# EDGAR Filing Document

**Accession Number:** 0000052848
**File Stem:** 0001104659-26-050534
**Filing Date:** 2026-4
**Character Count:** 1220501
**Document Hash:** 1c21a09d59706fd0d9da0cabe94684d5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-050534.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001104659-26-050534

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260428

**EFFECTIVENESS DATE**: 20260429

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01027
- **FILM NUMBER:** 26909636

**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: | **Natalie Lamarque, 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, 2025—February 28, 2026

**Item 1: Reports to Shareholders.**

**TABLE OF CONTENTS**

---

| |
|:---|
|  [FTSE Social Index Fund](#classname8454d65e-0ebf-42af-ae45-72e381015790)<br> **[Admiral™ Shares - VFTAX](#classname8454d65e-0ebf-42af-ae45-72e381015790)**  |
|  [FTSE Social Index Fund](#classname5dc3307b-bfd6-4476-aa63-ed08ada2b5bb)<br> **[Institutional Shares - VFTNX](#classname5dc3307b-bfd6-4476-aa63-ed08ada2b5bb)**  |
|  [Materials Index Fund](#classnamef01073db-a9d1-4bfb-b6f7-9253e3942a2f)<br> **[ETF Shares - VAW](#classnamef01073db-a9d1-4bfb-b6f7-9253e3942a2f)**  |
|  [Materials Index Fund](#classname0c9d92c7-5f6f-44c9-a073-73f74ffdd0a8)<br> **[Admiral™ Shares - VMIAX](#classname0c9d92c7-5f6f-44c9-a073-73f74ffdd0a8)**  |
|  [Communication Services Index Fund](#classname5cfc686e-e3f8-4cb9-8ed8-44499621483e)<br> **[ETF Shares - VOX](#classname5cfc686e-e3f8-4cb9-8ed8-44499621483e)**  |
|  [Communication Services Index Fund](#classname2f1f47c7-6e16-4631-ae32-a706a3194acb)<br> **[Admiral™ Shares - VTCAX](#classname2f1f47c7-6e16-4631-ae32-a706a3194acb)**  |
|  [U.S. Growth Fund](#classname47505423-addf-4f09-91e4-cd912bd19cbb)<br> **[Investor Shares - VWUSX](#classname47505423-addf-4f09-91e4-cd912bd19cbb)**  |
|  [U.S. Growth Fund](#classname124bfec1-6b81-41b1-a8b0-1223adfa9d6a)<br> **[Admiral™ Shares - VWUAX](#classname124bfec1-6b81-41b1-a8b0-1223adfa9d6a)**  |
|  [Utilities Index Fund](#classnameb954899e-b260-4bc0-a9c1-b8ce9e8c43be)<br> **[ETF Shares - VPU](#classnameb954899e-b260-4bc0-a9c1-b8ce9e8c43be)**  |
|  [Utilities Index Fund](#classname4d356028-410c-4bf6-bb63-0b9de7a3b744)<br> **[Admiral™ Shares - VUIAX](#classname4d356028-410c-4bf6-bb63-0b9de7a3b744)**  |
|  [Consumer Discretionary Index Fund](#classname908657a0-d5fa-41cd-84ad-38049ebec513)<br> **[ETF Shares - VCR](#classname908657a0-d5fa-41cd-84ad-38049ebec513)**  |
|  [Consumer Discretionary Index Fund](#classnameb1455133-2655-4a48-a7a2-7893727b3bb6)<br> **[Admiral™ Shares - VCDAX](#classnameb1455133-2655-4a48-a7a2-7893727b3bb6)**  |
|  [Consumer Staples Index Fund](#classname770adc9f-0133-4618-981c-7a10a638cac8)<br> **[ETF Shares - VDC](#classname770adc9f-0133-4618-981c-7a10a638cac8)**  |
|  [Consumer Staples Index Fund](#classnamefc2eea3b-176a-4cf9-bc0b-144a9becd06b)<br> **[Admiral™ Shares - VCSAX](#classnamefc2eea3b-176a-4cf9-bc0b-144a9becd06b)**  |
|  [Energy Index Fund](#classname24c7a183-d2bd-46b3-ad56-d6fe7455e8b5)<br> **[ETF Shares - VDE](#classname24c7a183-d2bd-46b3-ad56-d6fe7455e8b5)**  |
|  [Energy Index Fund](#classnamec6e509fa-0aaa-4bcb-9907-6cb373258c9f)<br> **[Admiral™ Shares - VENAX](#classnamec6e509fa-0aaa-4bcb-9907-6cb373258c9f)**  |
|  [Financials Index Fund](#classnamea7eff93b-35ef-4903-8b76-bf5e67ad139d)<br> **[ETF Shares - VFH](#classnamea7eff93b-35ef-4903-8b76-bf5e67ad139d)**  |
|  [Financials Index Fund](#classnameb7653a98-946f-4509-9727-07b6dd5a9411)<br> **[Admiral™ Shares - VFAIX](#classnameb7653a98-946f-4509-9727-07b6dd5a9411)**  |
|  [Health Care Index Fund](#classname5d010c28-6db5-452c-9ad8-1e8db13e5b07)<br> **[ETF Shares - VHT](#classname5d010c28-6db5-452c-9ad8-1e8db13e5b07)**  |
|  [Health Care Index Fund](#classnameff6cb3a7-3c2f-48f2-a6c6-1a69bb93cf7d)<br> **[Admiral™ Shares - VHCIX](#classnameff6cb3a7-3c2f-48f2-a6c6-1a69bb93cf7d)**  |
|  [Industrials Index Fund](#classname81c898ec-37e9-4b7a-81c4-a1549c375bca)<br> **[ETF Shares - VIS](#classname81c898ec-37e9-4b7a-81c4-a1549c375bca)**  |
|  [Industrials Index Fund](#classnameeed27956-b486-4e61-aefb-8aace630f4a0)<br> **[Admiral™ Shares - VINAX](#classnameeed27956-b486-4e61-aefb-8aace630f4a0)**  |
|  [Information Technology Index Fund](#classnamed9b480f7-50c7-41b8-8051-11fd453107c5)<br> **[ETF Shares - VGT](#classnamed9b480f7-50c7-41b8-8051-11fd453107c5)**  |
|  [Information Technology Index Fund](#classname8f8127be-6581-4650-81cd-256380336f20)<br> **[Admiral™ Shares - VITAX](#classname8f8127be-6581-4650-81cd-256380336f20)**  |
|  [International Growth Fund](#classnamede14bfa0-d03a-4a23-908c-29a0a226ee0c)<br> **[Investor Shares - VWIGX](#classnamede14bfa0-d03a-4a23-908c-29a0a226ee0c)**  |
|  [International Growth Fund](#classnameb3e2ccb4-2227-4c0f-8b3e-c6075d10a601)<br> **[Admiral™ Shares - VWILX](#classnameb3e2ccb4-2227-4c0f-8b3e-c6075d10a601)**  |
|  [Mega Cap Index Fund](#classnamec7781e2f-a986-424f-b992-5835526f5b9d)<br> **[ETF Shares - MGC](#classnamec7781e2f-a986-424f-b992-5835526f5b9d)**  |
|  [Mega Cap Index Fund](#classname88936526-6a47-4e1d-8127-8e8fbaff1994)<br> **[Institutional Shares - VMCTX](#classname88936526-6a47-4e1d-8127-8e8fbaff1994)**  |
|  [Mega Cap Value Index Fund](#classname0efccff9-4b64-4448-b51d-122e52744872)<br> **[ETF Shares - MGV](#classname0efccff9-4b64-4448-b51d-122e52744872)**  |
|  [Mega Cap Value Index Fund](#classname8fd191f9-08a6-4734-8abd-57e20f51ed9c)<br> **[Institutional Shares - VMVLX](#classname8fd191f9-08a6-4734-8abd-57e20f51ed9c)**  |

---

# Vanguard FTSE Social Index Fund
![Image](tm268191d7_ncsrsimg001.jpg)

#### Admiral™ Shares (VFTAX)

#### Semi-Annual Shareholder Report \| February 28, 2026
This semi-annual shareholder report contains important information about Vanguard FTSE Social Index Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. 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 six months?** 
(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 | $7 | 0.13%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp; Annualized. |

---

## Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $24856 |
| Number of Portfolio Holdings | 398 |
| Portfolio Turnover Rate | 4% |

---

## Portfolio Composition % of Net Assets (as of February 28, 2026)

---

| | |
|:---|:---|
| Basic Materials | 1.6% |
| Consumer Discretionary | 15.7% |
| Consumer Staples | 4.0% |
| Energy | 0.0% |
| Financials | 9.4% |
| Health Care | 10.3% |
| Industrials | 6.8% |
| Real Estate | 2.3% |
| Technology | 46.4% |
| Telecommunications | 2.5% |
| Utilities | 0.5% |
| 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?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 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 https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**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© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR513

# Vanguard FTSE Social Index Fund
![Image](tm268191d7_ncsrsimg001.jpg)

#### Institutional Shares (VFTNX)

#### Semi-Annual Shareholder Report \| February 28, 2026
This semi-annual shareholder report contains important information about Vanguard FTSE Social Index Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. 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 six months?** 
(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 | $3 | 0.06%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp; Annualized. |

---

## Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $24856 |
| Number of Portfolio Holdings | 398 |
| Portfolio Turnover Rate | 4% |

---

## Portfolio Composition % of Net Assets (as of February 28, 2026)

---

| | |
|:---|:---|
| Basic Materials | 1.6% |
| Consumer Discretionary | 15.7% |
| Consumer Staples | 4.0% |
| Energy | 0.0% |
| Financials | 9.4% |
| Health Care | 10.3% |
| Industrials | 6.8% |
| Real Estate | 2.3% |
| Technology | 46.4% |
| Telecommunications | 2.5% |
| Utilities | 0.5% |
| 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?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 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 https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**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© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR223

# Vanguard Materials Index Fund
![Image](tm268191d7_ncsrsimg001.jpg)

#### ETF Shares (VAW) NYSE Arca

#### Semi-Annual Shareholder Report \| February 28, 2026
This semi-annual shareholder report contains important information about Vanguard Materials Index Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. 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 six months?** 
(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 | $5 | 0.09%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp; Annualized. |

---

## Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $4733 |
| Number of Portfolio Holdings | 115 |
| Portfolio Turnover Rate | 5% |

---

## Portfolio Composition % of Net Assets (as of February 28, 2026)

---

| | |
|:---|:---|
| Chemicals | 48.4% |
| Construction Materials | 12.7% |
| Containers & Packaging | 10.4% |
| Metals & Mining | 27.6% |
| Paper & Forest Products | 0.5% |
| 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?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 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 https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**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© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR952

# Vanguard Materials Index Fund
![Image](tm268191d7_ncsrsimg001.jpg)

#### Admiral™ Shares (VMIAX)

#### Semi-Annual Shareholder Report \| February 28, 2026
This semi-annual shareholder report contains important information about Vanguard Materials Index Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. 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 six months?** 
(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 | $5 | 0.09%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp; Annualized. |

---

## Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $4733 |
| Number of Portfolio Holdings | 115 |
| Portfolio Turnover Rate | 5% |

---

## Portfolio Composition % of Net Assets (as of February 28, 2026)

---

| | |
|:---|:---|
| Chemicals | 48.4% |
| Construction Materials | 12.7% |
| Containers & Packaging | 10.4% |
| Metals & Mining | 27.6% |
| Paper & Forest Products | 0.5% |
| 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?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 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 https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**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© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR5481

# Vanguard Communication Services Index Fund
![Image](tm268191d7_ncsrsimg001.jpg)

#### ETF Shares (VOX) NYSE Arca

#### Semi-Annual Shareholder Report \| February 28, 2026
This semi-annual shareholder report contains important information about Vanguard Communication Services Index Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. 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 six months?** 
(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 | $5 | 0.09%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp; Annualized. |

---

## Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $6323 |
| Number of Portfolio Holdings | 119 |
| Portfolio Turnover Rate | 11% |

---

## Portfolio Composition % of Net Assets (as of February 28, 2026)

---

| | |
|:---|:---|
| Diversified Telecommunication Services | 11.2% |
| Entertainment | 24.7% |
| Interactive Media & Services | 47.8% |
| Media | 12.7% |
| Wireless Telecommunication Services | 3.3% |
| 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?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 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 https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**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© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR959

# Vanguard Communication Services Index Fund
![Image](tm268191d7_ncsrsimg001.jpg)

#### Admiral™ Shares (VTCAX)

#### Semi-Annual Shareholder Report \| February 28, 2026
This semi-annual shareholder report contains important information about Vanguard Communication Services Index Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. 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 six months?** 
(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 | $5 | 0.09%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp; Annualized. |

---

## Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $6323 |
| Number of Portfolio Holdings | 119 |
| Portfolio Turnover Rate | 11% |

---

## Portfolio Composition % of Net Assets (as of February 28, 2026)

---

| | |
|:---|:---|
| Diversified Telecommunication Services | 11.2% |
| Entertainment | 24.7% |
| Interactive Media & Services | 47.8% |
| Media | 12.7% |
| Wireless Telecommunication Services | 3.3% |
| 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?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 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 https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**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© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR5488

# Vanguard U.S. Growth Fund
![Image](tm268191d7_ncsrsimg001.jpg)

#### Investor Shares (VWUSX)

#### Semi-Annual Shareholder Report \| February 28, 2026
This semi-annual shareholder report contains important information about Vanguard U.S. Growth Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. 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 six months?** 
(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 | $18 | 0.37%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp; Annualized. |

---

## Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $43704 |
| Number of Portfolio Holdings | 109 |
| Portfolio Turnover Rate | 23% |

---

## Portfolio Composition % of Net Assets (as of February 28, 2026)

---

| | |
|:---|:---|
| Communication Services | 16.2% |
| Consumer Discretionary | 13.6% |
| Consumer Staples | 1.2% |
| Financials | 6.0% |
| Health Care | 10.7% |
| Industrials | 6.3% |
| Information Technology | 42.2% |
| Materials | 0.3% |
| Other | 0.3% |
| Real Estate | 1.3% |
| Utilities | 0.5% |
| 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?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities through its wholly-owned subsidiaries, Vanguard Capital Management, LLC and Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 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 https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**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© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR23

# Vanguard U.S. Growth Fund
![Image](tm268191d7_ncsrsimg001.jpg)

#### Admiral™ Shares (VWUAX)

#### Semi-Annual Shareholder Report \| February 28, 2026
This semi-annual shareholder report contains important information about Vanguard U.S. Growth Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. 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 six months?** 
(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 | $13 | 0.27%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp; Annualized. |

---

## Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $43704 |
| Number of Portfolio Holdings | 109 |
| Portfolio Turnover Rate | 23% |

---

## Portfolio Composition % of Net Assets (as of February 28, 2026)

---

| | |
|:---|:---|
| Communication Services | 16.2% |
| Consumer Discretionary | 13.6% |
| Consumer Staples | 1.2% |
| Financials | 6.0% |
| Health Care | 10.7% |
| Industrials | 6.3% |
| Information Technology | 42.2% |
| Materials | 0.3% |
| Other | 0.3% |
| Real Estate | 1.3% |
| Utilities | 0.5% |
| 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?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities through its wholly-owned subsidiaries, Vanguard Capital Management, LLC and Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 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 https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**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© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR523

