 46585 |
|  | &nbsp;&nbsp;&nbsp;Rockwell Automation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;123061 | &nbsp;&nbsp;&nbsp;&nbsp; 42263 |
|  | &nbsp;&nbsp;&nbsp;Hubbell Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58272 | &nbsp;&nbsp;&nbsp;&nbsp; 25115 |
|  | &nbsp;&nbsp;&nbsp;nVent Electric plc | &nbsp;&nbsp;&nbsp;&nbsp;179739 | &nbsp;&nbsp;&nbsp;&nbsp; 16247 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bloom Energy Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;240851 | &nbsp;&nbsp;&nbsp;&nbsp; 12751 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Generac Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64457 | &nbsp;&nbsp;&nbsp;&nbsp; 11941 |
|  | &nbsp;&nbsp;&nbsp;Acuity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33459 | &nbsp;&nbsp;&nbsp;&nbsp; 10923 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NEXTracker Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;161396 | &nbsp;&nbsp;&nbsp;&nbsp; 10855 |
|  | &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;68762 | &nbsp;&nbsp;&nbsp;&nbsp; 10268 |
|  | &nbsp;&nbsp;&nbsp;Sensata Technologies Holding plc | &nbsp;&nbsp;&nbsp;&nbsp;159712 | &nbsp;&nbsp;&nbsp;&nbsp; 5197 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;NuScale Power Corp. | &nbsp;&nbsp;&nbsp;&nbsp;131047 | &nbsp;&nbsp;&nbsp;&nbsp; 4541 |
|  | &nbsp;&nbsp;&nbsp;EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;42142 | &nbsp;&nbsp;&nbsp;&nbsp; 4326 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sunrun Inc. | &nbsp;&nbsp;&nbsp;&nbsp;236998 | &nbsp;&nbsp;&nbsp;&nbsp; 3785 |
|  | &nbsp;&nbsp;&nbsp;Powell Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10538 | &nbsp;&nbsp;&nbsp;&nbsp; 2805 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Superconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47611 | &nbsp;&nbsp;&nbsp;&nbsp; 2376 |
|  | &nbsp;&nbsp;&nbsp;Atkore Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36781 | &nbsp;&nbsp;&nbsp;&nbsp; 2140 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Eos Energy Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;272025 | &nbsp;&nbsp;&nbsp;&nbsp; 1877 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enovix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;188769 | &nbsp;&nbsp;&nbsp;&nbsp; 1816 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Plug Power Inc. | 1127453 | &nbsp;&nbsp;&nbsp;&nbsp; 1770 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Array Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;167103 | &nbsp;&nbsp;&nbsp;&nbsp; 1506 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vicor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25606 | &nbsp;&nbsp;&nbsp;&nbsp; 1309 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Shoals Technologies Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;182470 | &nbsp;&nbsp;&nbsp;&nbsp; 1188 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;NANO Nuclear Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33958 | &nbsp;&nbsp;&nbsp;&nbsp; 1105 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Thermon Group Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36558 | &nbsp;&nbsp;&nbsp;&nbsp; 969 |
|  | &nbsp;&nbsp;&nbsp;LSI Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29401 | &nbsp;&nbsp;&nbsp;&nbsp; 674 |
|  | &nbsp;&nbsp;&nbsp;Allient Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14722 | &nbsp;&nbsp;&nbsp;&nbsp; 668 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fluence Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85575 | &nbsp;&nbsp;&nbsp;&nbsp; 633 |
|  | &nbsp;&nbsp;&nbsp;Preformed Line Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2692 | &nbsp;&nbsp;&nbsp;&nbsp; 514 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;ChargePoint Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23937 | &nbsp;&nbsp;&nbsp;&nbsp; 270 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;SES AI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;218139 | &nbsp;&nbsp;&nbsp;&nbsp; 238 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hyliion Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;133741 | &nbsp;&nbsp;&nbsp;&nbsp; 225 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GrafTech International Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;21177 | &nbsp;&nbsp;&nbsp;&nbsp; 209 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;T1 Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118661 | &nbsp;&nbsp;&nbsp;&nbsp; 196 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Energy Vault Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;93307 | &nbsp;&nbsp;&nbsp;&nbsp; 188 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Stem Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8702 | &nbsp;&nbsp;&nbsp;&nbsp; 132 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;FuelCell Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24729 | &nbsp;&nbsp;&nbsp;&nbsp; 104 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Net Power Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25197 | &nbsp;&nbsp;&nbsp;&nbsp; 64 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **691058** |
| **Ground Transportation (9.0%)** | **Ground Transportation (9.0%)** | **Ground Transportation (9.0%)** | **Ground Transportation (9.0%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | 2168913 | &nbsp;&nbsp;&nbsp;&nbsp; 203336 |
|  | &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;652338 | &nbsp;&nbsp;&nbsp;&nbsp; 145843 |
|  | &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;246146 | &nbsp;&nbsp;&nbsp;&nbsp; 68916 |

---

------

Industrials Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;CSX Corp. | 2051039 | &nbsp;&nbsp;&nbsp;&nbsp; 66679 |
|  | &nbsp;&nbsp;&nbsp;Old Dominion Freight Line Inc. | &nbsp;&nbsp;&nbsp;&nbsp;207505 | &nbsp;&nbsp;&nbsp;&nbsp; 31327 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;XPO Inc. | &nbsp;&nbsp;&nbsp;&nbsp;128613 | &nbsp;&nbsp;&nbsp;&nbsp; 16681 |
|  | &nbsp;&nbsp;&nbsp;JB Hunt Transport Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;84502 | &nbsp;&nbsp;&nbsp;&nbsp; 12252 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Saia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29077 | &nbsp;&nbsp;&nbsp;&nbsp; 8620 |
|  | &nbsp;&nbsp;&nbsp;Ryder System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45136 | &nbsp;&nbsp;&nbsp;&nbsp; 8464 |
|  | &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;176929 | &nbsp;&nbsp;&nbsp;&nbsp; 7767 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lyft Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;449919 | &nbsp;&nbsp;&nbsp;&nbsp; 7298 |
|  | &nbsp;&nbsp;&nbsp;Landstar System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38163 | &nbsp;&nbsp;&nbsp;&nbsp; 5050 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Avis Budget Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19205 | &nbsp;&nbsp;&nbsp;&nbsp; 3039 |
|  | &nbsp;&nbsp;&nbsp;Werner Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67323 | &nbsp;&nbsp;&nbsp;&nbsp; 1942 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RXO Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116184 | &nbsp;&nbsp;&nbsp;&nbsp; 1897 |
|  | &nbsp;&nbsp;&nbsp;ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25139 | &nbsp;&nbsp;&nbsp;&nbsp; 1854 |
|  | &nbsp;&nbsp;&nbsp;Schneider National Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;60298 | &nbsp;&nbsp;&nbsp;&nbsp; 1491 |
|  | &nbsp;&nbsp;&nbsp;Marten Transport Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;66531 | &nbsp;&nbsp;&nbsp;&nbsp; 788 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hertz Global Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134969 | &nbsp;&nbsp;&nbsp;&nbsp; 773 |
|  | &nbsp;&nbsp;&nbsp;FTAI Infrastructure Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118858 | &nbsp;&nbsp;&nbsp;&nbsp; 570 |
|  | &nbsp;&nbsp;&nbsp;Heartland Express Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52126 | &nbsp;&nbsp;&nbsp;&nbsp; 448 |
|  | &nbsp;&nbsp;&nbsp;Covenant Logistics Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17850 | &nbsp;&nbsp;&nbsp;&nbsp; 431 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **595466** |
| **Industrial Conglomerates (3.7%)** | **Industrial Conglomerates (3.7%)** | **Industrial Conglomerates (3.7%)** | **Industrial Conglomerates (3.7%)** |
|  | &nbsp;&nbsp;&nbsp;Honeywell International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;701660 | &nbsp;&nbsp;&nbsp;&nbsp; 154015 |
|  | &nbsp;&nbsp;&nbsp;3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;587554 | &nbsp;&nbsp;&nbsp;&nbsp; 91382 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **245397** |
| **Machinery (18.2%)** | **Machinery (18.2%)** | **Machinery (18.2%)** | **Machinery (18.2%)** |
|  | &nbsp;&nbsp;&nbsp;Caterpillar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;513478 | &nbsp;&nbsp;&nbsp;&nbsp; 215168 |
|  | &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;280896 | &nbsp;&nbsp;&nbsp;&nbsp; 134448 |
|  | &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;139504 | &nbsp;&nbsp;&nbsp;&nbsp; 105932 |
|  | &nbsp;&nbsp;&nbsp;Illinois Tool Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp;303920 | &nbsp;&nbsp;&nbsp;&nbsp; 80432 |
|  | &nbsp;&nbsp;&nbsp;Cummins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;150394 | &nbsp;&nbsp;&nbsp;&nbsp; 59923 |
|  | &nbsp;&nbsp;&nbsp;PACCAR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;573132 | &nbsp;&nbsp;&nbsp;&nbsp; 57302 |
|  | &nbsp;&nbsp;&nbsp;Xylem Inc. | &nbsp;&nbsp;&nbsp;&nbsp;265686 | &nbsp;&nbsp;&nbsp;&nbsp; 37611 |
|  | &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;430925 | &nbsp;&nbsp;&nbsp;&nbsp; 37223 |
|  | &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;186833 | &nbsp;&nbsp;&nbsp;&nbsp; 36152 |
|  | &nbsp;&nbsp;&nbsp;Ingersoll Rand Inc. (XYNS) | &nbsp;&nbsp;&nbsp;&nbsp;440479 | &nbsp;&nbsp;&nbsp;&nbsp; 34987 |
|  | &nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;149687 | &nbsp;&nbsp;&nbsp;&nbsp; 26773 |
|  | &nbsp;&nbsp;&nbsp;Pentair plc | &nbsp;&nbsp;&nbsp;&nbsp;179638 | &nbsp;&nbsp;&nbsp;&nbsp; 19316 |
|  | &nbsp;&nbsp;&nbsp;Snap-on Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57095 | &nbsp;&nbsp;&nbsp;&nbsp; 18570 |
|  | &nbsp;&nbsp;&nbsp;Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;370105 | &nbsp;&nbsp;&nbsp;&nbsp; 17713 |
|  | &nbsp;&nbsp;&nbsp;Graco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;182513 | &nbsp;&nbsp;&nbsp;&nbsp; 15585 |
|  | &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60949 | &nbsp;&nbsp;&nbsp;&nbsp; 14788 |
|  | &nbsp;&nbsp;&nbsp;ITT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85923 | &nbsp;&nbsp;&nbsp;&nbsp; 14628 |
|  | &nbsp;&nbsp;&nbsp;IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;82492 | &nbsp;&nbsp;&nbsp;&nbsp; 13570 |
|  | &nbsp;&nbsp;&nbsp;Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;58575 | &nbsp;&nbsp;&nbsp;&nbsp; 13185 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RBC Bearings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32648 | &nbsp;&nbsp;&nbsp;&nbsp; 12731 |
|  | &nbsp;&nbsp;&nbsp;Stanley Black & Decker Inc. | &nbsp;&nbsp;&nbsp;&nbsp;168910 | &nbsp;&nbsp;&nbsp;&nbsp; 12548 |
|  | &nbsp;&nbsp;&nbsp;Mueller Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;114767 | &nbsp;&nbsp;&nbsp;&nbsp; 11011 |
|  | &nbsp;&nbsp;&nbsp;CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp;954874 | &nbsp;&nbsp;&nbsp;&nbsp; 10933 |
|  | &nbsp;&nbsp;&nbsp;Donaldson Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127247 | &nbsp;&nbsp;&nbsp;&nbsp; 10138 |
|  | &nbsp;&nbsp;&nbsp;Crane Co. | &nbsp;&nbsp;&nbsp;&nbsp;53373 | &nbsp;&nbsp;&nbsp;&nbsp; 9890 |
|  | &nbsp;&nbsp;&nbsp;Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;70278 | &nbsp;&nbsp;&nbsp;&nbsp; 9795 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chart Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49062 | &nbsp;&nbsp;&nbsp;&nbsp; 9781 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SPX Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50988 | &nbsp;&nbsp;&nbsp;&nbsp; 9540 |
|  | &nbsp;&nbsp;&nbsp;Toro Co. | &nbsp;&nbsp;&nbsp;&nbsp;107657 | &nbsp;&nbsp;&nbsp;&nbsp; 8727 |
|  | &nbsp;&nbsp;&nbsp;Watts Water Technologies Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;29938 | &nbsp;&nbsp;&nbsp;&nbsp; 8290 |
|  | &nbsp;&nbsp;&nbsp;Federal Signal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;66560 | &nbsp;&nbsp;&nbsp;&nbsp; 8186 |
|  | &nbsp;&nbsp;&nbsp;JBT Marel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;56727 | &nbsp;&nbsp;&nbsp;&nbsp; 8128 |
|  | &nbsp;&nbsp;&nbsp;Allison Transmission Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;91906 | &nbsp;&nbsp;&nbsp;&nbsp; 8024 |
|  | &nbsp;&nbsp;&nbsp;Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;142673 | &nbsp;&nbsp;&nbsp;&nbsp; 7656 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Middleby Corp. | &nbsp;&nbsp;&nbsp;&nbsp;55443 | &nbsp;&nbsp;&nbsp;&nbsp; 7587 |
|  | &nbsp;&nbsp;&nbsp;AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;69208 | &nbsp;&nbsp;&nbsp;&nbsp; 7488 |
|  | &nbsp;&nbsp;&nbsp;Esab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;62904 | &nbsp;&nbsp;&nbsp;&nbsp; 7257 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gates Industrial Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;281378 | &nbsp;&nbsp;&nbsp;&nbsp; 7192 |
|  | &nbsp;&nbsp;&nbsp;ESCO Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28181 | &nbsp;&nbsp;&nbsp;&nbsp; 5662 |
|  | &nbsp;&nbsp;&nbsp;Timken Co. | &nbsp;&nbsp;&nbsp;&nbsp;72556 | &nbsp;&nbsp;&nbsp;&nbsp; 5604 |
|  | &nbsp;&nbsp;&nbsp;Enpro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22982 | &nbsp;&nbsp;&nbsp;&nbsp; 5028 |
|  | &nbsp;&nbsp;&nbsp;Mueller Water Products Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;171204 | &nbsp;&nbsp;&nbsp;&nbsp; 4513 |
|  | &nbsp;&nbsp;&nbsp;Kadant Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12863 | &nbsp;&nbsp;&nbsp;&nbsp; 4158 |
|  | &nbsp;&nbsp;&nbsp;Franklin Electric Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42310 | &nbsp;&nbsp;&nbsp;&nbsp; 4140 |

---

------

Industrials Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90379 | &nbsp;&nbsp;&nbsp;&nbsp; 4024 |
|  | &nbsp;&nbsp;&nbsp;Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;71671 | &nbsp;&nbsp;&nbsp;&nbsp; 3579 |
|  | &nbsp;&nbsp;&nbsp;REV Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53355 | &nbsp;&nbsp;&nbsp;&nbsp; 2839 |
|  | &nbsp;&nbsp;&nbsp;Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13185 | &nbsp;&nbsp;&nbsp;&nbsp; 2691 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Symbotic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53573 | &nbsp;&nbsp;&nbsp;&nbsp; 2541 |
|  | &nbsp;&nbsp;&nbsp;Trinity Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89048 | &nbsp;&nbsp;&nbsp;&nbsp; 2531 |
|  | &nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;58834 | &nbsp;&nbsp;&nbsp;&nbsp; 2491 |
|  | &nbsp;&nbsp;&nbsp;Alamo Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11255 | &nbsp;&nbsp;&nbsp;&nbsp; 2380 |
|  | &nbsp;&nbsp;&nbsp;Worthington Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35390 | &nbsp;&nbsp;&nbsp;&nbsp; 2329 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hillman Solutions Corp. | &nbsp;&nbsp;&nbsp;&nbsp;215479 | &nbsp;&nbsp;&nbsp;&nbsp; 2129 |
|  | &nbsp;&nbsp;&nbsp;Albany International Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;32948 | &nbsp;&nbsp;&nbsp;&nbsp; 2093 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Blue Bird Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34448 | &nbsp;&nbsp;&nbsp;&nbsp; 2011 |
|  | &nbsp;&nbsp;&nbsp;Helios Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36342 | &nbsp;&nbsp;&nbsp;&nbsp; 1971 |
|  | &nbsp;&nbsp;&nbsp;Hillenbrand Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76829 | &nbsp;&nbsp;&nbsp;&nbsp; 1951 |
|  | &nbsp;&nbsp;&nbsp;Kennametal Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78601 | &nbsp;&nbsp;&nbsp;&nbsp; 1684 |
|  | &nbsp;&nbsp;&nbsp;Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11846 | &nbsp;&nbsp;&nbsp;&nbsp; 1626 |
|  | &nbsp;&nbsp;&nbsp;Tennant Co. | &nbsp;&nbsp;&nbsp;&nbsp;19485 | &nbsp;&nbsp;&nbsp;&nbsp; 1599 |
|  | &nbsp;&nbsp;&nbsp;Greenbrier Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33573 | &nbsp;&nbsp;&nbsp;&nbsp; 1566 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Proto Labs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25893 | &nbsp;&nbsp;&nbsp;&nbsp; 1290 |
|  | &nbsp;&nbsp;&nbsp;Astec Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22404 | &nbsp;&nbsp;&nbsp;&nbsp; 1037 |
|  | &nbsp;&nbsp;&nbsp;Gorman-Rupp Co. | &nbsp;&nbsp;&nbsp;&nbsp;23018 | &nbsp;&nbsp;&nbsp;&nbsp; 985 |
|  | &nbsp;&nbsp;&nbsp;Douglas Dynamics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25356 | &nbsp;&nbsp;&nbsp;&nbsp; 854 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Energy Recovery Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59760 | &nbsp;&nbsp;&nbsp;&nbsp; 849 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Microvast Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;230874 | &nbsp;&nbsp;&nbsp;&nbsp; 616 |
|  | &nbsp;&nbsp;&nbsp;Miller Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12472 | &nbsp;&nbsp;&nbsp;&nbsp; 525 |
|  | &nbsp;&nbsp;&nbsp;Aebi Schmidt Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;42024 | &nbsp;&nbsp;&nbsp;&nbsp; 516 |
|  | &nbsp;&nbsp;&nbsp;Wabash National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;45763 | &nbsp;&nbsp;&nbsp;&nbsp; 508 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Titan International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56036 | &nbsp;&nbsp;&nbsp;&nbsp; 494 |
|  | &nbsp;&nbsp;&nbsp;Columbus McKinnon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31068 | &nbsp;&nbsp;&nbsp;&nbsp; 465 |
|  | &nbsp;&nbsp;&nbsp;Luxfer Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;29608 | &nbsp;&nbsp;&nbsp;&nbsp; 397 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Manitowoc Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36655 | &nbsp;&nbsp;&nbsp;&nbsp; 363 |
|  | &nbsp;&nbsp;&nbsp;Hyster-Yale Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9248 | &nbsp;&nbsp;&nbsp;&nbsp; 347 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;3D Systems Corp. | &nbsp;&nbsp;&nbsp;&nbsp;148657 | &nbsp;&nbsp;&nbsp;&nbsp; 342 |
|  | &nbsp;&nbsp;&nbsp;Park-Ohio Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9261 | &nbsp;&nbsp;&nbsp;&nbsp; 187 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1209123** |
| **Marine Transportation (0.1%)** | **Marine Transportation (0.1%)** | **Marine Transportation (0.1%)** | **Marine Transportation (0.1%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kirby Corp. | &nbsp;&nbsp;&nbsp;&nbsp;61176 | &nbsp;&nbsp;&nbsp;&nbsp; 5946 |
|  | &nbsp;&nbsp;&nbsp;Matson Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35653 | &nbsp;&nbsp;&nbsp;&nbsp; 3710 |
|  | &nbsp;&nbsp;&nbsp;Genco Shipping & Trading Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;39967 | &nbsp;&nbsp;&nbsp;&nbsp; 673 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **10329** |
| **Passenger Airlines (2.0%)** | **Passenger Airlines (2.0%)** | **Passenger Airlines (2.0%)** | **Passenger Airlines (2.0%)** |
|  | &nbsp;&nbsp;&nbsp;Delta Air Lines Inc. | &nbsp;&nbsp;&nbsp;&nbsp;712966 | &nbsp;&nbsp;&nbsp;&nbsp; 44047 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Airlines Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;356593 | &nbsp;&nbsp;&nbsp;&nbsp; 37442 |
|  | &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | &nbsp;&nbsp;&nbsp;&nbsp;559467 | &nbsp;&nbsp;&nbsp;&nbsp; 18406 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Airlines Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;720443 | &nbsp;&nbsp;&nbsp;&nbsp; 9632 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alaska Air Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;132446 | &nbsp;&nbsp;&nbsp;&nbsp; 8315 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Joby Aviation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;505276 | &nbsp;&nbsp;&nbsp;&nbsp; 7150 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SkyWest Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44197 | &nbsp;&nbsp;&nbsp;&nbsp; 5365 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;JetBlue Airways Corp. | &nbsp;&nbsp;&nbsp;&nbsp;328705 | &nbsp;&nbsp;&nbsp;&nbsp; 1759 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Allegiant Travel Co. | &nbsp;&nbsp;&nbsp;&nbsp;15940 | &nbsp;&nbsp;&nbsp;&nbsp; 999 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58086 | &nbsp;&nbsp;&nbsp;&nbsp; 770 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Frontier Group Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62240 | &nbsp;&nbsp;&nbsp;&nbsp; 305 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **134190** |
| **Professional Services (8.3%)** | **Professional Services (8.3%)** | **Professional Services (8.3%)** | **Professional Services (8.3%)** |
|  | &nbsp;&nbsp;&nbsp;Automatic Data Processing Inc. | &nbsp;&nbsp;&nbsp;&nbsp;443170 | &nbsp;&nbsp;&nbsp;&nbsp; 134746 |
|  | &nbsp;&nbsp;&nbsp;Paychex Inc. | &nbsp;&nbsp;&nbsp;&nbsp;353955 | &nbsp;&nbsp;&nbsp;&nbsp; 49361 |
|  | &nbsp;&nbsp;&nbsp;Verisk Analytics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;152725 | &nbsp;&nbsp;&nbsp;&nbsp; 40949 |
|  | &nbsp;&nbsp;&nbsp;Equifax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;135589 | &nbsp;&nbsp;&nbsp;&nbsp; 33396 |
|  | &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;128234 | &nbsp;&nbsp;&nbsp;&nbsp; 32779 |
|  | &nbsp;&nbsp;&nbsp;Leidos Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133503 | &nbsp;&nbsp;&nbsp;&nbsp; 24153 |
|  | &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;242334 | &nbsp;&nbsp;&nbsp;&nbsp; 21485 |
|  | &nbsp;&nbsp;&nbsp;Jacobs Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130980 | &nbsp;&nbsp;&nbsp;&nbsp; 19153 |
|  | &nbsp;&nbsp;&nbsp;TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;213034 | &nbsp;&nbsp;&nbsp;&nbsp; 18832 |
|  | &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;135352 | &nbsp;&nbsp;&nbsp;&nbsp; 14715 |
|  | &nbsp;&nbsp;&nbsp;Paycom Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56807 | &nbsp;&nbsp;&nbsp;&nbsp; 12904 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dayforce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;174537 | &nbsp;&nbsp;&nbsp;&nbsp; 12177 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CACI International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;23988 | &nbsp;&nbsp;&nbsp;&nbsp; 11508 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Paylocity Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;48199 | &nbsp;&nbsp;&nbsp;&nbsp; 8639 |
|  | &nbsp;&nbsp;&nbsp;Genpact Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;181358 | &nbsp;&nbsp;&nbsp;&nbsp; 8223 |

---

------

Industrials Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ExlService Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;177622 | &nbsp;&nbsp;&nbsp;&nbsp; 7776 |
|  | &nbsp;&nbsp;&nbsp;KBR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;141639 | &nbsp;&nbsp;&nbsp;&nbsp; 7147 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;FTI Consulting Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37388 | &nbsp;&nbsp;&nbsp;&nbsp; 6305 |
|  | &nbsp;&nbsp;&nbsp;Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;51171 | &nbsp;&nbsp;&nbsp;&nbsp; 6023 |
|  | &nbsp;&nbsp;&nbsp;Maximus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61510 | &nbsp;&nbsp;&nbsp;&nbsp; 5408 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Parsons Corp. | &nbsp;&nbsp;&nbsp;&nbsp;58338 | &nbsp;&nbsp;&nbsp;&nbsp; 4673 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Verra Mobility Corp. | &nbsp;&nbsp;&nbsp;&nbsp;174225 | &nbsp;&nbsp;&nbsp;&nbsp; 4329 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amentum Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;172846 | &nbsp;&nbsp;&nbsp;&nbsp; 4312 |
|  | &nbsp;&nbsp;&nbsp;UL Solutions Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;68186 | &nbsp;&nbsp;&nbsp;&nbsp; 4307 |
|  | &nbsp;&nbsp;&nbsp;Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;56632 | &nbsp;&nbsp;&nbsp;&nbsp; 4199 |
|  | &nbsp;&nbsp;&nbsp;Robert Half Inc. | &nbsp;&nbsp;&nbsp;&nbsp;111477 | &nbsp;&nbsp;&nbsp;&nbsp; 4160 |
|  | &nbsp;&nbsp;&nbsp;Exponent Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55359 | &nbsp;&nbsp;&nbsp;&nbsp; 3952 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CBIZ Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53438 | &nbsp;&nbsp;&nbsp;&nbsp; 3449 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;WNS Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;42131 | &nbsp;&nbsp;&nbsp;&nbsp; 3179 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Huron Consulting Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18821 | &nbsp;&nbsp;&nbsp;&nbsp; 2578 |
|  | &nbsp;&nbsp;&nbsp;TriNet Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34325 | &nbsp;&nbsp;&nbsp;&nbsp; 2486 |
|  | &nbsp;&nbsp;&nbsp;Concentrix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41167 | &nbsp;&nbsp;&nbsp;&nbsp; 2172 |
|  | &nbsp;&nbsp;&nbsp;Insperity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39025 | &nbsp;&nbsp;&nbsp;&nbsp; 2155 |
|  | &nbsp;&nbsp;&nbsp;ManpowerGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50798 | &nbsp;&nbsp;&nbsp;&nbsp; 2154 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Upwork Inc. | &nbsp;&nbsp;&nbsp;&nbsp;136441 | &nbsp;&nbsp;&nbsp;&nbsp; 2100 |
|  | &nbsp;&nbsp;&nbsp;CSG Systems International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31659 | &nbsp;&nbsp;&nbsp;&nbsp; 2031 |
|  | &nbsp;&nbsp;&nbsp;ICF International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20085 | &nbsp;&nbsp;&nbsp;&nbsp; 1973 |
|  | &nbsp;&nbsp;&nbsp;Alight Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;462590 | &nbsp;&nbsp;&nbsp;&nbsp; 1795 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Willdan Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15085 | &nbsp;&nbsp;&nbsp;&nbsp; 1657 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Planet Labs PBC | &nbsp;&nbsp;&nbsp;&nbsp;230908 | &nbsp;&nbsp;&nbsp;&nbsp; 1637 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Clarivate plc | &nbsp;&nbsp;&nbsp;&nbsp;336527 | &nbsp;&nbsp;&nbsp;&nbsp; 1464 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Acuren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;129919 | &nbsp;&nbsp;&nbsp;&nbsp; 1464 |
|  | &nbsp;&nbsp;&nbsp;CRA International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7422 | &nbsp;&nbsp;&nbsp;&nbsp; 1438 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Legalzoom.com Inc. | &nbsp;&nbsp;&nbsp;&nbsp;128552 | &nbsp;&nbsp;&nbsp;&nbsp; 1424 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;First Advantage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;85257 | &nbsp;&nbsp;&nbsp;&nbsp; 1395 |
|  | &nbsp;&nbsp;&nbsp;Barrett Business Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28212 | &nbsp;&nbsp;&nbsp;&nbsp; 1377 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Innodata Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34806 | &nbsp;&nbsp;&nbsp;&nbsp; 1322 |
|  | &nbsp;&nbsp;&nbsp;Heidrick & Struggles International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22430 | &nbsp;&nbsp;&nbsp;&nbsp; 1140 |
|  | &nbsp;&nbsp;&nbsp;Kforce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20688 | &nbsp;&nbsp;&nbsp;&nbsp; 674 |
|  | &nbsp;&nbsp;&nbsp;Kelly Services Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;34657 | &nbsp;&nbsp;&nbsp;&nbsp; 493 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Conduent Inc. | &nbsp;&nbsp;&nbsp;&nbsp;158193 | &nbsp;&nbsp;&nbsp;&nbsp; 440 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TaskUS Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;15070 | &nbsp;&nbsp;&nbsp;&nbsp; 264 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Franklin Covey Co. | &nbsp;&nbsp;&nbsp;&nbsp;11976 | &nbsp;&nbsp;&nbsp;&nbsp; 234 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TrueBlue Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33637 | &nbsp;&nbsp;&nbsp;&nbsp; 201 |
|  | &nbsp;&nbsp;&nbsp;Resources Connection Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37012 | &nbsp;&nbsp;&nbsp;&nbsp; 189 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Forrester Research Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13678 | &nbsp;&nbsp;&nbsp;&nbsp; 133 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TTEC Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25339 | &nbsp;&nbsp;&nbsp;&nbsp; 96 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **548725** |
| **Trading Companies & Distributors (5.5%)** | **Trading Companies & Distributors (5.5%)** | **Trading Companies & Distributors (5.5%)** | **Trading Companies & Distributors (5.5%)** |
|  | &nbsp;&nbsp;&nbsp;United Rentals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70961 | &nbsp;&nbsp;&nbsp;&nbsp; 67863 |
|  | &nbsp;&nbsp;&nbsp;Fastenal Co. | 1252105 | &nbsp;&nbsp;&nbsp;&nbsp; 62179 |
|  | &nbsp;&nbsp;&nbsp;WW Grainger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49825 | &nbsp;&nbsp;&nbsp;&nbsp; 50498 |
|  | &nbsp;&nbsp;&nbsp;Ferguson Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;215270 | &nbsp;&nbsp;&nbsp;&nbsp; 49760 |
|  | &nbsp;&nbsp;&nbsp;FTAI Aviation Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;111965 | &nbsp;&nbsp;&nbsp;&nbsp; 17226 |
|  | &nbsp;&nbsp;&nbsp;Watsco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38086 | &nbsp;&nbsp;&nbsp;&nbsp; 15325 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Core & Main Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;207039 | &nbsp;&nbsp;&nbsp;&nbsp; 13400 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QXO Inc. | &nbsp;&nbsp;&nbsp;&nbsp;585443 | &nbsp;&nbsp;&nbsp;&nbsp; 11785 |
|  | &nbsp;&nbsp;&nbsp;WESCO International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53271 | &nbsp;&nbsp;&nbsp;&nbsp; 11711 |
|  | &nbsp;&nbsp;&nbsp;Applied Industrial Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41570 | &nbsp;&nbsp;&nbsp;&nbsp; 10957 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48908 | &nbsp;&nbsp;&nbsp;&nbsp; 7006 |
|  | &nbsp;&nbsp;&nbsp;Air Lease Corp. | &nbsp;&nbsp;&nbsp;&nbsp;116016 | &nbsp;&nbsp;&nbsp;&nbsp; 6985 |
|  | &nbsp;&nbsp;&nbsp;GATX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;37018 | &nbsp;&nbsp;&nbsp;&nbsp; 6230 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GMS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41524 | &nbsp;&nbsp;&nbsp;&nbsp; 4565 |
|  | &nbsp;&nbsp;&nbsp;Herc Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34471 | &nbsp;&nbsp;&nbsp;&nbsp; 4508 |
|  | &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;48711 | &nbsp;&nbsp;&nbsp;&nbsp; 4395 |
|  | &nbsp;&nbsp;&nbsp;Rush Enterprises Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;66804 | &nbsp;&nbsp;&nbsp;&nbsp; 3835 |
|  | &nbsp;&nbsp;&nbsp;Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;41096 | &nbsp;&nbsp;&nbsp;&nbsp; 3575 |
|  | &nbsp;&nbsp;&nbsp;McGrath RentCorp. | &nbsp;&nbsp;&nbsp;&nbsp;26858 | &nbsp;&nbsp;&nbsp;&nbsp; 3263 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Xometry Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;48340 | &nbsp;&nbsp;&nbsp;&nbsp; 2392 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DNOW Inc. | &nbsp;&nbsp;&nbsp;&nbsp;114784 | &nbsp;&nbsp;&nbsp;&nbsp; 1836 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DXP Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14541 | &nbsp;&nbsp;&nbsp;&nbsp; 1816 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MRC Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92731 | &nbsp;&nbsp;&nbsp;&nbsp; 1398 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NPK International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;87413 | &nbsp;&nbsp;&nbsp;&nbsp; 909 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Transcat Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10146 | &nbsp;&nbsp;&nbsp;&nbsp; 852 |

---

------

Industrials Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Global Industrial Co. | &nbsp;&nbsp;&nbsp;&nbsp;20816 | &nbsp;&nbsp;&nbsp;&nbsp; 777 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BlueLinx Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8731 | &nbsp;&nbsp;&nbsp;&nbsp; 721 |
|  | &nbsp;&nbsp;&nbsp;Willis Lease Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3401 | &nbsp;&nbsp;&nbsp;&nbsp; 506 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Titan Machinery Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23188 | &nbsp;&nbsp;&nbsp;&nbsp; 464 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Custom Truck One Source Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73794 | &nbsp;&nbsp;&nbsp;&nbsp; 453 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hudson Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43462 | &nbsp;&nbsp;&nbsp;&nbsp; 442 |
|  | &nbsp;&nbsp;&nbsp;Karat Packaging Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9941 | &nbsp;&nbsp;&nbsp;&nbsp; 251 |
|  | &nbsp;&nbsp;&nbsp;Alta Equipment Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24780 | &nbsp;&nbsp;&nbsp;&nbsp; 207 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **368090** |
| **Total Common Stocks (Cost $4,999,737)** | **Total Common Stocks (Cost $4,999,737)** | **Total Common Stocks (Cost $4,999,737)** | &nbsp;&nbsp;&nbsp;&nbsp;**6614004** |
| **Temporary Cash Investments (0.5%)** | **Temporary Cash Investments (0.5%)** | **Temporary Cash Investments (0.5%)** | **Temporary Cash Investments (0.5%)** |
| **Money Market Fund (0.5%)** | **Money Market Fund (0.5%)** | **Money Market Fund (0.5%)** | **Money Market Fund (0.5%)** |
| <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.362% **(Cost $31,689)** | &nbsp;&nbsp;&nbsp;&nbsp;316935 | &nbsp;&nbsp;&nbsp;&nbsp; **31691** |
| **Total Investments (100.0%) (Cost $5,031,426)** | **Total Investments (100.0%) (Cost $5,031,426)** | **Total Investments (100.0%) (Cost $5,031,426)** | &nbsp;&nbsp;&nbsp;&nbsp;**6645695** |
| **Other Assets and Liabilities—Net (0.0%)** | **Other Assets and Liabilities—Net (0.0%)** | **Other Assets and Liabilities—Net (0.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(2002)** |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;**6643693** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $9,795. |
| 2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 3 | Collateral of $11,123 was received for securities on loan, of which $11,120 is held in Vanguard Market Liquidity Fund and $3 is held in cash. |

---

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps |
| Reference Entity | Termination<br> Date | &nbsp;&nbsp;&nbsp;Counterparty | &nbsp;&nbsp;&nbsp;Notional<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Floating<br> Interest Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> (Depreciation) ($000) |
| Boeing Co. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;29335 | &nbsp;&nbsp;&nbsp;(4.334) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |

---

1 Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. <br> BANA—Bank of America, N.A.