# Vanguard Utilities Index Fund
![Image](tm268191d7_ncsrsimg001.jpg)

#### ETF Shares (VPU) NYSE Arca

#### Semi-Annual Shareholder Report \| February 28, 2026
This semi-annual shareholder report contains important information about Vanguard Utilities Index Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. 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 six months?** 
(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 | $5 | 0.09%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp; Annualized. |

---

## Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $11029 |
| Number of Portfolio Holdings | 70 |
| Portfolio Turnover Rate | 2% |

---

## Portfolio Composition % of Net Assets (as of February 28, 2026)

---

| | |
|:---|:---|
| Electric Utilities | 61.7% |
| Gas Utilities | 4.8% |
| Independent Power and Renewable Electricity Producers | 6.0% |
| Multi-Utilities | 24.0% |
| Water Utilities | 3.0% |
| 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?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 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 https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**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© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR960

# Vanguard Utilities Index Fund
![Image](tm268191d7_ncsrsimg001.jpg)

#### Admiral™ Shares (VUIAX)

#### Semi-Annual Shareholder Report \| February 28, 2026
This semi-annual shareholder report contains important information about Vanguard Utilities Index Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. 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 six months?** 
(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 | $5 | 0.09%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp; Annualized. |

---

## Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $11029 |
| Number of Portfolio Holdings | 70 |
| Portfolio Turnover Rate | 2% |

---

## Portfolio Composition % of Net Assets (as of February 28, 2026)

---

| | |
|:---|:---|
| Electric Utilities | 61.7% |
| Gas Utilities | 4.8% |
| Independent Power and Renewable Electricity Producers | 6.0% |
| Multi-Utilities | 24.0% |
| Water Utilities | 3.0% |
| 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?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 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 https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**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© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR5489

# Vanguard Consumer Discretionary Index Fund
![Image](tm268191d7_ncsrsimg001.jpg)

#### ETF Shares (VCR) NYSE Arca

#### Semi-Annual Shareholder Report \| February 28, 2026
This semi-annual shareholder report contains important information about Vanguard Consumer Discretionary Index Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. 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 six months?** 
(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 | $4 | 0.09%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp; Annualized. |

---

## Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $6681 |
| Number of Portfolio Holdings | 288 |
| Portfolio Turnover Rate | 7% |

---

## Portfolio Composition % of Net Assets (as of February 28, 2026)

---

| | |
|:---|:---|
| Automobile Components | 2.0% |
| Automobiles | 19.1% |
| Broadline Retail | 25.8% |
| Distributors | 0.7% |
| Diversified Consumer Services | 1.8% |
| Hotels, Restaurants & Leisure | 20.9% |
| Household Durables | 5.0% |
| Leisure Products | 1.0% |
| Specialty Retail | 20.0% |
| Textiles, Apparel & Luxury Goods | 3.6% |
| 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?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 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 https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**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© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR954

# Vanguard Consumer Discretionary Index Fund
![Image](tm268191d7_ncsrsimg001.jpg)

#### Admiral™ Shares (VCDAX)

#### Semi-Annual Shareholder Report \| February 28, 2026
This semi-annual shareholder report contains important information about Vanguard Consumer Discretionary Index Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. 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 six months?** 
(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 | $4 | 0.09%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp; Annualized. |

---

## Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $6681 |
| Number of Portfolio Holdings | 288 |
| Portfolio Turnover Rate | 7% |

---

## Portfolio Composition % of Net Assets (as of February 28, 2026)

---

| | |
|:---|:---|
| Automobile Components | 2.0% |
| Automobiles | 19.1% |
| Broadline Retail | 25.8% |
| Distributors | 0.7% |
| Diversified Consumer Services | 1.8% |
| Hotels, Restaurants & Leisure | 20.9% |
| Household Durables | 5.0% |
| Leisure Products | 1.0% |
| Specialty Retail | 20.0% |
| Textiles, Apparel & Luxury Goods | 3.6% |
| 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?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 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 https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**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© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR5483

# Vanguard Consumer Staples Index Fund
![Image](tm268191d7_ncsrsimg001.jpg)

#### ETF Shares (VDC) NYSE Arca

#### Semi-Annual Shareholder Report \| February 28, 2026
This semi-annual shareholder report contains important information about Vanguard Consumer Staples Index Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. 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 six months?** 
(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 | $5 | 0.09%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp; Annualized. |

---

## Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $9866 |
| Number of Portfolio Holdings | 107 |
| Portfolio Turnover Rate | 5% |

---

## Portfolio Composition % of Net Assets (as of February 28, 2026)

---

| | |
|:---|:---|
| Beverages | 19.4% |
| Consumer Staples Distribution & Retail | 38.4% |
| Food Products | 14.1% |
| Household Products | 16.1% |
| Life Sciences Tools & Services | 0.0% |
| Personal Care Products | 3.5% |
| Tobacco | 8.4% |
| 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?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 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 https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**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© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR955

# Vanguard Consumer Staples Index Fund
![Image](tm268191d7_ncsrsimg001.jpg)

#### Admiral™ Shares (VCSAX)

#### Semi-Annual Shareholder Report \| February 28, 2026
This semi-annual shareholder report contains important information about Vanguard Consumer Staples Index Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. 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 six months?** 
(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 | $5 | 0.09%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp; Annualized. |

---

## Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $9866 |
| Number of Portfolio Holdings | 107 |
| Portfolio Turnover Rate | 5% |

---

## Portfolio Composition % of Net Assets (as of February 28, 2026)

---

| | |
|:---|:---|
| Beverages | 19.4% |
| Consumer Staples Distribution & Retail | 38.4% |
| Food Products | 14.1% |
| Household Products | 16.1% |
| Life Sciences Tools & Services | 0.0% |
| Personal Care Products | 3.5% |
| Tobacco | 8.4% |
| 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?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 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 https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**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© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR5484

# Vanguard Energy Index Fund
![Image](tm268191d7_ncsrsimg001.jpg)

#### ETF Shares (VDE) NYSE Arca

#### Semi-Annual Shareholder Report \| February 28, 2026
This semi-annual shareholder report contains important information about Vanguard Energy Index Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. 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 six months?** 
(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 | $5 | 0.09%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp; Annualized. |

---

## Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $11325 |
| Number of Portfolio Holdings | 110 |
| Portfolio Turnover Rate | 3% |

---

## Portfolio Composition % of Net Assets (as of February 28, 2026)

---

| | |
|:---|:---|
| Coal & Consumable Fuels | 0.9% |
| Integrated Oil & Gas | 39.0% |
| Oil & Gas Drilling | 1.4% |
| Oil & Gas Equipment & Services | 11.1% |
| Oil & Gas Exploration & Production | 22.4% |
| Oil & Gas Refining & Marketing | 9.3% |
| Oil & Gas Storage & Transportation | 15.2% |
| 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?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 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 https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**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© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR951

# Vanguard Energy Index Fund
![Image](tm268191d7_ncsrsimg001.jpg)

#### Admiral™ Shares (VENAX)

#### Semi-Annual Shareholder Report \| February 28, 2026
This semi-annual shareholder report contains important information about Vanguard Energy Index Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. 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 six months?** 
(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 | $5 | 0.09%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp; Annualized. |

---

## Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $11325 |
| Number of Portfolio Holdings | 110 |
| Portfolio Turnover Rate | 3% |

---

## Portfolio Composition % of Net Assets (as of February 28, 2026)

---

| | |
|:---|:---|
| Coal & Consumable Fuels | 0.9% |
| Integrated Oil & Gas | 39.0% |
| Oil & Gas Drilling | 1.4% |
| Oil & Gas Equipment & Services | 11.1% |
| Oil & Gas Exploration & Production | 22.4% |
| Oil & Gas Refining & Marketing | 9.3% |
| Oil & Gas Storage & Transportation | 15.2% |
| 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?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 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 https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**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© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR5480

# Vanguard Financials Index Fund
![Image](tm268191d7_ncsrsimg001.jpg)

#### ETF Shares (VFH) NYSE Arca

#### Semi-Annual Shareholder Report \| February 28, 2026
This semi-annual shareholder report contains important information about Vanguard Financials Index Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. 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 six months?** 
(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 | $4 | 0.09%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp; Annualized. |

---

## Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $13887 |
| Number of Portfolio Holdings | 423 |
| Portfolio Turnover Rate | 2% |

---

## Portfolio Composition % of Net Assets (as of February 28, 2026)

---

| | |
|:---|:---|
| Banks | 28.7% |
| Capital Markets | 24.9% |
| Consumer Finance | 4.8% |
| Financial Services | 22.4% |
| Insurance | 15.0% |
| Mortgage Real Estate Investment Trusts (REITs) | 0.8% |
| Other Assets and Liabilities—Net | 3.4% |

---

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

## How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 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 https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**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© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR957

# Vanguard Financials Index Fund
![Image](tm268191d7_ncsrsimg001.jpg)

#### Admiral™ Shares (VFAIX)

#### Semi-Annual Shareholder Report \| February 28, 2026
This semi-annual shareholder report contains important information about Vanguard Financials Index Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. 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 six months?** 
(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 | $4 | 0.09%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp; Annualized. |

---

## Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $13887 |
| Number of Portfolio Holdings | 423 |
| Portfolio Turnover Rate | 2% |

---

## Portfolio Composition % of Net Assets (as of February 28, 2026)

---

| | |
|:---|:---|
| Banks | 28.7% |
| Capital Markets | 24.9% |
| Consumer Finance | 4.8% |
| Financial Services | 22.4% |
| Insurance | 15.0% |
| Mortgage Real Estate Investment Trusts (REITs) | 0.8% |
| Other Assets and Liabilities—Net | 3.4% |

---

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

## How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 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 https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**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© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR5486

# Vanguard Health Care Index Fund
![Image](tm268191d7_ncsrsimg001.jpg)

#### ETF Shares (VHT) NYSE Arca

#### Semi-Annual Shareholder Report \| February 28, 2026
This semi-annual shareholder report contains important information about Vanguard Health Care Index Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. 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 six months?** 
(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 | $5 | 0.09%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp; Annualized. |

---

## Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $20252 |
| Number of Portfolio Holdings | 415 |
| Portfolio Turnover Rate | 4% |

---

## Portfolio Composition % of Net Assets (as of February 28, 2026)

---

| | |
|:---|:---|
| Biotechnology | 22.8% |
| Health Care Equipment & Supplies | 18.9% |
| Health Care Providers & Services | 16.3% |
| Health Care Technology | 0.6% |
| Life Sciences Tools & Services | 8.5% |
| Other | 0.0% |
| Pharmaceuticals | 32.7% |
| Other Assets and Liabilities—Net | 0.2% |

---

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

## How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 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 https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**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© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR956

# Vanguard Health Care Index Fund
![Image](tm268191d7_ncsrsimg001.jpg)

#### Admiral™ Shares (VHCIX)

#### Semi-Annual Shareholder Report \| February 28, 2026
This semi-annual shareholder report contains important information about Vanguard Health Care Index Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. 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 six months?** 
(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 | $5 | 0.09%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp; Annualized. |

---

## Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $20252 |
| Number of Portfolio Holdings | 415 |
| Portfolio Turnover Rate | 4% |

---

## Portfolio Composition % of Net Assets (as of February 28, 2026)

---

| | |
|:---|:---|
| Biotechnology | 22.8% |
| Health Care Equipment & Supplies | 18.9% |
| Health Care Providers & Services | 16.3% |
| Health Care Technology | 0.6% |
| Life Sciences Tools & Services | 8.5% |
| Other | 0.0% |
| Pharmaceuticals | 32.7% |
| Other Assets and Liabilities—Net | 0.2% |

---

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

## How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 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 https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**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© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR5485

# Vanguard Industrials Index Fund
![Image](tm268191d7_ncsrsimg001.jpg)

#### ETF Shares (VIS) NYSE Arca

#### Semi-Annual Shareholder Report \| February 28, 2026
This semi-annual shareholder report contains important information about Vanguard Industrials Index Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. 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 six months?** 
(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 | $5 | 0.09%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp; Annualized. |

---

## Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $8128 |
| Number of Portfolio Holdings | 389 |
| Portfolio Turnover Rate | 2% |

---

## Portfolio Composition % of Net Assets (as of February 28, 2026)

---

| | |
|:---|:---|
| Aerospace & Defense | 24.1% |
| Air Freight & Logistics | 3.2% |
| Building Products | 6.1% |
| Commercial Services & Supplies | 5.8% |
| Construction & Engineering | 4.5% |
| Electrical Equipment | 11.9% |
| Ground Transportation | 8.0% |
| Industrial Conglomerates | 3.4% |
| Machinery | 20.6% |
| Marine Transportation | 0.2% |
| Passenger Airlines | 1.8% |
| Professional Services | 5.4% |
| Trading Companies & Distributors | 4.6% |
| 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?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 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 https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**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© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR953

# Vanguard Industrials Index Fund
![Image](tm268191d7_ncsrsimg001.jpg)

#### Admiral™ Shares (VINAX)

#### Semi-Annual Shareholder Report \| February 28, 2026
This semi-annual shareholder report contains important information about Vanguard Industrials Index Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. 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 six months?** 
(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 | $5 | 0.09%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp; Annualized. |

---

## Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $8128 |
| Number of Portfolio Holdings | 389 |
| Portfolio Turnover Rate | 2% |

---

## Portfolio Composition % of Net Assets (as of February 28, 2026)

---

| | |
|:---|:---|
| Aerospace & Defense | 24.1% |
| Air Freight & Logistics | 3.2% |
| Building Products | 6.1% |
| Commercial Services & Supplies | 5.8% |
| Construction & Engineering | 4.5% |
| Electrical Equipment | 11.9% |
| Ground Transportation | 8.0% |
| Industrial Conglomerates | 3.4% |
| Machinery | 20.6% |
| Marine Transportation | 0.2% |
| Passenger Airlines | 1.8% |
| Professional Services | 5.4% |
| Trading Companies & Distributors | 4.6% |
| 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?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 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 https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**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© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR5482

# Vanguard Information Technology Index Fund
![Image](tm268191d7_ncsrsimg001.jpg)

#### ETF Shares (VGT) NYSE Arca

#### Semi-Annual Shareholder Report \| February 28, 2026
This semi-annual shareholder report contains important information about Vanguard Information Technology Index Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. 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 six months?** 
(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 | $5 | 0.09%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp; Annualized. |

---

## Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $126509 |
| Number of Portfolio Holdings | 322 |
| Portfolio Turnover Rate | 5% |

---

## Portfolio Composition % of Net Assets (as of February 28, 2026)

---

| | |
|:---|:---|
| Communications Equipment | 4.3% |
| Electronic Equipment, Instruments & Components | 6.3% |
| IT Services | 4.3% |
| Other | 0.0% |
| Semiconductors & Semiconductor Equipment | 40.1% |
| Software | 26.1% |
| Technology Hardware, Storage & Peripherals | 18.8% |
| 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?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 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 https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**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© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR958