At August 31, 2025, the counterparties had deposited in segregated accounts securities with a value of $1,612 in connection with open over-the-counter swap contracts.

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

------

Industrials Index Fund

Statement of Assets and Liabilities

As of August 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $4,999,737) | 6614004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $31,689) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31691 |
| Total Investments in Securities | 6645695 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7403 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total Assets** | **6655406** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11123 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11713** |
| **Net Assets** | **6643693** |
| 1 Includes $9,795 of securities on loan. |  |
| **At August 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 5375425 |
| Total Distributable Earnings (Loss) | 1268268 |
| **Net Assets** | **6643693** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 21,265,089 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **6195334** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**$291.34** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 2,995,553 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;**448359** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**$149.67** |

---

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

------

Industrials Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Year Ended<br> August 31, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;77430 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608 |
| Total Income | &nbsp;&nbsp;78537 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;4424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Shareholders' Reports and Proxy Fees—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;5665 |
| **Net Investment Income** | &nbsp;&nbsp;**72872** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | 319286 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;8603 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Realized Net Gain (Loss)** | **327889** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | 474205 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| **Change in Unrealized Appreciation (Depreciation)** | **474229** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **874990** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $53. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $494, less than $1, and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $383,081 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

Industrials Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68432 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;327889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226660 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;474229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739408 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;874990 | &nbsp;&nbsp;&nbsp;&nbsp;1034500 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;(68228) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65417) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4594) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4144) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(72822) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69561) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20499 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62111 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;852209 | &nbsp;&nbsp;&nbsp;&nbsp;1027050 |
| **Net Assets** |  |  |
| **Beginning of Period** | **5791484** | &nbsp;&nbsp;&nbsp;&nbsp;**4764434** |
| **End of Period** | **6643693** | &nbsp;&nbsp;&nbsp;&nbsp;**5791484** |

---

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

------

Industrials Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ETF Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$252.79** | &nbsp;&nbsp;&nbsp;**$207.59** | &nbsp;&nbsp;&nbsp;**$175.75** | &nbsp;&nbsp;&nbsp;**$199.27** | &nbsp;&nbsp;&nbsp;**$146.89** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.264 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.869 | &nbsp;&nbsp;&nbsp;&nbsp;(23.486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.318 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.698 | &nbsp;&nbsp;&nbsp;&nbsp;(21.054) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.582 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.097) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.858) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.202) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.097) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.858) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.202) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$291.34** | &nbsp;&nbsp;&nbsp;**$252.79** | &nbsp;&nbsp;&nbsp;**$207.59** | &nbsp;&nbsp;&nbsp;**$175.75** | &nbsp;&nbsp;&nbsp;**$199.27** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**16.67%** | &nbsp;&nbsp;&nbsp;**23.48%** | &nbsp;&nbsp;&nbsp;**19.99%** | &nbsp;&nbsp;&nbsp;**-10.62%** | &nbsp;&nbsp;&nbsp;**37.41%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$6195 | &nbsp;&nbsp;&nbsp;$5439 | &nbsp;&nbsp;&nbsp;$4493 | &nbsp;&nbsp;&nbsp;$3461 | &nbsp;&nbsp;&nbsp;$5438 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;0.10%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;1.25% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;5% |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

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

------

Industrials Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$129.87** | &nbsp;&nbsp;&nbsp;**$106.65** | &nbsp;&nbsp;&nbsp;&nbsp;**$90.29** | &nbsp;&nbsp;&nbsp;**$102.37** | &nbsp;&nbsp;&nbsp;&nbsp;**$75.46** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.162 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.376 | &nbsp;&nbsp;&nbsp;&nbsp;(12.056) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.880 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.827 | &nbsp;&nbsp;&nbsp;&nbsp;(10.816) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.042 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.641) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.591) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.467) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.132) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.641) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.591) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.467) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.132) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$149.67** | &nbsp;&nbsp;&nbsp;**$129.87** | &nbsp;&nbsp;&nbsp;**$106.65** | &nbsp;&nbsp;&nbsp;&nbsp;**$90.29** | &nbsp;&nbsp;&nbsp;**$102.37** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**16.67%** | &nbsp;&nbsp;&nbsp;**23.49%** | &nbsp;&nbsp;&nbsp;**19.99%** | &nbsp;&nbsp;&nbsp;**-10.62%** | &nbsp;&nbsp;&nbsp;**37.43%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$448 | &nbsp;&nbsp;&nbsp;$352 | &nbsp;&nbsp;&nbsp;$271 | &nbsp;&nbsp;&nbsp;$225 | &nbsp;&nbsp;&nbsp;$372 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;0.10%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;1.25% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;5% |

---

---

| | |
|:---|:---|
| 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 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%. |
| 4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

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

------

Industrials Index Fund

Notes to Financial Statements

Vanguard Industrials Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and Admiral 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.

**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 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.

2. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).

3. 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.

The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.

During the year ended August 31, 2025, the fund's average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.

4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

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

6. 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 Assets and Liabilities for the return of the collateral,

------

Industrials Index Fund

during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. 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.

7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which 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 either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the year ended August 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

8. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. 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), shareholder reporting, and proxy fees. 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 and 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 August 31, 2025, the fund had contributed to Vanguard capital in the amount of $168,000, representing less than 0.01% of the fund's net assets and 0.07% of Vanguard's capital received pursuant to the FSA. 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 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.**

The following table summarizes the market value of the fund's investments and derivatives as of August 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 6614004 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;6614004 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31691 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31691 |
| Total | 6645695 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;6645695 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |

---

------

Industrials 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. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and
distributions in connection with fund share redemptions.

Permanent differences were reclassified between the following accounts:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;398628 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(398628) |

---

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. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13517 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;1587785 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(333034) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;1268268 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;72822 | &nbsp;&nbsp;&nbsp;&nbsp;69561 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;72822 | &nbsp;&nbsp;&nbsp;&nbsp;69561 |

---

\* Includes short-term capital gains, if any.

As of August 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;5057910 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;1924805 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(337020) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;1587785 |

---

**E.** During the year ended August 31, 2025, the fund purchased $319,188,000 of investment securities and sold $288,417,000 of investment securities, other than temporary cash investments. In addition, the fund purchased
and sold investment securities of $1,041,433,000 and $1,034,976,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended August 31, 2025, such purchases were $13,214,000 and sales were $10,636,000, resulting in net realized loss of $366,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

------

Industrials Index Fund

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

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;1043819 | &nbsp;&nbsp;&nbsp;&nbsp;3887 | &nbsp;&nbsp;&nbsp;&nbsp;855123 | &nbsp;&nbsp;&nbsp;&nbsp;3794 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (1035637) | &nbsp;&nbsp;(4140) | &nbsp;&nbsp;(813511) | &nbsp;&nbsp;(3920) |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8182 | &nbsp;&nbsp;&nbsp;&nbsp;(253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41612 | &nbsp;&nbsp;&nbsp;&nbsp;(126) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;157163 | &nbsp;&nbsp;&nbsp;&nbsp;1138 | &nbsp;&nbsp;&nbsp;&nbsp;111401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| Redeemed | &nbsp;&nbsp;&nbsp;(119349) | &nbsp;&nbsp;&nbsp;&nbsp;(882) | &nbsp;&nbsp;&nbsp;&nbsp;(94513) | &nbsp;&nbsp;&nbsp;&nbsp;(829) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 |

---

**G.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

**H.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**I.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

------

Information Technology Index Fund

Financial Statements

#### Schedule of Investments
As of August 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 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (99.9%)** | **Common Stocks (99.9%)** | **Common Stocks (99.9%)** | **Common Stocks (99.9%)** |
| **Communications Equipment (3.8%)** | **Communications Equipment (3.8%)** | **Communications Equipment (3.8%)** | **Communications Equipment (3.8%)** |
|  | &nbsp;&nbsp;&nbsp;Cisco Systems Inc. | 25566420 | &nbsp;&nbsp;&nbsp;&nbsp; 1766384 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arista Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7238084 | &nbsp;&nbsp;&nbsp;&nbsp; 988360 |
|  | &nbsp;&nbsp;&nbsp;Motorola Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1193629 | &nbsp;&nbsp;&nbsp;&nbsp; 563942 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;F5 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635264 | &nbsp;&nbsp;&nbsp;&nbsp; 198927 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ciena Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1864707 | &nbsp;&nbsp;&nbsp;&nbsp; 175227 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lumentum Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1244575 | &nbsp;&nbsp;&nbsp;&nbsp; 165292 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Calix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1461549 | &nbsp;&nbsp;&nbsp;&nbsp; 86889 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Viasat Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2473190 | &nbsp;&nbsp;&nbsp;&nbsp; 79958 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CommScope Holding Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4883679 | &nbsp;&nbsp;&nbsp;&nbsp; 78334 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Extreme Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3160625 | &nbsp;&nbsp;&nbsp;&nbsp; 67574 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Viavi Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5298893 | &nbsp;&nbsp;&nbsp;&nbsp; 59772 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NetScout Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1692103 | &nbsp;&nbsp;&nbsp;&nbsp; 42116 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Applied Optoelectronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1265731 | &nbsp;&nbsp;&nbsp;&nbsp; 30631 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Digi International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879760 | &nbsp;&nbsp;&nbsp;&nbsp; 30545 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Harmonic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2683023 | &nbsp;&nbsp;&nbsp;&nbsp; 25811 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NETGEAR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649046 | &nbsp;&nbsp;&nbsp;&nbsp; 17635 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ADTRAN Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1709410 | &nbsp;&nbsp;&nbsp;&nbsp; 16034 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ribbon Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2304954 | &nbsp;&nbsp;&nbsp;&nbsp; 9404 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Clearfield Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279215 | &nbsp;&nbsp;&nbsp;&nbsp; 9108 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4411943** |
| **Electronic Equipment, Instruments & Components (5.6%)** | **Electronic Equipment, Instruments & Components (5.6%)** | **Electronic Equipment, Instruments & Components (5.6%)** | **Electronic Equipment, Instruments & Components (5.6%)** |
|  | &nbsp;&nbsp;&nbsp;Amphenol Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;8299383 | &nbsp;&nbsp;&nbsp;&nbsp; 903471 |
|  | &nbsp;&nbsp;&nbsp;TE Connectivity plc | &nbsp;&nbsp;&nbsp;&nbsp;2294474 | &nbsp;&nbsp;&nbsp;&nbsp; 473809 |
|  | &nbsp;&nbsp;&nbsp;Corning Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6487273 | &nbsp;&nbsp;&nbsp;&nbsp; 434842 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Keysight Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1591562 | &nbsp;&nbsp;&nbsp;&nbsp; 260109 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Teledyne Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451119 | &nbsp;&nbsp;&nbsp;&nbsp; 242779 |
|  | &nbsp;&nbsp;&nbsp;Jabil Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1151389 | &nbsp;&nbsp;&nbsp;&nbsp; 235839 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4239228 | &nbsp;&nbsp;&nbsp;&nbsp; 227307 |
|  | &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1346184 | &nbsp;&nbsp;&nbsp;&nbsp; 221797 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trimble Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2536780 | &nbsp;&nbsp;&nbsp;&nbsp; 205022 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587949 | &nbsp;&nbsp;&nbsp;&nbsp; 186433 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fabrinet | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503800 | &nbsp;&nbsp;&nbsp;&nbsp; 166904 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coherent Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1812562 | &nbsp;&nbsp;&nbsp;&nbsp; 163982 |
|  | &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1062043 | &nbsp;&nbsp;&nbsp;&nbsp; 157257 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sanmina Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1210508 | &nbsp;&nbsp;&nbsp;&nbsp; 142259 |
|  | &nbsp;&nbsp;&nbsp;Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3151169 | &nbsp;&nbsp;&nbsp;&nbsp; 138462 |
|  | &nbsp;&nbsp;&nbsp;Littelfuse Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512534 | &nbsp;&nbsp;&nbsp;&nbsp; 133172 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arrow Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1053075 | &nbsp;&nbsp;&nbsp;&nbsp; 133035 |
|  | &nbsp;&nbsp;&nbsp;Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3054686 | &nbsp;&nbsp;&nbsp;&nbsp; 131076 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Itron Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1018407 | &nbsp;&nbsp;&nbsp;&nbsp; 125203 |
|  | &nbsp;&nbsp;&nbsp;Advanced Energy Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828412 | &nbsp;&nbsp;&nbsp;&nbsp; 123997 |
|  | &nbsp;&nbsp;&nbsp;Belden Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937265 | &nbsp;&nbsp;&nbsp;&nbsp; 122032 |
|  | &nbsp;&nbsp;&nbsp;Badger Meter Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665463 | &nbsp;&nbsp;&nbsp;&nbsp; 121726 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ralliant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2691559 | &nbsp;&nbsp;&nbsp;&nbsp; 112534 |
|  | &nbsp;&nbsp;&nbsp;Avnet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1990568 | &nbsp;&nbsp;&nbsp;&nbsp; 108625 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TTM Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2411819 | &nbsp;&nbsp;&nbsp;&nbsp; 107495 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mirion Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5084813 | &nbsp;&nbsp;&nbsp;&nbsp; 104239 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Novanta Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853867 | &nbsp;&nbsp;&nbsp;&nbsp; 99399 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Insight Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682128 | &nbsp;&nbsp;&nbsp;&nbsp; 88786 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Plexus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642987 | &nbsp;&nbsp;&nbsp;&nbsp; 88096 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;OSI Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378535 | &nbsp;&nbsp;&nbsp;&nbsp; 87082 |
|  | &nbsp;&nbsp;&nbsp;Crane NXT Co. | &nbsp;&nbsp;&nbsp;&nbsp;1225464 | &nbsp;&nbsp;&nbsp;&nbsp; 73197 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IPG Photonics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605418 | &nbsp;&nbsp;&nbsp;&nbsp; 49535 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PAR Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960701 | &nbsp;&nbsp;&nbsp;&nbsp; 49169 |
|  | &nbsp;&nbsp;&nbsp;ePlus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629831 | &nbsp;&nbsp;&nbsp;&nbsp; 45581 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Knowles Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2064703 | &nbsp;&nbsp;&nbsp;&nbsp; 44081 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arlo Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2454043 | &nbsp;&nbsp;&nbsp;&nbsp; 42725 |
|  | &nbsp;&nbsp;&nbsp;Vishay Intertechnology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2635839 | &nbsp;&nbsp;&nbsp;&nbsp; 40750 |
|  | &nbsp;&nbsp;&nbsp;Benchmark Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857085 | &nbsp;&nbsp;&nbsp;&nbsp; 34789 |

---

------

Information Technology Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ouster Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1212893 | &nbsp;&nbsp;&nbsp;&nbsp; 34604 |
|  | &nbsp;&nbsp;&nbsp;Bel Fuse Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251972 | &nbsp;&nbsp;&nbsp;&nbsp; 33905 |
|  | &nbsp;&nbsp;&nbsp;Napco Security Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845875 | &nbsp;&nbsp;&nbsp;&nbsp; 32185 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;nLight Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1114646 | &nbsp;&nbsp;&nbsp;&nbsp; 32102 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rogers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395511 | &nbsp;&nbsp;&nbsp;&nbsp; 31032 |
|  | &nbsp;&nbsp;&nbsp;CTS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673234 | &nbsp;&nbsp;&nbsp;&nbsp; 28606 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ScanSource Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509710 | &nbsp;&nbsp;&nbsp;&nbsp; 22249 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Evolv Technologies Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2529984 | &nbsp;&nbsp;&nbsp;&nbsp; 20847 |
|  | &nbsp;&nbsp;&nbsp;PC Connection Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271453 | &nbsp;&nbsp;&nbsp;&nbsp; 17430 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kimball Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578765 | &nbsp;&nbsp;&nbsp;&nbsp; 16709 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Daktronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932544 | &nbsp;&nbsp;&nbsp;&nbsp; 16180 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Powerfleet Inc. NJ | &nbsp;&nbsp;&nbsp;&nbsp;2849412 | &nbsp;&nbsp;&nbsp;&nbsp; 13307 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Lightwave Logic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2968208 | &nbsp;&nbsp;&nbsp;&nbsp; 9973 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vishay Precision Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290570 | &nbsp;&nbsp;&nbsp;&nbsp; 8258 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;MicroVision Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5918468 | &nbsp;&nbsp;&nbsp;&nbsp; 6806 |
|  | &nbsp;&nbsp;&nbsp;Methode Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836628 | &nbsp;&nbsp;&nbsp;&nbsp; 6467 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SmartRent Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4017903 | &nbsp;&nbsp;&nbsp;&nbsp; 5946 |
|  | &nbsp;&nbsp;&nbsp;Bel Fuse Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35897 | &nbsp;&nbsp;&nbsp;&nbsp; 4108 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **6567310** |
| **IT Services (5.2%)** | **IT Services (5.2%)** | **IT Services (5.2%)** | **IT Services (5.2%)** |
|  | &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5943168 | &nbsp;&nbsp;&nbsp;&nbsp; 1447102 |
|  | &nbsp;&nbsp;&nbsp;Accenture plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;4074612 | &nbsp;&nbsp;&nbsp;&nbsp; 1059277 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Snowflake Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2362017 | &nbsp;&nbsp;&nbsp;&nbsp; 563719 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cloudflare Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2344342 | &nbsp;&nbsp;&nbsp;&nbsp; 489288 |
|  | &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4278419 | &nbsp;&nbsp;&nbsp;&nbsp; 309116 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MongoDB Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943778 | &nbsp;&nbsp;&nbsp;&nbsp; 297866 |
|  | &nbsp;&nbsp;&nbsp;VeriSign Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873448 | &nbsp;&nbsp;&nbsp;&nbsp; 238774 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GoDaddy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1498675 | &nbsp;&nbsp;&nbsp;&nbsp; 222268 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gartner Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842787 | &nbsp;&nbsp;&nbsp;&nbsp; 211700 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Twilio Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1835937 | &nbsp;&nbsp;&nbsp;&nbsp; 193893 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Okta Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2050486 | &nbsp;&nbsp;&nbsp;&nbsp; 190224 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Akamai Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2130883 | &nbsp;&nbsp;&nbsp;&nbsp; 168617 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EPAM Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925034 | &nbsp;&nbsp;&nbsp;&nbsp; 163139 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kyndryl Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4489994 | &nbsp;&nbsp;&nbsp;&nbsp; 142737 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Applied Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4789896 | &nbsp;&nbsp;&nbsp;&nbsp; 76542 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DXC Technology Co. | &nbsp;&nbsp;&nbsp;&nbsp;4312980 | &nbsp;&nbsp;&nbsp;&nbsp; 62322 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ASGN Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1039048 | &nbsp;&nbsp;&nbsp;&nbsp; 56368 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DigitalOcean Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1620802 | &nbsp;&nbsp;&nbsp;&nbsp; 52871 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;BigBear.ai Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6911291 | &nbsp;&nbsp;&nbsp;&nbsp; 35040 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fastly Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3263231 | &nbsp;&nbsp;&nbsp;&nbsp; 24833 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Couchbase Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911183 | &nbsp;&nbsp;&nbsp;&nbsp; 22224 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Grid Dynamics Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1604536 | &nbsp;&nbsp;&nbsp;&nbsp; 13302 |
|  | &nbsp;&nbsp;&nbsp;Hackett Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592067 | &nbsp;&nbsp;&nbsp;&nbsp; 12327 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Commerce.com Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1619039 | &nbsp;&nbsp;&nbsp;&nbsp; 7528 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Unisys Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1604843 | &nbsp;&nbsp;&nbsp;&nbsp; 6275 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rackspace Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1980698 | &nbsp;&nbsp;&nbsp;&nbsp; 2496 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **6069848** |
| **Other (0.0%)<sup>2</sup>** | **Other (0.0%)<sup>2</sup>** | **Other (0.0%)<sup>2</sup>** | **Other (0.0%)<sup>2</sup>** |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Pivotal Software Inc. Escrow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295216 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Semiconductors & Semiconductor Equipment (34.2%)** | **Semiconductors & Semiconductor Equipment (34.2%)** | **Semiconductors & Semiconductor Equipment (34.2%)** | **Semiconductors & Semiconductor Equipment (34.2%)** |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 116069598 | &nbsp;&nbsp;&nbsp;&nbsp; 20217003 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | 17091930 | &nbsp;&nbsp;&nbsp;&nbsp; 5082969 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc. | 10392561 | &nbsp;&nbsp;&nbsp;&nbsp; 1690142 |
|  | &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5903478 | &nbsp;&nbsp;&nbsp;&nbsp; 1195336 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7241667 | &nbsp;&nbsp;&nbsp;&nbsp; 1163953 |
|  | &nbsp;&nbsp;&nbsp;Micron Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7390063 | &nbsp;&nbsp;&nbsp;&nbsp; 879491 |
|  | &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8735973 | &nbsp;&nbsp;&nbsp;&nbsp; 874908 |
|  | &nbsp;&nbsp;&nbsp;Applied Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5422456 | &nbsp;&nbsp;&nbsp;&nbsp; 871714 |
|  | &nbsp;&nbsp;&nbsp;Analog Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3341866 | &nbsp;&nbsp;&nbsp;&nbsp; 839844 |
|  | &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905785 | &nbsp;&nbsp;&nbsp;&nbsp; 789845 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intel Corp. | 29813372 | &nbsp;&nbsp;&nbsp;&nbsp; 725956 |
|  | &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;1904222 | &nbsp;&nbsp;&nbsp;&nbsp; 447207 |
|  | &nbsp;&nbsp;&nbsp;Marvell Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6302564 | &nbsp;&nbsp;&nbsp;&nbsp; 396211 |
|  | &nbsp;&nbsp;&nbsp;Monolithic Power Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394611 | &nbsp;&nbsp;&nbsp;&nbsp; 329800 |
|  | &nbsp;&nbsp;&nbsp;Microchip Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4623652 | &nbsp;&nbsp;&nbsp;&nbsp; 300537 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Astera Labs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1398653 | &nbsp;&nbsp;&nbsp;&nbsp; 254835 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1925670 | &nbsp;&nbsp;&nbsp;&nbsp; 236963 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;First Solar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1125436 | &nbsp;&nbsp;&nbsp;&nbsp; 219674 |

---

------

Information Technology Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4296759 | &nbsp;&nbsp;&nbsp;&nbsp; 213076 |
|  | &nbsp;&nbsp;&nbsp;Teradyne Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1790813 | &nbsp;&nbsp;&nbsp;&nbsp; 211746 |
|  | &nbsp;&nbsp;&nbsp;Entegris Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2087678 | &nbsp;&nbsp;&nbsp;&nbsp; 174822 |
|  | &nbsp;&nbsp;&nbsp;Skyworks Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2135836 | &nbsp;&nbsp;&nbsp;&nbsp; 160060 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2291774 | &nbsp;&nbsp;&nbsp;&nbsp; 152128 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1123076 | &nbsp;&nbsp;&nbsp;&nbsp; 143922 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Qorvo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1558037 | &nbsp;&nbsp;&nbsp;&nbsp; 141314 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rambus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1871606 | &nbsp;&nbsp;&nbsp;&nbsp; 138068 |
|  | &nbsp;&nbsp;&nbsp;MKS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1293582 | &nbsp;&nbsp;&nbsp;&nbsp; 133679 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cirrus Logic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1140838 | &nbsp;&nbsp;&nbsp;&nbsp; 130272 |
|  | &nbsp;&nbsp;&nbsp;Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921157 | &nbsp;&nbsp;&nbsp;&nbsp; 127663 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SiTime Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519046 | &nbsp;&nbsp;&nbsp;&nbsp; 125438 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Onto Innovation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1141493 | &nbsp;&nbsp;&nbsp;&nbsp; 120998 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Semtech Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2056176 | &nbsp;&nbsp;&nbsp;&nbsp; 119443 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enphase Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3114226 | &nbsp;&nbsp;&nbsp;&nbsp; 117406 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Impinj Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619083 | &nbsp;&nbsp;&nbsp;&nbsp; 116059 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Rigetti Computing Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7130952 | &nbsp;&nbsp;&nbsp;&nbsp; 115735 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Silicon Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773110 | &nbsp;&nbsp;&nbsp;&nbsp; 103867 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Allegro MicroSystems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3072415 | &nbsp;&nbsp;&nbsp;&nbsp; 94784 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ambarella Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956435 | &nbsp;&nbsp;&nbsp;&nbsp; 78887 |
|  | &nbsp;&nbsp;&nbsp;Amkor Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2930403 | &nbsp;&nbsp;&nbsp;&nbsp; 70886 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Synaptics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914405 | &nbsp;&nbsp;&nbsp;&nbsp; 63880 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axcelis Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762194 | &nbsp;&nbsp;&nbsp;&nbsp; 61006 |
|  | &nbsp;&nbsp;&nbsp;Power Integrations Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1335346 | &nbsp;&nbsp;&nbsp;&nbsp; 60224 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Diodes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1100761 | &nbsp;&nbsp;&nbsp;&nbsp; 59920 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;FormFactor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1828452 | &nbsp;&nbsp;&nbsp;&nbsp; 53373 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;SolarEdge Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1400682 | &nbsp;&nbsp;&nbsp;&nbsp; 47371 |
|  | &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1251830 | &nbsp;&nbsp;&nbsp;&nbsp; 46944 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ACM Research Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1256963 | &nbsp;&nbsp;&nbsp;&nbsp; 35471 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Veeco Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1424866 | &nbsp;&nbsp;&nbsp;&nbsp; 34938 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Photronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1426983 | &nbsp;&nbsp;&nbsp;&nbsp; 32350 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MaxLinear Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1946396 | &nbsp;&nbsp;&nbsp;&nbsp; 30597 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Penguin Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1181831 | &nbsp;&nbsp;&nbsp;&nbsp; 28518 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ultra Clean Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1071054 | &nbsp;&nbsp;&nbsp;&nbsp; 25727 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cohu Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1103162 | &nbsp;&nbsp;&nbsp;&nbsp; 21953 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;indie Semiconductor Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4623370 | &nbsp;&nbsp;&nbsp;&nbsp; 20944 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Navitas Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3413422 | &nbsp;&nbsp;&nbsp;&nbsp; 20003 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alpha & Omega Semiconductor Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600638 | &nbsp;&nbsp;&nbsp;&nbsp; 17280 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Aehr Test Systems | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671386 | &nbsp;&nbsp;&nbsp;&nbsp; 16751 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PDF Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742781 | &nbsp;&nbsp;&nbsp;&nbsp; 15190 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ichor Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809409 | &nbsp;&nbsp;&nbsp;&nbsp; 13639 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CEVA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568160 | &nbsp;&nbsp;&nbsp;&nbsp; 12625 |
|  | &nbsp;&nbsp;&nbsp;NVE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115022 | &nbsp;&nbsp;&nbsp;&nbsp; 7428 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Magnachip Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772782 | &nbsp;&nbsp;&nbsp;&nbsp; 2434 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **40035207** |
| **Software (35.8%)** | **Software (35.8%)** | **Software (35.8%)** | **Software (35.8%)** |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 31894730 | &nbsp;&nbsp;&nbsp;&nbsp; 16160741 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | 10523460 | &nbsp;&nbsp;&nbsp;&nbsp; 2379670 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palantir Technologies Inc. Class A | 13953209 | &nbsp;&nbsp;&nbsp;&nbsp; 2186607 |
|  | &nbsp;&nbsp;&nbsp;Salesforce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6074618 | &nbsp;&nbsp;&nbsp;&nbsp; 1556621 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ServiceNow Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1339418 | &nbsp;&nbsp;&nbsp;&nbsp; 1228862 |
|  | &nbsp;&nbsp;&nbsp;Intuit Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1812340 | &nbsp;&nbsp;&nbsp;&nbsp; 1208831 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adobe Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2819694 | &nbsp;&nbsp;&nbsp;&nbsp; 1005785 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4497016 | &nbsp;&nbsp;&nbsp;&nbsp; 856771 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Synopsys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1304040 | &nbsp;&nbsp;&nbsp;&nbsp; 787014 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AppLovin Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1585732 | &nbsp;&nbsp;&nbsp;&nbsp; 758915 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1699677 | &nbsp;&nbsp;&nbsp;&nbsp; 720153 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cadence Design Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1892409 | &nbsp;&nbsp;&nbsp;&nbsp; 663157 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Strategy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1665455 | &nbsp;&nbsp;&nbsp;&nbsp; 556945 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Autodesk Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1600437 | &nbsp;&nbsp;&nbsp;&nbsp; 503658 |
|  | &nbsp;&nbsp;&nbsp;Roper Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816729 | &nbsp;&nbsp;&nbsp;&nbsp; 429853 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fortinet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5074633 | &nbsp;&nbsp;&nbsp;&nbsp; 399729 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Workday Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1704375 | &nbsp;&nbsp;&nbsp;&nbsp; 393404 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Datadog Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2459397 | &nbsp;&nbsp;&nbsp;&nbsp; 336150 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fair Isaac Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215587 | &nbsp;&nbsp;&nbsp;&nbsp; 328046 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Atlassian Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1558216 | &nbsp;&nbsp;&nbsp;&nbsp; 277020 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zscaler Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946592 | &nbsp;&nbsp;&nbsp;&nbsp; 262253 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;HubSpot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515462 | &nbsp;&nbsp;&nbsp;&nbsp; 249056 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PTC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1162689 | &nbsp;&nbsp;&nbsp;&nbsp; 248234 |