# Vanguard Information Technology Index Fund
![Image](tm268191d7_ncsrsimg001.jpg)

#### Admiral™ Shares (VITAX)

#### Semi-Annual Shareholder Report \| February 28, 2026
This semi-annual shareholder report contains important information about Vanguard Information Technology Index Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. 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 six months?** 
(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 | $5 | 0.09%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp; Annualized. |

---

## Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $126509 |
| Number of Portfolio Holdings | 322 |
| Portfolio Turnover Rate | 5% |

---

## Portfolio Composition % of Net Assets (as of February 28, 2026)

---

| | |
|:---|:---|
| Communications Equipment | 4.3% |
| Electronic Equipment, Instruments & Components | 6.3% |
| IT Services | 4.3% |
| Other | 0.0% |
| Semiconductors & Semiconductor Equipment | 40.1% |
| Software | 26.1% |
| Technology Hardware, Storage & Peripherals | 18.8% |
| 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?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 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 https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**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© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR5487

# Vanguard International Growth Fund
![Image](tm268191d7_ncsrsimg001.jpg)

#### Investor Shares (VWIGX)

#### Semi-Annual Shareholder Report \| February 28, 2026
This semi-annual shareholder report contains important information about Vanguard International Growth Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. 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 six months?** 
(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 | $18 | 0.36%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp; Annualized. |

---

## Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $44950 |
| Number of Portfolio Holdings | 127 |
| Portfolio Turnover Rate | 10% |

---

## Portfolio Composition % of Net Assets (as of February 28, 2026)

---

| | |
|:---|:---|
| Asia | 40.3% |
| Europe | 46.4% |
| North America | 8.3% |
| Oceania | 0.6% |
| South America | 2.4% |
| Other Assets and Liabilities—Net | 2.0% |

---

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

## How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities through its wholly-owned subsidiaries, Vanguard Capital Management, LLC and Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 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 https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**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© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR81

# Vanguard International Growth Fund
![Image](tm268191d7_ncsrsimg001.jpg)

#### Admiral™ Shares (VWILX)

#### Semi-Annual Shareholder Report \| February 28, 2026
This semi-annual shareholder report contains important information about Vanguard International Growth Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. 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 six months?** 
(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 | $12 | 0.24%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp; Annualized. |

---

## Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $44950 |
| Number of Portfolio Holdings | 127 |
| Portfolio Turnover Rate | 10% |

---

## Portfolio Composition % of Net Assets (as of February 28, 2026)

---

| | |
|:---|:---|
| Asia | 40.3% |
| Europe | 46.4% |
| North America | 8.3% |
| Oceania | 0.6% |
| South America | 2.4% |
| Other Assets and Liabilities—Net | 2.0% |

---

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

## How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities through its wholly-owned subsidiaries, Vanguard Capital Management, LLC and Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 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 https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**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© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR581

# Vanguard Mega Cap Index Fund
![Image](tm268191d7_ncsrsimg001.jpg)

#### ETF Shares (MGC) NYSE Arca

#### Semi-Annual Shareholder Report \| February 28, 2026
This semi-annual shareholder report contains important information about Vanguard Mega Cap Index Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. 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 six months?** 
(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 | $4 | 0.07%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp; Annualized. |

---

## Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $10336 |
| Number of Portfolio Holdings | 183 |
| Portfolio Turnover Rate | 2% |

---

## Portfolio Composition % of Net Assets (as of February 28, 2026)

---

| | |
|:---|:---|
| Basic Materials | 1.0% |
| Consumer Discretionary | 13.6% |
| Consumer Staples | 3.7% |
| Energy | 2.7% |
| Financials | 9.6% |
| Health Care | 9.8% |
| Industrials | 9.9% |
| Real Estate | 1.0% |
| Technology | 44.9% |
| Telecommunications | 2.1% |
| Utilities | 1.4% |
| 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?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 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 https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**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© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR3137

# Vanguard Mega Cap Index Fund
![Image](tm268191d7_ncsrsimg001.jpg)

#### Institutional Shares (VMCTX)

#### Semi-Annual Shareholder Report \| February 28, 2026
This semi-annual shareholder report contains important information about Vanguard Mega Cap Index Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. 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 six months?** 
(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 | $3 | 0.06%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp; Annualized. |

---

## Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $10336 |
| Number of Portfolio Holdings | 183 |
| Portfolio Turnover Rate | 2% |

---

## Portfolio Composition % of Net Assets (as of February 28, 2026)

---

| | |
|:---|:---|
| Basic Materials | 1.0% |
| Consumer Discretionary | 13.6% |
| Consumer Staples | 3.7% |
| Energy | 2.7% |
| Financials | 9.6% |
| Health Care | 9.8% |
| Industrials | 9.9% |
| Real Estate | 1.0% |
| Technology | 44.9% |
| Telecommunications | 2.1% |
| Utilities | 1.4% |
| 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?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 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 https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**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© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR828

# Vanguard Mega Cap Value Index Fund
![Image](tm268191d7_ncsrsimg001.jpg)

#### ETF Shares (MGV) NYSE Arca

#### Semi-Annual Shareholder Report \| February 28, 2026
This semi-annual shareholder report contains important information about Vanguard Mega Cap Value Index Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. 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 six months?** 
(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 | $4 | 0.07%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp; Annualized. |

---

## Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $11987 |
| Number of Portfolio Holdings | 132 |
| Portfolio Turnover Rate | 7% |

---

## Portfolio Composition % of Net Assets (as of February 28, 2026)

---

| | |
|:---|:---|
| Basic Materials | 2.0% |
| Consumer Discretionary | 10.1% |
| Consumer Staples | 8.5% |
| Energy | 6.4% |
| Financials | 22.0% |
| Health Care | 16.9% |
| Industrials | 16.2% |
| Real Estate | 1.0% |
| Technology | 8.8% |
| Telecommunications | 4.2% |
| Utilities | 3.2% |
| 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?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 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 https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**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© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR3139

# Vanguard Mega Cap Value Index Fund
![Image](tm268191d7_ncsrsimg001.jpg)

#### Institutional Shares (VMVLX)

#### Semi-Annual Shareholder Report \| February 28, 2026
This semi-annual shareholder report contains important information about Vanguard Mega Cap Value Index Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. 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 six months?** 
(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 | $3 | 0.06%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp; Annualized. |

---

## Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $11987 |
| Number of Portfolio Holdings | 132 |
| Portfolio Turnover Rate | 7% |

---

## Portfolio Composition % of Net Assets (as of February 28, 2026)

---

| | |
|:---|:---|
| Basic Materials | 2.0% |
| Consumer Discretionary | 10.1% |
| Consumer Staples | 8.5% |
| Energy | 6.4% |
| Financials | 22.0% |
| Health Care | 16.9% |
| Industrials | 16.2% |
| Real Estate | 1.0% |
| Technology | 8.8% |
| Telecommunications | 4.2% |
| Utilities | 3.2% |
| 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?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 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 https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**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© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR839

**Item 2: Code of Ethics.** 

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

**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.**

![](tm268191d7usgrwfinsi001.jpg)

#### Financial Statements

#### For the six-months ended February 28, 2026

#### Vanguard U.S. Growth Fund

------

#### Contents
Financial Statements 1 <br>

------

U.S. Growth Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of February 28, 2026

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 (98.6%)** | **Common Stocks (98.6%)** | **Common Stocks (98.6%)** | **Common Stocks (98.6%)** |
| **Communication Services (16.2%)** | **Communication Services (16.2%)** | **Communication Services (16.2%)** | **Communication Services (16.2%)** |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class C | 7064339 | &nbsp;&nbsp;&nbsp;&nbsp; 2200047 |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | 3081490 | &nbsp;&nbsp;&nbsp;&nbsp; 1997360 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Netflix Inc. | 12901108 | &nbsp;&nbsp;&nbsp;&nbsp; 1241603 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | 2449183 | &nbsp;&nbsp;&nbsp;&nbsp; 763557 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Spotify Technology SA | 1035668 | &nbsp;&nbsp;&nbsp;&nbsp; 533307 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 1762105 | &nbsp;&nbsp;&nbsp;&nbsp; 186854 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Roblox Corp. Class A | 2494268 | &nbsp;&nbsp;&nbsp;&nbsp; 171256 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7093984** |
| **Consumer Discretionary (13.6%)** | **Consumer Discretionary (13.6%)** | **Consumer Discretionary (13.6%)** | **Consumer Discretionary (13.6%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 13708166 | &nbsp;&nbsp;&nbsp;&nbsp; 2878715 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tesla Inc. | 3068071 | &nbsp;&nbsp;&nbsp;&nbsp; 1234929 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DoorDash Inc. Class A | 3778278 | &nbsp;&nbsp;&nbsp;&nbsp; 666753 |
|  | &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;735164 | &nbsp;&nbsp;&nbsp;&nbsp; 229209 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Wayfair Inc. Class A | 1929445 | &nbsp;&nbsp;&nbsp;&nbsp; 147275 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SharkNinja Inc. | 1144375 | &nbsp;&nbsp;&nbsp;&nbsp; 140609 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DraftKings Inc. Class A | 4356757 | &nbsp;&nbsp;&nbsp;&nbsp; 103865 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;272330 | &nbsp;&nbsp;&nbsp;&nbsp; 103682 |
|  | &nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA | 1488076 | &nbsp;&nbsp;&nbsp;&nbsp; 99370 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;YETI Holdings Inc. | 2149413 | &nbsp;&nbsp;&nbsp;&nbsp; 93951 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Duolingo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;864731 | &nbsp;&nbsp;&nbsp;&nbsp; 87338 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MercadoLibre Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35084 | &nbsp;&nbsp;&nbsp;&nbsp; 61663 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rivian Automotive Inc. Class A | 2711030 | &nbsp;&nbsp;&nbsp;&nbsp; 41560 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sweetgreen Inc. Class A | 6165254 | &nbsp;&nbsp;&nbsp;&nbsp; 34217 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5923136** |
| **Consumer Staples (1.2%)** | **Consumer Staples (1.2%)** | **Consumer Staples (1.2%)** | **Consumer Staples (1.2%)** |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | 2136696 | &nbsp;&nbsp;&nbsp;&nbsp; 273390 |
|  | &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;241674 | &nbsp;&nbsp;&nbsp;&nbsp; 244282 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Oddity Tech Ltd. Class A | 1780553 | &nbsp;&nbsp;&nbsp;&nbsp; 20957 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **538629** |
| **Financials (6.0%)** | **Financials (6.0%)** | **Financials (6.0%)** | **Financials (6.0%)** |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. Class A | 1766453 | &nbsp;&nbsp;&nbsp;&nbsp; 913627 |
|  | &nbsp;&nbsp;&nbsp;Visa Inc. Class A (XNYS) | 1115800 | &nbsp;&nbsp;&nbsp;&nbsp; 357212 |
|  | &nbsp;&nbsp;&nbsp;MSCI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;338705 | &nbsp;&nbsp;&nbsp;&nbsp; 193682 |
|  | &nbsp;&nbsp;&nbsp;S&P Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;416445 | &nbsp;&nbsp;&nbsp;&nbsp; 184019 |
|  | &nbsp;&nbsp;&nbsp;KKR & Co. Inc. | 1903335 | &nbsp;&nbsp;&nbsp;&nbsp; 166884 |
|  | &nbsp;&nbsp;&nbsp;Tradeweb Markets Inc. Class A | 1060566 | &nbsp;&nbsp;&nbsp;&nbsp; 130720 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corpay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;376217 | &nbsp;&nbsp;&nbsp;&nbsp; 122308 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Affirm Holdings Inc. | 2358012 | &nbsp;&nbsp;&nbsp;&nbsp; 110779 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Block Inc. (XNYS) | 1589647 | &nbsp;&nbsp;&nbsp;&nbsp; 101261 |
|  | &nbsp;&nbsp;&nbsp;Nasdaq Inc. | 1065811 | &nbsp;&nbsp;&nbsp;&nbsp; 93344 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lemonade Inc. | 1702275 | &nbsp;&nbsp;&nbsp;&nbsp; 88076 |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;247363 | &nbsp;&nbsp;&nbsp;&nbsp; 76410 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;300707 | &nbsp;&nbsp;&nbsp;&nbsp; 50071 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coinbase Global Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;150375 | &nbsp;&nbsp;&nbsp;&nbsp; 26443 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2614836** |
| **Health Care (10.7%)** | **Health Care (10.7%)** | **Health Care (10.7%)** | **Health Care (10.7%)** |
|  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 1476366 | &nbsp;&nbsp;&nbsp;&nbsp; 1553122 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intuitive Surgical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;972173 | &nbsp;&nbsp;&nbsp;&nbsp; 489499 |
|  | &nbsp;&nbsp;&nbsp;Stryker Corp. | 1101893 | &nbsp;&nbsp;&nbsp;&nbsp; 426939 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Guardant Health Inc. | 2592335 | &nbsp;&nbsp;&nbsp;&nbsp; 243420 |
|  | &nbsp;&nbsp;&nbsp;Ensign Group Inc. | 1089404 | &nbsp;&nbsp;&nbsp;&nbsp; 233318 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IDEXX Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;311865 | &nbsp;&nbsp;&nbsp;&nbsp; 204811 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;554294 | &nbsp;&nbsp;&nbsp;&nbsp; 184536 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Penumbra Inc. | &nbsp;&nbsp;&nbsp;&nbsp;502939 | &nbsp;&nbsp;&nbsp;&nbsp; 173207 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;310269 | &nbsp;&nbsp;&nbsp;&nbsp; 154151 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Moderna Inc. | 2550076 | &nbsp;&nbsp;&nbsp;&nbsp; 136608 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Medline Inc. Class A | 2836409 | &nbsp;&nbsp;&nbsp;&nbsp; 134758 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Natera Inc. | &nbsp;&nbsp;&nbsp;&nbsp;602622 | &nbsp;&nbsp;&nbsp;&nbsp; 125369 |