---

------

Information Technology Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tyler Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419531 | &nbsp;&nbsp;&nbsp;&nbsp; 236146 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zoom Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2772507 | &nbsp;&nbsp;&nbsp;&nbsp; 225738 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Unity Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5363618 | &nbsp;&nbsp;&nbsp;&nbsp; 211380 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Guidewire Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923600 | &nbsp;&nbsp;&nbsp;&nbsp; 200440 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Docusign Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2558244 | &nbsp;&nbsp;&nbsp;&nbsp; 196115 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nutanix Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2878015 | &nbsp;&nbsp;&nbsp;&nbsp; 193431 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dynatrace Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3768510 | &nbsp;&nbsp;&nbsp;&nbsp; 190687 |
|  | &nbsp;&nbsp;&nbsp;Gen Digital Inc. (XNGS) | &nbsp;&nbsp;&nbsp;&nbsp;6105346 | &nbsp;&nbsp;&nbsp;&nbsp; 184381 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Manhattan Associates Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796133 | &nbsp;&nbsp;&nbsp;&nbsp; 171519 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Samsara Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4593032 | &nbsp;&nbsp;&nbsp;&nbsp; 165992 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rubrik Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1802800 | &nbsp;&nbsp;&nbsp;&nbsp; 161170 |
|  | &nbsp;&nbsp;&nbsp;Bentley Systems Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;2765962 | &nbsp;&nbsp;&nbsp;&nbsp; 153926 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Elastic NV | &nbsp;&nbsp;&nbsp;&nbsp;1759441 | &nbsp;&nbsp;&nbsp;&nbsp; 149658 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gitlab Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3067897 | &nbsp;&nbsp;&nbsp;&nbsp; 147320 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Procore Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2114333 | &nbsp;&nbsp;&nbsp;&nbsp; 146967 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Commvault Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775717 | &nbsp;&nbsp;&nbsp;&nbsp; 144784 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;InterDigital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520433 | &nbsp;&nbsp;&nbsp;&nbsp; 141407 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Life360 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1530369 | &nbsp;&nbsp;&nbsp;&nbsp; 138414 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Varonis Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2311010 | &nbsp;&nbsp;&nbsp;&nbsp; 136396 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SentinelOne Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;7176685 | &nbsp;&nbsp;&nbsp;&nbsp; 135352 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Appfolio Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483258 | &nbsp;&nbsp;&nbsp;&nbsp; 134046 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dropbox Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4546291 | &nbsp;&nbsp;&nbsp;&nbsp; 132115 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;MARA Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8040501 | &nbsp;&nbsp;&nbsp;&nbsp; 128487 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Confluent Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6455272 | &nbsp;&nbsp;&nbsp;&nbsp; 128202 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6103485 | &nbsp;&nbsp;&nbsp;&nbsp; 126159 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ACI Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2489526 | &nbsp;&nbsp;&nbsp;&nbsp; 122858 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Circle Internet Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919904 | &nbsp;&nbsp;&nbsp;&nbsp; 121409 |
|  | &nbsp;&nbsp;&nbsp;Pegasystems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2233972 | &nbsp;&nbsp;&nbsp;&nbsp; 121104 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Qualys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862200 | &nbsp;&nbsp;&nbsp;&nbsp; 117095 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Q2 Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1478710 | &nbsp;&nbsp;&nbsp;&nbsp; 116419 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings Inc. | 11731473 | &nbsp;&nbsp;&nbsp;&nbsp; 116142 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;JFrog Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2311237 | &nbsp;&nbsp;&nbsp;&nbsp; 114106 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aurora Innovation Inc. | 20189165 | &nbsp;&nbsp;&nbsp;&nbsp; 113665 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Box Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3437247 | &nbsp;&nbsp;&nbsp;&nbsp; 112157 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Riot Platforms Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8055158 | &nbsp;&nbsp;&nbsp;&nbsp; 110839 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;D-Wave Quantum Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6990311 | &nbsp;&nbsp;&nbsp;&nbsp; 109189 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;UiPath Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;9775670 | &nbsp;&nbsp;&nbsp;&nbsp; 108705 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BILL Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2323136 | &nbsp;&nbsp;&nbsp;&nbsp; 107840 |
|  | &nbsp;&nbsp;&nbsp;Dolby Laboratories Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1457602 | &nbsp;&nbsp;&nbsp;&nbsp; 104481 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;SoundHound AI Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;8006982 | &nbsp;&nbsp;&nbsp;&nbsp; 104251 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SPS Commerce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901497 | &nbsp;&nbsp;&nbsp;&nbsp; 99435 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Core Scientific Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6847414 | &nbsp;&nbsp;&nbsp;&nbsp; 98260 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Workiva Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1169998 | &nbsp;&nbsp;&nbsp;&nbsp; 96221 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tenable Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2900271 | &nbsp;&nbsp;&nbsp;&nbsp; 89676 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zeta Global Holdings Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4266065 | &nbsp;&nbsp;&nbsp;&nbsp; 83786 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;nCino Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2475392 | &nbsp;&nbsp;&nbsp;&nbsp; 79485 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Klaviyo Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2432729 | &nbsp;&nbsp;&nbsp;&nbsp; 78918 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Informatica Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2781865 | &nbsp;&nbsp;&nbsp;&nbsp; 69352 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Agilysys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631787 | &nbsp;&nbsp;&nbsp;&nbsp; 68941 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Terawulf Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7274853 | &nbsp;&nbsp;&nbsp;&nbsp; 68747 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BlackLine Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1256643 | &nbsp;&nbsp;&nbsp;&nbsp; 68324 |
|  | &nbsp;&nbsp;&nbsp;Clear Secure Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1861714 | &nbsp;&nbsp;&nbsp;&nbsp; 67599 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alarm.com Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1121005 | &nbsp;&nbsp;&nbsp;&nbsp; 65725 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Cleanspark Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6664700 | &nbsp;&nbsp;&nbsp;&nbsp; 63115 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hut 8 Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2349923 | &nbsp;&nbsp;&nbsp;&nbsp; 62813 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intapp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1345118 | &nbsp;&nbsp;&nbsp;&nbsp; 61862 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Freshworks Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4587080 | &nbsp;&nbsp;&nbsp;&nbsp; 61788 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Blackbaud Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920799 | &nbsp;&nbsp;&nbsp;&nbsp; 61426 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RingCentral Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1710848 | &nbsp;&nbsp;&nbsp;&nbsp; 52198 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;C3.ai Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2949665 | &nbsp;&nbsp;&nbsp;&nbsp; 49879 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Braze Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1743577 | &nbsp;&nbsp;&nbsp;&nbsp; 48297 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AvePoint Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2894081 | &nbsp;&nbsp;&nbsp;&nbsp; 47347 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Progress Software Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1022636 | &nbsp;&nbsp;&nbsp;&nbsp; 47338 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cipher Mining Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6167210 | &nbsp;&nbsp;&nbsp;&nbsp; 47117 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Five9 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1718898 | &nbsp;&nbsp;&nbsp;&nbsp; 46273 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vertex Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1738156 | &nbsp;&nbsp;&nbsp;&nbsp; 44879 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alkami Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1710726 | &nbsp;&nbsp;&nbsp;&nbsp; 43795 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LiveRamp Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1564266 | &nbsp;&nbsp;&nbsp;&nbsp; 43674 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Teradata Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2041094 | &nbsp;&nbsp;&nbsp;&nbsp; 42822 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Pagaya Technologies Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1122354 | &nbsp;&nbsp;&nbsp;&nbsp; 41392 |

---

------

Information Technology Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NCR Voyix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3104452 | &nbsp;&nbsp;&nbsp;&nbsp; 40917 |
|  | &nbsp;&nbsp;&nbsp;Adeia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2575736 | &nbsp;&nbsp;&nbsp;&nbsp; 38739 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PagerDuty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2077252 | &nbsp;&nbsp;&nbsp;&nbsp; 34773 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Onestream Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1609862 | &nbsp;&nbsp;&nbsp;&nbsp; 33469 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NextNav Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1728193 | &nbsp;&nbsp;&nbsp;&nbsp; 30779 |
|  | &nbsp;&nbsp;&nbsp;A10 Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1711317 | &nbsp;&nbsp;&nbsp;&nbsp; 30307 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Asana Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2032325 | &nbsp;&nbsp;&nbsp;&nbsp; 29672 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Verint Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1427195 | &nbsp;&nbsp;&nbsp;&nbsp; 29101 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rapid7 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1371534 | &nbsp;&nbsp;&nbsp;&nbsp; 28404 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Olo Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2712311 | &nbsp;&nbsp;&nbsp;&nbsp; 27801 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Porch Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1592317 | &nbsp;&nbsp;&nbsp;&nbsp; 27022 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sprinklr Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2879903 | &nbsp;&nbsp;&nbsp;&nbsp; 24882 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amplitude Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2110660 | &nbsp;&nbsp;&nbsp;&nbsp; 24125 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Appian Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767544 | &nbsp;&nbsp;&nbsp;&nbsp; 23625 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Yext Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2469672 | &nbsp;&nbsp;&nbsp;&nbsp; 22449 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sprout Social Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1230873 | &nbsp;&nbsp;&nbsp;&nbsp; 19435 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Blend Labs Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4839248 | &nbsp;&nbsp;&nbsp;&nbsp; 17518 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;I3 Verticals Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549965 | &nbsp;&nbsp;&nbsp;&nbsp; 17296 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MeridianLink Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825623 | &nbsp;&nbsp;&nbsp;&nbsp; 16422 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Jamf Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1723354 | &nbsp;&nbsp;&nbsp;&nbsp; 16062 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PROS Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1021662 | &nbsp;&nbsp;&nbsp;&nbsp; 15836 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Daily Journal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31093 | &nbsp;&nbsp;&nbsp;&nbsp; 14527 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;N-able Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1793989 | &nbsp;&nbsp;&nbsp;&nbsp; 14460 |
|  | &nbsp;&nbsp;&nbsp;Red Violet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264983 | &nbsp;&nbsp;&nbsp;&nbsp; 13313 |
|  | &nbsp;&nbsp;&nbsp;OneSpan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863293 | &nbsp;&nbsp;&nbsp;&nbsp; 13057 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464018 | &nbsp;&nbsp;&nbsp;&nbsp; 12329 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Domo Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789378 | &nbsp;&nbsp;&nbsp;&nbsp; 11588 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Weave Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1426804 | &nbsp;&nbsp;&nbsp;&nbsp; 11101 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mitek Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1081967 | &nbsp;&nbsp;&nbsp;&nbsp; 11004 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cerence Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974877 | &nbsp;&nbsp;&nbsp;&nbsp; 10265 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Digital Turbine Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2412797 | &nbsp;&nbsp;&nbsp;&nbsp; 10134 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SEMrush Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1057952 | &nbsp;&nbsp;&nbsp;&nbsp; 8358 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Xperi Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978035 | &nbsp;&nbsp;&nbsp;&nbsp; 5868 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;8x8 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2889060 | &nbsp;&nbsp;&nbsp;&nbsp; 5720 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rimini Street Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1197541 | &nbsp;&nbsp;&nbsp;&nbsp; 5185 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ON24 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607947 | &nbsp;&nbsp;&nbsp;&nbsp; 3477 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Exodus Movement Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133974 | &nbsp;&nbsp;&nbsp;&nbsp; 3379 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Digimarc Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384507 | &nbsp;&nbsp;&nbsp;&nbsp; 3330 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CS Disco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579409 | &nbsp;&nbsp;&nbsp;&nbsp; 3169 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Expensify Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1528140 | &nbsp;&nbsp;&nbsp;&nbsp; 2995 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Figma Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5979 | &nbsp;&nbsp;&nbsp;&nbsp; 420 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **41890764** |
| **Technology Hardware, Storage & Peripherals (15.3%)** | **Technology Hardware, Storage & Peripherals (15.3%)** | **Technology Hardware, Storage & Peripherals (15.3%)** | **Technology Hardware, Storage & Peripherals (15.3%)** |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 66173587 | &nbsp;&nbsp;&nbsp;&nbsp; 15361536 |
|  | &nbsp;&nbsp;&nbsp;Dell Technologies Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;2595747 | &nbsp;&nbsp;&nbsp;&nbsp; 317070 |
|  | &nbsp;&nbsp;&nbsp;Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;1861763 | &nbsp;&nbsp;&nbsp;&nbsp; 311659 |
|  | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 12185324 | &nbsp;&nbsp;&nbsp;&nbsp; 275023 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pure Storage Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3463362 | &nbsp;&nbsp;&nbsp;&nbsp; 268792 |
|  | &nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3300115 | &nbsp;&nbsp;&nbsp;&nbsp; 265131 |
|  | &nbsp;&nbsp;&nbsp;HP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9056944 | &nbsp;&nbsp;&nbsp;&nbsp; 258485 |
|  | &nbsp;&nbsp;&nbsp;NetApp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1980015 | &nbsp;&nbsp;&nbsp;&nbsp; 223326 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Super Micro Computer Inc. (XNGS) | &nbsp;&nbsp;&nbsp;&nbsp;5071684 | &nbsp;&nbsp;&nbsp;&nbsp; 210678 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;IonQ Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3841313 | &nbsp;&nbsp;&nbsp;&nbsp; 164178 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sandisk Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2828009 | &nbsp;&nbsp;&nbsp;&nbsp; 148386 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Quantum Computing Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3185543 | &nbsp;&nbsp;&nbsp;&nbsp; 50268 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Diebold Nixdorf Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353715 | &nbsp;&nbsp;&nbsp;&nbsp; 21615 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CompoSecure Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1092568 | &nbsp;&nbsp;&nbsp;&nbsp; 20890 |
|  | &nbsp;&nbsp;&nbsp;Xerox Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2834847 | &nbsp;&nbsp;&nbsp;&nbsp; 11283 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corsair Gaming Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1130219 | &nbsp;&nbsp;&nbsp;&nbsp; 10093 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Eastman Kodak Co. | &nbsp;&nbsp;&nbsp;&nbsp;1438128 | &nbsp;&nbsp;&nbsp;&nbsp; 8485 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CPI Card Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147519 | &nbsp;&nbsp;&nbsp;&nbsp; 2298 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **17929196** |
| **Total Common Stocks (Cost $76,774,458)** | **Total Common Stocks (Cost $76,774,458)** | **Total Common Stocks (Cost $76,774,458)** | &nbsp;&nbsp;&nbsp;&nbsp;**116904268** |

---

------

Information Technology Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** |
| **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** |
| <sup>4,5</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.362% **(Cost $704,704)** | 7048011 | &nbsp;&nbsp;&nbsp;&nbsp; **704731** |
| **Total Investments (100.5%) (Cost $77,479,162)** | **Total Investments (100.5%) (Cost $77,479,162)** | **Total Investments (100.5%) (Cost $77,479,162)** | &nbsp;&nbsp;&nbsp;&nbsp;**117608999** |
| **Other Assets and Liabilities—Net (-0.5%)** | **Other Assets and Liabilities—Net (-0.5%)** | **Other Assets and Liabilities—Net (-0.5%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(560188)** |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;**117048811** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $575,735. |
| 2 | "Other" represents securities that are not classified by the fund's benchmark index. |
| 3 | Security value determined using significant unobservable inputs. |
| 4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 5 | Collateral of $612,318 was received for securities on loan. |

---

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini NASDAQ 100 Index | September 2025 | 175 | 82116 | &nbsp;&nbsp;(389) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps |
| Reference Entity | Termination<br> Date | &nbsp;&nbsp;&nbsp;Counterparty | &nbsp;&nbsp;&nbsp;Notional<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Floating<br> Interest Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> (Depreciation)<br> ($000) |
| Coherent Corp. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;12033 | &nbsp;&nbsp;&nbsp;(4.334) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| NetApp Inc. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;7331 | &nbsp;&nbsp;&nbsp;(5.034) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6) |
| Strategy Inc. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;45145 | &nbsp;&nbsp;&nbsp;(4.334) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6) |

---

1 Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. <br> BANA—Bank of America, N.A.

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

------

Information Technology Index Fund

Statement of Assets and Liabilities

As of August 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $76,774,458) | 116904268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $704,704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704731 |
| Total Investments in Securities | 117608999 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2944 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5044 |
| Cash Collateral Pledged—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10470 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52330 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13250 |
| **Total Assets** | **117693152** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13651 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612318 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12718 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4632 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016 |
| Unrealized Depreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**644341** |
| **Net Assets** | **117048811** |
| 1 Includes $575,735 of securities on loan. |  |
| **At August 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;80664265 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;36384546 |
| **Net Assets** | **117048811** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 144,272,674 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **100504139** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$696.63** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 46,382,775 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**16544672** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$356.70** |

---

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

------

Information Technology Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Year Ended<br> August 31, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;575634 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4910 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8663 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;589207 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Shareholders' Reports and Proxy Fees—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2629 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93014 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;**496193** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | &nbsp;&nbsp;5783320 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10188 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17265 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;**5810773** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | 14144479 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2410) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
| **Change in Unrealized Appreciation (Depreciation)** | **14142063** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **20449029** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $1,047. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $4,611, $4, and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $6,579,891 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

Information Technology Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445245 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;5810773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9262075 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;14142063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9672916 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;20449029 | &nbsp;&nbsp;&nbsp;&nbsp;19380236 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(426890) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(459825) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72703) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79022) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(499593) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(538847) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;7921965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5738111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628520 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;8455421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7366631 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;28404857 | &nbsp;&nbsp;&nbsp;&nbsp;26208020 |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;&nbsp;**88643954** | &nbsp;&nbsp;&nbsp;&nbsp;**62435934** |
| **End of Period** | **117048811** | &nbsp;&nbsp;&nbsp;&nbsp;**88643954** |

---

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

------

Information Technology Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ETF Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$573.86** | &nbsp;&nbsp;&nbsp;**$444.81** | &nbsp;&nbsp;&nbsp;**$349.23** | &nbsp;&nbsp;&nbsp;**$426.48** | &nbsp;&nbsp;&nbsp;**$328.54** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.634 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;122.824 | &nbsp;&nbsp;&nbsp;&nbsp;129.708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95.573 | &nbsp;&nbsp;&nbsp;&nbsp;(77.272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.919 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;125.896 | &nbsp;&nbsp;&nbsp;&nbsp;132.747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.663 | &nbsp;&nbsp;&nbsp;&nbsp;(74.269) | &nbsp;&nbsp;&nbsp;&nbsp;100.553 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.126) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.697) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.981) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.613) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.126) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.697) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.981) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.613) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$696.63** | &nbsp;&nbsp;&nbsp;**$573.86** | &nbsp;&nbsp;&nbsp;**$444.81** | &nbsp;&nbsp;&nbsp;**$349.23** | &nbsp;&nbsp;&nbsp;**$426.48** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**22.02%** | &nbsp;&nbsp;&nbsp;**29.98%** | &nbsp;&nbsp;&nbsp;**28.47%** | &nbsp;&nbsp;&nbsp;**-17.50%** | &nbsp;&nbsp;&nbsp;**30.80%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$100504 | &nbsp;&nbsp;&nbsp;$75456 | &nbsp;&nbsp;&nbsp;$53653 | &nbsp;&nbsp;&nbsp;$43558 | &nbsp;&nbsp;&nbsp;$51238 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;0.10%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.10%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.10%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.10% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;0.73% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;4% |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

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

------

Information Technology Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$293.83** | &nbsp;&nbsp;&nbsp;**$227.76** | &nbsp;&nbsp;&nbsp;**$178.82** | &nbsp;&nbsp;&nbsp;**$218.38** | &nbsp;&nbsp;&nbsp;**$168.23** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.353 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.931 | &nbsp;&nbsp;&nbsp;&nbsp;(39.572) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.136 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67.965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.522 | &nbsp;&nbsp;&nbsp;&nbsp;(38.034) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.489 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.599) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.895) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.526) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.339) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.599) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.895) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.526) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.339) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$356.70** | &nbsp;&nbsp;&nbsp;**$293.83** | &nbsp;&nbsp;&nbsp;**$227.76** | &nbsp;&nbsp;&nbsp;**$178.82** | &nbsp;&nbsp;&nbsp;**$218.38** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**22.02%** | &nbsp;&nbsp;&nbsp;**29.98%** | &nbsp;&nbsp;&nbsp;**28.47%** | &nbsp;&nbsp;&nbsp;**-17.50%** | &nbsp;&nbsp;&nbsp;**30.81%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$16545 | &nbsp;&nbsp;&nbsp;$13188 | &nbsp;&nbsp;&nbsp;$8783 | &nbsp;&nbsp;&nbsp;$5994 | &nbsp;&nbsp;&nbsp;$7301 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;0.10%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.10%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.10%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.10% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;0.73% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;4% |

---

---

| | |
|:---|:---|
| 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 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%. |
| 4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

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

------

Information Technology Index Fund

Notes to Financial Statements

Vanguard Information Technology Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and Admiral 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.

**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 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.

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

Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities 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 gains (losses) on futures contracts.

During the year ended August 31, 2025, 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. 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.

The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.

During the year ended August 31, 2025, the fund's average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.

4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

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

------

Information Technology Index Fund

6. 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 Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. 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.

7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which 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 either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the year ended August 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

8. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. 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), shareholder reporting, and proxy fees. 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 and 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 August 31, 2025, the fund had contributed to Vanguard capital in the amount of $2,944,000, representing less than 0.01% of the fund's net assets and 1.18% of Vanguard's capital received pursuant to the FSA. 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 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.**

------

Information Technology Index Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 116904268 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;116904268 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704731 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704731 |
| Total | 117608999 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;117608999 |
| **Derivative Financial Instruments** |  |  |  |  |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | (389) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(389) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
| Total | (389) | &nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(395) |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

**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. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and
distributions in connection with fund share redemptions.

Permanent differences were reclassified between the following accounts:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;6591055 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(6591055) |

---

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. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112181 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;39941877 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(3669512) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;36384546 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;499593 | &nbsp;&nbsp;&nbsp;&nbsp;538847 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;499593 | &nbsp;&nbsp;&nbsp;&nbsp;538847 |

---

\* Includes short-term capital gains, if any.

As of August 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;77667122 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;42998724 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(3056847) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;39941877 |

---

------

Information Technology Index Fund

**E.** During the year ended August 31, 2025, the fund purchased $8,573,116,000 of investment securities and sold $7,720,059,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $17,177,484,000 and $9,659,927,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended August 31, 2025, such purchases were $95,351,000 and sales were $52,805,000, resulting in net realized loss of $15,774,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued | 17520596 | &nbsp;&nbsp;&nbsp;&nbsp;27933 | &nbsp;&nbsp;&nbsp;&nbsp;20839168<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40296<sup>1</sup> |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (9598631) | &nbsp;&nbsp;(15150) | &nbsp;&nbsp;(15101057)<sup>1</sup> | &nbsp;&nbsp;(29425)<sup>1</sup> |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;7921965 | &nbsp;&nbsp;&nbsp;&nbsp;12783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5738111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10871 |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;3320979 | &nbsp;&nbsp;&nbsp;&nbsp;10548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3547413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13729 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 |
| Redeemed | (2853694) | &nbsp;&nbsp;&nbsp;&nbsp;(9259) | &nbsp;&nbsp;&nbsp;&nbsp;(1990965) | &nbsp;&nbsp;&nbsp;&nbsp;(7695) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;533456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6318 |

---

---

| | |
|:---|:---|
| 1 | Includes unsettled in-kind transactions as of August 31, 2024 for 6,325,000 issued shares and 6,300,000 redeemed shares valued at $3,601,955,000 and $3,586,089,000, respectively, which settled shortly afterwards. |

---

**G.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

**H.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**I.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

------

Materials Index Fund

Financial Statements

#### Schedule of Investments
As of August 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 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (99.7%)** | **Common Stocks (99.7%)** | **Common Stocks (99.7%)** | **Common Stocks (99.7%)** |
| **Chemicals (54.0%)** | **Chemicals (54.0%)** | **Chemicals (54.0%)** | **Chemicals (54.0%)** |
|  | &nbsp;&nbsp;&nbsp;Linde plc | 1394480 | &nbsp;&nbsp;&nbsp;&nbsp; 666966 |
|  | &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;705263 | &nbsp;&nbsp;&nbsp;&nbsp; 258006 |
|  | &nbsp;&nbsp;&nbsp;Ecolab Inc. | &nbsp;&nbsp;&nbsp;&nbsp;755894 | &nbsp;&nbsp;&nbsp;&nbsp; 209413 |
|  | &nbsp;&nbsp;&nbsp;Air Products & Chemicals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;632268 | &nbsp;&nbsp;&nbsp;&nbsp; 185956 |
|  | &nbsp;&nbsp;&nbsp;Corteva Inc. | 2020870 | &nbsp;&nbsp;&nbsp;&nbsp; 149928 |
|  | &nbsp;&nbsp;&nbsp;DuPont de Nemours Inc. | 1239764 | &nbsp;&nbsp;&nbsp;&nbsp; 95363 |
|  | &nbsp;&nbsp;&nbsp;PPG Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;672468 | &nbsp;&nbsp;&nbsp;&nbsp; 74799 |
|  | &nbsp;&nbsp;&nbsp;Dow Inc. | 2094014 | &nbsp;&nbsp;&nbsp;&nbsp; 51576 |
|  | &nbsp;&nbsp;&nbsp;International Flavors & Fragrances Inc. | &nbsp;&nbsp;&nbsp;&nbsp;757757 | &nbsp;&nbsp;&nbsp;&nbsp; 51156 |
|  | &nbsp;&nbsp;&nbsp;RPM International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;380441 | &nbsp;&nbsp;&nbsp;&nbsp; 47673 |
|  | &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV Class A | &nbsp;&nbsp;&nbsp;&nbsp;761695 | &nbsp;&nbsp;&nbsp;&nbsp; 42921 |
|  | &nbsp;&nbsp;&nbsp;CF Industries Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;479941 | &nbsp;&nbsp;&nbsp;&nbsp; 41577 |
|  | &nbsp;&nbsp;&nbsp;Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;939769 | &nbsp;&nbsp;&nbsp;&nbsp; 31388 |
|  | &nbsp;&nbsp;&nbsp;Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;348560 | &nbsp;&nbsp;&nbsp;&nbsp; 29600 |
|  | &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;342039 | &nbsp;&nbsp;&nbsp;&nbsp; 24059 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;647463 | &nbsp;&nbsp;&nbsp;&nbsp; 20240 |
|  | &nbsp;&nbsp;&nbsp;NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23757 | &nbsp;&nbsp;&nbsp;&nbsp; 19646 |
|  | &nbsp;&nbsp;&nbsp;Element Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;682475 | &nbsp;&nbsp;&nbsp;&nbsp; 17553 |
|  | &nbsp;&nbsp;&nbsp;Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;96626 | &nbsp;&nbsp;&nbsp;&nbsp; 15662 |
|  | &nbsp;&nbsp;&nbsp;Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;307904 | &nbsp;&nbsp;&nbsp;&nbsp; 14665 |
|  | &nbsp;&nbsp;&nbsp;FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;370032 | &nbsp;&nbsp;&nbsp;&nbsp; 14468 |
|  | &nbsp;&nbsp;&nbsp;Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;159150 | &nbsp;&nbsp;&nbsp;&nbsp; 12980 |
|  | &nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;106914 | &nbsp;&nbsp;&nbsp;&nbsp; 12130 |
|  | &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;271156 | &nbsp;&nbsp;&nbsp;&nbsp; 10141 |
|  | &nbsp;&nbsp;&nbsp;Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;113968 | &nbsp;&nbsp;&nbsp;&nbsp; 10009 |
|  | &nbsp;&nbsp;&nbsp;Hawkins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58710 | &nbsp;&nbsp;&nbsp;&nbsp; 9824 |
|  | &nbsp;&nbsp;&nbsp;HB Fuller Co. | &nbsp;&nbsp;&nbsp;&nbsp;159863 | &nbsp;&nbsp;&nbsp;&nbsp; 9760 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Perimeter Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;415752 | &nbsp;&nbsp;&nbsp;&nbsp; 9309 |
|  | &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co. | &nbsp;&nbsp;&nbsp;&nbsp;136781 | &nbsp;&nbsp;&nbsp;&nbsp; 8374 |
|  | &nbsp;&nbsp;&nbsp;Olin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;341077 | &nbsp;&nbsp;&nbsp;&nbsp; 8070 |
|  | &nbsp;&nbsp;&nbsp;Ashland Inc. | &nbsp;&nbsp;&nbsp;&nbsp;135365 | &nbsp;&nbsp;&nbsp;&nbsp; 7601 |
|  | &nbsp;&nbsp;&nbsp;Chemours Co. | &nbsp;&nbsp;&nbsp;&nbsp;443394 | &nbsp;&nbsp;&nbsp;&nbsp; 6828 |
|  | &nbsp;&nbsp;&nbsp;Innospec Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73942 | &nbsp;&nbsp;&nbsp;&nbsp; 6477 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ingevity Corp. | &nbsp;&nbsp;&nbsp;&nbsp;108024 | &nbsp;&nbsp;&nbsp;&nbsp; 6306 |
|  | &nbsp;&nbsp;&nbsp;Minerals Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;94003 | &nbsp;&nbsp;&nbsp;&nbsp; 6152 |
|  | &nbsp;&nbsp;&nbsp;Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41902 | &nbsp;&nbsp;&nbsp;&nbsp; 6079 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PureCycle Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;398946 | &nbsp;&nbsp;&nbsp;&nbsp; 5701 |
|  | &nbsp;&nbsp;&nbsp;Huntsman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;488968 | &nbsp;&nbsp;&nbsp;&nbsp; 5457 |
|  | &nbsp;&nbsp;&nbsp;Stepan Co. | &nbsp;&nbsp;&nbsp;&nbsp;63542 | &nbsp;&nbsp;&nbsp;&nbsp; 3179 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ecovyst Inc. | &nbsp;&nbsp;&nbsp;&nbsp;347788 | &nbsp;&nbsp;&nbsp;&nbsp; 3161 |
|  | &nbsp;&nbsp;&nbsp;Mativ Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;161843 | &nbsp;&nbsp;&nbsp;&nbsp; 2034 |
|  | &nbsp;&nbsp;&nbsp;Orion SA | &nbsp;&nbsp;&nbsp;&nbsp;166692 | &nbsp;&nbsp;&nbsp;&nbsp; 1759 |
|  | &nbsp;&nbsp;&nbsp;Koppers Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59277 | &nbsp;&nbsp;&nbsp;&nbsp; 1718 |
|  | &nbsp;&nbsp;&nbsp;AdvanSix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79429 | &nbsp;&nbsp;&nbsp;&nbsp; 1705 |
|  | &nbsp;&nbsp;&nbsp;Tronox Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;352062 | &nbsp;&nbsp;&nbsp;&nbsp; 1507 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aspen Aerogels Inc. | &nbsp;&nbsp;&nbsp;&nbsp;206911 | &nbsp;&nbsp;&nbsp;&nbsp; 1415 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LSB Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;159680 | &nbsp;&nbsp;&nbsp;&nbsp; 1329 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intrepid Potash Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31548 | &nbsp;&nbsp;&nbsp;&nbsp; 960 |
|  | &nbsp;&nbsp;&nbsp;Kronos Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68269 | &nbsp;&nbsp;&nbsp;&nbsp; 436 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Vanguard Corp. | &nbsp;&nbsp;&nbsp;&nbsp;75665 | &nbsp;&nbsp;&nbsp;&nbsp; 409 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2223425** |
| **Construction Materials (11.9%)** | **Construction Materials (11.9%)** | **Construction Materials (11.9%)** | **Construction Materials (11.9%)** |
|  | &nbsp;&nbsp;&nbsp;CRH plc | 2002603 | &nbsp;&nbsp;&nbsp;&nbsp; 226194 |
|  | &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;391345 | &nbsp;&nbsp;&nbsp;&nbsp; 113944 |
|  | &nbsp;&nbsp;&nbsp;Martin Marietta Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;178590 | &nbsp;&nbsp;&nbsp;&nbsp; 110083 |
|  | &nbsp;&nbsp;&nbsp;Eagle Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96666 | &nbsp;&nbsp;&nbsp;&nbsp; 22320 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Knife River Corp. | &nbsp;&nbsp;&nbsp;&nbsp;167827 | &nbsp;&nbsp;&nbsp;&nbsp; 13594 |
|  | &nbsp;&nbsp;&nbsp;United States Lime & Minerals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33929 | &nbsp;&nbsp;&nbsp;&nbsp; 4272 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **490407** |

---

------

Materials Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Containers & Packaging (11.7%)** | **Containers & Packaging (11.7%)** | **Containers & Packaging (11.7%)** | **Containers & Packaging (11.7%)** |
|  | &nbsp;&nbsp;&nbsp;International Paper Co. | 1485668 | &nbsp;&nbsp;&nbsp;&nbsp; 73808 |
|  | &nbsp;&nbsp;&nbsp;Smurfit WestRock plc | 1546416 | &nbsp;&nbsp;&nbsp;&nbsp; 73238 |
|  | &nbsp;&nbsp;&nbsp;Amcor plc | 6788124 | &nbsp;&nbsp;&nbsp;&nbsp; 58582 |
|  | &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;266558 | &nbsp;&nbsp;&nbsp;&nbsp; 58099 |
|  | &nbsp;&nbsp;&nbsp;Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;780734 | &nbsp;&nbsp;&nbsp;&nbsp; 41098 |
|  | &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;231588 | &nbsp;&nbsp;&nbsp;&nbsp; 39752 |
|  | &nbsp;&nbsp;&nbsp;Crown Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;344802 | &nbsp;&nbsp;&nbsp;&nbsp; 34266 |
|  | &nbsp;&nbsp;&nbsp;AptarGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;195640 | &nbsp;&nbsp;&nbsp;&nbsp; 27247 |
|  | &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;893938 | &nbsp;&nbsp;&nbsp;&nbsp; 19908 |
|  | &nbsp;&nbsp;&nbsp;Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;435631 | &nbsp;&nbsp;&nbsp;&nbsp; 14145 |
|  | &nbsp;&nbsp;&nbsp;Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;292176 | &nbsp;&nbsp;&nbsp;&nbsp; 13805 |
|  | &nbsp;&nbsp;&nbsp;Silgan Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;269414 | &nbsp;&nbsp;&nbsp;&nbsp; 12641 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;O-I Glass Inc. | &nbsp;&nbsp;&nbsp;&nbsp;458233 | &nbsp;&nbsp;&nbsp;&nbsp; 5952 |
|  | &nbsp;&nbsp;&nbsp;Greif Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;73537 | &nbsp;&nbsp;&nbsp;&nbsp; 4803 |
|  | &nbsp;&nbsp;&nbsp;TriMas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;96341 | &nbsp;&nbsp;&nbsp;&nbsp; 3726 |
|  | &nbsp;&nbsp;&nbsp;Myers Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;94129 | &nbsp;&nbsp;&nbsp;&nbsp; 1576 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ranpak Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;137381 | &nbsp;&nbsp;&nbsp;&nbsp; 725 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **483371** |
| **Metals & Mining (21.5%)** | **Metals & Mining (21.5%)** | **Metals & Mining (21.5%)** | **Metals & Mining (21.5%)** |
|  | &nbsp;&nbsp;&nbsp;Newmont Corp. (XNYS) | 3261380 | &nbsp;&nbsp;&nbsp;&nbsp; 242647 |
|  | &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc. | 4254618 | &nbsp;&nbsp;&nbsp;&nbsp; 188905 |
|  | &nbsp;&nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;683578 | &nbsp;&nbsp;&nbsp;&nbsp; 101669 |
|  | &nbsp;&nbsp;&nbsp;Steel Dynamics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;417793 | &nbsp;&nbsp;&nbsp;&nbsp; 54697 |
|  | &nbsp;&nbsp;&nbsp;Reliance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;155788 | &nbsp;&nbsp;&nbsp;&nbsp; 46060 |
|  | &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;147467 | &nbsp;&nbsp;&nbsp;&nbsp; 35522 |
|  | &nbsp;&nbsp;&nbsp;Royal Gold Inc. | &nbsp;&nbsp;&nbsp;&nbsp;195019 | &nbsp;&nbsp;&nbsp;&nbsp; 35022 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;MP Materials Corp. | &nbsp;&nbsp;&nbsp;&nbsp;363169 | &nbsp;&nbsp;&nbsp;&nbsp; 25836 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coeur Mining Inc. | 1895048 | &nbsp;&nbsp;&nbsp;&nbsp; 24920 |
|  | &nbsp;&nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;331585 | &nbsp;&nbsp;&nbsp;&nbsp; 19123 |
|  | &nbsp;&nbsp;&nbsp;Alcoa Corp. | &nbsp;&nbsp;&nbsp;&nbsp;576975 | &nbsp;&nbsp;&nbsp;&nbsp; 18573 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cleveland-Cliffs Inc. | 1465375 | &nbsp;&nbsp;&nbsp;&nbsp; 15753 |
|  | &nbsp;&nbsp;&nbsp;Hecla Mining Co. | 1780219 | &nbsp;&nbsp;&nbsp;&nbsp; 15150 |
|  | &nbsp;&nbsp;&nbsp;Warrior Met Coal Inc. | &nbsp;&nbsp;&nbsp;&nbsp;155702 | &nbsp;&nbsp;&nbsp;&nbsp; 9520 |
|  | &nbsp;&nbsp;&nbsp;Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;61661 | &nbsp;&nbsp;&nbsp;&nbsp; 6832 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Constellium SE | &nbsp;&nbsp;&nbsp;&nbsp;381044 | &nbsp;&nbsp;&nbsp;&nbsp; 5521 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alpha Metallurgical Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32867 | &nbsp;&nbsp;&nbsp;&nbsp; 4903 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Perpetua Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;222913 | &nbsp;&nbsp;&nbsp;&nbsp; 4206 |
|  | &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47856 | &nbsp;&nbsp;&nbsp;&nbsp; 3727 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Century Aluminum Co. | &nbsp;&nbsp;&nbsp;&nbsp;165841 | &nbsp;&nbsp;&nbsp;&nbsp; 3703 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;TMC the metals Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;647096 | &nbsp;&nbsp;&nbsp;&nbsp; 3468 |
|  | &nbsp;&nbsp;&nbsp;Worthington Steel Inc. | &nbsp;&nbsp;&nbsp;&nbsp;95410 | &nbsp;&nbsp;&nbsp;&nbsp; 3177 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ramaco Resources Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;114229 | &nbsp;&nbsp;&nbsp;&nbsp; 2962 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ivanhoe Electric Inc. | &nbsp;&nbsp;&nbsp;&nbsp;255311 | &nbsp;&nbsp;&nbsp;&nbsp; 2277 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Compass Minerals International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104803 | &nbsp;&nbsp;&nbsp;&nbsp; 1996 |
|  | &nbsp;&nbsp;&nbsp;SunCoke Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;250776 | &nbsp;&nbsp;&nbsp;&nbsp; 1936 |
|  | &nbsp;&nbsp;&nbsp;Ryerson Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;81072 | &nbsp;&nbsp;&nbsp;&nbsp; 1848 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Metallus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112042 | &nbsp;&nbsp;&nbsp;&nbsp; 1841 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;McEwen Mining Inc. | &nbsp;&nbsp;&nbsp;&nbsp;135942 | &nbsp;&nbsp;&nbsp;&nbsp; 1570 |
|  | &nbsp;&nbsp;&nbsp;Olympic Steel Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29747 | &nbsp;&nbsp;&nbsp;&nbsp; 1003 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Piedmont Lithium Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37825 | &nbsp;&nbsp;&nbsp;&nbsp; 274 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **884641** |
| **Paper & Forest Products (0.6%)** | **Paper & Forest Products (0.6%)** | **Paper & Forest Products (0.6%)** | **Paper & Forest Products (0.6%)** |
|  | &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;185537 | &nbsp;&nbsp;&nbsp;&nbsp; 17647 |
|  | &nbsp;&nbsp;&nbsp;Sylvamo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;102542 | &nbsp;&nbsp;&nbsp;&nbsp; 4730 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Magnera Corp. | &nbsp;&nbsp;&nbsp;&nbsp;94890 | &nbsp;&nbsp;&nbsp;&nbsp; 1177 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Clearwater Paper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;48135 | &nbsp;&nbsp;&nbsp;&nbsp; 1038 |
|  | &nbsp;&nbsp;&nbsp;Mercer International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118977 | &nbsp;&nbsp;&nbsp;&nbsp; 396 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **24988** |
| **Total Common Stocks (Cost $3,682,245)** | **Total Common Stocks (Cost $3,682,245)** | **Total Common Stocks (Cost $3,682,245)** | &nbsp;&nbsp;&nbsp;&nbsp;**4106832** |

---

------

Materials Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Temporary Cash Investments (0.4%)** | **Temporary Cash Investments (0.4%)** | **Temporary Cash Investments (0.4%)** | **Temporary Cash Investments (0.4%)** |
| **Money Market Fund (0.4%)** | **Money Market Fund (0.4%)** | **Money Market Fund (0.4%)** | **Money Market Fund (0.4%)** |
| <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.362% **(Cost $18,083)** | 180852 | &nbsp;&nbsp;&nbsp;&nbsp; **18083** |
| **Total Investments (100.1%) (Cost $3,700,328)** | **Total Investments (100.1%) (Cost $3,700,328)** | **Total Investments (100.1%) (Cost $3,700,328)** | &nbsp;&nbsp;&nbsp;&nbsp;**4124915** |
| **Other Assets and Liabilities—Net (-0.1%)** | **Other Assets and Liabilities—Net (-0.1%)** | **Other Assets and Liabilities—Net (-0.1%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(4393)** |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;**4120522** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $10,703. |
| 2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 3 | Collateral of $11,491 was received for securities on loan. |

---

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps |
| Reference Entity | Termination<br> Date | &nbsp;&nbsp;&nbsp;Counterparty | &nbsp;&nbsp;&nbsp;Notional<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Floating<br> Interest Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> (Depreciation) ($000) |
| Air Products and Chemicals Inc. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;7941 | &nbsp;&nbsp;&nbsp;(4.334) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Alcoa Corp. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;6116 | &nbsp;&nbsp;&nbsp;(4.334) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |

---

1 Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. <br> BANA—Bank of America, N.A.

At August 31, 2025, the counterparties had deposited in segregated accounts securities with a value of $701 in connection with open over-the-counter swap contracts.

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

------

Materials Index Fund

Statement of Assets and Liabilities

As of August 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $3,682,245) | 4106832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $18,083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18083 |
| Total Investments in Securities | 4124915 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4868 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6426 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total Assets** | **4137145** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11491 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4554 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16623** |
| **Net Assets** | **4120522** |
| 1 Includes $10,703 of securities on loan. |  |
| **At August 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 3953261 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;167261 |
| **Net Assets** | **4120522** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 13,724,687 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **2858535** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**$208.28** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 11,892,551 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **1261987** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**$106.12** |

---

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

------

Materials Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Year Ended<br> August 31, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;69980 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177 |
| Total Income | &nbsp;&nbsp;&nbsp;70561 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;2035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Shareholders' Reports and Proxy Fees—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;3755 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;**66806** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | 102934 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(1367) |
| **Realized Net Gain (Loss)** | **101513** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | (100732) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| **Change in Unrealized Appreciation (Depreciation)** | **(100682)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;**67637** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $2. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $403, less than $1, and ($1), respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $120,546 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

Materials Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67880 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;101513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108686 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;(100682) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352979 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529545 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;(47529) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49253) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(20289) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19308) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(67818) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68561) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;(167287) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(347603) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27789 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;(155580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(319814) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;(155761) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141170 |
| **Net Assets** |  |  |
| **Beginning of Period** | **4276283** | &nbsp;&nbsp;&nbsp;&nbsp;**4135113** |
| **End of Period** | **4120522** | &nbsp;&nbsp;&nbsp;&nbsp;**4276283** |

---

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

------

Materials Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ETF Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$206.54** | &nbsp;&nbsp;&nbsp;**$182.61** | &nbsp;&nbsp;&nbsp;**$166.09** | &nbsp;&nbsp;&nbsp;**$187.02** | &nbsp;&nbsp;&nbsp;**$134.84** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.801 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.513 | &nbsp;&nbsp;&nbsp;&nbsp;(20.893) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.014 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.766 | &nbsp;&nbsp;&nbsp;&nbsp;(17.680) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.815 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.338) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.251) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.246) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.635) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.338) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.251) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.246) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.635) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$208.28** | &nbsp;&nbsp;&nbsp;**$206.54** | &nbsp;&nbsp;&nbsp;**$182.61** | &nbsp;&nbsp;&nbsp;**$166.09** | &nbsp;&nbsp;&nbsp;**$187.02** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**2.57%** | &nbsp;&nbsp;&nbsp;**15.08%** | &nbsp;&nbsp;&nbsp;**12.09%** | &nbsp;&nbsp;&nbsp;**-9.55%** | &nbsp;&nbsp;&nbsp;**41.00%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$2859 | &nbsp;&nbsp;&nbsp;$3039 | &nbsp;&nbsp;&nbsp;$3070 | &nbsp;&nbsp;&nbsp;$2889 | &nbsp;&nbsp;&nbsp;$3924 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;0.10%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.10%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.68% | &nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;1.87% | &nbsp;&nbsp;&nbsp;1.76% | &nbsp;&nbsp;&nbsp;1.66% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;5% |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

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

------

Materials Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$105.23** | &nbsp;&nbsp;&nbsp;&nbsp;**$93.04** | &nbsp;&nbsp;&nbsp;**$84.62** | &nbsp;&nbsp;&nbsp;**$95.29** | &nbsp;&nbsp;&nbsp;**$68.70** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.424 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.420 | &nbsp;&nbsp;&nbsp;&nbsp;(10.665) | &nbsp;&nbsp;&nbsp;&nbsp;26.507 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.847 | &nbsp;&nbsp;&nbsp;&nbsp;10.074 | &nbsp;&nbsp;&nbsp;&nbsp;(9.013) | &nbsp;&nbsp;&nbsp;&nbsp;27.931 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.701) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.657) | &nbsp;&nbsp;&nbsp;&nbsp;(1.654) | &nbsp;&nbsp;&nbsp;&nbsp;(1.657) | &nbsp;&nbsp;&nbsp;&nbsp;(1.341) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.701) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.657) | &nbsp;&nbsp;&nbsp;&nbsp;(1.654) | &nbsp;&nbsp;&nbsp;&nbsp;(1.657) | &nbsp;&nbsp;&nbsp;&nbsp;(1.341) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$106.12** | &nbsp;&nbsp;&nbsp;**$105.23** | &nbsp;&nbsp;&nbsp;**$93.04** | &nbsp;&nbsp;&nbsp;**$84.62** | &nbsp;&nbsp;&nbsp;**$95.29** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**2.57%** | &nbsp;&nbsp;&nbsp;**15.09%** | &nbsp;&nbsp;&nbsp;**12.10%** | &nbsp;&nbsp;&nbsp;**-9.56%** | &nbsp;&nbsp;&nbsp;**41.04%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$1262 | &nbsp;&nbsp;&nbsp;$1238 | &nbsp;&nbsp;&nbsp;$1065 | &nbsp;&nbsp;&nbsp;$994 | &nbsp;&nbsp;&nbsp;$1078 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;0.10%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.10%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.68% | &nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;1.78% | &nbsp;&nbsp;&nbsp;1.67% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;5% |

---

---

| | |
|:---|:---|
| 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 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%. |
| 4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

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

------

Materials Index Fund

Notes to Financial Statements

Vanguard Materials Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and Admiral 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.

**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 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.

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

Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities 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 gains (losses) on futures contracts.

During the year ended August 31, 2025, 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.

The fund had no open futures contracts at August 31, 2025.

3. 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.

The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.

During the year ended August 31, 2025, the fund's average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.

4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

------

Materials Index Fund

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

6. 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 Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. 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.

7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which 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 either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the year ended August 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

8. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. 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), shareholder reporting, and proxy fees. 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 and 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 August 31, 2025, the fund had contributed to Vanguard capital in the amount of $100,000, representing less than 0.01% of the fund's net assets and 0.04% of Vanguard's capital received pursuant to the FSA. 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 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.**

------

Materials Index Fund

The following table summarizes the market value of the fund's investments and derivatives as of August 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 4106832 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4106832 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18083 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18083 |
| Total | 4124915 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4124915 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |

---

**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. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and
distributions in connection with fund share redemptions.

Permanent differences were reclassified between the following accounts:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;120458 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(120458) |

---

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. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7664 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp;409986 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;(250389) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;167261 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;67818 | &nbsp;&nbsp;&nbsp;&nbsp;68561 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;67818 | &nbsp;&nbsp;&nbsp;&nbsp;68561 |

---

\* Includes short-term capital gains, if any.

As of August 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;3714929 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894830 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(484844) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409986 |

---

------

Materials Index Fund

**E.** During the year ended August 31, 2025, the fund purchased $398,175,000 of investment securities and sold $271,724,000 of investment securities, other than temporary cash investments. In addition, the fund purchased
and sold investment securities of $223,838,000 and $510,723,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended August 31, 2025, such purchases were $2,859,000 and sales were $9,506,000, resulting in net realized loss of $2,742,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;344005 | &nbsp;&nbsp;&nbsp;&nbsp;1752 | &nbsp;&nbsp;&nbsp;&nbsp;362634 | &nbsp;&nbsp;&nbsp;&nbsp;1914 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (511292) | &nbsp;&nbsp;(2740) | &nbsp;&nbsp;(710237) | &nbsp;&nbsp;(4015) |
| Net Increase (Decrease)—ETF Shares | (167287) | &nbsp;&nbsp;&nbsp;&nbsp;(988) | &nbsp;&nbsp;(347603) | &nbsp;&nbsp;(2101) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;230590 | &nbsp;&nbsp;&nbsp;&nbsp;2321 | &nbsp;&nbsp;&nbsp;&nbsp;234710 | &nbsp;&nbsp;&nbsp;&nbsp;2464 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;18854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 |
| Redeemed | (237737) | &nbsp;&nbsp;(2376) | &nbsp;&nbsp;(224757) | &nbsp;&nbsp;(2336) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;11707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 |

---

**G.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

**H.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**I.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

------

Utilities Index Fund

Financial Statements

#### Schedule of Investments
As of August 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 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (99.6%)** | **Common Stocks (99.6%)** | **Common Stocks (99.6%)** | **Common Stocks (99.6%)** |
| **Electric Utilities (60.5%)** | **Electric Utilities (60.5%)** | **Electric Utilities (60.5%)** | **Electric Utilities (60.5%)** |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy Inc. | 13249791 | &nbsp;&nbsp;&nbsp;&nbsp; 954647 |
|  | &nbsp;&nbsp;&nbsp;Southern Co. | 6786610 | &nbsp;&nbsp;&nbsp;&nbsp; 626404 |
|  | &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 2017253 | &nbsp;&nbsp;&nbsp;&nbsp; 621274 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 5002442 | &nbsp;&nbsp;&nbsp;&nbsp; 612749 |
|  | &nbsp;&nbsp;&nbsp;American Electric Power Co. Inc. | 3438129 | &nbsp;&nbsp;&nbsp;&nbsp; 381701 |
|  | &nbsp;&nbsp;&nbsp;Exelon Corp. | 6497467 | &nbsp;&nbsp;&nbsp;&nbsp; 283809 |
|  | &nbsp;&nbsp;&nbsp;Xcel Energy Inc. | 3712244 | &nbsp;&nbsp;&nbsp;&nbsp; 268729 |
|  | &nbsp;&nbsp;&nbsp;Entergy Corp. | 2872909 | &nbsp;&nbsp;&nbsp;&nbsp; 253075 |
|  | &nbsp;&nbsp;&nbsp;PG&E Corp. | 14144998 | &nbsp;&nbsp;&nbsp;&nbsp; 216136 |
|  | &nbsp;&nbsp;&nbsp;NRG Energy Inc. | 1257500 | &nbsp;&nbsp;&nbsp;&nbsp; 183042 |
|  | &nbsp;&nbsp;&nbsp;PPL Corp. | 4758233 | &nbsp;&nbsp;&nbsp;&nbsp; 173533 |
|  | &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 3528844 | &nbsp;&nbsp;&nbsp;&nbsp; 153928 |
|  | &nbsp;&nbsp;&nbsp;Eversource Energy | 2364663 | &nbsp;&nbsp;&nbsp;&nbsp; 151504 |
|  | &nbsp;&nbsp;&nbsp;Edison International | 2476497 | &nbsp;&nbsp;&nbsp;&nbsp; 139006 |
|  | &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 1653429 | &nbsp;&nbsp;&nbsp;&nbsp; 107589 |
|  | &nbsp;&nbsp;&nbsp;Evergy Inc. | 1481019 | &nbsp;&nbsp;&nbsp;&nbsp; 105537 |
|  | &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;768526 | &nbsp;&nbsp;&nbsp;&nbsp; 68675 |
|  | &nbsp;&nbsp;&nbsp;OGE Energy Corp. | 1296021 | &nbsp;&nbsp;&nbsp;&nbsp; 57880 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Oklo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;664035 | &nbsp;&nbsp;&nbsp;&nbsp; 48900 |
|  | &nbsp;&nbsp;&nbsp;IDACORP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;347720 | &nbsp;&nbsp;&nbsp;&nbsp; 43500 |
|  | &nbsp;&nbsp;&nbsp;TXNM Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;610498 | &nbsp;&nbsp;&nbsp;&nbsp; 34579 |
|  | &nbsp;&nbsp;&nbsp;Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;704893 | &nbsp;&nbsp;&nbsp;&nbsp; 30155 |
|  | &nbsp;&nbsp;&nbsp;ALLETE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;372951 | &nbsp;&nbsp;&nbsp;&nbsp; 23925 |
|  | &nbsp;&nbsp;&nbsp;Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;242808 | &nbsp;&nbsp;&nbsp;&nbsp; 20393 |
|  | &nbsp;&nbsp;&nbsp;MGE Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;235211 | &nbsp;&nbsp;&nbsp;&nbsp; 20028 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hawaiian Electric Industries Inc. | 1109471 | &nbsp;&nbsp;&nbsp;&nbsp; 14379 |
|  | &nbsp;&nbsp;&nbsp;Genie Energy Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89653 | &nbsp;&nbsp;&nbsp;&nbsp; 1372 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**5596449** |
| **Gas Utilities (4.6%)** | **Gas Utilities (4.6%)** | **Gas Utilities (4.6%)** | **Gas Utilities (4.6%)** |
|  | &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;951354 | &nbsp;&nbsp;&nbsp;&nbsp; 158048 |
|  | &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;552544 | &nbsp;&nbsp;&nbsp;&nbsp; 47928 |
|  | &nbsp;&nbsp;&nbsp;UGI Corp. | 1379284 | &nbsp;&nbsp;&nbsp;&nbsp; 47778 |
|  | &nbsp;&nbsp;&nbsp;ONE Gas Inc. | &nbsp;&nbsp;&nbsp;&nbsp;401866 | &nbsp;&nbsp;&nbsp;&nbsp; 30743 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;645973 | &nbsp;&nbsp;&nbsp;&nbsp; 30548 |
|  | &nbsp;&nbsp;&nbsp;Southwest Gas Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;370352 | &nbsp;&nbsp;&nbsp;&nbsp; 29584 |
|  | &nbsp;&nbsp;&nbsp;Spire Inc. | &nbsp;&nbsp;&nbsp;&nbsp;379893 | &nbsp;&nbsp;&nbsp;&nbsp; 29100 |
|  | &nbsp;&nbsp;&nbsp;MDU Resources Group Inc. | 1249964 | &nbsp;&nbsp;&nbsp;&nbsp; 20362 |
|  | &nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;150137 | &nbsp;&nbsp;&nbsp;&nbsp; 18554 |
|  | &nbsp;&nbsp;&nbsp;Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;259490 | &nbsp;&nbsp;&nbsp;&nbsp; 10776 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **423421** |
| **Independent Power and Renewable Electricity Producers (6.9%)** | **Independent Power and Renewable Electricity Producers (6.9%)** | **Independent Power and Renewable Electricity Producers (6.9%)** | **Independent Power and Renewable Electricity Producers (6.9%)** |
|  | &nbsp;&nbsp;&nbsp;Vistra Corp. | 2184112 | &nbsp;&nbsp;&nbsp;&nbsp; 413038 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Talen Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;249003 | &nbsp;&nbsp;&nbsp;&nbsp; 94352 |
|  | &nbsp;&nbsp;&nbsp;AES Corp. | 4582154 | &nbsp;&nbsp;&nbsp;&nbsp; 62042 |
|  | &nbsp;&nbsp;&nbsp;Ormat Technologies Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;370879 | &nbsp;&nbsp;&nbsp;&nbsp; 34080 |
|  | &nbsp;&nbsp;&nbsp;Clearway Energy Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;535705 | &nbsp;&nbsp;&nbsp;&nbsp; 15969 |
|  | &nbsp;&nbsp;&nbsp;Clearway Energy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;222811 | &nbsp;&nbsp;&nbsp;&nbsp; 6281 |
|  | &nbsp;&nbsp;&nbsp;XPLR Infrastructure LP | &nbsp;&nbsp;&nbsp;&nbsp;574365 | &nbsp;&nbsp;&nbsp;&nbsp; 6088 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hallador Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;193841 | &nbsp;&nbsp;&nbsp;&nbsp; 3162 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Montauk Renewables Inc. | &nbsp;&nbsp;&nbsp;&nbsp;459603 | &nbsp;&nbsp;&nbsp;&nbsp; 988 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **636000** |
| **Multi-Utilities (24.2%)** | **Multi-Utilities (24.2%)** | **Multi-Utilities (24.2%)** | **Multi-Utilities (24.2%)** |
|  | &nbsp;&nbsp;&nbsp;Sempra | 4197798 | &nbsp;&nbsp;&nbsp;&nbsp; 346570 |
|  | &nbsp;&nbsp;&nbsp;Dominion Energy Inc. | 5488804 | &nbsp;&nbsp;&nbsp;&nbsp; 328779 |
|  | &nbsp;&nbsp;&nbsp;Public Service Enterprise Group Inc. | 3211777 | &nbsp;&nbsp;&nbsp;&nbsp; 264426 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Edison Inc. | 2318785 | &nbsp;&nbsp;&nbsp;&nbsp; 227774 |
|  | &nbsp;&nbsp;&nbsp;WEC Energy Group Inc. | 2053940 | &nbsp;&nbsp;&nbsp;&nbsp; 218765 |
|  | &nbsp;&nbsp;&nbsp;DTE Energy Co. | 1335628 | &nbsp;&nbsp;&nbsp;&nbsp; 182514 |

---

------

Utilities Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Ameren Corp. | 1775376 | &nbsp;&nbsp;&nbsp;&nbsp; 177147 |
|  | &nbsp;&nbsp;&nbsp;CenterPoint Energy Inc. | 4201232 | &nbsp;&nbsp;&nbsp;&nbsp; 158429 |
|  | &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 1925120 | &nbsp;&nbsp;&nbsp;&nbsp; 137781 |
|  | &nbsp;&nbsp;&nbsp;NiSource Inc. | 3029934 | &nbsp;&nbsp;&nbsp;&nbsp; 128075 |
|  | &nbsp;&nbsp;&nbsp;Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;466713 | &nbsp;&nbsp;&nbsp;&nbsp; 27914 |
|  | &nbsp;&nbsp;&nbsp;Northwestern Energy Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;395029 | &nbsp;&nbsp;&nbsp;&nbsp; 22718 |
|  | &nbsp;&nbsp;&nbsp;Avista Corp. | &nbsp;&nbsp;&nbsp;&nbsp;518426 | &nbsp;&nbsp;&nbsp;&nbsp; 18943 |
|  | &nbsp;&nbsp;&nbsp;Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;104636 | &nbsp;&nbsp;&nbsp;&nbsp; 4914 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2244749** |
| **Water Utilities (3.4%)** | **Water Utilities (3.4%)** | **Water Utilities (3.4%)** | **Water Utilities (3.4%)** |
|  | &nbsp;&nbsp;&nbsp;American Water Works Co. Inc. | 1255021 | &nbsp;&nbsp;&nbsp;&nbsp; 180108 |
|  | &nbsp;&nbsp;&nbsp;Essential Utilities Inc. | 1804192 | &nbsp;&nbsp;&nbsp;&nbsp; 71284 |
|  | &nbsp;&nbsp;&nbsp;American States Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;247828 | &nbsp;&nbsp;&nbsp;&nbsp; 18471 |
|  | &nbsp;&nbsp;&nbsp;California Water Service Group | &nbsp;&nbsp;&nbsp;&nbsp;383347 | &nbsp;&nbsp;&nbsp;&nbsp; 17990 |
|  | &nbsp;&nbsp;&nbsp;H2O America | &nbsp;&nbsp;&nbsp;&nbsp;209023 | &nbsp;&nbsp;&nbsp;&nbsp; 10528 |
|  | &nbsp;&nbsp;&nbsp;Middlesex Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;115309 | &nbsp;&nbsp;&nbsp;&nbsp; 6174 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Water Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97441 | &nbsp;&nbsp;&nbsp;&nbsp; 3242 |
|  | &nbsp;&nbsp;&nbsp;York Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92617 | &nbsp;&nbsp;&nbsp;&nbsp; 2877 |
|  | &nbsp;&nbsp;&nbsp;Artesian Resources Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60687 | &nbsp;&nbsp;&nbsp;&nbsp; 2012 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **312686** |
| **Total Common Stocks (Cost $7,486,345)** | **Total Common Stocks (Cost $7,486,345)** | **Total Common Stocks (Cost $7,486,345)** | &nbsp;&nbsp;&nbsp;&nbsp;**9213305** |
| **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** |
| **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** |
| <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.362% **(Cost $19,781)** | &nbsp;&nbsp;&nbsp;&nbsp;197836 | &nbsp;&nbsp;&nbsp;&nbsp; **19782** |
| **Total Investments (99.8%) (Cost $7,506,126)** | **Total Investments (99.8%) (Cost $7,506,126)** | **Total Investments (99.8%) (Cost $7,506,126)** | &nbsp;&nbsp;&nbsp;&nbsp;**9233087** |
| **Other Assets and Liabilities—Net (0.2%)** | **Other Assets and Liabilities—Net (0.2%)** | **Other Assets and Liabilities—Net (0.2%)** | &nbsp;&nbsp;&nbsp;&nbsp;**18102** |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;**9251189** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $17,534. |
| 2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 3 | Collateral of $19,048 was received for securities on loan. |

---

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps |
| Reference Entity | Termination<br> Date | &nbsp;&nbsp;&nbsp;Counterparty | &nbsp;&nbsp;&nbsp;Notional<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Floating<br> Interest Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> (Depreciation) ($000) |
| Atmos Energy Corp. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;11795 | &nbsp;&nbsp;&nbsp;(4.334) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Southern Co. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;26490 | &nbsp;&nbsp;&nbsp;(4.334) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |

---

1 Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. <br> BANA—Bank of America, N.A.

At August 31, 2025, the counterparties had deposited in segregated accounts securities with a value of $189 in connection with open over-the-counter swap contracts.