---

------

U.S. Growth Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Tempus AI Inc. | 2204362 | &nbsp;&nbsp;&nbsp;&nbsp; 117382 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Insulet Corp. | &nbsp;&nbsp;&nbsp;&nbsp;473849 | &nbsp;&nbsp;&nbsp;&nbsp; 116856 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Therapeutics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;186211 | &nbsp;&nbsp;&nbsp;&nbsp; 93832 |
|  | &nbsp;&nbsp;&nbsp;UCB SA | &nbsp;&nbsp;&nbsp;&nbsp;288448 | &nbsp;&nbsp;&nbsp;&nbsp; 86645 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp. | &nbsp;&nbsp;&nbsp;&nbsp;807923 | &nbsp;&nbsp;&nbsp;&nbsp; 69861 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Denali Therapeutics Inc. | 3037857 | &nbsp;&nbsp;&nbsp;&nbsp; 64342 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Doximity Inc. Class A | 1849118 | &nbsp;&nbsp;&nbsp;&nbsp; 45359 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Recursion Pharmaceuticals Inc. Class A | 3258587 | &nbsp;&nbsp;&nbsp;&nbsp; 11959 |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;ABIOMED Inc. CVR | &nbsp;&nbsp;&nbsp;&nbsp;718252 | &nbsp;&nbsp;&nbsp;&nbsp; 733 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4666707** |
| **Industrials (6.3%)** | **Industrials (6.3%)** | **Industrials (6.3%)** | **Industrials (6.3%)** |
|  | &nbsp;&nbsp;&nbsp;General Electric Co. | 2527895 | &nbsp;&nbsp;&nbsp;&nbsp; 865197 |
|  | &nbsp;&nbsp;&nbsp;Fastenal Co. | 7996872 | &nbsp;&nbsp;&nbsp;&nbsp; 368176 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axon Enterprise Inc. | &nbsp;&nbsp;&nbsp;&nbsp;565528 | &nbsp;&nbsp;&nbsp;&nbsp; 306742 |
|  | &nbsp;&nbsp;&nbsp;Waste Connections Inc. (XTSE) | 1705171 | &nbsp;&nbsp;&nbsp;&nbsp; 293511 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boeing Co. | 1135115 | &nbsp;&nbsp;&nbsp;&nbsp; 258273 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | 3146461 | &nbsp;&nbsp;&nbsp;&nbsp; 237306 |
|  | &nbsp;&nbsp;&nbsp;TransUnion | 2181957 | &nbsp;&nbsp;&nbsp;&nbsp; 171393 |
|  | &nbsp;&nbsp;&nbsp;Watsco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;375462 | &nbsp;&nbsp;&nbsp;&nbsp; 156692 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RBC Bearings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;109187 | &nbsp;&nbsp;&nbsp;&nbsp; 62883 |
|  | &nbsp;&nbsp;&nbsp;GE Vernova Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55740 | &nbsp;&nbsp;&nbsp;&nbsp; 48694 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2768867** |
| **Information Technology (42.2%)** | **Information Technology (42.2%)** | **Information Technology (42.2%)** | **Information Technology (42.2%)** |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 28129974 | &nbsp;&nbsp;&nbsp;&nbsp; 4984350 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 11214827 | &nbsp;&nbsp;&nbsp;&nbsp; 2962733 |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 7515122 | &nbsp;&nbsp;&nbsp;&nbsp; 2951489 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | 5639375 | &nbsp;&nbsp;&nbsp;&nbsp; 1802062 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Shopify Inc. Class A (XTSE) | 6569790 | &nbsp;&nbsp;&nbsp;&nbsp; 793171 |
|  | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 1483568 | &nbsp;&nbsp;&nbsp;&nbsp; 555715 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cloudflare Inc. Class A | 3089901 | &nbsp;&nbsp;&nbsp;&nbsp; 532050 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cadence Design Systems Inc. | 1475105 | &nbsp;&nbsp;&nbsp;&nbsp; 444597 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AppLovin Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;833506 | &nbsp;&nbsp;&nbsp;&nbsp; 362383 |
|  | &nbsp;&nbsp;&nbsp;ASML Holding NVDR (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;232745 | &nbsp;&nbsp;&nbsp;&nbsp; 337610 |
|  | &nbsp;&nbsp;&nbsp;Analog Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;768827 | &nbsp;&nbsp;&nbsp;&nbsp; 273541 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Snowflake Inc. | 1616952 | &nbsp;&nbsp;&nbsp;&nbsp; 272311 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arista Networks Inc. | 1897984 | &nbsp;&nbsp;&nbsp;&nbsp; 253381 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Datadog Inc. Class A | 1861681 | &nbsp;&nbsp;&nbsp;&nbsp; 208434 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc. | 1024793 | &nbsp;&nbsp;&nbsp;&nbsp; 205174 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;517552 | &nbsp;&nbsp;&nbsp;&nbsp; 192519 |
|  | &nbsp;&nbsp;&nbsp;Intuit Inc. | &nbsp;&nbsp;&nbsp;&nbsp;463755 | &nbsp;&nbsp;&nbsp;&nbsp; 189690 |
|  | &nbsp;&nbsp;&nbsp;Amphenol Corp. Class A | 1273689 | &nbsp;&nbsp;&nbsp;&nbsp; 186035 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ServiceNow Inc. | 1708284 | &nbsp;&nbsp;&nbsp;&nbsp; 184512 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Samsara Inc. Class A | 5072890 | &nbsp;&nbsp;&nbsp;&nbsp; 146606 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palantir Technologies Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;865253 | &nbsp;&nbsp;&nbsp;&nbsp; 118704 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Workday Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;841299 | &nbsp;&nbsp;&nbsp;&nbsp; 112532 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;731701 | &nbsp;&nbsp;&nbsp;&nbsp; 106389 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aurora Innovation Inc. | 19763427 | &nbsp;&nbsp;&nbsp;&nbsp; 92493 |
|  | &nbsp;&nbsp;&nbsp;Monolithic Power Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66597 | &nbsp;&nbsp;&nbsp;&nbsp; 76103 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Figma Inc. Class A | 2448214 | &nbsp;&nbsp;&nbsp;&nbsp; 71953 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ARM Holdings plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;116704 | &nbsp;&nbsp;&nbsp;&nbsp; 14874 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Circle Internet Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105331 | &nbsp;&nbsp;&nbsp;&nbsp; 8789 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**18440200** |
| **Materials (0.3%)** | **Materials (0.3%)** | **Materials (0.3%)** | **Materials (0.3%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Knife River Corp. | 1240535 | &nbsp;&nbsp;&nbsp;&nbsp; 110383 |
| **Other (0.3%)** | **Other (0.3%)** | **Other (0.3%)** | **Other (0.3%)** |
|  | &nbsp;&nbsp;&nbsp;iShares Russell 1000 Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp;254250 | &nbsp;&nbsp;&nbsp;&nbsp; 114461 |
| **Real Estate (1.3%)** | **Real Estate (1.3%)** | **Real Estate (1.3%)** | **Real Estate (1.3%)** |
|  | &nbsp;&nbsp;&nbsp;Welltower Inc. | 1680925 | &nbsp;&nbsp;&nbsp;&nbsp; 348153 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CoStar Group Inc. | 4158782 | &nbsp;&nbsp;&nbsp;&nbsp; 185607 |
|  | &nbsp;&nbsp;&nbsp;Lineage Inc. | 1414744 | &nbsp;&nbsp;&nbsp;&nbsp; 57325 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **591085** |
| **Utilities (0.5%)** | **Utilities (0.5%)** | **Utilities (0.5%)** | **Utilities (0.5%)** |
|  | &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;709725 | &nbsp;&nbsp;&nbsp;&nbsp; 234124 |
| **Total Common Stocks (Cost $19,570,799)** | **Total Common Stocks (Cost $19,570,799)** | **Total Common Stocks (Cost $19,570,799)** | &nbsp;&nbsp;&nbsp;&nbsp;**43096412** |

---

------

U.S. Growth Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Temporary Cash Investments (1.6%)** | **Temporary Cash Investments (1.6%)** | **Temporary Cash Investments (1.6%)** | **Temporary Cash Investments (1.6%)** |
| **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, 3.693% | 4837806 | &nbsp;&nbsp;&nbsp;&nbsp; 483732 |
|  |  | Face<br> Amount<br> ($000) |  |
| **Repurchase Agreements (0.5%)** | **Repurchase Agreements (0.5%)** | **Repurchase Agreements (0.5%)** | **Repurchase Agreements (0.5%)** |
|  | &nbsp;&nbsp;&nbsp;Bank of America Securities, LLC 3.680%, 3/2/2026<br> (Dated 2/27/2026, Repurchase Value $76,123, collateralized by U.S. Government Agency Obligations 1.500%–6.500%, 8/1/2034–6/20/2055, with a value of $77,622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76100 | &nbsp;&nbsp;&nbsp;&nbsp; 76100 |
|  | &nbsp;&nbsp;&nbsp;Nomura International plc 3.660%, 3/2/2026<br> (Dated 2/27/2026, Repurchase Value $32,110, collateralized by U.S. Treasury Obligations 0.500%–4.125%, 5/31/2027–2/15/2053, with a value of $32,747) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32100 | &nbsp;&nbsp;&nbsp;&nbsp; 32100 |
|  | &nbsp;&nbsp;&nbsp;Societe Generale 3.660%, 3/2/2026<br> (Dated 2/27/2026, Repurchase Value $101,331, collateralized by U.S. Treasury Obligations 4.000%, 11/15/2042, with a value of $103,326) | &nbsp;&nbsp;&nbsp;&nbsp;101300 | &nbsp;&nbsp;&nbsp;&nbsp; 101300 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **209500** |
| **Total Temporary Cash Investments (Cost $693,161)** | **Total Temporary Cash Investments (Cost $693,161)** | **Total Temporary Cash Investments (Cost $693,161)** | &nbsp;&nbsp;&nbsp;&nbsp;**693232** |
| **Total Investments (100.2%) (Cost $20,263,960)** | **Total Investments (100.2%) (Cost $20,263,960)** | **Total Investments (100.2%) (Cost $20,263,960)** | &nbsp;&nbsp;&nbsp;&nbsp;**43789644** |
| **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;**(85417)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**43704227** |
| 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 $98,365. |
| 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 $102,948 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 NASDAQ 100 Index | March 2026 | 639 | 319561 | &nbsp;&nbsp;3053 |
| E-mini S&P 500 Index | March 2026 | 39 | 13434 | &nbsp;&nbsp;(239) |
|  |  |  |  | &nbsp;&nbsp;2814 |

---

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

------

U.S. Growth Fund

Statement of Assets and Liabilities

As of February 28, 2026

---

| | |
|:---|:---|
| ($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 $19,780,299) | 43305912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $483,661) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483732 |
| Total Investments in Securities | 43789644 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25406 |
| Foreign Currency, at Value (Cost $980) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173323 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15677 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6972 |
| **Total Assets** | **44013266** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157101 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102948 |
| Payables to Investment Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13630 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31913 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2333 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**309039** |
| **Net Assets** | **43704227** |
| 1 Includes $98,365 of securities on loan. |  |
| **At February 28, 2026, net assets consisted of:** |  |
| Paid-in Capital | 18106797 |
| Total Distributable Earnings (Loss) | 25597430 |
| **Net Assets** | **43704227** |
| **Investor Shares—Net Assets** |  |
| **Applicable to 121,987,832 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**8562101** |
| **Net Asset Value Per Share—Investor Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$70.19** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 193,297,976 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **35142126** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$181.80** |

---

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

------

U.S. Growth Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> February 28, 2026 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76754 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15630 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94259 |
| **Expenses** |  |
| Investment Advisory Fees—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1815) |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 |
| Shareholders' Reports—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 |
| Shareholders' Reports—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 |
| Trustees' Fees and Expenses | &nbsp;&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;&nbsp;12 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70108 |
| Expenses Paid Indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169) |
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69939 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24320** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2</sup> | 3116928 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25694 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62) |
| **Realized Net Gain (Loss)** | **3142560** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | (4947631) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8185) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| **Change in Unrealized Appreciation (Depreciation)** | **(4955802)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **(1788922)** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $1,140. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $10,843, $26, and ($15), 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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> February 28,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112520 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;3142560 | &nbsp;&nbsp;&nbsp;&nbsp;3741837 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;(4955802) | &nbsp;&nbsp;&nbsp;&nbsp;5943900 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;(1788922) | &nbsp;&nbsp;&nbsp;&nbsp;9798257 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;(807658) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(455835) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;(3404496) | &nbsp;&nbsp;&nbsp;&nbsp;(1693525) |
| Total Distributions | &nbsp;&nbsp;(4212154) | &nbsp;&nbsp;&nbsp;&nbsp;(2149360) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;(741382) | &nbsp;&nbsp;&nbsp;&nbsp;(1159885) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;1191139 | &nbsp;&nbsp;&nbsp;&nbsp;(2459782) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449757 | &nbsp;&nbsp;&nbsp;&nbsp;(3619667) |
| Total Increase (Decrease) | &nbsp;&nbsp;(5551319) | &nbsp;&nbsp;&nbsp;&nbsp;4029230 |
| **Net Assets** |  |  |
| **Beginning of Period** | **49255546** | &nbsp;&nbsp;&nbsp;**45226316** |
| **End of Period** | **43704227** | &nbsp;&nbsp;&nbsp;**49255546** |

---

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 | Six Months<br> Ended<br> February 28,<br> 2026 | &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 | Six Months<br> Ended<br> February 28,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$80.23** | &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;.007 | &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;(2.991) | &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;(2.984) | &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;(.050) | &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;(7.006) | &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;(7.056) | &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** | **$70.19** | &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>** | **-4.11%** | &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) | $8562 | &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> | 0.37%<sup>4</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 | 0.03% | &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 | 23% | &nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;41% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 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 (0.01%), (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 0.37%, 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 | Six Months<br> Ended<br> February 28,<br> 2026 | &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 | Six Months<br> Ended<br> February 28,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$207.96** | &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;.124 | &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;(7.752) | &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;(7.628) | &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;(.365) | &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;(18.167) | &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;(18.532) | &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** | **$181.80** | &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>** | **-4.06%** | &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) | $35142 | &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> | 0.27%<sup>4</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 | 0.13% | &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 | 23% | &nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;41% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 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 (0.01%), (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 0.27%, 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 six months ended February 28, 2026, 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 six months ended February 28, 2026, 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.

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

**B.** The investment advisory firms Baillie Gifford Overseas Ltd., Jennison Associates LLC, and Wellington Management Company LLP . 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 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 basic fees of Jennison Associates LLC and Wellington Management Company LLP are subject to quarterly adjustments based on performance relative to the Russell 1000 Growth Index for the preceding three years. The benchmark change will be
fully phased in by August 2027.

Vanguard, through its wholly owned subsidiary Vanguard Portfolio Management, LLC, manages the cash reserves of the fund as described below.

For the six months ended February 28, 2026, 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 $1,815,000 (0.01%) 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 February 28, 2026, the fund had contributed to Vanguard capital in the amount of $1,071,000, representing less than 0.01% of the fund's net assets and 0.43% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**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 six months ended February 28, 2026, these arrangements reduced the fund's expenses by $169,000 (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.

------

U.S. Growth Fund

#### 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 February 28, 2026, 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 | 42909664 | &nbsp;&nbsp;&nbsp;186015 | &nbsp;&nbsp;&nbsp;733 | &nbsp;&nbsp;&nbsp;43096412 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483732 | &nbsp;&nbsp;&nbsp;209500 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693232 |
| Total | 43393396 | &nbsp;&nbsp;&nbsp;395515 | &nbsp;&nbsp;&nbsp;733 | &nbsp;&nbsp;&nbsp;43789644 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 3053 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3053 |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;(239) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(239) |

---

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.** As of February 28, 2026, 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;20373863 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;24573886 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(1155291) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;23418595 |

---

**G.** During the six months ended February 28, 2026, the fund purchased $10,790,907,000 of investment securities and sold $14,026,612,000 of investment securities, other than temporary cash investments.