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

------

Utilities Index Fund

Statement of Assets and Liabilities

As of August 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $7,486,345) | 9213305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $19,781) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19782 |
| Total Investments in Securities | 9233087 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38833 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total Assets** | **9273746** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19048 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22557** |
| **Net Assets** | **9251189** |
| 1 Includes $17,534 of securities on loan. |  |
| **At August 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 7861211 |
| Total Distributable Earnings (Loss) | 1389978 |
| **Net Assets** | **9251189** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 40,474,323 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **7397724** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**$182.78** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 20,211,947 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **1853465** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$91.70** |

---

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

------

Utilities Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Year Ended<br> August 31, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends | &nbsp;&nbsp;&nbsp;250593 |
| Interest<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 |
| Total Income | &nbsp;&nbsp;&nbsp;251604 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Shareholders' Reports and Proxy Fees—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8027 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;**243577** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;134834 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1865 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;**136699** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | &nbsp;&nbsp;&nbsp;726036 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;**725920** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **1106196** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $878, ($2), and $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 2 | Includes $196,977 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

Utilities Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;243577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225012 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;136699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24685 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;725920 | &nbsp;&nbsp;&nbsp;&nbsp;1305480 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 1106196 | &nbsp;&nbsp;&nbsp;&nbsp;1555177 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;(198238) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175957) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(50576) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49726) |
| Total Distributions | &nbsp;&nbsp;&nbsp;(248814) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(225683) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;364830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86593) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;397349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150929 |
| Total Increase (Decrease) | 1254731 | &nbsp;&nbsp;&nbsp;&nbsp;1480423 |
| **Net Assets** |  |  |
| **Beginning of Period** | **7996458** | &nbsp;&nbsp;&nbsp;&nbsp;**6516035** |
| **End of Period** | **9251189** | &nbsp;&nbsp;&nbsp;&nbsp;**7996458** |

---

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

------

Utilities Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ETF Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$165.04** | &nbsp;&nbsp;&nbsp;**$136.43** | &nbsp;&nbsp;&nbsp;**$161.46** | &nbsp;&nbsp;&nbsp;**$149.52** | &nbsp;&nbsp;&nbsp;**$129.35** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.310 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.640 | &nbsp;&nbsp;&nbsp;&nbsp;(25.005) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.048 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.475 | &nbsp;&nbsp;&nbsp;&nbsp;(20.297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.358 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.041) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.865) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.733) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.350) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.188) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.041) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.865) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.733) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.350) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.188) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$182.78** | &nbsp;&nbsp;&nbsp;**$165.04** | &nbsp;&nbsp;&nbsp;**$136.43** | &nbsp;&nbsp;&nbsp;**$161.46** | &nbsp;&nbsp;&nbsp;**$149.52** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**14.09%** | &nbsp;&nbsp;&nbsp;**25.31%** | &nbsp;&nbsp;&nbsp;**-12.75%** | &nbsp;&nbsp;&nbsp;**11.18%** | &nbsp;&nbsp;&nbsp;**19.19%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$7398 | &nbsp;&nbsp;&nbsp;$6351 | &nbsp;&nbsp;&nbsp;$5071 | &nbsp;&nbsp;&nbsp;$6030 | &nbsp;&nbsp;&nbsp;$5126 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;0.10%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.10%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.86% | &nbsp;&nbsp;&nbsp;3.41% | &nbsp;&nbsp;&nbsp;3.19% | &nbsp;&nbsp;&nbsp;2.87% | &nbsp;&nbsp;&nbsp;3.09% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;6% |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

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

------

Utilities Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$82.80** | &nbsp;&nbsp;&nbsp;**$68.45** | &nbsp;&nbsp;&nbsp;**$81.00** | &nbsp;&nbsp;&nbsp;**$75.01** | &nbsp;&nbsp;&nbsp;**$64.89** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.166 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.958 | &nbsp;&nbsp;&nbsp;&nbsp;14.368 | &nbsp;&nbsp;&nbsp;&nbsp;(12.527) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.961 | &nbsp;&nbsp;&nbsp;&nbsp;10.055 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;11.429 | &nbsp;&nbsp;&nbsp;&nbsp;16.791 | &nbsp;&nbsp;&nbsp;&nbsp;(10.176) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.173 | &nbsp;&nbsp;&nbsp;&nbsp;12.221 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(2.529) | &nbsp;&nbsp;&nbsp;&nbsp;(2.441) | &nbsp;&nbsp;&nbsp;&nbsp;(2.374) | &nbsp;&nbsp;&nbsp;&nbsp;(2.183) | &nbsp;&nbsp;&nbsp;&nbsp;(2.101) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(2.529) | &nbsp;&nbsp;&nbsp;&nbsp;(2.441) | &nbsp;&nbsp;&nbsp;&nbsp;(2.374) | &nbsp;&nbsp;&nbsp;&nbsp;(2.183) | &nbsp;&nbsp;&nbsp;&nbsp;(2.101) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$91.70** | &nbsp;&nbsp;&nbsp;**$82.80** | &nbsp;&nbsp;&nbsp;**$68.45** | &nbsp;&nbsp;&nbsp;**$81.00** | &nbsp;&nbsp;&nbsp;**$75.01** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**14.09%** | &nbsp;&nbsp;&nbsp;**25.29%** | &nbsp;&nbsp;&nbsp;**-12.73%** | &nbsp;&nbsp;&nbsp;**11.22%** | &nbsp;&nbsp;&nbsp;**19.22%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$1853 | &nbsp;&nbsp;&nbsp;$1645 | &nbsp;&nbsp;&nbsp;$1445 | &nbsp;&nbsp;&nbsp;$1877 | &nbsp;&nbsp;&nbsp;$1582 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;0.10%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.10%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.85% | &nbsp;&nbsp;&nbsp;3.41% | &nbsp;&nbsp;&nbsp;3.17% | &nbsp;&nbsp;&nbsp;2.88% | &nbsp;&nbsp;&nbsp;3.10% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;6% |

---

---

| | |
|:---|:---|
| 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 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%. |
| 4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

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

------

Utilities Index Fund

Notes to Financial Statements

Vanguard Utilities Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and Admiral 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.

**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 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.

2. 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.

The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.

During the year ended August 31, 2025, the fund's average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of 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 virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for 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 at the fiscal year-end 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 Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. 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 Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the

------

Utilities Index Fund

committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which 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 either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the year ended August 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

7. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. 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), shareholder reporting, and proxy fees. 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 and 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 August 31, 2025, the fund had contributed to Vanguard capital in the amount of $237,000, representing less than 0.01% of the fund's net assets and 0.09% of Vanguard's capital received pursuant to the FSA. 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 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.**

The following table summarizes the market value of the fund's investments and derivatives as of August 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 9213305 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;9213305 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19782 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19782 |
| Total | 9233087 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;9233087 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |

---

**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. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and
distributions in connection with fund share redemptions.

------

Utilities Index Fund

Permanent differences were reclassified between the following accounts:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;196872 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(196872) |

---

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. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46161 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;1695185 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(351368) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;1389978 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;248814 | &nbsp;&nbsp;&nbsp;&nbsp;225683 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;248814 | &nbsp;&nbsp;&nbsp;&nbsp;225683 |

---

\* Includes short-term capital gains, if any.

As of August 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;7537902 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;2070134 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(374949) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;1695185 |

---

**E.** During the year ended August 31, 2025, the fund purchased $659,606,000 of investment securities and sold $539,444,000 of investment securities, other than temporary cash investments. In addition, the fund purchased
and sold investment securities of $905,174,000 and $636,951,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended August 31, 2025, such purchases were $6,336,000 and sales were $2,924,000, resulting in net realized loss of $235,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued | 1003446 | &nbsp;&nbsp;&nbsp;&nbsp;5790 | &nbsp;&nbsp;&nbsp;&nbsp;919621 | &nbsp;&nbsp;&nbsp;&nbsp;6465 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (638616) | &nbsp;&nbsp;(3800) | &nbsp;&nbsp;(682099) | &nbsp;&nbsp;(5150) |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;&nbsp;364830 | &nbsp;&nbsp;&nbsp;&nbsp;1990 | &nbsp;&nbsp;&nbsp;&nbsp;237522 | &nbsp;&nbsp;&nbsp;&nbsp;1315 |

---

------

Utilities Index Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;413487 | &nbsp;&nbsp;&nbsp;&nbsp;4773 | &nbsp;&nbsp;&nbsp;&nbsp;349835 | &nbsp;&nbsp;&nbsp;&nbsp;4937 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;38472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546 |
| Redeemed | (419440) | &nbsp;&nbsp;(4882) | &nbsp;&nbsp;(474215) | &nbsp;&nbsp;(6730) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;32519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp;(86593) | &nbsp;&nbsp;(1247) |

---

**G.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

**H.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**I.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Vanguard World Fund and Shareholders of Vanguard Communication Services Index Fund, Vanguard Consumer Discretionary Index Fund, Vanguard Consumer Staples Index Fund, Vanguard Energy Index Fund, Vanguard Financials Index Fund, Vanguard Health Care Index Fund, Vanguard Industrials Index Fund, Vanguard Information Technology Index Fund, Vanguard Materials Index Fund and Vanguard Utilities Index Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Vanguard Communication Services Index Fund, Vanguard Consumer Discretionary Index Fund, Vanguard Consumer Staples Index Fund, Vanguard Energy Index Fund, Vanguard Financials Index Fund, Vanguard Health Care Index Fund, Vanguard Industrials Index Fund, Vanguard Information Technology Index Fund, Vanguard Materials Index Fund and Vanguard Utilities Index Fund (ten of the funds constituting Vanguard World Fund, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations for the year ended August 31, 2025, the statements of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025 and each of the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' 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 Funds 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 August 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2025

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

------

Tax information (unaudited)

The following percentages, or if subsequently determined to be different, the maximum percentages allowable by law, of ordinary income (dividend income plus short-term gains, if any) for the fiscal year qualified for the dividends-received deduction for corporate shareholders.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Percentage |
| Communication Services Index Fund | &nbsp;&nbsp;&nbsp;100.0% |
| Consumer Discretionary Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;96.4 |
| Consumer Staples Index Fund | &nbsp;&nbsp;&nbsp;100.0 |
| Energy Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;95.5 |
| Financials Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;86.0 |
| Health Care Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;90.6 |
| Industrials Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;99.3 |
| Information Technology Index Fund | &nbsp;&nbsp;&nbsp;100.0 |
| Materials Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;73.4 |
| Utilities Index Fund | &nbsp;&nbsp;&nbsp;100.0 |

---

The following amounts, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as qualified dividend income for purposes of the maximum rate under section 1(h)(11)for calendar year 2024. Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;($000) |
| Communication Services Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;46236 |
| Consumer Discretionary Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;54067 |
| Consumer Staples Index Fund | &nbsp;&nbsp;&nbsp;192005 |
| Energy Index Fund | &nbsp;&nbsp;&nbsp;308073 |
| Financials Index Fund | &nbsp;&nbsp;&nbsp;184785 |
| Health Care Index Fund | &nbsp;&nbsp;&nbsp;294879 |
| Industrials Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;72236 |
| Information Technology Index Fund | &nbsp;&nbsp;&nbsp;566703 |
| Materials Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;66100 |
| Utilities Index Fund | &nbsp;&nbsp;&nbsp;234326 |

---

The following amounts for the fiscal year, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as interest earned from obligations of the U.S. government which is generally exempt from state income tax.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;($000) |
| Communication Services Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 |
| Consumer Discretionary Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |
| Consumer Staples Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 |
| Energy Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896 |
| Financials Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;7342 |
| Health Care Index Fund | &nbsp;&nbsp;&nbsp;11721 |
| Industrials Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 |
| Information Technology Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;2269 |
| Materials Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 |
| Utilities Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 |

---

------

The following amounts, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as qualified business income under section 199A for calendar year 2024. Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;($000) |
| Communication Services Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Consumer Discretionary Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Consumer Staples Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Energy Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Financials Index Fund | &nbsp;&nbsp;&nbsp;6841 |
| Health Care Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Industrials Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Information Technology Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Materials Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Utilities Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

Q4830 102025

------

![](tm2525835d7mecainfinsi001.jpg)

#### Financial Statements

#### For the year ended August 31, 2025

#### Vanguard Mega Cap Index Funds
Vanguard Mega Cap Index Fund <br> Vanguard Mega Cap Value Index Fund

------

#### Contents

---

| | |
|:---|:---|
| Mega Cap Index Fund<br>| 1 |
| Mega Cap Value Index Fund<br>| 14 |
| Report of Independent Registered Public Accounting Firm<br>| 26 |
| Tax information<br>| 27 |

---

------

Mega Cap Index Fund

Financial Statements

#### Schedule of Investments
As of August 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 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (99.9%)** | **Common Stocks (99.9%)** | **Common Stocks (99.9%)** | **Common Stocks (99.9%)** |
| **Basic Materials (0.9%)** | **Basic Materials (0.9%)** | **Basic Materials (0.9%)** | **Basic Materials (0.9%)** |
|  | &nbsp;&nbsp;&nbsp;Linde plc | &nbsp;&nbsp;&nbsp;&nbsp;87959 | &nbsp;&nbsp;&nbsp;&nbsp; 42070 |
|  | &nbsp;&nbsp;&nbsp;Ecolab Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47681 | &nbsp;&nbsp;&nbsp;&nbsp; 13210 |
|  | &nbsp;&nbsp;&nbsp;Air Products & Chemicals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41584 | &nbsp;&nbsp;&nbsp;&nbsp; 12230 |
|  | &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;268341 | &nbsp;&nbsp;&nbsp;&nbsp; 11914 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **79424** |
| **Consumer Discretionary (14.2%)** | **Consumer Discretionary (14.2%)** | **Consumer Discretionary (14.2%)** | **Consumer Discretionary (14.2%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 1785452 | &nbsp;&nbsp;&nbsp;&nbsp; 408868 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tesla Inc. | &nbsp;&nbsp;&nbsp;&nbsp;511605 | &nbsp;&nbsp;&nbsp;&nbsp; 170810 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Netflix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79527 | &nbsp;&nbsp;&nbsp;&nbsp; 96088 |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;822295 | &nbsp;&nbsp;&nbsp;&nbsp; 79746 |
|  | &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;82908 | &nbsp;&nbsp;&nbsp;&nbsp; 78209 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;185920 | &nbsp;&nbsp;&nbsp;&nbsp; 75627 |
|  | &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;133619 | &nbsp;&nbsp;&nbsp;&nbsp; 41895 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;335928 | &nbsp;&nbsp;&nbsp;&nbsp; 39767 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;390770 | &nbsp;&nbsp;&nbsp;&nbsp; 36635 |
|  | &nbsp;&nbsp;&nbsp;Booking Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079 | &nbsp;&nbsp;&nbsp;&nbsp; 34037 |
|  | &nbsp;&nbsp;&nbsp;TJX Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;208644 | &nbsp;&nbsp;&nbsp;&nbsp; 28503 |
|  | &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104587 | &nbsp;&nbsp;&nbsp;&nbsp; 26990 |
|  | &nbsp;&nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;212349 | &nbsp;&nbsp;&nbsp;&nbsp; 18727 |
|  | &nbsp;&nbsp;&nbsp;NIKE Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;220147 | &nbsp;&nbsp;&nbsp;&nbsp; 17033 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;159744 | &nbsp;&nbsp;&nbsp;&nbsp; 16562 |
|  | &nbsp;&nbsp;&nbsp;Marriott International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;40943 | &nbsp;&nbsp;&nbsp;&nbsp; 10967 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill Inc. | &nbsp;&nbsp;&nbsp;&nbsp;251765 | &nbsp;&nbsp;&nbsp;&nbsp; 10609 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Airbnb Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;72825 | &nbsp;&nbsp;&nbsp;&nbsp; 9506 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AutoZone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1562 | &nbsp;&nbsp;&nbsp;&nbsp; 6558 |
|  | &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22206 | &nbsp;&nbsp;&nbsp;&nbsp; 6130 |
|  | &nbsp;&nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42535 | &nbsp;&nbsp;&nbsp;&nbsp; 4082 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1217349** |
| **Consumer Staples (3.4%)** | **Consumer Staples (3.4%)** | **Consumer Staples (3.4%)** | **Consumer Staples (3.4%)** |
|  | &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;438132 | &nbsp;&nbsp;&nbsp;&nbsp; 68804 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;290863 | &nbsp;&nbsp;&nbsp;&nbsp; 48612 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;643474 | &nbsp;&nbsp;&nbsp;&nbsp; 44393 |
|  | &nbsp;&nbsp;&nbsp;PepsiCo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;256202 | &nbsp;&nbsp;&nbsp;&nbsp; 38085 |
|  | &nbsp;&nbsp;&nbsp;Altria Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;314758 | &nbsp;&nbsp;&nbsp;&nbsp; 21155 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;236383 | &nbsp;&nbsp;&nbsp;&nbsp; 17291 |
|  | &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23380 | &nbsp;&nbsp;&nbsp;&nbsp; 16054 |
|  | &nbsp;&nbsp;&nbsp;Mondelez International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;241945 | &nbsp;&nbsp;&nbsp;&nbsp; 14865 |
|  | &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;151423 | &nbsp;&nbsp;&nbsp;&nbsp; 12730 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Monster Beverage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;127577 | &nbsp;&nbsp;&nbsp;&nbsp; 7962 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **289951** |
| **Energy (2.4%)** | **Energy (2.4%)** | **Energy (2.4%)** | **Energy (2.4%)** |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;805285 | &nbsp;&nbsp;&nbsp;&nbsp; 92036 |
|  | &nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;366272 | &nbsp;&nbsp;&nbsp;&nbsp; 58823 |
|  | &nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;235845 | &nbsp;&nbsp;&nbsp;&nbsp; 23342 |
|  | &nbsp;&nbsp;&nbsp;EOG Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;101928 | &nbsp;&nbsp;&nbsp;&nbsp; 12723 |
|  | &nbsp;&nbsp;&nbsp;Williams Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;114033 | &nbsp;&nbsp;&nbsp;&nbsp; 6600 |
|  | &nbsp;&nbsp;&nbsp;Schlumberger NV | &nbsp;&nbsp;&nbsp;&nbsp;140857 | &nbsp;&nbsp;&nbsp;&nbsp; 5189 |
|  | &nbsp;&nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;38037 | &nbsp;&nbsp;&nbsp;&nbsp; 5081 |
|  | &nbsp;&nbsp;&nbsp;Kinder Morgan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;176740 | &nbsp;&nbsp;&nbsp;&nbsp; 4768 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **208562** |
| **Financials (10.7%)** | **Financials (10.7%)** | **Financials (10.7%)** | **Financials (10.7%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;322593 | &nbsp;&nbsp;&nbsp;&nbsp; 162258 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;519326 | &nbsp;&nbsp;&nbsp;&nbsp; 156535 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 1266717 | &nbsp;&nbsp;&nbsp;&nbsp; 64273 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;608101 | &nbsp;&nbsp;&nbsp;&nbsp; 49974 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57333 | &nbsp;&nbsp;&nbsp;&nbsp; 42727 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;224844 | &nbsp;&nbsp;&nbsp;&nbsp; 33835 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;349012 | &nbsp;&nbsp;&nbsp;&nbsp; 33704 |

---

------

Mega Cap Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;S&P Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58656 | &nbsp;&nbsp;&nbsp;&nbsp; 32169 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;322566 | &nbsp;&nbsp;&nbsp;&nbsp; 30915 |
|  | &nbsp;&nbsp;&nbsp;Blackrock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26056 | &nbsp;&nbsp;&nbsp;&nbsp; 29369 |
|  | &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;109537 | &nbsp;&nbsp;&nbsp;&nbsp; 27062 |
|  | &nbsp;&nbsp;&nbsp;Blackstone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;136345 | &nbsp;&nbsp;&nbsp;&nbsp; 23370 |
|  | &nbsp;&nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;71130 | &nbsp;&nbsp;&nbsp;&nbsp; 19566 |
|  | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92099 | &nbsp;&nbsp;&nbsp;&nbsp; 18955 |
|  | &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | &nbsp;&nbsp;&nbsp;&nbsp;107199 | &nbsp;&nbsp;&nbsp;&nbsp; 18931 |
|  | &nbsp;&nbsp;&nbsp;CME Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67339 | &nbsp;&nbsp;&nbsp;&nbsp; 17946 |
|  | &nbsp;&nbsp;&nbsp;KKR & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;124818 | &nbsp;&nbsp;&nbsp;&nbsp; 17411 |
|  | &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73916 | &nbsp;&nbsp;&nbsp;&nbsp; 15333 |
|  | &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;28577 | &nbsp;&nbsp;&nbsp;&nbsp; 14567 |
|  | &nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;291109 | &nbsp;&nbsp;&nbsp;&nbsp; 14215 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;133692 | &nbsp;&nbsp;&nbsp;&nbsp; 14118 |
|  | &nbsp;&nbsp;&nbsp;Aon plc Class A (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;38329 | &nbsp;&nbsp;&nbsp;&nbsp; 14067 |
|  | &nbsp;&nbsp;&nbsp;Travelers Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42331 | &nbsp;&nbsp;&nbsp;&nbsp; 11493 |
|  | &nbsp;&nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;244650 | &nbsp;&nbsp;&nbsp;&nbsp; 11454 |
|  | &nbsp;&nbsp;&nbsp;Aflac Inc. | &nbsp;&nbsp;&nbsp;&nbsp;101003 | &nbsp;&nbsp;&nbsp;&nbsp; 10793 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp; 9819 |
|  | &nbsp;&nbsp;&nbsp;MetLife Inc. | &nbsp;&nbsp;&nbsp;&nbsp;106590 | &nbsp;&nbsp;&nbsp;&nbsp; 8672 |
|  | &nbsp;&nbsp;&nbsp;Apollo Global Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37633 | &nbsp;&nbsp;&nbsp;&nbsp; 5127 |
|  | &nbsp;&nbsp;&nbsp;American International Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54019 | &nbsp;&nbsp;&nbsp;&nbsp; 4393 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **913051** |
| **Health Care (8.9%)** | **Health Care (8.9%)** | **Health Care (8.9%)** | **Health Care (8.9%)** |
|  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;159393 | &nbsp;&nbsp;&nbsp;&nbsp; 116768 |
|  | &nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;449622 | &nbsp;&nbsp;&nbsp;&nbsp; 79660 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | &nbsp;&nbsp;&nbsp;&nbsp;330084 | &nbsp;&nbsp;&nbsp;&nbsp; 69450 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;169517 | &nbsp;&nbsp;&nbsp;&nbsp; 52528 |
|  | &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;325130 | &nbsp;&nbsp;&nbsp;&nbsp; 43132 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;469227 | &nbsp;&nbsp;&nbsp;&nbsp; 39471 |
|  | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70535 | &nbsp;&nbsp;&nbsp;&nbsp; 34754 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intuitive Surgical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66977 | &nbsp;&nbsp;&nbsp;&nbsp; 31700 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;276473 | &nbsp;&nbsp;&nbsp;&nbsp; 29168 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100479 | &nbsp;&nbsp;&nbsp;&nbsp; 28909 |
|  | &nbsp;&nbsp;&nbsp;Pfizer Inc. | 1062372 | &nbsp;&nbsp;&nbsp;&nbsp; 26304 |
|  | &nbsp;&nbsp;&nbsp;Gilead Sciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;232453 | &nbsp;&nbsp;&nbsp;&nbsp; 26260 |
|  | &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;64275 | &nbsp;&nbsp;&nbsp;&nbsp; 25158 |
|  | &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;120357 | &nbsp;&nbsp;&nbsp;&nbsp; 24772 |
|  | &nbsp;&nbsp;&nbsp;Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp;239672 | &nbsp;&nbsp;&nbsp;&nbsp; 22244 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47987 | &nbsp;&nbsp;&nbsp;&nbsp; 18764 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;380276 | &nbsp;&nbsp;&nbsp;&nbsp; 17941 |
|  | &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;49917 | &nbsp;&nbsp;&nbsp;&nbsp; 15019 |
|  | &nbsp;&nbsp;&nbsp;Elevance Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42217 | &nbsp;&nbsp;&nbsp;&nbsp; 13452 |
|  | &nbsp;&nbsp;&nbsp;HCA Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31472 | &nbsp;&nbsp;&nbsp;&nbsp; 12713 |
|  | &nbsp;&nbsp;&nbsp;Zoetis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74872 | &nbsp;&nbsp;&nbsp;&nbsp; 11710 |
|  | &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19838 | &nbsp;&nbsp;&nbsp;&nbsp; 11520 |
|  | &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;26773 | &nbsp;&nbsp;&nbsp;&nbsp; 5167 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **756564** |
| **Industrials (9.9%)** | **Industrials (9.9%)** | **Industrials (9.9%)** | **Industrials (9.9%)** |
|  | &nbsp;&nbsp;&nbsp;Visa Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;319729 | &nbsp;&nbsp;&nbsp;&nbsp; 112474 |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;151573 | &nbsp;&nbsp;&nbsp;&nbsp; 90230 |
|  | &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;189308 | &nbsp;&nbsp;&nbsp;&nbsp; 52098 |
|  | &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;249652 | &nbsp;&nbsp;&nbsp;&nbsp; 39595 |
|  | &nbsp;&nbsp;&nbsp;Caterpillar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;87881 | &nbsp;&nbsp;&nbsp;&nbsp; 36826 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boeing Co. | &nbsp;&nbsp;&nbsp;&nbsp;140899 | &nbsp;&nbsp;&nbsp;&nbsp; 33066 |
|  | &nbsp;&nbsp;&nbsp;GE Vernova Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51003 | &nbsp;&nbsp;&nbsp;&nbsp; 31263 |
|  | &nbsp;&nbsp;&nbsp;Accenture plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;116976 | &nbsp;&nbsp;&nbsp;&nbsp; 30410 |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;91639 | &nbsp;&nbsp;&nbsp;&nbsp; 30358 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;119516 | &nbsp;&nbsp;&nbsp;&nbsp; 27156 |
|  | &nbsp;&nbsp;&nbsp;Honeywell International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;120097 | &nbsp;&nbsp;&nbsp;&nbsp; 26361 |
|  | &nbsp;&nbsp;&nbsp;Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;73119 | &nbsp;&nbsp;&nbsp;&nbsp; 25529 |
|  | &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;111647 | &nbsp;&nbsp;&nbsp;&nbsp; 24961 |
|  | &nbsp;&nbsp;&nbsp;Automatic Data Processing Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75852 | &nbsp;&nbsp;&nbsp;&nbsp; 23063 |
|  | &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;48180 | &nbsp;&nbsp;&nbsp;&nbsp; 23061 |
|  | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;43780 | &nbsp;&nbsp;&nbsp;&nbsp; 19947 |
|  | &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23873 | &nbsp;&nbsp;&nbsp;&nbsp; 18128 |
|  | &nbsp;&nbsp;&nbsp;Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;41677 | &nbsp;&nbsp;&nbsp;&nbsp; 17321 |
|  | &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26891 | &nbsp;&nbsp;&nbsp;&nbsp; 15867 |
|  | &nbsp;&nbsp;&nbsp;3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;100558 | &nbsp;&nbsp;&nbsp;&nbsp; 15640 |

---

------

Mega Cap Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;42143 | &nbsp;&nbsp;&nbsp;&nbsp; 15417 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fiserv Inc. | &nbsp;&nbsp;&nbsp;&nbsp;103592 | &nbsp;&nbsp;&nbsp;&nbsp; 14314 |
|  | &nbsp;&nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;105111 | &nbsp;&nbsp;&nbsp;&nbsp; 13875 |
|  | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42629 | &nbsp;&nbsp;&nbsp;&nbsp; 13836 |
|  | &nbsp;&nbsp;&nbsp;Illinois Tool Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52008 | &nbsp;&nbsp;&nbsp;&nbsp; 13764 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PayPal Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;181716 | &nbsp;&nbsp;&nbsp;&nbsp; 12755 |
|  | &nbsp;&nbsp;&nbsp;United Parcel Service Inc. Class B (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;137089 | &nbsp;&nbsp;&nbsp;&nbsp; 11987 |
|  | &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42126 | &nbsp;&nbsp;&nbsp;&nbsp; 11794 |
|  | &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;351017 | &nbsp;&nbsp;&nbsp;&nbsp; 11412 |
|  | &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40292 | &nbsp;&nbsp;&nbsp;&nbsp; 9310 |
|  | &nbsp;&nbsp;&nbsp;Paychex Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60570 | &nbsp;&nbsp;&nbsp;&nbsp; 8447 |
|  | &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;32067 | &nbsp;&nbsp;&nbsp;&nbsp; 6735 |
|  | &nbsp;&nbsp;&nbsp;Johnson Controls International plc | &nbsp;&nbsp;&nbsp;&nbsp;61481 | &nbsp;&nbsp;&nbsp;&nbsp; 6572 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **843572** |
| **Real Estate (1.0%)** | **Real Estate (1.0%)** | **Real Estate (1.0%)** | **Real Estate (1.0%)** |
|  | &nbsp;&nbsp;&nbsp;Welltower Inc. | &nbsp;&nbsp;&nbsp;&nbsp;122209 | &nbsp;&nbsp;&nbsp;&nbsp; 20565 |
|  | &nbsp;&nbsp;&nbsp;Prologis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;173062 | &nbsp;&nbsp;&nbsp;&nbsp; 19691 |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;87476 | &nbsp;&nbsp;&nbsp;&nbsp; 17832 |
|  | &nbsp;&nbsp;&nbsp;Equinix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18282 | &nbsp;&nbsp;&nbsp;&nbsp; 14373 |
|  | &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;29498 | &nbsp;&nbsp;&nbsp;&nbsp; 8690 |
|  | &nbsp;&nbsp;&nbsp;Simon Property Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28977 | &nbsp;&nbsp;&nbsp;&nbsp; 5235 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **86386** |
| **Technology (45.0%)** | **Technology (45.0%)** | **Technology (45.0%)** | **Technology (45.0%)** |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 4331563 | &nbsp;&nbsp;&nbsp;&nbsp; 754472 |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 1388897 | &nbsp;&nbsp;&nbsp;&nbsp; 703740 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 2791000 | &nbsp;&nbsp;&nbsp;&nbsp; 647903 |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;405715 | &nbsp;&nbsp;&nbsp;&nbsp; 299702 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;878638 | &nbsp;&nbsp;&nbsp;&nbsp; 261298 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | 1087571 | &nbsp;&nbsp;&nbsp;&nbsp; 231555 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;867082 | &nbsp;&nbsp;&nbsp;&nbsp; 185148 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;314408 | &nbsp;&nbsp;&nbsp;&nbsp; 71097 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palantir Technologies Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;401717 | &nbsp;&nbsp;&nbsp;&nbsp; 62953 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;302983 | &nbsp;&nbsp;&nbsp;&nbsp; 49274 |
|  | &nbsp;&nbsp;&nbsp;Salesforce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;169712 | &nbsp;&nbsp;&nbsp;&nbsp; 43489 |
|  | &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;173669 | &nbsp;&nbsp;&nbsp;&nbsp; 42287 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ServiceNow Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38684 | &nbsp;&nbsp;&nbsp;&nbsp; 35491 |
|  | &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;169766 | &nbsp;&nbsp;&nbsp;&nbsp; 34374 |
|  | &nbsp;&nbsp;&nbsp;Intuit Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49519 | &nbsp;&nbsp;&nbsp;&nbsp; 33029 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | &nbsp;&nbsp;&nbsp;&nbsp;205180 | &nbsp;&nbsp;&nbsp;&nbsp; 32979 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adobe Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79642 | &nbsp;&nbsp;&nbsp;&nbsp; 28408 |
|  | &nbsp;&nbsp;&nbsp;Micron Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;208838 | &nbsp;&nbsp;&nbsp;&nbsp; 24854 |
|  | &nbsp;&nbsp;&nbsp;Applied Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;149959 | &nbsp;&nbsp;&nbsp;&nbsp; 24107 |
|  | &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;239024 | &nbsp;&nbsp;&nbsp;&nbsp; 23938 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;124602 | &nbsp;&nbsp;&nbsp;&nbsp; 23739 |
|  | &nbsp;&nbsp;&nbsp;Analog Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92735 | &nbsp;&nbsp;&nbsp;&nbsp; 23305 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AppLovin Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;46001 | &nbsp;&nbsp;&nbsp;&nbsp; 22016 |
|  | &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24712 | &nbsp;&nbsp;&nbsp;&nbsp; 21549 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Synopsys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34663 | &nbsp;&nbsp;&nbsp;&nbsp; 20920 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;44210 | &nbsp;&nbsp;&nbsp;&nbsp; 18732 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cadence Design Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51021 | &nbsp;&nbsp;&nbsp;&nbsp; 17879 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;733590 | &nbsp;&nbsp;&nbsp;&nbsp; 17863 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Strategy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47423 | &nbsp;&nbsp;&nbsp;&nbsp; 15859 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Autodesk Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39973 | &nbsp;&nbsp;&nbsp;&nbsp; 12579 |
|  | &nbsp;&nbsp;&nbsp;Amphenol Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;113023 | &nbsp;&nbsp;&nbsp;&nbsp; 12304 |
|  | &nbsp;&nbsp;&nbsp;Roper Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20091 | &nbsp;&nbsp;&nbsp;&nbsp; 10574 |
|  | &nbsp;&nbsp;&nbsp;Marvell Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;161418 | &nbsp;&nbsp;&nbsp;&nbsp; 10148 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Workday Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;40362 | &nbsp;&nbsp;&nbsp;&nbsp; 9316 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Snowflake Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28054 | &nbsp;&nbsp;&nbsp;&nbsp; 6695 |
|  | &nbsp;&nbsp;&nbsp;Dell Technologies Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;54691 | &nbsp;&nbsp;&nbsp;&nbsp; 6681 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fortinet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60903 | &nbsp;&nbsp;&nbsp;&nbsp; 4797 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3845054** |
| **Telecommunications (2.2%)** | **Telecommunications (2.2%)** | **Telecommunications (2.2%)** | **Telecommunications (2.2%)** |
|  | &nbsp;&nbsp;&nbsp;Cisco Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;666006 | &nbsp;&nbsp;&nbsp;&nbsp; 46014 |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 1344640 | &nbsp;&nbsp;&nbsp;&nbsp; 39385 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;709080 | &nbsp;&nbsp;&nbsp;&nbsp; 31363 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arista Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;187749 | &nbsp;&nbsp;&nbsp;&nbsp; 25637 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;695826 | &nbsp;&nbsp;&nbsp;&nbsp; 23637 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile US Inc. | &nbsp;&nbsp;&nbsp;&nbsp;84866 | &nbsp;&nbsp;&nbsp;&nbsp; 21385 |