The fund purchased securities from and sold securities to other funds or accounts managed by its investment advisors or their 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 six months ended February 28, 2026, such purchases were $0 and sales were $33,116,000, resulting in net realized gain of $12,015,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

**H.** Capital share transactions for each class of shares were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> February 28, 2026 | Six Months Ended<br> February 28, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 |
|  | 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;217499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915313 | &nbsp;&nbsp;&nbsp;&nbsp;13703 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;778320 | &nbsp;&nbsp;&nbsp;&nbsp;10595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6088 |
| Redeemed | (1737201) | &nbsp;&nbsp;(21413) | &nbsp;&nbsp;(2513605) | &nbsp;&nbsp;(34850) |
| Net Increase (Decrease)—Investor Shares | &nbsp;&nbsp;&nbsp;(741382) | &nbsp;&nbsp;&nbsp;&nbsp;(8065) | &nbsp;&nbsp;(1159885) | &nbsp;&nbsp;(15059) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;1890312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9019 | &nbsp;&nbsp;&nbsp;&nbsp;2453896 | &nbsp;&nbsp;&nbsp;&nbsp;13213 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;3155063 | &nbsp;&nbsp;&nbsp;&nbsp;16585 | &nbsp;&nbsp;&nbsp;&nbsp;1583818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8491 |
| Redeemed | (3854236) | &nbsp;&nbsp;(18990) | &nbsp;&nbsp;(6497496) | &nbsp;&nbsp;(34834) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;1191139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6614 | &nbsp;&nbsp;(2459782) | &nbsp;&nbsp;(13130) |

---

**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.

------

U.S. Growth Fund

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.

Q232 042026

------

![](tm268191d7intgrwfinsi001.jpg)

#### Financial Statements

#### For the six-months ended February 28, 2026

#### Vanguard International Growth Fund

------

#### Contents
Financial Statements 1 <br>

------

International Growth Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of February 28, 2026

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 (97.0%)** | **Common Stocks (97.0%)** | **Common Stocks (97.0%)** | **Common Stocks (97.0%)** |
| **Australia (0.6%)** | **Australia (0.6%)** | **Australia (0.6%)** | **Australia (0.6%)** |
|  | &nbsp;&nbsp;&nbsp;WiseTech Global Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8562314 | &nbsp;&nbsp;&nbsp;&nbsp; 289863 |
| **Austria (0.6%)** | **Austria (0.6%)** | **Austria (0.6%)** | **Austria (0.6%)** |
|  | &nbsp;&nbsp;&nbsp;Erste Group Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;2265323 | &nbsp;&nbsp;&nbsp;&nbsp; 268881 |
| **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;475698 | &nbsp;&nbsp;&nbsp;&nbsp; 368013 |
|  | &nbsp;&nbsp;&nbsp;UCB SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657719 | &nbsp;&nbsp;&nbsp;&nbsp; 197568 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **565581** |
| **Brazil (2.4%)** | **Brazil (2.4%)** | **Brazil (2.4%)** | **Brazil (2.4%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NU Holdings Ltd. Class A | 64262851 | &nbsp;&nbsp;&nbsp;&nbsp; 962657 |
|  | &nbsp;&nbsp;&nbsp;Raia Drogasil SA | 21905087 | &nbsp;&nbsp;&nbsp;&nbsp; 107165 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1069822** |
| **Canada (2.0%)** | **Canada (2.0%)** | **Canada (2.0%)** | **Canada (2.0%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Shopify Inc. Class A (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;3592439 | &nbsp;&nbsp;&nbsp;&nbsp; 433715 |
|  | &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp;&nbsp;3493174 | &nbsp;&nbsp;&nbsp;&nbsp; 340290 |
|  | &nbsp;&nbsp;&nbsp;Kinross Gold Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3723141 | &nbsp;&nbsp;&nbsp;&nbsp; 137719 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **911724** |
| **China (9.3%)** | **China (9.3%)** | **China (9.3%)** | **China (9.3%)** |
|  | &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 13724800 | &nbsp;&nbsp;&nbsp;&nbsp; 903007 |
|  | &nbsp;&nbsp;&nbsp;BYD Co. Ltd. Class H | 68856900 | &nbsp;&nbsp;&nbsp;&nbsp; 830077 |
|  | &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. Class A (XSHE) | &nbsp;&nbsp;&nbsp;&nbsp;9843700 | &nbsp;&nbsp;&nbsp;&nbsp; 489756 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PDD Holdings Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;4491188 | &nbsp;&nbsp;&nbsp;&nbsp; 465871 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Meituan Class B | 31947868 | &nbsp;&nbsp;&nbsp;&nbsp; 328967 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Wuxi Biologics Cayman Inc. | 52302000 | &nbsp;&nbsp;&nbsp;&nbsp; 268530 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Ganfeng Lithium Group Co. Ltd. Class H | 25540600 | &nbsp;&nbsp;&nbsp;&nbsp; 223875 |
|  | &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group ADR | 12636981 | &nbsp;&nbsp;&nbsp;&nbsp; 184500 |
|  | &nbsp;&nbsp;&nbsp;Shenzhen Inovance Technology Co. Ltd. Class A | 17103678 | &nbsp;&nbsp;&nbsp;&nbsp; 181617 |
|  | &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3636259 | &nbsp;&nbsp;&nbsp;&nbsp; 180916 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Akeso Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9995000 | &nbsp;&nbsp;&nbsp;&nbsp; 136168 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4193284** |
| **Denmark (3.8%)** | **Denmark (3.8%)** | **Denmark (3.8%)** | **Denmark (3.8%)** |
|  | &nbsp;&nbsp;&nbsp;DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;3122466 | &nbsp;&nbsp;&nbsp;&nbsp; 805975 |
|  | &nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S | &nbsp;&nbsp;&nbsp;&nbsp;9218337 | &nbsp;&nbsp;&nbsp;&nbsp; 235660 |
|  | &nbsp;&nbsp;&nbsp;Novo Nordisk A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;5398558 | &nbsp;&nbsp;&nbsp;&nbsp; 204193 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Genmab A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679798 | &nbsp;&nbsp;&nbsp;&nbsp; 200151 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Ambu A/S Class B | 15259465 | &nbsp;&nbsp;&nbsp;&nbsp; 193393 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zealand Pharma A/S | &nbsp;&nbsp;&nbsp;&nbsp;1158496 | &nbsp;&nbsp;&nbsp;&nbsp; 67059 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1706431** |
| **France (4.4%)** | **France (4.4%)** | **France (4.4%)** | **France (4.4%)** |
|  | &nbsp;&nbsp;&nbsp;Hermes International SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232083 | &nbsp;&nbsp;&nbsp;&nbsp; 557803 |
|  | &nbsp;&nbsp;&nbsp;L'Oreal SA (XPAR) | &nbsp;&nbsp;&nbsp;&nbsp;1125115 | &nbsp;&nbsp;&nbsp;&nbsp; 527168 |
|  | &nbsp;&nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;1040885 | &nbsp;&nbsp;&nbsp;&nbsp; 340172 |
|  | &nbsp;&nbsp;&nbsp;Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;1680797 | &nbsp;&nbsp;&nbsp;&nbsp; 304438 |
|  | &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303245 | &nbsp;&nbsp;&nbsp;&nbsp; 193780 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SOITEC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908310 | &nbsp;&nbsp;&nbsp;&nbsp; 43800 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1967161** |
| **Germany (3.5%)** | **Germany (3.5%)** | **Germany (3.5%)** | **Germany (3.5%)** |
|  | &nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;1728785 | &nbsp;&nbsp;&nbsp;&nbsp; 347300 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;2274530 | &nbsp;&nbsp;&nbsp;&nbsp; 287719 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG (XETR) | &nbsp;&nbsp;&nbsp;&nbsp;2577594 | &nbsp;&nbsp;&nbsp;&nbsp; 270141 |
|  | &nbsp;&nbsp;&nbsp;Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp;4835592 | &nbsp;&nbsp;&nbsp;&nbsp; 260613 |
|  | &nbsp;&nbsp;&nbsp;Siemens AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847753 | &nbsp;&nbsp;&nbsp;&nbsp; 245122 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Delivery Hero SE | &nbsp;&nbsp;&nbsp;&nbsp;7227644 | &nbsp;&nbsp;&nbsp;&nbsp; 166235 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1577130** |
| **Hong Kong (1.6%)** | **Hong Kong (1.6%)** | **Hong Kong (1.6%)** | **Hong Kong (1.6%)** |
|  | &nbsp;&nbsp;&nbsp;AIA Group Ltd. | 63742600 | &nbsp;&nbsp;&nbsp;&nbsp; 703178 |

---

------

International Growth Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **India (1.9%)** | **India (1.9%)** | **India (1.9%)** | **India (1.9%)** |
|  | &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 48005348 | &nbsp;&nbsp;&nbsp;&nbsp; 469252 |
|  | &nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | 14001631 | &nbsp;&nbsp;&nbsp;&nbsp; 214888 |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;MakeMyTrip Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3065801 | &nbsp;&nbsp;&nbsp;&nbsp; 173126 |
| <sup>\*,3,4</sup> | &nbsp;&nbsp;&nbsp;ANI Technologies Private Ltd. PP (Acquired 12/1/2015, Cost $5,969) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166185 | &nbsp;&nbsp;&nbsp;&nbsp; 728 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **857994** |
| **Indonesia (0.3%)** | **Indonesia (0.3%)** | **Indonesia (0.3%)** | **Indonesia (0.3%)** |
|  | &nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | 289373400 | &nbsp;&nbsp;&nbsp;&nbsp; 123560 |
| **Israel (0.2%)** | **Israel (0.2%)** | **Israel (0.2%)** | **Israel (0.2%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Wix.com Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1281663 | &nbsp;&nbsp;&nbsp;&nbsp; 90306 |
| **Italy (2.7%)** | **Italy (2.7%)** | **Italy (2.7%)** | **Italy (2.7%)** |
|  | &nbsp;&nbsp;&nbsp;Ferrari NV | &nbsp;&nbsp;&nbsp;&nbsp;1354937 | &nbsp;&nbsp;&nbsp;&nbsp; 511925 |
|  | &nbsp;&nbsp;&nbsp;Prysmian SpA | &nbsp;&nbsp;&nbsp;&nbsp;2261235 | &nbsp;&nbsp;&nbsp;&nbsp; 272368 |
|  | &nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco SpA | 10775089 | &nbsp;&nbsp;&nbsp;&nbsp; 253582 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Brunello Cucinelli SpA | &nbsp;&nbsp;&nbsp;&nbsp;1929867 | &nbsp;&nbsp;&nbsp;&nbsp; 186743 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1224618** |
| **Japan (13.1%)** | **Japan (13.1%)** | **Japan (13.1%)** | **Japan (13.1%)** |
|  | &nbsp;&nbsp;&nbsp;Advantest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6930200 | &nbsp;&nbsp;&nbsp;&nbsp; 1200098 |
|  | &nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2225900 | &nbsp;&nbsp;&nbsp;&nbsp; 938109 |
|  | &nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1595000 | &nbsp;&nbsp;&nbsp;&nbsp; 766885 |
|  | &nbsp;&nbsp;&nbsp;MS&AD Insurance Group Holdings Inc. | 13680100 | &nbsp;&nbsp;&nbsp;&nbsp; 381215 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | 19422600 | &nbsp;&nbsp;&nbsp;&nbsp; 360561 |
|  | &nbsp;&nbsp;&nbsp;Fast Retailing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625400 | &nbsp;&nbsp;&nbsp;&nbsp; 274214 |
|  | &nbsp;&nbsp;&nbsp;ITOCHU Corp. | 17257000 | &nbsp;&nbsp;&nbsp;&nbsp; 249861 |
|  | &nbsp;&nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1265800 | &nbsp;&nbsp;&nbsp;&nbsp; 228639 |
|  | &nbsp;&nbsp;&nbsp;KDDI Corp. | 11226700 | &nbsp;&nbsp;&nbsp;&nbsp; 192847 |
|  | &nbsp;&nbsp;&nbsp;SBI Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8530300 | &nbsp;&nbsp;&nbsp;&nbsp; 182452 |
|  | &nbsp;&nbsp;&nbsp;Recruit Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3990800 | &nbsp;&nbsp;&nbsp;&nbsp; 173661 |
|  | &nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7124100 | &nbsp;&nbsp;&nbsp;&nbsp; 163771 |
|  | &nbsp;&nbsp;&nbsp;Daikin Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1146500 | &nbsp;&nbsp;&nbsp;&nbsp; 145668 |
|  | &nbsp;&nbsp;&nbsp;SMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289200 | &nbsp;&nbsp;&nbsp;&nbsp; 138340 |
|  | &nbsp;&nbsp;&nbsp;Lasertec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634600 | &nbsp;&nbsp;&nbsp;&nbsp; 136821 |
|  | &nbsp;&nbsp;&nbsp;FUJIFILM Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5275800 | &nbsp;&nbsp;&nbsp;&nbsp; 108491 |
|  | &nbsp;&nbsp;&nbsp;SoftBank Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3609200 | &nbsp;&nbsp;&nbsp;&nbsp; 92417 |
|  | &nbsp;&nbsp;&nbsp;Shimano Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734000 | &nbsp;&nbsp;&nbsp;&nbsp; 78359 |
|  | &nbsp;&nbsp;&nbsp;Terumo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5406000 | &nbsp;&nbsp;&nbsp;&nbsp; 73146 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5885555** |
| **Netherlands (7.0%)** | **Netherlands (7.0%)** | **Netherlands (7.0%)** | **Netherlands (7.0%)** |
|  | &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;1179885 | &nbsp;&nbsp;&nbsp;&nbsp; 1716034 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Adyen NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730994 | &nbsp;&nbsp;&nbsp;&nbsp; 858426 |
|  | &nbsp;&nbsp;&nbsp;EXOR NV | &nbsp;&nbsp;&nbsp;&nbsp;4221387 | &nbsp;&nbsp;&nbsp;&nbsp; 370465 |
|  | &nbsp;&nbsp;&nbsp;Heineken NV | &nbsp;&nbsp;&nbsp;&nbsp;2376229 | &nbsp;&nbsp;&nbsp;&nbsp; 220084 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3165009** |
| **Norway (0.5%)** | **Norway (0.5%)** | **Norway (0.5%)** | **Norway (0.5%)** |
|  | &nbsp;&nbsp;&nbsp;DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;7126111 | &nbsp;&nbsp;&nbsp;&nbsp; 225573 |
| **Singapore (2.6%)** | **Singapore (2.6%)** | **Singapore (2.6%)** | **Singapore (2.6%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sea Ltd. ADR | 10771712 | &nbsp;&nbsp;&nbsp;&nbsp; 1168192 |
| **South Korea (3.5%)** | **South Korea (3.5%)** | **South Korea (3.5%)** | **South Korea (3.5%)** |
|  | &nbsp;&nbsp;&nbsp;SK Hynix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848601 | &nbsp;&nbsp;&nbsp;&nbsp; 627449 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coupang Inc. | 29130659 | &nbsp;&nbsp;&nbsp;&nbsp; 555813 |
|  | &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. (XKRX) | &nbsp;&nbsp;&nbsp;&nbsp;2469555 | &nbsp;&nbsp;&nbsp;&nbsp; 369621 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1552883** |
| **Spain (1.3%)** | **Spain (1.3%)** | **Spain (1.3%)** | **Spain (1.3%)** |
|  | &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | 15819658 | &nbsp;&nbsp;&nbsp;&nbsp; 366408 |
|  | &nbsp;&nbsp;&nbsp;Iberdrola SA (XMAD) | &nbsp;&nbsp;&nbsp;&nbsp;8813310 | &nbsp;&nbsp;&nbsp;&nbsp; 208023 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **574431** |
| **Sweden (5.4%)** | **Sweden (5.4%)** | **Sweden (5.4%)** | **Sweden (5.4%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Spotify Technology SA | &nbsp;&nbsp;&nbsp;&nbsp;2377533 | &nbsp;&nbsp;&nbsp;&nbsp; 1224287 |
|  | &nbsp;&nbsp;&nbsp;Atlas Copco AB Class A | 46416941 | &nbsp;&nbsp;&nbsp;&nbsp; 998626 |
|  | &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;7530098 | &nbsp;&nbsp;&nbsp;&nbsp; 120386 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kinnevik AB Class B | 12175929 | &nbsp;&nbsp;&nbsp;&nbsp; 85640 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2428939** |

---

------

International Growth Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Switzerland (6.0%)** | **Switzerland (6.0%)** | **Switzerland (6.0%)** | **Switzerland (6.0%)** |
|  | &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;1286505 | &nbsp;&nbsp;&nbsp;&nbsp; 612250 |
|  | &nbsp;&nbsp;&nbsp;Galderma Group AG | &nbsp;&nbsp;&nbsp;&nbsp;2847220 | &nbsp;&nbsp;&nbsp;&nbsp; 537299 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;VAT Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594276 | &nbsp;&nbsp;&nbsp;&nbsp; 419134 |
|  | &nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA Class A (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;1344101 | &nbsp;&nbsp;&nbsp;&nbsp; 274005 |
|  | &nbsp;&nbsp;&nbsp;Lonza Group AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283780 | &nbsp;&nbsp;&nbsp;&nbsp; 197381 |
|  | &nbsp;&nbsp;&nbsp;Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11916 | &nbsp;&nbsp;&nbsp;&nbsp; 196729 |
|  | &nbsp;&nbsp;&nbsp;Alcon AG | &nbsp;&nbsp;&nbsp;&nbsp;2051512 | &nbsp;&nbsp;&nbsp;&nbsp; 177842 |
|  | &nbsp;&nbsp;&nbsp;Belimo Holding AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158134 | &nbsp;&nbsp;&nbsp;&nbsp; 157609 |
|  | &nbsp;&nbsp;&nbsp;Temenos AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;1484919 | &nbsp;&nbsp;&nbsp;&nbsp; 137757 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2710006** |
| **Taiwan (7.8%)** | **Taiwan (7.8%)** | **Taiwan (7.8%)** | **Taiwan (7.8%)** |
|  | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. (XTAI) | 54208000 | &nbsp;&nbsp;&nbsp;&nbsp; 3382479 |
|  | &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. | 16199000 | &nbsp;&nbsp;&nbsp;&nbsp; 123903 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3506382** |
| **United Kingdom (8.9%)** | **United Kingdom (8.9%)** | **United Kingdom (8.9%)** | **United Kingdom (8.9%)** |
|  | &nbsp;&nbsp;&nbsp;RELX plc | 16291328 | &nbsp;&nbsp;&nbsp;&nbsp; 569111 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Wise plc Class A | 42704541 | &nbsp;&nbsp;&nbsp;&nbsp; 494812 |
|  | &nbsp;&nbsp;&nbsp;AstraZeneca plc | &nbsp;&nbsp;&nbsp;&nbsp;2122759 | &nbsp;&nbsp;&nbsp;&nbsp; 446698 |
|  | &nbsp;&nbsp;&nbsp;Shell plc (XETR) | &nbsp;&nbsp;&nbsp;&nbsp;9420886 | &nbsp;&nbsp;&nbsp;&nbsp; 391422 |
|  | &nbsp;&nbsp;&nbsp;Haleon plc | 54633321 | &nbsp;&nbsp;&nbsp;&nbsp; 299879 |
|  | &nbsp;&nbsp;&nbsp;London Stock Exchange Group plc | &nbsp;&nbsp;&nbsp;&nbsp;2263016 | &nbsp;&nbsp;&nbsp;&nbsp; 269624 |
|  | &nbsp;&nbsp;&nbsp;Rio Tinto plc | &nbsp;&nbsp;&nbsp;&nbsp;2624365 | &nbsp;&nbsp;&nbsp;&nbsp; 259995 |
|  | &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group plc (XLON) | &nbsp;&nbsp;&nbsp;&nbsp;2872944 | &nbsp;&nbsp;&nbsp;&nbsp; 253103 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 13009233 | &nbsp;&nbsp;&nbsp;&nbsp; 243156 |
|  | &nbsp;&nbsp;&nbsp;Unilever plc | &nbsp;&nbsp;&nbsp;&nbsp;2618614 | &nbsp;&nbsp;&nbsp;&nbsp; 192421 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ARM Holdings plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937388 | &nbsp;&nbsp;&nbsp;&nbsp; 119470 |
|  | &nbsp;&nbsp;&nbsp;Sage Group plc | 10099679 | &nbsp;&nbsp;&nbsp;&nbsp; 111134 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ocado Group plc | 30959031 | &nbsp;&nbsp;&nbsp;&nbsp; 88019 |
|  | &nbsp;&nbsp;&nbsp;Whitbread plc | &nbsp;&nbsp;&nbsp;&nbsp;2504439 | &nbsp;&nbsp;&nbsp;&nbsp; 87685 |
|  | &nbsp;&nbsp;&nbsp;Bunzl plc | &nbsp;&nbsp;&nbsp;&nbsp;2920422 | &nbsp;&nbsp;&nbsp;&nbsp; 86170 |
|  | &nbsp;&nbsp;&nbsp;Shell plc | &nbsp;&nbsp;&nbsp;&nbsp;1983468 | &nbsp;&nbsp;&nbsp;&nbsp; 82727 |
| <sup>\*,3,4,5</sup> | &nbsp;&nbsp;&nbsp;Brandtech Group LLC PP Class A (Acquired 9/23/2015, Cost $44,800) | 33633606 | &nbsp;&nbsp;&nbsp;&nbsp; 21256 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4016682** |
| **United States (6.3%)** | **United States (6.3%)** | **United States (6.3%)** | **United States (6.3%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MercadoLibre Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779712 | &nbsp;&nbsp;&nbsp;&nbsp; 1370406 |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2420545 | &nbsp;&nbsp;&nbsp;&nbsp; 428896 |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891102 | &nbsp;&nbsp;&nbsp;&nbsp; 349972 |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;Moderna Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5967346 | &nbsp;&nbsp;&nbsp;&nbsp; 319671 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Atlassian Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2406057 | &nbsp;&nbsp;&nbsp;&nbsp; 180767 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Block Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;1575544 | &nbsp;&nbsp;&nbsp;&nbsp; 100362 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mobileye Global Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4975675 | &nbsp;&nbsp;&nbsp;&nbsp; 42094 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378439 | &nbsp;&nbsp;&nbsp;&nbsp; 34661 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2826829** |
| **Total Common Stocks (Cost $27,706,233)** | **Total Common Stocks (Cost $27,706,233)** | **Total Common Stocks (Cost $27,706,233)** | &nbsp;&nbsp;&nbsp;&nbsp;**43610014** |
| **Preferred Stock (1.0%)** | **Preferred Stock (1.0%)** | **Preferred Stock (1.0%)** | **Preferred Stock (1.0%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Sartorius AG Preference Shares **(Cost $708,773**) | &nbsp;&nbsp;&nbsp;&nbsp;1514051 | &nbsp;&nbsp;&nbsp;&nbsp; **428554** |

---

------

International Growth Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Temporary Cash Investments (2.1%)** | **Temporary Cash Investments (2.1%)** | **Temporary Cash Investments (2.1%)** | **Temporary Cash Investments (2.1%)** |
| **Money Market Fund (2.1%)** | **Money Market Fund (2.1%)** | **Money Market Fund (2.1%)** | **Money Market Fund (2.1%)** |
| <sup>6,7</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 3.693% **(Cost $957,364)** | 9574411 | &nbsp;&nbsp;&nbsp;&nbsp; **957345** |
| **Total Investments (100.1%) (Cost $29,372,370)** | **Total Investments (100.1%) (Cost $29,372,370)** | **Total Investments (100.1%) (Cost $29,372,370)** | &nbsp;&nbsp;&nbsp;&nbsp;**44995913** |
| **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;**(45502)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**44950411** |
| 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 February 28, 2026, the aggregate value was $2,401,335, representing 5.3% of net assets. |
| 2 Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $41,495. |
| 3 Restricted securities totaling $21,984, representing 0.0% 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 $52,017 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 | March 2026 | 2474 | 391523 | &nbsp;&nbsp;5655 |
| MSCI Emerging Markets Index | March 2026 | 2474 | 198378 | &nbsp;&nbsp;4029 |
|  |  |  |  | &nbsp;&nbsp;9684 |

---

&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. | 3/18/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;11168 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;9550 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(127) |
| JPMorgan Chase Bank, N.A. | 3/18/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;20493 | &nbsp;&nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;190539 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(638) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(765) |

---

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 February 28, 2026

---

| | |
|:---|:---|
| ($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 $28,370,206) | 44017312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $1,002,164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978601 |
| Total Investments in Securities | 44995913 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18479 |
| Cash Collateral Pledged—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151477 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103924 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19382 |
| Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421 |
| **Total Assets** | **45291808** |
| **Liabilities** |  |
| Foreign Currency Due to Custodian, at Value (Proceeds $3,662) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222809 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52017 |
| Payables to Investment Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11016 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26453 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3399 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556 |
| Unrealized Depreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 |
| Deferred Foreign Capital Gains Taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23184 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**341397** |
| **Net Assets** | **44950411** |
| 1 Includes $41,495 of securities on loan. |  |
| **At February 28, 2026, net assets consisted of:** |  |
| Paid-in Capital | 27175847 |
| Total Distributable Earnings (Loss) | 17774564 |
| **Net Assets** | **44950411** |
| **Investor Shares—Net Assets** |  |
| **Applicable to 155,182,148 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**5743813** |
| **Net Asset Value Per Share—Investor Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$37.01** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 333,216,386 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **39206598** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$117.66** |

---

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

------

International Growth Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> February 28, 2026 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends—Unaffiliated Issuers<sup>1</sup> | &nbsp;&nbsp;&nbsp;140222 |
| Interest—Unaffiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 |
| Interest—Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;12241 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |
| Total Income | &nbsp;&nbsp;&nbsp;152881 |
| **Expenses** |  |
| Investment Advisory Fees—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Fee | &nbsp;&nbsp;&nbsp;&nbsp;32173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Adjustment | &nbsp;&nbsp;&nbsp;&nbsp;(9177) |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;25193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585 |
| Shareholders' Reports—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |
| Shareholders' Reports—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;58164 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;**94717** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold—Unaffiliated Issuers | 3024215 |
| Investment Securities Sold—Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;80668 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(225) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(911) |
| **Realized Net Gain (Loss)** | **3103761** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities—Unaffiliated Issuers<sup>2</sup> | &nbsp;&nbsp;(398095) |
| Investment Securities—Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;(50751) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(1582) |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(428) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523 |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;**(450333)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **2748145** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $14,872. |
| 2 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of ($3267). |

---

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

------

International Growth Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> February 28,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380163 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;3103761 | &nbsp;&nbsp;&nbsp;&nbsp;1964996 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(450333) | &nbsp;&nbsp;&nbsp;&nbsp;3542248 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;2748145 | &nbsp;&nbsp;&nbsp;&nbsp;5887407 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;(361979) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(576699) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;(2534728) | &nbsp;&nbsp;&nbsp;&nbsp;(3269566) |
| Total Distributions | &nbsp;&nbsp;(2896707) | &nbsp;&nbsp;&nbsp;&nbsp;(3846265) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;(389364) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(947711) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(786661) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;(385281) | &nbsp;&nbsp;&nbsp;&nbsp;(1734372) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(533843) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306770 |
| **Net Assets** |  |  |
| **Beginning of Period** | **45484254** | &nbsp;&nbsp;&nbsp;**45177484** |
| **End of Period** | **44950411** | &nbsp;&nbsp;&nbsp;**45484254** |

---

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 | Six Months<br> Ended<br> February 28,<br> 2026 | &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 | Six Months<br> Ended<br> February 28,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$37.27** | &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;.061 | &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;2.098 | &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;2.159 | &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;(.401) | &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;(2.018) | &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;(2.419) | &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** | **$37.01** | &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>** | **6.21%** | &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) | $5744 | &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> | 0.36% | &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 | 0.32% | &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 | 10% | &nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;25% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 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 (0.04%), (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 | Six Months<br> Ended<br> February 28,<br> 2026 | &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 | Six Months<br> Ended<br> February 28,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$118.59** | &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;.258 | &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;6.668 | &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;6.926 | &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;(1.437) | &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;(6.419) | &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;(7.856) | &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** | **$117.66** | &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>** | **6.27%** | &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) | $39207 | &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> | 0.24% | &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 | 0.43% | &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 | 10% | &nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;25% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 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 (0.04%), (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 six months ended February 28, 2026, 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 six months ended February 28, 2026, 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 six months ended February 28, 2026, 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) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

**B.** 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, through its wholly owned subsidiary Vanguard Portfolio Management, LLC, manages the cash reserves of the fund as described below.

For the six months ended February 28, 2026, 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 $9,177,000 (0.04%) 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 February 28, 2026, the fund had contributed to Vanguard capital in the amount of $1,054,000, representing less than 0.01% of the fund's net assets and 0.42% 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 February 28, 2026, 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 | 4808375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4808375 |
| Common Stocks—Other | 3981565 | &nbsp;&nbsp;&nbsp;34798090 | &nbsp;&nbsp;&nbsp;21984 | &nbsp;&nbsp;&nbsp;38801639 |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428554 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;957345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957345 |
| Total | 9747285 | &nbsp;&nbsp;&nbsp;35226644 | &nbsp;&nbsp;&nbsp;21984 | &nbsp;&nbsp;&nbsp;44995913 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 9684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;9684 |
| Liabilities |  |  |  |  |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(765) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(765) |

---

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 February 28, 2026, 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> | 9684 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;9684 |
| Total Assets | 9684 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;9684 |
| Unrealized Depreciation—Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;(765) | &nbsp;&nbsp;&nbsp;(765) |
| Total Liabilities |  | &nbsp;&nbsp;&nbsp;(765) | &nbsp;&nbsp;&nbsp;(765) |

---

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 six months ended February 28, 2026, 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 | 80668 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;80668 |
| Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;(225) | &nbsp;&nbsp;&nbsp;(225) |
| Realized Net Gain (Loss) on Derivatives | 80668 | &nbsp;&nbsp;&nbsp;(225) | &nbsp;&nbsp;&nbsp;80443 |

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------

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 | (1582) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1582) |
| Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;(428) | &nbsp;&nbsp;&nbsp;(428) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | (1582) | &nbsp;&nbsp;&nbsp;(428) | &nbsp;&nbsp;&nbsp;(2010) |

---

**F.** As of February 28, 2026, 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;29656545 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;18840269 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(3491982) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;15348287 |

---

**G.** During the six months ended February 28, 2026, the fund purchased $4,255,411,000 of investment securities and sold $7,618,534,000 of investment securities, other than temporary cash investments.