---

------

Mega Cap Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Charter Communications Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;17104 | &nbsp;&nbsp;&nbsp;&nbsp; 4543 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **191964** |
| **Utilities (1.3%)** | **Utilities (1.3%)** | **Utilities (1.3%)** | **Utilities (1.3%)** |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;384682 | &nbsp;&nbsp;&nbsp;&nbsp; 27716 |
|  | &nbsp;&nbsp;&nbsp;Southern Co. | &nbsp;&nbsp;&nbsp;&nbsp;205610 | &nbsp;&nbsp;&nbsp;&nbsp; 18978 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;145214 | &nbsp;&nbsp;&nbsp;&nbsp; 17787 |
|  | &nbsp;&nbsp;&nbsp;Waste Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75200 | &nbsp;&nbsp;&nbsp;&nbsp; 17025 |
|  | &nbsp;&nbsp;&nbsp;American Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99831 | &nbsp;&nbsp;&nbsp;&nbsp; 11083 |
|  | &nbsp;&nbsp;&nbsp;Sempra | &nbsp;&nbsp;&nbsp;&nbsp;121860 | &nbsp;&nbsp;&nbsp;&nbsp; 10061 |
|  | &nbsp;&nbsp;&nbsp;Republic Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37958 | &nbsp;&nbsp;&nbsp;&nbsp; 8881 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **111531** |
| **Total Common Stocks (Cost $5,035,715)** | **Total Common Stocks (Cost $5,035,715)** | **Total Common Stocks (Cost $5,035,715)** | &nbsp;&nbsp;&nbsp;&nbsp;**8543408** |
| **Temporary Cash Investments (0.0%)** | **Temporary Cash Investments (0.0%)** | **Temporary Cash Investments (0.0%)** | **Temporary Cash Investments (0.0%)** |
| **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.362% **(Cost** $**14)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp; **14** |
| **Total Investments (99.9%) (Cost $5,035,729)** | **Total Investments (99.9%) (Cost $5,035,729)** | **Total Investments (99.9%) (Cost $5,035,729)** | &nbsp;&nbsp;&nbsp;&nbsp;**8543422** |
| **Other Assets and Liabilities—Net (0.1%)** | **Other Assets and Liabilities—Net (0.1%)** | **Other Assets and Liabilities—Net (0.1%)** | &nbsp;&nbsp;&nbsp;&nbsp;**8279** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**8551701** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

• See Note A in Notes to Financial Statements. <br> \* Non-income-producing security. <br> 1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini S&P 500 Index | September 2025 | 26 | 8415 | &nbsp;&nbsp;81 |

---

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

------

Mega Cap Index Fund

Statement of Assets and Liabilities

As of August 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $5,035,715) | 8543408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Total Investments in Securities | 8543422 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7687 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 |
| **Total Assets** | **8552564** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**863** |
| **Net Assets** | **8551701** |
| **At August 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 5231449 |
| Total Distributable Earnings (Loss) | 3320252 |
| **Net Assets** | **8551701** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 33,634,267 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **7900938** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**$234.91** |
| **Institutional Shares—Net Assets** |  |
| **Applicable to 1,405,027 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;**650763** |
| **Net Asset Value Per Share—Institutional Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**$463.17** |

---

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

------

Mega Cap Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Year Ended<br> August 31, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends | &nbsp;&nbsp;&nbsp;&nbsp;82932 |
| Interest<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;83346 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Shareholders' Reports and Proxy Fees—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317 |
| Shareholders' Reports and Proxy Fees—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4812 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;**78534** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;174531 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;**176634** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | &nbsp;&nbsp;&nbsp;883748 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(256) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;**883492** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **1138660** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $376, ($1), and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 2 | Includes $213,443 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

Mega Cap Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69486 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;176634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85679 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;883492 | &nbsp;&nbsp;&nbsp;&nbsp;1219832 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 1138660 | &nbsp;&nbsp;&nbsp;&nbsp;1374997 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;(73646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68937) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3198) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2882) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(76844) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71819) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;833917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;378190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35186) |
| Net Increase (Decrease) from Capital Share Transactions | 1212107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534332 |
| Total Increase (Decrease) | 2273923 | &nbsp;&nbsp;&nbsp;&nbsp;1837510 |
| **Net Assets** |  |  |
| **Beginning of Period** | **6277778** | &nbsp;&nbsp;&nbsp;&nbsp;**4440268** |
| **End of Period** | **8551701** | &nbsp;&nbsp;&nbsp;&nbsp;**6277778** |

---

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

------

Mega Cap Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ETF Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$203.13** | &nbsp;&nbsp;&nbsp;**$159.74** | &nbsp;&nbsp;&nbsp;**$137.84** | &nbsp;&nbsp;&nbsp;**$160.74** | &nbsp;&nbsp;&nbsp;**$125.47** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.961 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.869 | &nbsp;&nbsp;&nbsp;&nbsp;(22.957) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.218 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.137 | &nbsp;&nbsp;&nbsp;&nbsp;(20.848) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.179 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.395) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.444) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.052) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.908) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.395) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.444) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.052) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.908) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$234.91** | &nbsp;&nbsp;&nbsp;**$203.13** | &nbsp;&nbsp;&nbsp;**$159.74** | &nbsp;&nbsp;&nbsp;**$137.84** | &nbsp;&nbsp;&nbsp;**$160.74** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**16.95%** | &nbsp;&nbsp;&nbsp;**28.95%** | &nbsp;&nbsp;&nbsp;**17.79%** | &nbsp;&nbsp;&nbsp;**-13.09%** | &nbsp;&nbsp;&nbsp;**29.94%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$7901 | &nbsp;&nbsp;&nbsp;$6060 | &nbsp;&nbsp;&nbsp;$4237 | &nbsp;&nbsp;&nbsp;$3701 | &nbsp;&nbsp;&nbsp;$4288 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;0.07%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.07%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;0.07% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;1.41% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;5% |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.07%. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

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

------

Mega Cap Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$400.51** | &nbsp;&nbsp;&nbsp;**$314.96** | &nbsp;&nbsp;&nbsp;**$271.77** | &nbsp;&nbsp;&nbsp;**$316.94** | &nbsp;&nbsp;&nbsp;**$247.38** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.882 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.129 | &nbsp;&nbsp;&nbsp;&nbsp;(45.292) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69.463 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67.432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90.399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.628 | &nbsp;&nbsp;&nbsp;&nbsp;(41.093) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73.345 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.772) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.849) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.438) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.785) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.772) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.849) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.438) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.785) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$463.17** | &nbsp;&nbsp;&nbsp;**$400.51** | &nbsp;&nbsp;&nbsp;**$314.96** | &nbsp;&nbsp;&nbsp;**$271.77** | &nbsp;&nbsp;&nbsp;**$316.94** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**16.97%** | &nbsp;&nbsp;&nbsp;**28.95%** | &nbsp;&nbsp;&nbsp;**17.81%** | &nbsp;&nbsp;&nbsp;**-13.07%** | &nbsp;&nbsp;&nbsp;**29.97%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$651 | &nbsp;&nbsp;&nbsp;$218 | &nbsp;&nbsp;&nbsp;$203 | &nbsp;&nbsp;&nbsp;$178 | &nbsp;&nbsp;&nbsp;$190 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;0.06%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.06%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;0.06% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;1.42% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;5% |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.06%. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

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

------

Mega Cap Index Fund

Notes to Financial Statements

Vanguard Mega Cap Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and Institutional 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.

**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 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.

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

Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities 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 gains (losses) on futures contracts.

During the year ended August 31, 2025, 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 virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for 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 at the fiscal year-end 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 Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. 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 Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which 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 either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

------

Mega Cap Index Fund

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the year ended August 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

7. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. 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), shareholder reporting, and proxy fees. 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 and 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 August 31, 2025, the fund had contributed to Vanguard capital in the amount of $206,000, representing less than 0.01% of the fund's net assets and 0.08% of Vanguard's capital received pursuant to the FSA. 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 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.**

At August 31, 2025, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

**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. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and
distributions in connection with fund share redemptions.

Permanent differences were reclassified between the following accounts:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;213444 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(213444) |

---

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. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14912 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;3502238 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(196898) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;3320252 |

---

------

Mega Cap Index Fund

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;76844 | &nbsp;&nbsp;&nbsp;&nbsp;71819 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;76844 | &nbsp;&nbsp;&nbsp;&nbsp;71819 |

---

\* Includes short-term capital gains, if any.

As of August 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;5041184 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;3629295 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(127057) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;3502238 |

---

**E.** During the year ended August 31, 2025, the fund purchased $638,186,000 of investment securities and sold $225,533,000 of investment securities, other than temporary cash investments. In addition, the fund purchased
and sold investment securities of $1,140,857,000 and $329,157,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended August 31, 2025, such purchases were $114,542,000 and sales were $91,590,000, resulting in net realized loss of $25,671,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued | 1194145 | &nbsp;&nbsp;&nbsp;&nbsp;5550 | &nbsp;&nbsp;&nbsp;&nbsp;744100 | &nbsp;&nbsp;&nbsp;&nbsp;4309 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (360228) | &nbsp;&nbsp;(1750) | &nbsp;&nbsp;(174582) | &nbsp;&nbsp;(1000) |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;&nbsp;833917 | &nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;569518 | &nbsp;&nbsp;&nbsp;&nbsp;3309 |
| **Institutional Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;409517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Redeemed | &nbsp;&nbsp;(34524) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81) | &nbsp;&nbsp;&nbsp;&nbsp;(56071) | &nbsp;&nbsp;&nbsp;&nbsp;(161) |
| Net Increase (Decrease)—Institutional Shares | &nbsp;&nbsp;&nbsp;378190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862 | &nbsp;&nbsp;&nbsp;&nbsp;(35186) | &nbsp;&nbsp;&nbsp;&nbsp;(102) |

---

**G.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

**H.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its

------

Mega Cap Index Fund

prospectus, through the execution of the fund's investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**I.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these financial statements.

------

Mega Cap Value Index Fund

Financial Statements

#### Schedule of Investments
As of August 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 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (99.8%)** | **Common Stocks (99.8%)** | **Common Stocks (99.8%)** | **Common Stocks (99.8%)** |
| **Basic Materials (2.0%)** | **Basic Materials (2.0%)** | **Basic Materials (2.0%)** | **Basic Materials (2.0%)** |
|  | &nbsp;&nbsp;&nbsp;Linde plc | &nbsp;&nbsp;&nbsp;&nbsp;269936 | &nbsp;&nbsp;&nbsp;&nbsp; 129108 |
|  | &nbsp;&nbsp;&nbsp;Air Products & Chemicals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127617 | &nbsp;&nbsp;&nbsp;&nbsp; 37533 |
|  | &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;823585 | &nbsp;&nbsp;&nbsp;&nbsp; 36567 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **203208** |
| **Consumer Discretionary (7.7%)** | **Consumer Discretionary (7.7%)** | **Consumer Discretionary (7.7%)** | **Consumer Discretionary (7.7%)** |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | 2523446 | &nbsp;&nbsp;&nbsp;&nbsp; 244724 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;570538 | &nbsp;&nbsp;&nbsp;&nbsp; 232078 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 1030912 | &nbsp;&nbsp;&nbsp;&nbsp; 122039 |
|  | &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;320962 | &nbsp;&nbsp;&nbsp;&nbsp; 82827 |
|  | &nbsp;&nbsp;&nbsp;NIKE Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;675579 | &nbsp;&nbsp;&nbsp;&nbsp; 52270 |
|  | &nbsp;&nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;325833 | &nbsp;&nbsp;&nbsp;&nbsp; 28735 |
|  | &nbsp;&nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;130276 | &nbsp;&nbsp;&nbsp;&nbsp; 12504 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **775177** |
| **Consumer Staples (8.6%)** | **Consumer Staples (8.6%)** | **Consumer Staples (8.6%)** | **Consumer Staples (8.6%)** |
|  | &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 1344471 | &nbsp;&nbsp;&nbsp;&nbsp; 211136 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;892580 | &nbsp;&nbsp;&nbsp;&nbsp; 149177 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 1974615 | &nbsp;&nbsp;&nbsp;&nbsp; 136229 |
|  | &nbsp;&nbsp;&nbsp;PepsiCo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;786241 | &nbsp;&nbsp;&nbsp;&nbsp; 116875 |
|  | &nbsp;&nbsp;&nbsp;Altria Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;965944 | &nbsp;&nbsp;&nbsp;&nbsp; 64921 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;725422 | &nbsp;&nbsp;&nbsp;&nbsp; 53064 |
|  | &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;71745 | &nbsp;&nbsp;&nbsp;&nbsp; 49263 |
|  | &nbsp;&nbsp;&nbsp;Mondelez International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;742508 | &nbsp;&nbsp;&nbsp;&nbsp; 45620 |
|  | &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;464733 | &nbsp;&nbsp;&nbsp;&nbsp; 39070 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **865355** |
| **Energy (6.4%)** | **Energy (6.4%)** | **Energy (6.4%)** | **Energy (6.4%)** |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 2471349 | &nbsp;&nbsp;&nbsp;&nbsp; 282451 |
|  | &nbsp;&nbsp;&nbsp;Chevron Corp. | 1124086 | &nbsp;&nbsp;&nbsp;&nbsp; 180528 |
|  | &nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;723925 | &nbsp;&nbsp;&nbsp;&nbsp; 71647 |
|  | &nbsp;&nbsp;&nbsp;EOG Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;312980 | &nbsp;&nbsp;&nbsp;&nbsp; 39066 |
|  | &nbsp;&nbsp;&nbsp;Williams Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;350091 | &nbsp;&nbsp;&nbsp;&nbsp; 20263 |
|  | &nbsp;&nbsp;&nbsp;Schlumberger NV | &nbsp;&nbsp;&nbsp;&nbsp;430326 | &nbsp;&nbsp;&nbsp;&nbsp; 15853 |
|  | &nbsp;&nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;116822 | &nbsp;&nbsp;&nbsp;&nbsp; 15605 |
|  | &nbsp;&nbsp;&nbsp;Kinder Morgan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;541551 | &nbsp;&nbsp;&nbsp;&nbsp; 14611 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **640024** |
| **Financials (25.8%)** | **Financials (25.8%)** | **Financials (25.8%)** | **Financials (25.8%)** |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 1593663 | &nbsp;&nbsp;&nbsp;&nbsp; 480362 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;767618 | &nbsp;&nbsp;&nbsp;&nbsp; 386096 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 3887218 | &nbsp;&nbsp;&nbsp;&nbsp; 197237 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 1866101 | &nbsp;&nbsp;&nbsp;&nbsp; 153356 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp; 141993 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;175957 | &nbsp;&nbsp;&nbsp;&nbsp; 131132 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;689994 | &nbsp;&nbsp;&nbsp;&nbsp; 103830 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 1071046 | &nbsp;&nbsp;&nbsp;&nbsp; 103431 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;989839 | &nbsp;&nbsp;&nbsp;&nbsp; 94866 |
|  | &nbsp;&nbsp;&nbsp;Blackrock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79958 | &nbsp;&nbsp;&nbsp;&nbsp; 90124 |
|  | &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;336168 | &nbsp;&nbsp;&nbsp;&nbsp; 83054 |
|  | &nbsp;&nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;218305 | &nbsp;&nbsp;&nbsp;&nbsp; 60049 |
|  | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;282654 | &nbsp;&nbsp;&nbsp;&nbsp; 58173 |
|  | &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | &nbsp;&nbsp;&nbsp;&nbsp;328944 | &nbsp;&nbsp;&nbsp;&nbsp; 58091 |
|  | &nbsp;&nbsp;&nbsp;CME Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;206645 | &nbsp;&nbsp;&nbsp;&nbsp; 55073 |
|  | &nbsp;&nbsp;&nbsp;KKR & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;383052 | &nbsp;&nbsp;&nbsp;&nbsp; 53432 |
|  | &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;226837 | &nbsp;&nbsp;&nbsp;&nbsp; 47055 |
|  | &nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;893446 | &nbsp;&nbsp;&nbsp;&nbsp; 43627 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;410264 | &nbsp;&nbsp;&nbsp;&nbsp; 43324 |
|  | &nbsp;&nbsp;&nbsp;Blackstone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;209207 | &nbsp;&nbsp;&nbsp;&nbsp; 35858 |
|  | &nbsp;&nbsp;&nbsp;Travelers Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;129925 | &nbsp;&nbsp;&nbsp;&nbsp; 35276 |
|  | &nbsp;&nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;750951 | &nbsp;&nbsp;&nbsp;&nbsp; 35160 |
|  | &nbsp;&nbsp;&nbsp;Aflac Inc. | &nbsp;&nbsp;&nbsp;&nbsp;310031 | &nbsp;&nbsp;&nbsp;&nbsp; 33130 |

---

------

Mega Cap Value Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;MetLife Inc. | &nbsp;&nbsp;&nbsp;&nbsp;327211 | &nbsp;&nbsp;&nbsp;&nbsp; 26622 |
|  | &nbsp;&nbsp;&nbsp;Aon plc Class A (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;58819 | &nbsp;&nbsp;&nbsp;&nbsp; 21587 |
|  | &nbsp;&nbsp;&nbsp;Apollo Global Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;115481 | &nbsp;&nbsp;&nbsp;&nbsp; 15732 |
|  | &nbsp;&nbsp;&nbsp;American International Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;165247 | &nbsp;&nbsp;&nbsp;&nbsp; 13438 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2601108** |
| **Health Care (16.3%)** | **Health Care (16.3%)** | **Health Care (16.3%)** | **Health Care (16.3%)** |
|  | &nbsp;&nbsp;&nbsp;Johnson & Johnson | 1379755 | &nbsp;&nbsp;&nbsp;&nbsp; 244451 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | 1012938 | &nbsp;&nbsp;&nbsp;&nbsp; 213122 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;520197 | &nbsp;&nbsp;&nbsp;&nbsp; 161193 |
|  | &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;997704 | &nbsp;&nbsp;&nbsp;&nbsp; 132355 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 1439943 | &nbsp;&nbsp;&nbsp;&nbsp; 121128 |
|  | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc. | &nbsp;&nbsp;&nbsp;&nbsp;216473 | &nbsp;&nbsp;&nbsp;&nbsp; 106661 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;308346 | &nbsp;&nbsp;&nbsp;&nbsp; 88714 |
|  | &nbsp;&nbsp;&nbsp;Pfizer Inc. | 3260256 | &nbsp;&nbsp;&nbsp;&nbsp; 80724 |
|  | &nbsp;&nbsp;&nbsp;Gilead Sciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;713327 | &nbsp;&nbsp;&nbsp;&nbsp; 80585 |
|  | &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;369359 | &nbsp;&nbsp;&nbsp;&nbsp; 76021 |
|  | &nbsp;&nbsp;&nbsp;Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp;735471 | &nbsp;&nbsp;&nbsp;&nbsp; 68259 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 1167011 | &nbsp;&nbsp;&nbsp;&nbsp; 55060 |
|  | &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;153192 | &nbsp;&nbsp;&nbsp;&nbsp; 46091 |
|  | &nbsp;&nbsp;&nbsp;Elevance Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;129562 | &nbsp;&nbsp;&nbsp;&nbsp; 41285 |
|  | &nbsp;&nbsp;&nbsp;HCA Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96569 | &nbsp;&nbsp;&nbsp;&nbsp; 39010 |
|  | &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;98618 | &nbsp;&nbsp;&nbsp;&nbsp; 38600 |
|  | &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60870 | &nbsp;&nbsp;&nbsp;&nbsp; 35347 |
|  | &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;82177 | &nbsp;&nbsp;&nbsp;&nbsp; 15859 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1644465** |
| **Industrials (16.3%)** | **Industrials (16.3%)** | **Industrials (16.3%)** | **Industrials (16.3%)** |
|  | &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;580940 | &nbsp;&nbsp;&nbsp;&nbsp; 159875 |
|  | &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;766099 | &nbsp;&nbsp;&nbsp;&nbsp; 121503 |
|  | &nbsp;&nbsp;&nbsp;Caterpillar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;243501 | &nbsp;&nbsp;&nbsp;&nbsp; 102037 |
|  | &nbsp;&nbsp;&nbsp;Accenture plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;358993 | &nbsp;&nbsp;&nbsp;&nbsp; 93327 |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;281225 | &nbsp;&nbsp;&nbsp;&nbsp; 93164 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;366790 | &nbsp;&nbsp;&nbsp;&nbsp; 83342 |
|  | &nbsp;&nbsp;&nbsp;Honeywell International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;368545 | &nbsp;&nbsp;&nbsp;&nbsp; 80896 |
|  | &nbsp;&nbsp;&nbsp;Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;224390 | &nbsp;&nbsp;&nbsp;&nbsp; 78343 |
|  | &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;342621 | &nbsp;&nbsp;&nbsp;&nbsp; 76600 |
|  | &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;147859 | &nbsp;&nbsp;&nbsp;&nbsp; 70771 |
|  | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;134356 | &nbsp;&nbsp;&nbsp;&nbsp; 61217 |
|  | &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;73274 | &nbsp;&nbsp;&nbsp;&nbsp; 55640 |
|  | &nbsp;&nbsp;&nbsp;Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;127889 | &nbsp;&nbsp;&nbsp;&nbsp; 53151 |
|  | &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;82535 | &nbsp;&nbsp;&nbsp;&nbsp; 48699 |
|  | &nbsp;&nbsp;&nbsp;3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;308620 | &nbsp;&nbsp;&nbsp;&nbsp; 48000 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fiserv Inc. | &nbsp;&nbsp;&nbsp;&nbsp;317938 | &nbsp;&nbsp;&nbsp;&nbsp; 43933 |
|  | &nbsp;&nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;322564 | &nbsp;&nbsp;&nbsp;&nbsp; 42578 |
|  | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;130824 | &nbsp;&nbsp;&nbsp;&nbsp; 42461 |
|  | &nbsp;&nbsp;&nbsp;Illinois Tool Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp;159619 | &nbsp;&nbsp;&nbsp;&nbsp; 42243 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PayPal Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;557696 | &nbsp;&nbsp;&nbsp;&nbsp; 39145 |
|  | &nbsp;&nbsp;&nbsp;United Parcel Service Inc. Class B (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;420754 | &nbsp;&nbsp;&nbsp;&nbsp; 36791 |
|  | &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;129280 | &nbsp;&nbsp;&nbsp;&nbsp; 36196 |
|  | &nbsp;&nbsp;&nbsp;Automatic Data Processing Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116388 | &nbsp;&nbsp;&nbsp;&nbsp; 35388 |
|  | &nbsp;&nbsp;&nbsp;CSX Corp. | 1077246 | &nbsp;&nbsp;&nbsp;&nbsp; 35021 |
|  | &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;123658 | &nbsp;&nbsp;&nbsp;&nbsp; 28574 |
|  | &nbsp;&nbsp;&nbsp;Johnson Controls International plc | &nbsp;&nbsp;&nbsp;&nbsp;188680 | &nbsp;&nbsp;&nbsp;&nbsp; 20168 |
|  | &nbsp;&nbsp;&nbsp;Paychex Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92948 | &nbsp;&nbsp;&nbsp;&nbsp; 12962 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1642025** |
| **Real Estate (1.0%)** | **Real Estate (1.0%)** | **Real Estate (1.0%)** | **Real Estate (1.0%)** |
|  | &nbsp;&nbsp;&nbsp;Prologis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;531112 | &nbsp;&nbsp;&nbsp;&nbsp; 60430 |
|  | &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;90541 | &nbsp;&nbsp;&nbsp;&nbsp; 26672 |
|  | &nbsp;&nbsp;&nbsp;Simon Property Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88912 | &nbsp;&nbsp;&nbsp;&nbsp; 16063 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **103165** |
| **Technology (7.9%)** | **Technology (7.9%)** | **Technology (7.9%)** | **Technology (7.9%)** |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;964848 | &nbsp;&nbsp;&nbsp;&nbsp; 218181 |
|  | &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;532960 | &nbsp;&nbsp;&nbsp;&nbsp; 129770 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | &nbsp;&nbsp;&nbsp;&nbsp;629645 | &nbsp;&nbsp;&nbsp;&nbsp; 101203 |
|  | &nbsp;&nbsp;&nbsp;Micron Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;640868 | &nbsp;&nbsp;&nbsp;&nbsp; 76270 |
|  | &nbsp;&nbsp;&nbsp;Analog Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;284572 | &nbsp;&nbsp;&nbsp;&nbsp; 71516 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intel Corp. | 2251238 | &nbsp;&nbsp;&nbsp;&nbsp; 54818 |
|  | &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;260480 | &nbsp;&nbsp;&nbsp;&nbsp; 52742 |
|  | &nbsp;&nbsp;&nbsp;Applied Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;230095 | &nbsp;&nbsp;&nbsp;&nbsp; 36990 |

---

------

Mega Cap Value Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Roper Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61654 | &nbsp;&nbsp;&nbsp;&nbsp; 32449 |
|  | &nbsp;&nbsp;&nbsp;Dell Technologies Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;167845 | &nbsp;&nbsp;&nbsp;&nbsp; 20502 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **794441** |
| **Telecommunications (4.4%)** | **Telecommunications (4.4%)** | **Telecommunications (4.4%)** | **Telecommunications (4.4%)** |
|  | &nbsp;&nbsp;&nbsp;Cisco Systems Inc. | 2043764 | &nbsp;&nbsp;&nbsp;&nbsp; 141204 |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 4126296 | &nbsp;&nbsp;&nbsp;&nbsp; 120859 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 2176019 | &nbsp;&nbsp;&nbsp;&nbsp; 96245 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. Class A | 2135665 | &nbsp;&nbsp;&nbsp;&nbsp; 72549 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Charter Communications Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;52320 | &nbsp;&nbsp;&nbsp;&nbsp; 13895 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **444752** |
| **Utilities (3.4%)** | **Utilities (3.4%)** | **Utilities (3.4%)** | **Utilities (3.4%)** |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy Inc. | 1180516 | &nbsp;&nbsp;&nbsp;&nbsp; 85056 |
|  | &nbsp;&nbsp;&nbsp;Southern Co. | &nbsp;&nbsp;&nbsp;&nbsp;630903 | &nbsp;&nbsp;&nbsp;&nbsp; 58233 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;445581 | &nbsp;&nbsp;&nbsp;&nbsp; 54579 |
|  | &nbsp;&nbsp;&nbsp;Waste Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;230760 | &nbsp;&nbsp;&nbsp;&nbsp; 52242 |
|  | &nbsp;&nbsp;&nbsp;American Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;306333 | &nbsp;&nbsp;&nbsp;&nbsp; 34009 |
|  | &nbsp;&nbsp;&nbsp;Sempra | &nbsp;&nbsp;&nbsp;&nbsp;373985 | &nbsp;&nbsp;&nbsp;&nbsp; 30876 |
|  | &nbsp;&nbsp;&nbsp;Republic Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116480 | &nbsp;&nbsp;&nbsp;&nbsp; 27253 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **342248** |
| **Total Common Stocks (Cost $7,743,302)** | **Total Common Stocks (Cost $7,743,302)** | **Total Common Stocks (Cost $7,743,302)** | &nbsp;&nbsp;&nbsp;&nbsp;**10055968** |
| **Temporary Cash Investments (0.0%)** | **Temporary Cash Investments (0.0%)** | **Temporary Cash Investments (0.0%)** | **Temporary Cash Investments (0.0%)** |
| **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.362% **(Cost** $**1,799)** | &nbsp;&nbsp;&nbsp;&nbsp;17994 | &nbsp;&nbsp;&nbsp;&nbsp; **1799** |
| **Total Investments (99.8%) (Cost $7,745,101)** | **Total Investments (99.8%) (Cost $7,745,101)** | **Total Investments (99.8%) (Cost $7,745,101)** | &nbsp;&nbsp;&nbsp;&nbsp;**10057767** |
| **Other Assets and Liabilities—Net (0.2%)** | **Other Assets and Liabilities—Net (0.2%)** | **Other Assets and Liabilities—Net (0.2%)** | &nbsp;&nbsp;&nbsp;&nbsp;**18032** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**10075799** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

• See Note A in Notes to Financial Statements. <br> \* Non-income-producing security. <br> 1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini S&P 500 Index | September 2025 | 27 | 8738 | &nbsp;&nbsp;20 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps |
| Reference Entity | Termination<br> Date | &nbsp;&nbsp;&nbsp;Counterparty | &nbsp;&nbsp;&nbsp;Notional<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Floating<br> Interest Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> (Depreciation)<br> ($000) |
| Caterpillar Inc. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;10979 | &nbsp;&nbsp;&nbsp;(4.334) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |

---

1 Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. <br> BANA—Bank of America, N.A.