**H.** Capital share transactions for each class of shares were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> February 28, 2026 | Six Months Ended<br> February 28, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 |
|  | 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;350994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547340 | &nbsp;&nbsp;&nbsp;&nbsp;15696 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;343686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550764 | &nbsp;&nbsp;&nbsp;&nbsp;17110 |
| Redeemed | (1084044) | &nbsp;&nbsp;(28605) | &nbsp;&nbsp;(2045815) | &nbsp;&nbsp;(59239) |
| Net Increase (Decrease)—Investor Shares | &nbsp;&nbsp;&nbsp;(389364) | &nbsp;&nbsp;&nbsp;&nbsp;(9453) | &nbsp;&nbsp;&nbsp;&nbsp;(947711) | &nbsp;&nbsp;(26433) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;2079324 | &nbsp;&nbsp;&nbsp;&nbsp;17365 | &nbsp;&nbsp;&nbsp;&nbsp;3563756 | &nbsp;&nbsp;&nbsp;&nbsp;32306 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;2256729 | &nbsp;&nbsp;&nbsp;&nbsp;20434 | &nbsp;&nbsp;&nbsp;&nbsp;2913569 | &nbsp;&nbsp;&nbsp;&nbsp;28472 |
| Redeemed | (4331970) | &nbsp;&nbsp;(36386) | &nbsp;&nbsp;(7263986) | &nbsp;&nbsp;(65658) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413 | &nbsp;&nbsp;&nbsp;&nbsp;(786661) | &nbsp;&nbsp;&nbsp;&nbsp;(4880) |

---

**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> 2025<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) | Feb. 28,<br> 2026<br> Market<br> Value<br> ($000) |
| Brandtech Group Class A | &nbsp;&nbsp;71976 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | (50720) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;21256 |
| Vanguard Market Liquidity Fund | 682833 | NA<sup>1</sup> | NA<sup>1</sup> | 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) | 12241 |  | 957345 |
| Total | 754809 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 14 | (50751) | 12241 |  | 978601 |

---

1 Not applicable—purchases and sales are for temporary cash investment purposes.

**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.

------

International Growth Fund

**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.

Q812 042026

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![](tm268191d7ftsesocindfinsi001.jpg)

#### Financial Statements

#### For the six-months ended February 28, 2026

#### Vanguard FTSE Social Index Fund

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#### Contents
Financial Statements 1 <br>

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FTSE Social Index Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of February 28, 2026

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.

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| | | | |
|:---|:---|:---|:---|
|  |  | 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%)** |
| **Basic Materials (1.6%)** | **Basic Materials (1.6%)** | **Basic Materials (1.6%)** | **Basic Materials (1.6%)** |
|  | &nbsp;&nbsp;&nbsp;Linde plc | &nbsp;&nbsp;&nbsp;&nbsp;245489 | &nbsp;&nbsp;&nbsp;&nbsp; 124728 |
|  | &nbsp;&nbsp;&nbsp;Newmont Corp. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;574333 | &nbsp;&nbsp;&nbsp;&nbsp; 74663 |
|  | &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;747702 | &nbsp;&nbsp;&nbsp;&nbsp; 50904 |
|  | &nbsp;&nbsp;&nbsp;Air Products & Chemicals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116131 | &nbsp;&nbsp;&nbsp;&nbsp; 32014 |
|  | &nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;600101 | &nbsp;&nbsp;&nbsp;&nbsp; 27629 |
|  | &nbsp;&nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;120074 | &nbsp;&nbsp;&nbsp;&nbsp; 21239 |
|  | &nbsp;&nbsp;&nbsp;Steel Dynamics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71514 | &nbsp;&nbsp;&nbsp;&nbsp; 13811 |
|  | &nbsp;&nbsp;&nbsp;International Paper Co. | &nbsp;&nbsp;&nbsp;&nbsp;274064 | &nbsp;&nbsp;&nbsp;&nbsp; 11935 |
|  | &nbsp;&nbsp;&nbsp;International Flavors & Fragrances Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133943 | &nbsp;&nbsp;&nbsp;&nbsp; 11014 |
|  | &nbsp;&nbsp;&nbsp;Southern Copper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43887 | &nbsp;&nbsp;&nbsp;&nbsp; 9581 |
|  | &nbsp;&nbsp;&nbsp;CF Industries Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84250 | &nbsp;&nbsp;&nbsp;&nbsp; 8386 |
|  | &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40199 | &nbsp;&nbsp;&nbsp;&nbsp; 7893 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **393797** |
| **Consumer Discretionary (15.7%)** | **Consumer Discretionary (15.7%)** | **Consumer Discretionary (15.7%)** | **Consumer Discretionary (15.7%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 5014680 | &nbsp;&nbsp;&nbsp;&nbsp; 1053083 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tesla Inc. | 1475036 | &nbsp;&nbsp;&nbsp;&nbsp; 593717 |
|  | &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;232031 | &nbsp;&nbsp;&nbsp;&nbsp; 234535 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Netflix Inc. | 2215506 | &nbsp;&nbsp;&nbsp;&nbsp; 213220 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;520495 | &nbsp;&nbsp;&nbsp;&nbsp; 198163 |
|  | &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;373697 | &nbsp;&nbsp;&nbsp;&nbsp; 127453 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;946685 | &nbsp;&nbsp;&nbsp;&nbsp; 100386 |
|  | &nbsp;&nbsp;&nbsp;TJX Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;584725 | &nbsp;&nbsp;&nbsp;&nbsp; 94527 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | 1052475 | &nbsp;&nbsp;&nbsp;&nbsp; 79378 |
|  | &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;292992 | &nbsp;&nbsp;&nbsp;&nbsp; 77517 |
|  | &nbsp;&nbsp;&nbsp;Booking Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17006 | &nbsp;&nbsp;&nbsp;&nbsp; 72094 |
|  | &nbsp;&nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;594577 | &nbsp;&nbsp;&nbsp;&nbsp; 58280 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MercadoLibre Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24626 | &nbsp;&nbsp;&nbsp;&nbsp; 43282 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Spotify Technology SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80412 | &nbsp;&nbsp;&nbsp;&nbsp; 41407 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;440381 | &nbsp;&nbsp;&nbsp;&nbsp; 41343 |
|  | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;132444 | &nbsp;&nbsp;&nbsp;&nbsp; 41185 |
|  | &nbsp;&nbsp;&nbsp;Marriott International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;117299 | &nbsp;&nbsp;&nbsp;&nbsp; 40085 |
|  | &nbsp;&nbsp;&nbsp;NIKE Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;604841 | &nbsp;&nbsp;&nbsp;&nbsp; 37609 |
|  | &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;119223 | &nbsp;&nbsp;&nbsp;&nbsp; 37171 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Warner Bros Discovery Inc. | 1217524 | &nbsp;&nbsp;&nbsp;&nbsp; 34298 |
|  | &nbsp;&nbsp;&nbsp;Ross Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;166566 | &nbsp;&nbsp;&nbsp;&nbsp; 34253 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AutoZone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8732 | &nbsp;&nbsp;&nbsp;&nbsp; 32794 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Airbnb Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;222303 | &nbsp;&nbsp;&nbsp;&nbsp; 30035 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Co. | 2040723 | &nbsp;&nbsp;&nbsp;&nbsp; 28754 |
|  | &nbsp;&nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;237598 | &nbsp;&nbsp;&nbsp;&nbsp; 27036 |
|  | &nbsp;&nbsp;&nbsp;Electronic Arts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;131456 | &nbsp;&nbsp;&nbsp;&nbsp; 26366 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill Inc. | &nbsp;&nbsp;&nbsp;&nbsp;688142 | &nbsp;&nbsp;&nbsp;&nbsp; 25613 |
|  | &nbsp;&nbsp;&nbsp;Yum! Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;145710 | &nbsp;&nbsp;&nbsp;&nbsp; 24503 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Carvana Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70666 | &nbsp;&nbsp;&nbsp;&nbsp; 23614 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Roblox Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;324227 | &nbsp;&nbsp;&nbsp;&nbsp; 22261 |
|  | &nbsp;&nbsp;&nbsp;DR Horton Inc. | &nbsp;&nbsp;&nbsp;&nbsp;137509 | &nbsp;&nbsp;&nbsp;&nbsp; 22055 |
|  | &nbsp;&nbsp;&nbsp;Garmin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85198 | &nbsp;&nbsp;&nbsp;&nbsp; 21541 |
|  | &nbsp;&nbsp;&nbsp;eBay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;236146 | &nbsp;&nbsp;&nbsp;&nbsp; 21456 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95229 | &nbsp;&nbsp;&nbsp;&nbsp; 20139 |
|  | &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;114821 | &nbsp;&nbsp;&nbsp;&nbsp; 17940 |
|  | &nbsp;&nbsp;&nbsp;Carnival Corp. | &nbsp;&nbsp;&nbsp;&nbsp;564991 | &nbsp;&nbsp;&nbsp;&nbsp; 17825 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Copart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;462227 | &nbsp;&nbsp;&nbsp;&nbsp; 17606 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ulta Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp; 16161 |
|  | &nbsp;&nbsp;&nbsp;Omnicom Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;167311 | &nbsp;&nbsp;&nbsp;&nbsp; 14270 |
|  | &nbsp;&nbsp;&nbsp;Estee Lauder Cos. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;128056 | &nbsp;&nbsp;&nbsp;&nbsp; 14018 |
|  | &nbsp;&nbsp;&nbsp;PulteGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;101499 | &nbsp;&nbsp;&nbsp;&nbsp; 13926 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Live Nation Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82758 | &nbsp;&nbsp;&nbsp;&nbsp; 13418 |
|  | &nbsp;&nbsp;&nbsp;Expedia Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61274 | &nbsp;&nbsp;&nbsp;&nbsp; 13216 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coupang Inc. | &nbsp;&nbsp;&nbsp;&nbsp;684127 | &nbsp;&nbsp;&nbsp;&nbsp; 13053 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dollar Tree Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100733 | &nbsp;&nbsp;&nbsp;&nbsp; 12741 |

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FTSE Social Index Fund

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| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Williams-Sonoma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61926 | &nbsp;&nbsp;&nbsp;&nbsp; 12735 |
|  | &nbsp;&nbsp;&nbsp;Lennar Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;107558 | &nbsp;&nbsp;&nbsp;&nbsp; 12300 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NVR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428 | &nbsp;&nbsp;&nbsp;&nbsp; 10735 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Burlington Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32849 | &nbsp;&nbsp;&nbsp;&nbsp; 10080 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One Class C | &nbsp;&nbsp;&nbsp;&nbsp;109888 | &nbsp;&nbsp;&nbsp;&nbsp; 10065 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54270 | &nbsp;&nbsp;&nbsp;&nbsp; 10049 |
|  | &nbsp;&nbsp;&nbsp;Rollins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;146710 | &nbsp;&nbsp;&nbsp;&nbsp; 8933 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75851 | &nbsp;&nbsp;&nbsp;&nbsp; 8895 |
|  | &nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72479 | &nbsp;&nbsp;&nbsp;&nbsp; 8644 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aptiv plc | &nbsp;&nbsp;&nbsp;&nbsp;113495 | &nbsp;&nbsp;&nbsp;&nbsp; 8346 |
|  | &nbsp;&nbsp;&nbsp;Domino's Pizza Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16401 | &nbsp;&nbsp;&nbsp;&nbsp; 6602 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rivian Automotive Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;411158 | &nbsp;&nbsp;&nbsp;&nbsp; 6303 |
|  | &nbsp;&nbsp;&nbsp;Best Buy Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;101067 | &nbsp;&nbsp;&nbsp;&nbsp; 6263 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;107966 | &nbsp;&nbsp;&nbsp;&nbsp; 6083 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trade Desk Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;233402 | &nbsp;&nbsp;&nbsp;&nbsp; 5560 |
|  | &nbsp;&nbsp;&nbsp;News Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;198356 | &nbsp;&nbsp;&nbsp;&nbsp; 4818 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Airlines Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42805 | &nbsp;&nbsp;&nbsp;&nbsp; 4550 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77871 | &nbsp;&nbsp;&nbsp;&nbsp; 4028 |
|  | &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67760 | &nbsp;&nbsp;&nbsp;&nbsp; 3338 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Versant Media Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75601 | &nbsp;&nbsp;&nbsp;&nbsp; 2519 |
|  | &nbsp;&nbsp;&nbsp;News Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65561 | &nbsp;&nbsp;&nbsp;&nbsp; 1756 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11589 | &nbsp;&nbsp;&nbsp;&nbsp; 978 |
|  | &nbsp;&nbsp;&nbsp;Lennar Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4598 | &nbsp;&nbsp;&nbsp;&nbsp; 491 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3897398** |
| **Consumer Staples (4.0%)** | **Consumer Staples (4.0%)** | **Consumer Staples (4.0%)** | **Consumer Staples (4.0%)** |
|  | &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 1227910 | &nbsp;&nbsp;&nbsp;&nbsp; 205307 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 2032971 | &nbsp;&nbsp;&nbsp;&nbsp; 165809 |
|  | &nbsp;&nbsp;&nbsp;PepsiCo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;716355 | &nbsp;&nbsp;&nbsp;&nbsp; 121594 |
|  | &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65606 | &nbsp;&nbsp;&nbsp;&nbsp; 64777 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;654723 | &nbsp;&nbsp;&nbsp;&nbsp; 52312 |
|  | &nbsp;&nbsp;&nbsp;Mondelez International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;677311 | &nbsp;&nbsp;&nbsp;&nbsp; 41709 |
|  | &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;420289 | &nbsp;&nbsp;&nbsp;&nbsp; 41667 |
|  | &nbsp;&nbsp;&nbsp;Cencora Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95714 | &nbsp;&nbsp;&nbsp;&nbsp; 35619 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Monster Beverage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;364668 | &nbsp;&nbsp;&nbsp;&nbsp; 31106 |
|  | &nbsp;&nbsp;&nbsp;Corteva Inc. | &nbsp;&nbsp;&nbsp;&nbsp;357623 | &nbsp;&nbsp;&nbsp;&nbsp; 28653 |
|  | &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;250543 | &nbsp;&nbsp;&nbsp;&nbsp; 22839 |
|  | &nbsp;&nbsp;&nbsp;Kroger Co. | &nbsp;&nbsp;&nbsp;&nbsp;316991 | &nbsp;&nbsp;&nbsp;&nbsp; 21631 |
|  | &nbsp;&nbsp;&nbsp;Keurig Dr Pepper Inc. | &nbsp;&nbsp;&nbsp;&nbsp;677000 | &nbsp;&nbsp;&nbsp;&nbsp; 20500 |
|  | &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;173723 | &nbsp;&nbsp;&nbsp;&nbsp; 19360 |
|  | &nbsp;&nbsp;&nbsp;Kenvue Inc. | &nbsp;&nbsp;&nbsp;&nbsp;993408 | &nbsp;&nbsp;&nbsp;&nbsp; 18994 |
|  | &nbsp;&nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76151 | &nbsp;&nbsp;&nbsp;&nbsp; 17993 |
|  | &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;249839 | &nbsp;&nbsp;&nbsp;&nbsp; 17249 |
|  | &nbsp;&nbsp;&nbsp;Church & Dwight Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125574 | &nbsp;&nbsp;&nbsp;&nbsp; 13168 |
|  | &nbsp;&nbsp;&nbsp;General Mills Inc. | &nbsp;&nbsp;&nbsp;&nbsp;278729 | &nbsp;&nbsp;&nbsp;&nbsp; 12607 |
|  | &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;446425 | &nbsp;&nbsp;&nbsp;&nbsp; 10987 |
|  | &nbsp;&nbsp;&nbsp;Tyson Foods Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;146264 | &nbsp;&nbsp;&nbsp;&nbsp; 9506 |
|  | &nbsp;&nbsp;&nbsp;McCormick & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;132291 | &nbsp;&nbsp;&nbsp;&nbsp; 9398 |
|  | &nbsp;&nbsp;&nbsp;Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63664 | &nbsp;&nbsp;&nbsp;&nbsp; 8095 |
|  | &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;151364 | &nbsp;&nbsp;&nbsp;&nbsp; 3875 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **994755** |
| **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;53078 | &nbsp;&nbsp;&nbsp;&nbsp; 10467 |
| **Financials (9.4%)** | **Financials (9.4%)** | **Financials (9.4%)** | **Financials (9.4%)** |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. (XYNS) | 1331812 | &nbsp;&nbsp;&nbsp;&nbsp; 399943 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. (XNYS) | 3313788 | &nbsp;&nbsp;&nbsp;&nbsp; 165126 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. (XYNS) | &nbsp;&nbsp;&nbsp;&nbsp;146097 | &nbsp;&nbsp;&nbsp;&nbsp; 125581 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;602065 | &nbsp;&nbsp;&nbsp;&nbsp; 100250 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;874052 | &nbsp;&nbsp;&nbsp;&nbsp; 96312 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;892167 | &nbsp;&nbsp;&nbsp;&nbsp; 84934 |
|  | &nbsp;&nbsp;&nbsp;S&P Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;158477 | &nbsp;&nbsp;&nbsp;&nbsp; 70028 |
|  | &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;306337 | &nbsp;&nbsp;&nbsp;&nbsp; 65452 |
|  | &nbsp;&nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;191069 | &nbsp;&nbsp;&nbsp;&nbsp; 65128 |
|  | &nbsp;&nbsp;&nbsp;CME Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;188002 | &nbsp;&nbsp;&nbsp;&nbsp; 60067 |
|  | &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | &nbsp;&nbsp;&nbsp;&nbsp;298229 | &nbsp;&nbsp;&nbsp;&nbsp; 48948 |
|  | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;258002 | &nbsp;&nbsp;&nbsp;&nbsp; 48179 |
|  | &nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;816492 | &nbsp;&nbsp;&nbsp;&nbsp; 44629 |
|  | &nbsp;&nbsp;&nbsp;Blackstone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;387745 | &nbsp;&nbsp;&nbsp;&nbsp; 43959 |
|  | &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;206561 | &nbsp;&nbsp;&nbsp;&nbsp; 43863 |