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

------

Mega Cap Value Index Fund

Statement of Assets and Liabilities

As of August 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $7,743,302) | 10055968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $1,799) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799 |
| Total Investments in Securities | 10057767 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
| Cash Collateral Pledged—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17751 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total Assets** | **10077063** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1264** |
| **Net Assets** | **10075799** |
| **At August 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;8101998 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;1973801 |
| **Net Assets** | **10075799** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 73,666,171 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**9950590** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$135.08** |
| **Institutional Shares—Net Assets** |  |
| **Applicable to 467,435 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**125209** |
| **Net Asset Value Per Share—Institutional Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$267.86** |

---

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

------

Mega Cap Value Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Year Ended<br> August 31, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends | 202835 |
| Interest<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Income | 203180 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;5105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Shareholders' Reports and Proxy Fees—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486 |
| Shareholders' Reports and Proxy Fees—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;6254 |
| **Net Investment Income** | **196926** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1,2</sup> | 462565 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;1115 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;2578 |
| **Realized Net Gain (Loss)** | **466258** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | 104276 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(307) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) |
| **Change in Unrealized Appreciation (Depreciation)** | **103940** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **767124** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $314, ($5), and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 2 | Includes $542,194 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

Mega Cap Value Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167757 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25209 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103940 | &nbsp;&nbsp;&nbsp;&nbsp;1390228 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767124 | &nbsp;&nbsp;&nbsp;&nbsp;1583194 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;(191098) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174026) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2732) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3140) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(193830) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(177166) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;1055016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6303) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;1037980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892645 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;1611274 | &nbsp;&nbsp;&nbsp;&nbsp;2298673 |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;&nbsp;**8464525** | &nbsp;&nbsp;&nbsp;&nbsp;**6165852** |
| **End of Period** | **10075799** | &nbsp;&nbsp;&nbsp;&nbsp;**8464525** |

---

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

------

Mega Cap Value Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ETF Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$127.48** | &nbsp;&nbsp;&nbsp;**$105.16** | &nbsp;&nbsp;&nbsp;&nbsp;**$97.72** | &nbsp;&nbsp;&nbsp;**$102.64** | &nbsp;&nbsp;&nbsp;&nbsp;**$78.96** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.271 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.557 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.497) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.828 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.633) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.423) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.148) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.633) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.423) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.148) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$135.08** | &nbsp;&nbsp;&nbsp;**$127.48** | &nbsp;&nbsp;&nbsp;**$105.16** | &nbsp;&nbsp;&nbsp;&nbsp;**$97.72** | &nbsp;&nbsp;&nbsp;**$102.64** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**8.31%** | &nbsp;&nbsp;&nbsp;**24.39%** | &nbsp;&nbsp;&nbsp;**10.53%** | &nbsp;&nbsp;&nbsp;**-2.51%** | &nbsp;&nbsp;&nbsp;**33.17%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$9951 | &nbsp;&nbsp;&nbsp;$8329 | &nbsp;&nbsp;&nbsp;$6048 | &nbsp;&nbsp;&nbsp;$5586 | &nbsp;&nbsp;&nbsp;$4587 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;0.07%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.07%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;0.07% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;2.40% | &nbsp;&nbsp;&nbsp;2.66% | &nbsp;&nbsp;&nbsp;2.45% | &nbsp;&nbsp;&nbsp;2.47% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;11% |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.07%. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

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

------

Mega Cap Value Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$252.79** | &nbsp;&nbsp;&nbsp;**$208.53** | &nbsp;&nbsp;&nbsp;**$193.77** | &nbsp;&nbsp;&nbsp;**$203.54** | &nbsp;&nbsp;&nbsp;**$156.56** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.492 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.947) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.761 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.948) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.253 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.594) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.745) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.822) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.274) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.594) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.745) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.822) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.274) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$267.86** | &nbsp;&nbsp;&nbsp;**$252.79** | &nbsp;&nbsp;&nbsp;**$208.53** | &nbsp;&nbsp;&nbsp;**$193.77** | &nbsp;&nbsp;&nbsp;**$203.54** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**8.32%** | &nbsp;&nbsp;&nbsp;**24.40%** | &nbsp;&nbsp;&nbsp;**10.55%** | &nbsp;&nbsp;&nbsp;**-2.49%** | &nbsp;&nbsp;&nbsp;**33.22%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$125 | &nbsp;&nbsp;&nbsp;$135 | &nbsp;&nbsp;&nbsp;$118 | &nbsp;&nbsp;&nbsp;$116 | &nbsp;&nbsp;&nbsp;$128 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;0.06%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.06%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;0.06% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;2.42% | &nbsp;&nbsp;&nbsp;2.67% | &nbsp;&nbsp;&nbsp;2.45% | &nbsp;&nbsp;&nbsp;2.49% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;11% |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.06%. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

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

------

Mega Cap Value Index Fund

Notes to Financial Statements

Vanguard Mega Cap Value Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and Institutional 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.

**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 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.

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

Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities 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 gains (losses) on futures contracts.

During the year ended August 31, 2025, 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. 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.

The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.

During the year ended August 31, 2025, the fund's average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.

4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

------

Mega Cap Value Index Fund

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

6. 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 Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. 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.

7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which 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 either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the year ended August 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

8. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. 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), shareholder reporting, and proxy fees. 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 and 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 August 31, 2025, the fund had contributed to Vanguard capital in the amount of $247,000, representing less than 0.01% of the fund's net assets and 0.10% of Vanguard's capital received pursuant to the FSA. 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 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.**

------

Mega Cap Value Index Fund

The following table summarizes the market value of the fund's investments and derivatives as of August 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 10055968 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;10055968 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799 |
| Total | 10057767 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;10057767 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 20 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;20 |
| Swap Contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total | 20 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;20 |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

**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. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and
distributions in connection with fund share redemptions.

Permanent differences were reclassified between the following accounts:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;544436 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(544436) |

---

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. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36463 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;2300499 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(363161) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;1973801 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;193830 | &nbsp;&nbsp;&nbsp;&nbsp;177166 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;193830 | &nbsp;&nbsp;&nbsp;&nbsp;177166 |

---

\* Includes short-term capital gains, if any.

------

Mega Cap Value Index Fund

As of August 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;7757268 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;2649708 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(349209) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;2300499 |

---

**E.** During the year ended August 31, 2025, the fund purchased $751,904,000 of investment securities and sold $769,968,000 of investment securities, other than temporary cash investments. In addition, the fund purchased
and sold investment securities of $2,145,162,000 and $1,077,235,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended August 31, 2025, such purchases were $412,961,000 and sales were $272,923,000, resulting in net realized loss of $44,345,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;2153209 | &nbsp;&nbsp;&nbsp;16850 | &nbsp;&nbsp;1143712 | &nbsp;&nbsp;&nbsp;10050 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (1098193) | &nbsp;&nbsp;(8525) | &nbsp;&nbsp;&nbsp;(244764) | &nbsp;&nbsp;(2225) |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;1055016 | &nbsp;&nbsp;&nbsp;&nbsp;8325 | &nbsp;&nbsp;&nbsp;&nbsp;898948 | &nbsp;&nbsp;&nbsp;&nbsp;7825 |
| **Institutional Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(19395) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8774) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) |
| Net Increase (Decrease)—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;(17036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6303) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) |

---

**G.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

At August 31, 2025, one shareholder was the record or beneficial owner of 32% of the fund's net assets. If this shareholder were to redeem its investment in the fund, the redemption might result in an increase in the fund's expense ratio, cause the fund to incur higher transaction costs, or lead to the realization of taxable capital gains.

**H.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**I.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Vanguard World Fund and Shareholders of Vanguard Mega Cap Index Fund and Vanguard Mega Cap Value Index Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Vanguard Mega Cap Index Fund and Vanguard Mega Cap Value Index Fund (two of the funds constituting Vanguard World Fund, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations for the year ended August 31, 2025, the statements of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025 and each of the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' 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 Funds 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 August 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2025

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

------

Tax information (unaudited)

The following percentages, or if subsequently determined to be different, the maximum percentages allowable by law, of ordinary income (dividend income plus short-term gains, if any) for the fiscal year qualified for the dividends-received deduction for corporate shareholders.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Percentage |
| Mega Cap Index Fund | &nbsp;&nbsp;&nbsp;100.0% |
| Mega Cap Value Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;98.8 |

---

The following amounts, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as qualified dividend income for purposes of the maximum rate under section 1(h)(11)for calendar year 2024. Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;($000) |
| Mega Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;75219 |
| Mega Cap Value Index Fund | &nbsp;&nbsp;&nbsp;185307 |

---

The following amounts for the fiscal year, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as interest earned from obligations of the U.S. government which is generally exempt from state income tax.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;($000) |
| Mega Cap Index Fund | &nbsp;&nbsp;&nbsp;206 |
| Mega Cap Value Index Fund | &nbsp;&nbsp;&nbsp;177 |

---

Q8280 102025

------

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable. The Trustees' Fees and Expenses are included in the financial statements filed under Item 7 of this Form.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts.**

**Trustees Approve Advisory Arrangements – International Growth Fund**

The board of trustees of Vanguard International Growth Fund has renewed the fund's investment advisory arrangements with Baillie Gifford Overseas Ltd. (Baillie Gifford) and Schroder Investment Management North America Inc. (Schroder Inc.), as well as the sub-advisory agreement with Schroder Investment Management North America Ltd. (Schroder Ltd.). The board determined that renewing the fund's advisory arrangements was in the best interests of the fund and its shareholders.

The board based its decisions upon an evaluation of each advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard's Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Oversight and Manager Search team met regularly with the advisors and made presentations to the board during the fiscal year that directed the board's focus to relevant information and topics.

The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor's assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the board received periodic reports throughout the year, which included information about the fund's performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Oversight and Manager Search team's ongoing assessment of the advisors.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board's decisions.

**Nature, extent, and quality of services** 

The board reviewed the quality of the fund's investment management services over both the short and long term, and took into account the organizational depth and stability of each advisor. The board considered the following:

**Baillie Gifford.** Baillie Gifford—a unit of Baillie Gifford & Co., founded in 1908—is among the largest independently owned investment management firms in the United Kingdom. Baillie Gifford uses fundamental research to make long-term investments in companies that have above-average growth potential resulting from sustainable competitive advantages, special cultures and management, or competitive strength in underestimated technology shifts. Baillie Gifford believes that equities' asymmetrical return pattern means that alpha is generated by focusing on the upside and the potential to earn exponential returns rather than being overly concerned with avoiding losing investments. The advisor takes a bottom-up, stock-driven approach to sector and country allocation. Baillie Gifford has advised a portion of the fund since 2003.

**Schroder.** Schroders plc, the parent company of Schroder Inc. and Schroder Ltd. (collectively, Schroder), was founded in 1804 in London, England. Schroder specializes in global equity and fixed income management and seeks to invest in securities of international companies where it has identified a significant growth gap, which is defined as forward earnings growth that is not yet recognized by the market. Schroder believes that market inefficiencies often drive material differences between underlying company fundamentals and market estimates. The advisor also believes that in-depth fundamental research, incorporating a comprehensive macroeconomic viewpoint and a robust framework of fundamental risk analysis, is the most reliable means of finding those companies and identifying the growth gap. Schroder Inc. has advised the fund since its inception in 1981, and its affiliate Schroder Ltd. has advised the fund since 2003.

The board concluded that each advisor's experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangements.

**Investment performance** 

The board considered the short- and long-term performance of each advisor's subportfolio, including any periods of outperformance or underperformance compared with a relevant benchmark index and peer group. The board concluded that the performance was such that each advisory arrangement should continue.

**Cost** 

The board concluded that the fund's expense ratio was below the average expense ratio charged by funds in its peer group and that the fund's advisory fee rate was also below the peer-group average.

The board did not consider the profitability of Baillie Gifford or Schroder in determining whether to approve the advisory fees, because the firms are independent of Vanguard and the advisory fees are the result of arm's-length negotiations.

**The benefit of economies of scale** 

The board concluded that the fund's shareholders benefit from economies of scale because of breakpoints in the advisory fee schedules for Baillie Gifford and Schroder. The breakpoints reduce the effective rate of the fees as the fund's assets managed by each advisor increase.

The board will consider whether to renew the advisory arrangements again after a one-year period.

 **Trustees Approve Advisory Arrangements – U.S. Growth Fund**

The board of trustees of Vanguard U.S. Growth Fund has renewed the fund's investment advisory arrangements with Jennison Associates LLC (Jennison), Wellington Management Company LLP (Wellington Management), and Baillie Gifford Overseas Ltd. (Baillie Gifford). The board determined that renewing the fund's advisory arrangements with these advisors was in the best interests of the fund and its shareholders.

The board based its decisions upon an evaluation of each advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard's Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Oversight and Manager Search team met regularly with the advisors and made presentations to the board during the fiscal year that directed the board's focus to relevant information and topics.

The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor's assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the board received periodic reports throughout the year, which included information about the fund's performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Oversight and Manager Search team's ongoing assessment of the advisors.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board's decisions.

**Nature, extent, and quality of services** 

The board reviewed the quality of the fund's investment management services over both the short and long term, and took into account the organizational depth and stability of each advisor. The board considered the following:

**Jennison.** Jennison, founded in 1969, is an indirect, wholly owned subsidiary of Prudential Financial Inc. The firm currently oversees a wide range of equity and fixed income strategies. The Jennison team utilizes internal fundamental research to identify companies that exhibit above-average growth in units, revenues, earnings and/or cash flows. When analyzing a company for purchase or sale, Jennison focuses on the duration of a company's growth opportunity and seeks to capture inflection points in the company's growth trajectory. Jennison has managed a portion of the fund since 2014.

**Wellington Management.** Founded in 1928, Wellington Management is among the nation's oldest and most respected institutional investment managers. The advisor employs a fundamental research approach to identify companies with sustainable growth advantages and reasonable valuations. Wellington Management identifies companies that have demonstrated above-average growth in the past, followed by a thorough review of each company's business model and an assessment of its valuation. The goal of this review is to identify companies with high returns on capital, superior business management, and high-quality balance sheets. Wellington Management has managed a portion of the fund since 2010.

**Baillie Gifford.** Baillie Gifford—a unit of Baillie Gifford & Co., founded in 1908—is among the largest independently owned investment management firms in the United Kingdom. Baillie Gifford aims to deliver outstanding investment performance by identifying exceptional growth companies in the United States and investing in them long enough that the advantages of their business models and strength of their cultures become the dominant drivers of their stock prices. This long-term horizon allows the advisor to harness the asymmetry inherent in equity markets to capture the disproportionate impact of successful investments in the portfolio. Baillie Gifford has managed a portion of the fund since 2014.

The board concluded that each advisor's experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangements.

**Investment performance** 

The board considered the short- and long-term performance, as applicable, of each advisor's subportfolio, including any periods of outperformance or underperformance compared with a relevant benchmark index and peer group. The board concluded that the performance was such that each advisory arrangement should continue.

**Cost** 

The board concluded that the fund's expense ratio was below the average expense ratio charged by funds in its peer group and that the fund's advisory fee rate was also below the peer-group average.

The board did not consider the profitability of Jennison, Wellington Management, or Baillie Gifford in determining whether to approve the advisory fees, because the advisors are independent of Vanguard, and the advisory fees are the result of arm's-length negotiations.

**The benefit of economies of scale** 

The board concluded that the fund's shareholders benefit from economies of scale because of breakpoints in the advisory fee schedules for Jennison, Wellington Management, and Baillie Gifford. The breakpoints reduce the effective rate of the fees as the fund's assets managed by each advisor increase.

The board will consider whether to renew the advisory arrangements again after a one-year period.

**Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13: Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14**: **Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15**: **Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16**: **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Internal Control Over Financial Reporting. There were no changes in the Registrant's Internal Control Over Financial Reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17**: **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18: Recovery of Erroneously Awarded Compensation**

Not applicable.

**Item 19: Exhibits.**

[(a)(1)](tm2526775d1_ex99-codeeth.htm) [Code of Ethics filed herewith.](tm2526775d1_ex99-codeeth.htm)

[(a)(2)](tm2525835d7_ex99-cert.htm) [Certifications filed herewith.](tm2525835d7_ex99-cert.htm)

[(a)(2)](tm2525835d7_ex99-906cert.htm) [Certifications filed herewith.](tm2525835d7_ex99-906cert.htm)

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | VANGUARD WORLD FUND |
| BY: | /s/ SALIM RAMJI\* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SALIM RAMJI |
|  | CHIEF EXECUTIVE OFFICER |

---

Date: October 22, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
|  | VANGUARD WORLD FUND |
| BY: | /s/ SALIM RAMJI\* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SALIM RAMJI |
|  | CHIEF EXECUTIVE OFFICER |

---

Date: October 22, 2025

---

| | |
|:---|:---|
|  | VANGUARD WORLD FUND |
| BY: | /s/ CHRISTINE BUCHANAN\* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;CHRISTINE BUCHANAN |
|  | CHIEF FINANCIAL OFFICER |

---

Date: October 22, 2025

---

| | |
|:---|:---|
| \* By: | /s/ John E. Schadl |

---

John E. Schadl, pursuant to a [Power of Attorney](https://www.sec.gov/Archives/edgar/data/1532203/000168386325001428/f40903d9.htm) filed on February 28, 2025 (see File Number 333-177613), Incorporated by Reference.

## Ex-99.Code

**Exhibit 99.CODEETH**

---

| | |
|:---|:---|
| **Access Person Code of Conduct**<br> **Effective Date: 01 January 2024 \| Contact:** **The Code of Ethical Conduct Team**<br> **Return to the** **Corporate Policies Page** <br> ****<br> **Policy Coverage**<br>This policy applies to all crew members and contingent workers globally who have been designated as an "Access Person" and, in certain instances, to their Household or Family Members. A "contingent worker" is any person other than a crew member who provides services to, or on behalf of, Vanguard through staffing firms, consulting firms, service providers, or as independent contractors. | &nbsp;&nbsp; <br> **Related Items**<br>· **The Code of Ethical Conduct** <br> · **How to Voice Concerns at Vanguard** <br> · **My Compliance and Ethics Resource Center** <br> · **Training Resources & Job Aids** <br> · **Code of Ethical Conduct Policy** <br> · **Conflicts of Interest Policy** <br> · **Insider Trading Policy** <br> · **Outside Business Activity Policy** |

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*Access Persons* – Please note that the specific trading restrictions and reporting requirements vary depending on your Access Person designation, meaning <u>Advisor</u> Access Person, <u>Fund</u> Access Person, or <u>Investment</u> Access Person. Regardless of your designation, the Compliance Department has the authority to apply to you, with appropriate notice, any of the trading restrictions within this policy.

*Household or Family Members* – Certain aspects of this policy apply to you and your Household or Family Members. This is required by law and regulation in many jurisdictions, and is consistent with industry best practices, to ensure effective monitoring and to protect against conflicts of interest or related issues. See the *Defined Terms* section for the definition of Household or Family Member in your region.

*Note:* If your Household or Family Member(s) also works at Vanguard, they are subject to the same personal trading rules that apply to you, even if they are not designated as an Access Person. If they are also an Access Person, each of you is subject to the most restrictive designation held by you or your Household or Family Member(s).

Your designation may change – your Access Person designation may change as a result of changes in your role or department, or if the Compliance Department determines that a change in designation is necessary.

&nbsp;&nbsp;&nbsp;&nbsp; <br> ***Additional Requirements for Associated Persons:***<br>U.S. crew members and contingent workers who are deemed to be Associated Persons under the FINRA Licensing Policy have certain obligations under this policy and have additional investment-related obligations under the FINRA Licensing Policy and the Securities Account Reporting Obligations for Associated Persons.<br>

**Policy Overview**

Some crew members and contingent workers at Vanguard, by virtue of their role or department, are designated as an Access Person (i.e., an Advisor Access Person, Fund Access Person, or Investment Access Person) because they or their department are authorized to have knowledge of non-public information regarding the Vanguard Funds and/or sensitive market or client activity. As a result, Access Persons are subject to additional reporting requirements, stricter personal investment rules, and greater oversight. These standards and rules, as set forth in in this policy (the Access

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Person Code of Conduct (APCC)<sup>1</sup>), have been adopted to ensure compliance with applicable laws and regulations and to avoid conflicts of interest or the appearance of conflicts of interest. In particular, this policy aims to prevent conflicts of interest that could arise between the securities trading that Vanguard conducts on behalf of the Vanguard Funds or its clients and the personal securities trading by crew, contingent workers, and their Household or Family Members. Be sure you are familiar with other Vanguard policies that govern ethical conduct and personal investment activities, including those listed at the top of this policy.

**Policy Requirements**

**Vanguard recognizes the importance to crew and contingent workers of being able to manage and develop their own financial resources through *<u>long-term</u>* investments and strategies. With that in mind, the rules in this policy are intended to ensure that trading on behalf of Vanguard Funds and clients are given priority over trading in personal accounts, and that trades in personal accounts do not adversely affect trades for Vanguard's funds or clients. Similarly, you must comply with applicable securities laws and must avoid taking personal advantage of your knowledge of securities activity in Vanguard Funds or client accounts.**

This policy includes specific restrictions on personal investing but cannot anticipate every fact pattern or situation. You should adhere to the spirit, and not just the letter, of this policy.

To the extent possible, Compliance will treat all records related to trading in personal accounts as confidential. Information will be accessible within the Compliance Department and may be reported to senior management or HR. Records may also need to be made available to Internal Audit and/or any regulator. All non-U.S. crew members and contingent workers are required to sign a data consent/data privacy notice.

The Compliance Department reserves the right to monitor all investment or trading activity by you and your Household or Family Members based on any information or system to which it has access.

&nbsp;&nbsp;&nbsp;&nbsp; <br> ***Note for Crew Members in China:*** <br>Because you may not have access to MCO, different systems and procedures are in place for you to disclose accounts and holdings. Please consult with your manager or the China Compliance Department to learn more. <br>

**Brokerage Firms You May Use** 

The terms in this section apply to all Access Persons.

The brokerage firms you may use to hold and transact Reportable Securities depend on whether you are a crew member or contingent worker, in addition to where you work. See the definition of Reportable Security in the *Defined Terms* section.

<sup>1</sup> The APCC constitutes the code of ethics that the Vanguard funds have adopted in compliance with U.S. SEC Rules 17j-1 and 204A-1.The APCC is a policy that has been created and approved, and is governed, similar to other policies at Vanguard. As used herein, references to "this policy" mean the APCC.

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|:---|:---|
| &nbsp;&nbsp;**All U.S. Crew and their Household or Family Members** **(see parts (a) and (b) of the definition in the defined terms section)** | &nbsp;&nbsp; Must hold and trade all Reportable Securities in a Vanguard Brokerage Account (VBA), but may hold other investments at the firm(s) of their choice<br>Must initiate transfer of all Reportable Securities to a VBA within 60 days of hire<br>***Exceptions:*** Employer-sponsored plans, Approved Managed Accounts, 529 college savings plans and ABLE plans may be held at other firms; However, if these, or any other accounts can hold Vanguard Funds or Reportable Securities, they must be reported in the "Accounts" tab of MyComplianceOffice (MCO) |

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|:---|:---|
| &nbsp;&nbsp;**Non-U.S. Crew and their Household or Family Members** | &nbsp;&nbsp;May hold and trade all Securities and investments at the firm(s) of their choice |

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|:---|:---|
| &nbsp;&nbsp;**Contingent Workers** | &nbsp;&nbsp;May hold and trade all Securities and investments at the firm(s) of their choice |

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**Disclosure Obligations** 

The terms in this section apply to all Access Persons.

Access Persons must disclose accounts and holdings information to the Compliance Department via an initial disclosure and periodic ongoing disclosures. All issued assignments must be completed even if you do not have any brokerage accounts or trade Reportable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** <u>Initial Disclosure of Accounts and Holdings</u> 

Within ten (10) calendar days of being designated an Access Person, all Access Persons must disclose the following to the Compliance Department via the New Access Persons Holdings Report assignment through MyComplianceOffice, or MCO:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All Covered Accounts and Reportable Securities held by
you or a Household or Family Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All Covered Accounts in which you exercise Investment Discretion
or over which you exercise control (e.g., agent authority (full or limited), trustee, power of attorney authority, etc.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All accounts in which you have, or will acquire, Beneficial
Ownership of Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All accounts held by you and any Household or Family Member
in which there are college saving plan products, annuity products, or other investment or insurance products that, in turn, hold or invest
in Vanguard Funds. These can include 529 plans, Achieving a Better Life Experience (ABLE) plans, employer sponsored retirement plans (e.g.,
401(k) and 403(b) plans), and Health Savings Accounts invested in Vanguard Funds or products.

This includes accounts held at Vanguard and other financial institutions. You do not need to disclose an account or submit transaction confirmations or statements if the account does not have the ability

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to hold Securities (e.g., a traditional checking, savings, or deposit account with a bank, credit union, or building society for holding cash).

This information must be current as of no more than 45 calendar days before joining Vanguard or being designated as an Access Person. *Failure to complete and submit the New Access Persons Holdings Report within ten (10) calendar days of receiving it may be considered a violation of this policy.*

&nbsp;&nbsp;&nbsp;&nbsp; <br> ***Quick Tip:*** <br>For a summary of the disclosure and transfer requirements, please review the FAQs prepared by the Compliance Department. The MCO Overview provides information on how to access and use MCO. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** <u>Ongoing Disclosure of Accounts, Transactions, and Duplicate Statements</u> 

After the Initial Disclosure, Access Persons may need to periodically disclose account and transaction information for themselves and their Household or Family Members to the Compliance Department.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Required Ongoing Disclosures** | &nbsp;&nbsp;**Required Ongoing Disclosures** |
| &nbsp;&nbsp;<br>If at any time, an Access Person, or their Household or Family Member: | &nbsp;&nbsp;<br>If at any time, an Access Person, or their Household or Family Member: |
| &nbsp;&nbsp;Opens, or intends to open, a Covered Account with any financial institution, including Vanguard | &nbsp;&nbsp;The Covered Accounts and Reportable Securities must be disclosed on the "Accounts" tab in MCO within ten (10) calendar days. You must also upload an account statement to the "Trading Documents" tab in MCO. |
| &nbsp;&nbsp;<br>Acquires holdings in Reportable Securities or Beneficial Ownership of Securities<br>| &nbsp;&nbsp;The Covered Accounts and Reportable Securities must be disclosed on the "Accounts" tab in MCO within ten (10) calendar days. You must also upload an account statement to the "Trading Documents" tab in MCO. |
| &nbsp;&nbsp;Becomes associated with a Covered Account (including a VBA) via marriage, inheritance, or other life events | &nbsp;&nbsp;The Covered Accounts and Reportable Securities must be disclosed on the "Accounts" tab in MCO within ten (10) calendar days. You must also upload an account statement to the "Trading Documents" tab in MCO. |

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**Account Monitoring** 

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| &nbsp;&nbsp;**Vanguard Brokerage Accounts (VBAs)** |
| &nbsp;&nbsp; Compliance will receive transaction confirmations automatically for VBAs associated with U.S. crew members and contingent workers, and their Household or Family Members, but only after the VBAs are properly disclosed in MCO. No additional action is needed.<br>|

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|:---|
| &nbsp;&nbsp;**External Covered Accounts** |
| &nbsp;&nbsp;Many brokerage firms have data feeds available that allow Compliance to receive transaction confirmations electronically and automatically. If a data feed is available, no additional action is needed. If a data feed is not available, statements or transaction confirmations must be provided to Compliance through a quarterly assignment in MCO, or Compliance must be added as an interested party on the account to receive duplicate statements. For details on these processes, see *Appendix B*. |

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&nbsp;&nbsp;&nbsp;&nbsp; <br> ***Note for Crew Members and Contingent Workers in Australia:*** <br>You are required to disclose all transactions in VIA funds in MCO in the same manner as is required for Reportable Securities.<br>

**Investment and Trading Requirements**

The terms in this section apply to all Access Persons.

**General Obligations**

&nbsp;&nbsp;&nbsp;&nbsp;· Comply with the law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
must comply with all applicable securities-related rules and laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
may not engage in conduct that is deceitful, fraudulent, or manipulative, or that involves false or misleading statements, in connection
with the purchase or sale of a Security by a Vanguard Fund or Vanguard Client account, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
may not intentionally, recklessly, or negligently circulate false information or rumors that may affect the securities markets or may
be perceived as market manipulation.

&nbsp;&nbsp;&nbsp;&nbsp;· Use of Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
may not take personal advantage of knowledge of recent, impending, or planned Securities activities of the Vanguard Funds or their investment
advisors or any Vanguard Client. You are prohibited from purchasing or selling - directly or indirectly - any Security or Related Security
when you know that the Security is being purchased or sold, or considered for purchase or sale, by a Vanguard Fund (with the exception
of an index fund) or by a Vanguard Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
 are subject to and must comply with the Insider Trading
 Policy and/or any similar policy of the Vanguard affiliate or region for which you
 work. Each of these policies is considered an integral part of your obligations under this
 policy. Each policy prohibits you from buying or selling any Security while in possession
 of Material, Nonpublic Information about the issuer of the Security. The policies also prohibit
 you from communicating any nonpublic information about any Security or issuer of Securities
 to third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
 must comply with the Confidential Information Policy ,
 including that you may not share information with any third party about any planned, upcoming,
 or recently executed trading activity by any Vanguard Fund or Vanguard Client unless such
 information is publicly available through no action by you.

&nbsp;&nbsp;&nbsp;&nbsp;· Fund policies and excessive trading:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o When
purchasing, exchanging, or redeeming shares of a Vanguard Fund, you must adhere to the policies and standards set forth in the fund's
prospectus, or offering document, including policies on market-timing and frequent trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Excessive trading in Covered Accounts is strongly discouraged.
The Compliance Department reserves the right to monitor trading across all of your Covered Accounts, and may conduct scrutiny of any trades
in your Covered Accounts where such trading may appear excessive in nature (including, but not limited to, if the number of trades is
so frequent as to potentially impact your ability to carry out your assigned responsibilities

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or the trades involve positions that are disproportionate to your net assets). If Compliance in its sole discretion determines you have engaged in excessive trading, then Compliance may limit the number of trades allowed in your Covered Accounts during a given period. This section does not apply to transactions in an Approved Managed Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Beneficial
ownership and discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The terms and restrictions of this policy apply to all
Securities in which you have acquired or will acquire Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You must comply with these investment and trading restrictions
with respect to any account you own as well as any account over which you exercise Investment Discretion or exercise control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· No
circumvention:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You are not permitted to assist, aid, or enable any other person in doing anything that you are
prohibited from doing under this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Exceptions
and waivers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o In rare cases, the Chief Compliance Officer may grant exceptions
to this policy, including pre-clearance, other trading restrictions, and certain reporting requirements on a case-by-case basis if it
is determined that (1) the proposed conduct involves no opportunity for abuse, (2) the proposed conduct does not conflict with Vanguard's
interests, and (3) not granting an exception would result in an unfair or unjust outcome. See below for more details on exceptions *.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The Chief Compliance Officer may waive the applicability
of this policy for a contingent worker if the policy's requirements are covered through the applicable service provider's
contract with Vanguard.

**Rules regarding specific investments or investment types:**

&nbsp;&nbsp;&nbsp;&nbsp;· Use of derivatives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You and your Household or Family Members may not use a
derivative to avoid or circumvent a rule or requirement set forth in this policy. If something is prohibited by these rules, then it is
also against these rules to effectively accomplish the same thing by using a derivative. This includes futures, options, and other types
of derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You and your Household or Family Members are permitted
to trade futures or options on commodities.

&nbsp;&nbsp;&nbsp;&nbsp;· IPOs and ICOs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
and your Household or Family Members are prohibited from acquiring Securities in an Initial Public Offering (IPO) or Secondary Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
and your Household or Family Members are prohibited from participating in an Initial Coin Offering (ICO).

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&nbsp;&nbsp;&nbsp;&nbsp;· Private Placements – You and your Household or Family
Members are not permitted to invest in securities offered to potential investors in a Private Placement or other limited investment offering
without first obtaining pre-clearance from Compliance via the Outside Business Activity request form (the form for U.S. crew is in LARS,
and for ex-U.S. crew is in MCO). If you or your Household or Family Members receive approval to purchase Securities in a Private
Placement, you must immediately inform Compliance if that Security goes to public offer or is pending listing on an exchange.

&nbsp;&nbsp;&nbsp;&nbsp;· SPACs – You and your Household or Family Members
are prohibited from acquiring a SPAC at any stage of its lifecycle (i.e., pre-IPO, IPO, pre-merger, post-merger).

&nbsp;&nbsp;&nbsp;&nbsp;· Short-Selling – You are prohibited from selling short
any Security that you do not own or from otherwise engaging in short-selling activities.

&nbsp;&nbsp;&nbsp;&nbsp;· Digital
 Currencies and Related Investments – Refer to the Trading
 and Reporting Requirements for Digital Currency Investments and Activities for details
 on which digital currency account and product types are permitted, and what must be disclosed,
 under this policy.

**Trade Pre-clearance** 

Fund Access Persons and Investment Access Persons must pre-clear all Covered Securities transactions made by themselves and their Household or Family Members. Investment Access Persons must also obtain pre-clearance for purchases in excess of, and sales in excess of, US$50,000 in an individual Vanguard ETF over a rolling 30-day period, including those made by their Household or Family Members. Failure to obtain pre-clearance for a single transaction or a series of transactions that exceed US$50,000 over a rolling 30-day period in an individual Vanguard ETF is a violation of this policy. Please note that the US$50,000 limit applies across all accounts owned by you and your Household or Family Members (it is not US$50,000 per account).

*Note:* In some instances, you must pre-clear trades in accounts managed by Vanguard. See the pre-clearance exceptions below for more details.

**Obtaining Pre-clearance** 

Pre-clearance approval must be obtained via the "Personal Trade Pre-Clearance" path in MCO, and requests are typically approved or denied immediately. For those Access Persons in the U.S., the pre-clearance system is available between 8:00 AM and 4:00 PM (ET) Monday through Friday. However, requests should be submitted by 3:30 PM (ET) to ensure same day approval. Completing a trade before receiving approval or after the approval window expires is a violation of this policy. Attempting to obtain approval after the transaction has occurred is not permitted.

**Pre-clearance Expiration**

*In the U.S.:* Pre-clearance approval will expire at the end of the trading day on which it is issued. If you wish to trade after the approval window closes, you must obtain a new approval on the day you wish to trade. Pre-clearance for same-day limit orders is permitted. Good-til-cancelled (GTC) limit orders are prohibited.

*Outside the U.S.:* Pre-clearance approval will expire at the end of the trading day on the next business day after the approval is received. If you wish to trade after the approval window

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closes, you must obtain a new approval. Pre-clearance for limit orders is permitted, but the order must be executed, or expire, by the end of the trading day on the next business day.

**Pre-clearance Exceptions** 

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales of Vanguard Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Note:* Investment Access Persons must pre-clear Vanguard
ETF trades as described above.

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales where the person requesting pre-clearance
has no direct or indirect influence or control over the account in which the trades will be made (e.g., you have a trust in your name
but you are not the trustee who places the transaction, provided you have granted Investment Discretion to the trustee and there has been
no prior communication between you and the trustee regarding the transaction)

&nbsp;&nbsp;&nbsp;&nbsp;· Corporate actions in Covered Securities such as stock dividends,
stock splits, mergers, consolidations, spin-offs, or other similar corporate reorganizations or distributions

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales made as a part of an Automatic Investment
Program or Dividend Reinvestment Program

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases effected upon the exercise of Rights which were
issued pro rata to all holders of a class of its Securities, to the extent such Rights were acquired from such issuer

&nbsp;&nbsp;&nbsp;&nbsp;· Acquisitions of Covered Securities through gifts or bequests

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales in an Approved Managed Account, provided
there is no prior communication with the account's portfolio manager regarding the transactions

**Vanguard Digital Advisor and Personal Advisor accounts:** These accounts qualify as Approved Managed Accounts once enrolled in these programs. Trades of Covered Securities (and for Investment Access Persons, Vanguard ETFs as described in the Trade Pre-Clearance section) required to be made prior to enrollment, via the self-directed trade path, are subject to pre-clearance and short-term trading restrictions. In these instances, you (and not a Vanguard Advisor) are responsible for obtaining the pre-clearance. To clarify, if a Vanguard Advisor informs you that you need to trade a Covered Security (or directs you to trade a Covered Security) in these accounts in order to enroll, you are still required to obtain pre-clearance.

However, pre-clearance is not required for trades executed by Digital Advisor or Personal Advisor as the result of enrolling in either program, nor is it required for trades executed by these programs after enrollment is complete.

**Vanguard Personal Advisor Select and Vanguard Wealth Management accounts:** Accounts enrolled in these programs are not considered Approved Managed Accounts. Trades of Covered Securities (and for Investment Access Persons, Vanguard ETFs as described in the Trade Pre-Clearance section) are subject to pre-clearance and all other trading rules that apply if directed by you. You (and not a Vanguard Advisor) are responsible for obtaining all necessary pre-clearances. Automatic rebalancing and automatic tax-loss harvesting transactions are not subject to the pre-clearance requirement.

Trading violations made in any account managed through these programs (Digital Advisor, Personal Advisor, Personal Advisor Select, or Vanguard Wealth Management) will be investigated by the Compliance Department on a case-by-case basis. The findings of such an investigation will determine whether the Access Person or the Advisor will receive the violation.

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**Blackout Periods**

Fund Access Persons and Investment Access Persons generally will not receive pre-clearance approval to trade a Covered Security if the same, or a Related Security, was traded in a Vanguard Fund in the prior seven calendar days.

If you purchase a Covered Security without pre-clearance, you will have violated this policy and may be required to immediately sell the Covered Security and relinquish all profits received from the sale to Vanguard (exclusive of commissions). If you sell a Covered Security without pre-clearance, you will have violated this policy and must relinquish to Vanguard the difference (exclusive of commissions) between the sale price you received and the sale price received by the Vanguard Fund (if your sale price is higher), multiplied by the number of shares you sold.

If an Investment Access Person sells a Covered Security within seven days before a Vanguard Fund sells the same Covered Security, or a Related Security, they may be required to relinquish to Vanguard any profits earned from their sale of the Covered Security (exclusive of commissions), where profits are calculated based on the difference between the sale price they received and the sale price received by the Vanguard Fund (if their sale price is higher), multiplied by the number of shares they sold.

In addition to these restrictions, local law may dictate the extent to which any gains must be relinquished.

Compliance may exempt certain trades from these restrictions during blackout periods that coincide with trading by certain Vanguard Funds (e.g., index funds).

**Exception to Blackout Periods**

Notwithstanding the blackout period restrictions, Fund Access Persons may buy up to US$50,000 (or local currency equivalent), as well as sell up to US$50,000 worth of a Stock, in any rolling 30-day period, if the issuer has a market capitalization that exceeds US$5 billion. Pre-clearance is still required for all Covered Securities trades regardless of whether they meet this exception. Additionally, please note that the US$50,000 limit applies across all accounts owned by you and your Household or Family Members (it is not US$50,000 per account).

If a Fund Access Person's purchases exceed the US$50,000 limit, they will have violated this policy and will be required to sell the amount by which they exceeded the limit, and relinquish all profits received from the sale to Vanguard (exclusive of commissions). If a Fund Access Person's sales exceed the US$50,000 limit, they will have violated this policy must relinquish to Vanguard the difference (exclusive of commissions) between the sale price they received and the sale price received by the Vanguard Fund (if their sale price is higher), multiplied by the number of shares sold in excess of the limit.

Trades of Securities of issuers with market capitalizations below US$5 billion, or that exceed US$50,000 in any 30-day rolling period, will continue to be subject to the blackout periods unless the Compliance Department grants an exception.

**Short-Term Trading**

You are prohibited from purchasing and then selling a Covered Security at a profit, as well as selling and then repurchasing a Covered Security at a lower price, within 30 calendar days. Please note, day one is the first calendar day after the trade date (for example, if your trade date is Friday, then day one is Saturday). This prohibition also applies to all Vanguard ETF trades made by Investment Access Persons. A last-in/first-out accounting methodology will be applied to a series of Security purchases, regardless of how you placed the trades or plan to report them for tax purposes. For example, if you purchased a security for $10, you may not sell the same security for more than $10 within 30

Page 9 of 19

calendar days. Similarly, if you sold a security for $10, you may not repurchase the same security for below $10 within 30 calendar days. Profits on such trades must be relinquished to Vanguard (exclusive of commissions). In addition, the transaction will be considered a violation of this policy.

The rule applies across all accounts owned by you and your Household or Family Members. For example, if you purchase a stock in your account and the same stock is sold in an account beneficially owned by your spouse or domestic partner within 30 calendar days at a price higher than your purchase price, you will be in violation of this policy and must relinquish profits received from the sale to Vanguard (exclusive of commissions).

**Options Trading (Advisor Access Persons Only)**

You may hold options on a Covered Security until you exercise the options, or the options expire. However, you may not otherwise close any open options positions for a profit within 30 calendar days. Realizing profits on short-term trades of options will be considered violations of this policy, and you must relinquish such profits to Vanguard (exclusive of commissions). This includes short-term trades that are the result of options that are assigned or are exercised automatically, without any action on your part. For example:

&nbsp;&nbsp;&nbsp;&nbsp;· If a call option is assigned within 30 calendar days of
your purchase of the underlying Security itself, and the underlying Security is called away at price higher than you purchase price, the
call assignment would be considered a violation of this policy. You will be required to relinquish profits from the assignment to Vanguard
(exclusive of commissions). For example, if a Security is called away at $12 after you purchase the Security itself for $10 in the prior
30 calendar days, you will have violated this policy and will be required to relinquish profits.

&nbsp;&nbsp;&nbsp;&nbsp;· If your position auto exercises upon expiration, and you
earn a profit within 30 calendar days of opening the position, you will be in violation of this policy and will be required to relinquish
profits from the exercise to Vanguard (exclusive of commissions).

**Exceptions** 

The Chief Compliance Officer or their designee retains the discretion to interpret and grant exceptions to this policy and to decide how the rules apply to any given situation for the purposes of protecting the funds and being consistent with the general principles of this policy and the Code of Ethical Conduct.

Understandably, you may encounter personal situations in which you believe an exception to this policy is necessary. Exceptions may be warranted if:

&nbsp;&nbsp;&nbsp;&nbsp;· You face a financial hardship that can be met by liquidating
assets that are subject to this policy's rule (e.g., medical expense, home purchase, life event, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;· You would like to liquidate company stock held in a former
employer's stock plan, or exercise options held in a former employer's stock option plan.

&nbsp;&nbsp;&nbsp;&nbsp;· Your Household or Family Member(s) would like to sell stock
or exercise options in their current or former employer's stock plan or stock option plan.

&nbsp;&nbsp;&nbsp;&nbsp;· You, or your Household or Family Members, would like to
liquidate Covered Securities received as part of a gift, bequest, or inheritance. These exceptions will be granted once for all Covered
Securities received in a single gift, bequest, or inheritance.

&nbsp;&nbsp;&nbsp;&nbsp;· You receive three pre-clearance denials for the same security
within a rolling 60 calendar day period, provided that your second and third requests are submitted on or after the next available pre-clearance
date specified by MCO.

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If you believe you should be afforded an exception to this policy's rules, you must obtain prior written approval by submitting a request through the Hardship Waiver Request Form. Compliance will consider your request and notify you of the outcome.

**Policy Compliance** 

Questions regarding this policy may be submitted to the policy contact for your region.

Please be aware of and comply with any supplemental policies that may apply to your role, department, or geographic region. Check with your manager for more information.

If you believe you may have breached this policy, you should immediately report it to your manager, notify the policy contact for your region, and work with them to take corrective action. Alternatively, you may report concerns regarding this policy via the Anonymous Reporting channel that Vanguard has arranged for your region. You are expected to cooperate with any research or investigation into conduct regarding this policy.

The Compliance Department is the owner of this policy. Any violations or potential violations of this policy may be investigated by the Compliance Department, and if it is determined that there has been a violation, you may be subject to penalties and sanctions as described in the Disciplinary Action Policy and, for crew and contingent workers in Australia, the Managing Misconduct Policy. Any violation of this policy may result in disciplinary action up to and including termination of employment.

Refer to the Policy Disclaimer Statement for more information.

Page 11 of 19

**Defined Terms** 

The following definitions apply throughout this policy:

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| | |
|:---|:---|
| Access Person | &nbsp;&nbsp;Any person designated as an Investment Access Person, Fund Access Person, or Advisor Access Person. |
| Approved Managed Account | &nbsp;&nbsp;An investment account where (i) the account is owned by an investor and overseen by a hired professional money manager, (ii) the investor has no trading discretion on the account, and (iii) Compliance has approved it as an Approved Managed Account. |
| Associated Person | &nbsp;&nbsp;Any person who conducts securities business on behalf of Vanguard Marketing Corporation (VMC). This includes all FINRA-licensed contingent workers, as well as non-licensed contingent workers who perform certain operational and administrative functions for VMC. |
| Automatic Investment Program | &nbsp;&nbsp;A program in which regular periodic purchases (or withdrawals) are made automatically in (or from) Investment accounts, according to a predetermined schedule and allocation. An Automatic Investment Program includes a dividend reinvestment plan. |
| Bankers' Acceptance | &nbsp;&nbsp;A time draft drawn on a commercial bank by a borrower usually in connection with an international commercial transaction. Bankers' Acceptances are usually guaranteed by the bank. |
| Beneficial Ownership | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The opportunity to directly or indirectly—through any contract, arrangement, understanding, relationship, or otherwise—share at any time in any economic interest or profit derived from an ownership of or a transaction in a Security. For clarity, what you are deemed to have Beneficial Ownership of includes the following:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Security owned individually by you.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Security owned by a Household or Family Member.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Security owned in joint tenancy, as tenants in common, or in other joint ownership arrangements.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Security in which a Household or Family Member has Beneficial Ownership if the Security is held in a Covered Account over which you have decision making authority (for example, you act as a trustee, executor, or guardian or you provide Investment advice).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Your interest as a general partner or manager/member in Securities held by a general or limited partnership or limited liability company.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Your interest as a member of an Investment club or an organization that is formed for the purpose of investing in a pool of monies or Securities.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Your ownership of Securities as a trustee of a trust in which either you or a Household or Family Member has a vested interest in the principal or income of the trust or your ownership of a vested interest in a trust.<br>|

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Page 12 of 19

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| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Securities owned by a corporation which is directly or indirectly controlled by, or under common control with, such person. |
| Bond | &nbsp;&nbsp;A debt obligation issued by a corporation, government, or government agency that entails repayment of the principal amount of the obligation at a future date, usually with interest. |
| Certificate | &nbsp;&nbsp;In Germany, a right or obligation issued by a bank where the payout profile or benefit of ownership depends upon or is tied to the performance of an agreed-upon underlying asset or security. |
| Certificate of Deposit (CD) | &nbsp;&nbsp;An insured, interest-bearing deposit at a bank that requires the depositor to keep the money invested for a specified period. |
| Commercial Paper | &nbsp;&nbsp;A promissory note issued by a large company in need of short-term financing. |
| Covered Account | &nbsp;&nbsp;Any Vanguard Fund account, any brokerage account, and any other type of account that holds, or is capable of holding, Reportable Securities. |
| Covered Security | &nbsp;&nbsp; Any Security (including through an IPO), but <u>not</u> including any:<br>&nbsp;&nbsp;&nbsp;&nbsp;· Direct Obligations of a Government (excluding municipal bonds); <br> &nbsp;&nbsp;&nbsp;&nbsp;· Bankers' Acceptances, Certificates of Deposit (CD), Commercial Paper, and High-Quality Short-Term Debt Instruments, including Repurchase Agreements; <br> &nbsp;&nbsp;&nbsp;&nbsp;· Shares issued by Open-End Funds (although for European subsidiaries, this is limited to UCITS schemes, a non-UCITS retail scheme, or another fund subject to supervision under the law of an European Economic Area (EEA) state which is an index fund or which requires an equivalent level of risk spreading in their assets);<br> &nbsp;&nbsp;&nbsp;&nbsp;· Life policies; <br> &nbsp;&nbsp;&nbsp;&nbsp;· ETFs;<br> &nbsp;&nbsp;&nbsp;&nbsp;· ETNs; or<br> &nbsp;&nbsp;&nbsp;&nbsp;· Digital Currencies. |
| Debenture | &nbsp;&nbsp;An unsecured debt obligation backed only by the general credit of the borrower. |
| Digital Currency | &nbsp;&nbsp;A digital asset that: (1) serves solely as a store of value, a medium of exchange, or a unit of account; (2) is not issued or guaranteed by any jurisdiction, central bank, or public authority; (3) relies on algorithmic techniques to regulate the generation of new units of the digital asset; and (4) has transactions involving the digital asset recorded on a decentralized network or distributed ledger (e.g., blockchain). Common examples of a Digital Currency are Bitcoin and Ether. A Digital Currency is distinguishable from a Digital Security Token or a Digital Utility Token. |
| Digital Security Token | &nbsp;&nbsp; Any digital asset that is not a Digital Currency or Digital Utility Token. In general, a Digital Security Token may: (1) derive its value primarily from, or represent an interest in, a separate asset or pool of assets; or (2) represent an interest in an enterprise or venture. A Digital Security Token may provide owners or holders with voting rights, rights to distributions, or other rights associated with ownership. Digital Security Tokens are generally held for speculative investment purposes and not to provide holders with access to a particular network, product, or service. Digital Security Tokens, like other investments, are generally not used as a medium of exchange.<br>Note, whether or not an asset is a Digital Security Token depends on specific facts and circumstances. Merely referring to an asset as a Digital |

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Page 13 of 19

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| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp; Currency or Digital Utility Token does not prevent the asset from being a Digital Security Token. Furthermore, an asset may be a Digital Security Token even if it has some purported utility. Please contact Compliance if you have any questions regarding whether an asset is a Digital Security Token. |
| Digital Utility Token | &nbsp;&nbsp;A digital asset that (1) provides access to a particular network, product, or service; (2) derives its value primarily from providing access to a particular network, product, or service; and (3) does not function as a Digital Currency or Digital Security Token. |
| Direct Obligation of a Government | &nbsp;&nbsp;A debt that is backed by the full taxing power of any government. These Securities are generally considered to be of the very highest quality. |
| ETF or Exchange-Traded Fund | &nbsp;&nbsp;An investment with characteristics of both mutual funds and individual stocks. Many ETFs track an index, a commodity, or a basket of assets. Unlike mutual funds, ETFs can be traded throughout the day. ETFs often have lower expense ratios but must be purchased and sold through a broker, which means you may incur commissions. |
| ETN or Exchange-Traded Note | &nbsp;&nbsp;A senior, unsecured, unsubordinated debt Security issued by a financial institution, whose returns are based on the performance of an underlying index and backed only by the credit of the issuer. ETNs have a maturity date, but typically pay no periodic coupon interest and offer no principal protection. At maturity an ETN investor receives a cash payment linked to the performance of the corresponding index, less fees. |
| Futures / Futures Contract | &nbsp;&nbsp;A contract to buy or sell specific amounts of a commodity or financial instrument (such as grain, a currency, including foreign currencies and Digital Currencies (e.g., Bitcoin), a Digital Security Token, or an index) for an agreed-upon price at a certain time in the future. Sometimes the arrangements in a contract prescribe that settlements are made through cash payments, rather than the delivery of physical goods or Securities; this is called Contract for Difference. |
| High-Quality Short-Term Debt Instrument | &nbsp;&nbsp;An instrument that has a maturity at issuance of less than 366 days and is rated in one of the two highest ratings categories by a nationally recognized statistical rating organization, or an instrument that is unrated but determined by Vanguard to be of comparable quality. |
| Household or Family Member (U.S., Australia, Canada, China, Hong Kong, and Mexico) | &nbsp;&nbsp; For the U.S., Australia, Canada, China, Hong Kong, and Mexico regions, the term "Household or Family Member" includes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Your spouse or domestic partner (an unrelated adult with whom you share your home and contribute to each other's support);<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any child of yours or of your spouse or domestic partner, provided that the child resides in the same household as or is financially dependent upon you; or<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any other individual over whose accounts you have control (e.g., agent authority (full or limited), trustee, power of attorney authority) and to whose financial support you materially contribute.<br>For purposes of parts (a) and (b) of this definition, those persons may not be deemed Household or Family Members under this policy if you demonstrate, to the satisfaction of the Compliance Department, that you derive no economic benefit from, and exercise no control over, that person's accounts. |
| Household or Family Member (Europe) | &nbsp;&nbsp;For Europe crew members, the term "Household or Family Member" includes your spouse, domestic partner (an unrelated adult with whom you share your home and contribute to each other's support), and minor |

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Page 14 of 19

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| | |
|:---|:---|
| | &nbsp;&nbsp;children, as well as relatives whether by blood, adoption, or marriage (e.g., children, grandchildren, siblings, parents, parents-in-law, stepchildren) residing in the same household for at least one year prior to the date of the personal transaction. |
| Initial Coin Offering (ICO) | &nbsp;&nbsp;An initial offer or sale of Digital Currencies or Digital Security Tokens. Note, whether or not an offering is an ICO depends on specific facts and circumstances. Please contact Compliance before participating in an initial offering of a Digital Currency, Digital Security Token, or Digital Utility Token |
| Initial Public Offering (IPO) | &nbsp;&nbsp;A corporation's first offering of common stock to the public. |
| Investment Contract | &nbsp;&nbsp;Any contract, transaction, or scheme whereby a person invests money in a common enterprise and is led to expect profits solely from the efforts of the promoter or third party. |
| Investment Discretion | &nbsp;&nbsp;The authority an individual may exercise, with respect to investment control or trading discretion, on another person's account (e.g., executor, trustee, power of attorney). |
| Material, Nonpublic Information | &nbsp;&nbsp;Information about an issuer, or the equity or debt securities of an issuer, should be considered "material" if there is a substantial likelihood that a reasonable investor would consider the information important in making an investment decision, or disclosure of the information would be likely to cause a significant change in the price of the securities. Information is "nonpublic" if it is not generally available to investors. Information is clearly public if it appears in a press release, SEC or other public regulatory filing, or in a newspaper, magazine, wire report, newsletter, or other publication of general circulation (written or electronic). |
| Non-Access Person | &nbsp;&nbsp;Any person in a role that has not been designated as an Access Person role. |
| Note | &nbsp;&nbsp;A financial security that generally has a longer term than a bill, but a shorter term than a Bond. However, the duration of a note can vary significantly and may not always fall neatly into this categorization. Notes are similar to Bonds in that they are sold at, above, or below face (par) value; make regular interest payments; and have a specified term until maturity. |
| Open-End Fund | &nbsp;&nbsp;A mutual fund that has an unlimited number of shares available for purchase. |
| Option | &nbsp;&nbsp;The right, but not the obligation, to buy (for a call option) or sell (for a put option) a specific amount of a given stock, commodity, currency, including foreign currencies and Digital Currencies (e.g., Bitcoin), index, or debt, at a specified price (the strike price) during a specified period or on one particular date. |
| Private Placement | &nbsp;&nbsp;A Security that is not registered or required to be registered under applicable securities laws. Private Placements are generally sold to a relatively small number of select investors (as opposed to a public issue, in which Securities are made available for sale on the open market) in order to raise capital. Private Placements may include, among others, interests in hedge funds (including limited partnership interests) and shares of private companies. Investors in Private Placements are usually banks, mutual funds, insurance companies, pension funds, hedge funds, and high net worth individuals. Private Placements are typically held or maintained outside of Vanguard. |

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Page 15 of 19

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| | |
|:---|:---|
| Related Security | &nbsp;&nbsp;Any Security or instrument that provides economic exposure to the same company or entity—provided, however, that equity instruments will generally not be considered related to fixed income instruments (other than convertible Bonds) and vice versa. For example, all of the following instruments would be related to the common Stock of Company X: Options, Futures, Rights, and Warrants on Company X common Stock; preferred Stock issued by Company X; and Bonds convertible into Company X common Stock. Similarly, different Bonds issued by Company X would be related to one another. |
| Reportable Security | &nbsp;&nbsp;Any Covered Security, ETF, ETN, or Digital Security Token. |
| Repurchase Agreement | &nbsp;&nbsp;An arrangement by which the seller of an asset agrees, at the time of the sale, to buy back the asset at a specific price and, typically, on a given date (normally the next day). |
| Right | &nbsp;&nbsp;A Security giving stockholders entitlement to purchase new shares issued by the corporation issuer at a predetermined price (normally at a discount to the current market price) in proportion to the number of shares already owned. Rights are issued only for a short period of time, after which they expire. |
| Secondary Offering | &nbsp;&nbsp;The sale of new or closely held shares by a company that has already made an Initial Public Offering. |
| Security | &nbsp;&nbsp;Any Stock, Bond, money market instrument, Note, evidence of indebtedness, Debenture, Warrant, Option, Right, Investment Contract, ETF, ETN, Digital Currency that has been deemed to be a security by the US Securities and Exchange Commission, Certificate, or any other investment or interest commonly known as a Security. |
| SPAC (Special Purpose Acquisition Company) | &nbsp;&nbsp;A shell company or company with no commercial operations that is formed strictly to raise capital through an Initial Public Offering (IPO) for the purpose of acquiring an existing company. |
| Spread Betting | &nbsp;&nbsp;A way of trading that enables you to profit from movements in a wide range of markets from Securities to currencies, including foreign currencies and Digital Currencies, Digital Security Tokens, commodities, and interest rates. Spread betting allows you to trade on whether the price quoted for these financial instruments will go up or down. |
| Stock | &nbsp;&nbsp;A Security that represents part ownership, or equity, in a corporation. Each share of stock is a proportional stake in the corporation's assets and profits, some of which could be paid out as dividends. |
| UCITS (Undertakings for the Collective Investment of Transferable Securities) | &nbsp;&nbsp;A regulatory framework of the European Commission that creates a harmonized regime throughout Europe for the management and sale of mutual funds. UCITS funds can be registered in Europe and sold to investors worldwide using unified regulatory and investor protection requirements. |
| Vanguard Client | &nbsp;&nbsp;The clients of VGI, or any of the International Subsidiaries, and investors in the Vanguard Funds, including the Vanguard Funds themselves. |
| Vanguard Fund | &nbsp;&nbsp;Vanguard mutual funds, Vanguard managed funds, Vanguard UCITS funds, Vanguard ETFs, and any other accounts sponsored or managed by Vanguard. This includes, but is not limited to, separately managed accounts and collective trusts. |
| Warrant | &nbsp;&nbsp;An entitlement to purchase a certain amount of common Stock at a set price (usually higher than the current price) during an extended period of time. Usually issued with a fixed-income security to enhance its marketability, a Warrant can be transferred, traded, or exercised by the holder. |

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Page 16 of 19

**Appendix A: Access Person Designations and Trading Rules**

The terms and requirements in this appendix are *in addition to* the investment and trading restrictions applicable to all Access Persons, which are noted above. You must comply with the portions of this appendix that apply to your Access Person designation.

As a reminder, the designation(s) that applies to you is based on your cost center. Click HERE to determine whether you are an Access Person, and if so, which designation(s) applies.

Access Person Designation Hierarchy:

&nbsp;&nbsp;&nbsp;&nbsp;1. Investment Access Person

&nbsp;&nbsp;&nbsp;&nbsp;2. Fund Access Person

&nbsp;&nbsp;&nbsp;&nbsp;3. Advisor Access Person

If you have multiple Access Person designations, you are subject to the trading rules of your highest-ranking designation. For example, if you are an Advisor Access Person and a Fund Access Person, you are subject to the trading rules for Fund Access Persons.

If both you and a Household or Family Member are designated as Access Persons, you must both follow the trading rules for the most restrictive designation held by either of you. For example, if you are a Fund Access Person, and your spouse or domestic partner is an Investment Access Person, both of you must abide by the Investment Access Person trading rules.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Trading Rule** | &nbsp;&nbsp;**Advisor Access <br> Persons** | &nbsp;&nbsp;**Fund Access <br> Persons** | &nbsp;&nbsp;**Investment Access<br> Persons** |
| &nbsp;&nbsp; **Trade Pre-clearance**<br>Note: ALL Access Persons must pre-clear Private Placements, as described above | &nbsp;&nbsp; No | &nbsp;&nbsp; Yes, for self-directed trades of Covered Securities | &nbsp;&nbsp; Yes, for self-directed trades of Covered Securities of any amount and transactions in an individual Vanguard ETF in excess of US$50,000 over a rolling 30-day period |
| &nbsp;&nbsp;<br> **Blackout Period** | &nbsp;&nbsp; No | &nbsp;&nbsp; Yes, though the US$5 billion market capitalization exception applies (see page 9 for details) | &nbsp;&nbsp; Yes |

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Page 17 of 19

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short-Term Trading <br> (30-Day Hold)** | &nbsp;&nbsp; Yes, for self-directed trades of Covered Securities (including Options trades exercised or assigned involuntarily) | &nbsp;&nbsp; Yes, for self-directed trades of Covered Securities | &nbsp;&nbsp; Yes, for self-directed trades of Covered Securities and Vanguard ETFs |
| &nbsp;&nbsp;**Prohibited Securities** | &nbsp;&nbsp; IPOs/ICOs<br> Security Futures\*\*<br> Short Positions SPACs Leveraged/Inverse ETFs | &nbsp;&nbsp; All Options<sup>\*</sup><br> IPOs/ICOs<br> Security Futures\*\*<br> Short Positions<br> SPACs<br> Spread Bets\*\*\* Leveraged/Inverse ETFs | &nbsp;&nbsp; All Options\*<br> IPOs/ICOs<br> Security Futures\*\*<br> Short Positions SPACs<br> Spread Bets\*\*\* Leveraged/Inverse ETFs |
| &nbsp;&nbsp;**Resource** | &nbsp;&nbsp;Trading and Reporting Requirements for Advisor Access Persons | &nbsp;&nbsp;Trading and Reporting Requirements for Fund Access Persons | &nbsp;&nbsp;Trading and Reporting Requirements for Investment Access Persons |

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*\* Fund Access Persons and Investment Access Persons may not trade Options on any Security (including Options on ETFs, Digital Utility Tokens, Digital Security Tokens, and Digital Currencies). Options on commodities are permitted.*

*\*\*All Access Persons are prohibited from entering into, acquiring, or selling any Futures contract (including single stock futures). Futures on commodities are permitted.*

*\*\*\*Fund Access Persons and Investment Access Persons are prohibited from participating in Spread Betting on Securities, indexes, interest rates, currencies, or commodities.*

**Appendix B: External Account Monitoring**

Vanguard has direct electronic feeds with several financial institutions that allow the Compliance Department to monitor trading activity and holdings in external accounts automatically. If you have a Covered Account at these institutions, the Compliance Department can monitor your trades and holdings automatically, with no action needed on your part. However, some firms may require you to provide your consent for Vanguard to monitor your account. If applicable, you will be contacted by the Compliance Department and provided further instructions.

Although other financial institutions and plan providers may offer Covered Accounts or Reportable Securities, some may not offer direct electronic feeds. These include:

&nbsp;&nbsp;&nbsp;&nbsp;· Smaller brokerage firms or investment advisors

&nbsp;&nbsp;&nbsp;&nbsp;· 529 college savings plans or Achieving a Better Life Experience
(ABLE) plans that offer Vanguard Funds.

Page 18 of 19

&nbsp;&nbsp;&nbsp;&nbsp;· Health Savings Accounts (HSAs) that offer Vanguard Funds,
including the Health Equity HSA offered through Vanguard

&nbsp;&nbsp;&nbsp;&nbsp;· Employer sponsored retirement plans or investment plans
that offer Vanguard Funds or Reportable Securities (e.g., 401(k) and 403(b) plans, employer stock purchase plans, stock options plans,
restricted stock plans, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;· Annuity plan providers that offer Vanguard Funds or products

To allow the Compliance Department to monitor such accounts and holdings, Access Persons have two options:

&nbsp;&nbsp;&nbsp;&nbsp;1. Contact the firm where your Covered Accounts or Reportable
Securities are held and request that they send duplicate statements and confirmations to Vanguard. This is often accomplished by naming
Vanguard as an interested party on your accounts and directing the firm to send duplicate statements and confirmations to "Xerox",
Vanguard's third-party service provider, at this address:

F01012 – Vanguard C/O MyComplianceOffice

PO BOX 3048

Coppell, TX 75019-3048

&nbsp;&nbsp;&nbsp;&nbsp;2. If the firm cannot provide duplicate statements and confirmations
to Vanguard, you will be responsible for uploading copies to the Trading Documents section of MCO immediately after you receive them,
unless the Compliance Department provides you with an exception. The documents must clearly show the firm/institution's name, account
number, account owner, account type, and transaction and/or holdings details.

Additionally, you will be required to complete a Quarterly Securities Transaction Report each calendar quarter via MCO. Failure to complete and submit the assignment within 30 calendar days of the end of the calendar quarter may be considered a violation of this policy.

Page 19 of 19

## Ex-99.Cert

**Exhibit 99.CERT**

<u>CERTIFICATIONS</u>

I, Salim Ramji, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard World Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 22, 2025

---

| |
|:---|
| /s/ Salim Ramji |
| Salim Ramji |
| Chief Executive Officer |

---

<u>CERTIFICATIONS</u>

I, Christine Buchanan, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard World Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 22, 2025

---

| |
|:---|
| /s/ Christine Buchanan |
| Christine Buchanan |
| Chief Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Name of Issuer: **<u>Vanguard World Fund</u>**

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the issuer.

Date: October 22, 2025

---

| |
|:---|
| /s/ Salim Ramji |
| Salim Ramji |
| Chief Executive Officer |

---

**Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Name of Issuer: **<u>Vanguard World Fund</u>**

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to her knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the issuer.

Date: October 22, 2025

---

| |
|:---|
| /s/ Christine Buchanan |
| Christine Buchanan |
| Chief Financial Officer |

---