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FTSE Social Index Fund

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| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;364749 | &nbsp;&nbsp;&nbsp;&nbsp; 43442 |
|  | &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81262 | &nbsp;&nbsp;&nbsp;&nbsp; 38810 |
|  | &nbsp;&nbsp;&nbsp;Aon plc Class A (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;109763 | &nbsp;&nbsp;&nbsp;&nbsp; 36822 |
|  | &nbsp;&nbsp;&nbsp;Travelers Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116356 | &nbsp;&nbsp;&nbsp;&nbsp; 35912 |
|  | &nbsp;&nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;674389 | &nbsp;&nbsp;&nbsp;&nbsp; 33254 |
|  | &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;132565 | &nbsp;&nbsp;&nbsp;&nbsp; 30251 |
|  | &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;137946 | &nbsp;&nbsp;&nbsp;&nbsp; 29592 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Robinhood Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;386880 | &nbsp;&nbsp;&nbsp;&nbsp; 29345 |
|  | &nbsp;&nbsp;&nbsp;Aflac Inc. | &nbsp;&nbsp;&nbsp;&nbsp;251052 | &nbsp;&nbsp;&nbsp;&nbsp; 28351 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NU Holdings Ltd. Class A | 1748605 | &nbsp;&nbsp;&nbsp;&nbsp; 26194 |
|  | &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;472644 | &nbsp;&nbsp;&nbsp;&nbsp; 23382 |
|  | &nbsp;&nbsp;&nbsp;American International Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;289533 | &nbsp;&nbsp;&nbsp;&nbsp; 23305 |
|  | &nbsp;&nbsp;&nbsp;Ameriprise Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48589 | &nbsp;&nbsp;&nbsp;&nbsp; 22843 |
|  | &nbsp;&nbsp;&nbsp;Apollo Global Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;215513 | &nbsp;&nbsp;&nbsp;&nbsp; 22543 |
|  | &nbsp;&nbsp;&nbsp;MSCI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38066 | &nbsp;&nbsp;&nbsp;&nbsp; 21767 |
|  | &nbsp;&nbsp;&nbsp;MetLife Inc. | &nbsp;&nbsp;&nbsp;&nbsp;290874 | &nbsp;&nbsp;&nbsp;&nbsp; 20963 |
|  | &nbsp;&nbsp;&nbsp;Nasdaq Inc. | &nbsp;&nbsp;&nbsp;&nbsp;238004 | &nbsp;&nbsp;&nbsp;&nbsp; 20844 |
|  | &nbsp;&nbsp;&nbsp;Hartford Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;146850 | &nbsp;&nbsp;&nbsp;&nbsp; 20681 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coinbase Global Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;116491 | &nbsp;&nbsp;&nbsp;&nbsp; 20485 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;145678 | &nbsp;&nbsp;&nbsp;&nbsp; 18737 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;186459 | &nbsp;&nbsp;&nbsp;&nbsp; 18674 |
|  | &nbsp;&nbsp;&nbsp;Prudential Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;183070 | &nbsp;&nbsp;&nbsp;&nbsp; 18010 |
|  | &nbsp;&nbsp;&nbsp;Huntington Bancshares Inc. | 1048586 | &nbsp;&nbsp;&nbsp;&nbsp; 17616 |
|  | &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80356 | &nbsp;&nbsp;&nbsp;&nbsp; 17436 |
|  | &nbsp;&nbsp;&nbsp;Cboe Global Markets Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54758 | &nbsp;&nbsp;&nbsp;&nbsp; 16412 |
|  | &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50022 | &nbsp;&nbsp;&nbsp;&nbsp; 15265 |
|  | &nbsp;&nbsp;&nbsp;Raymond James Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93196 | &nbsp;&nbsp;&nbsp;&nbsp; 14266 |
|  | &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98230 | &nbsp;&nbsp;&nbsp;&nbsp; 14056 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Markel Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6515 | &nbsp;&nbsp;&nbsp;&nbsp; 13502 |
|  | &nbsp;&nbsp;&nbsp;Citizens Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;224312 | &nbsp;&nbsp;&nbsp;&nbsp; 13501 |
|  | &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80550 | &nbsp;&nbsp;&nbsp;&nbsp; 13209 |
|  | &nbsp;&nbsp;&nbsp;Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;462145 | &nbsp;&nbsp;&nbsp;&nbsp; 12862 |
|  | &nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41668 | &nbsp;&nbsp;&nbsp;&nbsp; 12516 |
|  | &nbsp;&nbsp;&nbsp;Credicorp Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36014 | &nbsp;&nbsp;&nbsp;&nbsp; 12475 |
|  | &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60921 | &nbsp;&nbsp;&nbsp;&nbsp; 11323 |
|  | &nbsp;&nbsp;&nbsp;Ares Management Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98359 | &nbsp;&nbsp;&nbsp;&nbsp; 11017 |
|  | &nbsp;&nbsp;&nbsp;W R Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;151688 | &nbsp;&nbsp;&nbsp;&nbsp; 10876 |
|  | &nbsp;&nbsp;&nbsp;Principal Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113763 | &nbsp;&nbsp;&nbsp;&nbsp; 10855 |
|  | &nbsp;&nbsp;&nbsp;Brown & Brown Inc. | &nbsp;&nbsp;&nbsp;&nbsp;150957 | &nbsp;&nbsp;&nbsp;&nbsp; 10842 |
|  | &nbsp;&nbsp;&nbsp;T Rowe Price Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113056 | &nbsp;&nbsp;&nbsp;&nbsp; 10699 |
|  | &nbsp;&nbsp;&nbsp;KeyCorp. | &nbsp;&nbsp;&nbsp;&nbsp;494378 | &nbsp;&nbsp;&nbsp;&nbsp; 10253 |
|  | &nbsp;&nbsp;&nbsp;First Citizens BancShares Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4726 | &nbsp;&nbsp;&nbsp;&nbsp; 8971 |
|  | &nbsp;&nbsp;&nbsp;Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21673 | &nbsp;&nbsp;&nbsp;&nbsp; 7271 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134365 | &nbsp;&nbsp;&nbsp;&nbsp; 7105 |
|  | &nbsp;&nbsp;&nbsp;Equitable Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;157094 | &nbsp;&nbsp;&nbsp;&nbsp; 6318 |
|  | &nbsp;&nbsp;&nbsp;FactSet Research Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19583 | &nbsp;&nbsp;&nbsp;&nbsp; 4246 |
|  | &nbsp;&nbsp;&nbsp;Franklin Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;158742 | &nbsp;&nbsp;&nbsp;&nbsp; 4213 |
|  | &nbsp;&nbsp;&nbsp;CNA Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11110 | &nbsp;&nbsp;&nbsp;&nbsp; 534 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2334245** |
| **Health Care (10.3%)** | **Health Care (10.3%)** | **Health Care (10.3%)** | **Health Care (10.3%)** |
|  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;418802 | &nbsp;&nbsp;&nbsp;&nbsp; 440576 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | &nbsp;&nbsp;&nbsp;&nbsp;926114 | &nbsp;&nbsp;&nbsp;&nbsp; 214933 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 1317164 | &nbsp;&nbsp;&nbsp;&nbsp; 163091 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;475702 | &nbsp;&nbsp;&nbsp;&nbsp; 139509 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;281178 | &nbsp;&nbsp;&nbsp;&nbsp; 109142 |
|  | &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;905206 | &nbsp;&nbsp;&nbsp;&nbsp; 105321 |
|  | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc. | &nbsp;&nbsp;&nbsp;&nbsp;197425 | &nbsp;&nbsp;&nbsp;&nbsp; 102880 |
|  | &nbsp;&nbsp;&nbsp;Gilead Sciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;651047 | &nbsp;&nbsp;&nbsp;&nbsp; 96973 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intuitive Surgical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;184523 | &nbsp;&nbsp;&nbsp;&nbsp; 92909 |
|  | &nbsp;&nbsp;&nbsp;Pfizer Inc. | 2969825 | &nbsp;&nbsp;&nbsp;&nbsp; 82116 |
|  | &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;179935 | &nbsp;&nbsp;&nbsp;&nbsp; 69718 |
|  | &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;329191 | &nbsp;&nbsp;&nbsp;&nbsp; 69341 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134440 | &nbsp;&nbsp;&nbsp;&nbsp; 66794 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 1065358 | &nbsp;&nbsp;&nbsp;&nbsp; 66446 |
|  | &nbsp;&nbsp;&nbsp;Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp;670399 | &nbsp;&nbsp;&nbsp;&nbsp; 65471 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;771637 | &nbsp;&nbsp;&nbsp;&nbsp; 59300 |
|  | &nbsp;&nbsp;&nbsp;HCA Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84725 | &nbsp;&nbsp;&nbsp;&nbsp; 44879 |
|  | &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53049 | &nbsp;&nbsp;&nbsp;&nbsp; 41467 |
|  | &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;137719 | &nbsp;&nbsp;&nbsp;&nbsp; 39914 |

---

------

FTSE Social Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Elevance Health Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;114343 | &nbsp;&nbsp;&nbsp;&nbsp; 36590 |
|  | &nbsp;&nbsp;&nbsp;Zoetis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;233279 | &nbsp;&nbsp;&nbsp;&nbsp; 30583 |
|  | &nbsp;&nbsp;&nbsp;Cardinal Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;124738 | &nbsp;&nbsp;&nbsp;&nbsp; 28594 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IDEXX Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41647 | &nbsp;&nbsp;&nbsp;&nbsp; 27351 |
|  | &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;149532 | &nbsp;&nbsp;&nbsp;&nbsp; 26389 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp. | &nbsp;&nbsp;&nbsp;&nbsp;300873 | &nbsp;&nbsp;&nbsp;&nbsp; 26016 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66265 | &nbsp;&nbsp;&nbsp;&nbsp; 22061 |
|  | &nbsp;&nbsp;&nbsp;GE HealthCare Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;239271 | &nbsp;&nbsp;&nbsp;&nbsp; 20163 |
|  | &nbsp;&nbsp;&nbsp;ResMed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76319 | &nbsp;&nbsp;&nbsp;&nbsp; 19558 |
|  | &nbsp;&nbsp;&nbsp;Agilent Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;148966 | &nbsp;&nbsp;&nbsp;&nbsp; 18081 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Waters Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51367 | &nbsp;&nbsp;&nbsp;&nbsp; 16406 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IQVIA Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88284 | &nbsp;&nbsp;&nbsp;&nbsp; 15786 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dexcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;204345 | &nbsp;&nbsp;&nbsp;&nbsp; 15005 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Biogen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76342 | &nbsp;&nbsp;&nbsp;&nbsp; 14644 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Veeva Systems Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77191 | &nbsp;&nbsp;&nbsp;&nbsp; 14050 |
|  | &nbsp;&nbsp;&nbsp;STERIS plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51327 | &nbsp;&nbsp;&nbsp;&nbsp; 12952 |
|  | &nbsp;&nbsp;&nbsp;Labcorp Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43695 | &nbsp;&nbsp;&nbsp;&nbsp; 12633 |
|  | &nbsp;&nbsp;&nbsp;Quest Diagnostics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58289 | &nbsp;&nbsp;&nbsp;&nbsp; 12352 |
|  | &nbsp;&nbsp;&nbsp;Humana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63099 | &nbsp;&nbsp;&nbsp;&nbsp; 12023 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;&nbsp;&nbsp;256169 | &nbsp;&nbsp;&nbsp;&nbsp; 11497 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Illumina Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80285 | &nbsp;&nbsp;&nbsp;&nbsp; 10795 |
|  | &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;103508 | &nbsp;&nbsp;&nbsp;&nbsp; 10189 |
|  | &nbsp;&nbsp;&nbsp;West Pharmaceutical Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37402 | &nbsp;&nbsp;&nbsp;&nbsp; 9513 |
|  | &nbsp;&nbsp;&nbsp;Royalty Pharma plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;203447 | &nbsp;&nbsp;&nbsp;&nbsp; 9401 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Insulet Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36634 | &nbsp;&nbsp;&nbsp;&nbsp; 9034 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hologic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116600 | &nbsp;&nbsp;&nbsp;&nbsp; 8787 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cooper Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104121 | &nbsp;&nbsp;&nbsp;&nbsp; 8712 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Incyte Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83869 | &nbsp;&nbsp;&nbsp;&nbsp; 8493 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Align Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35837 | &nbsp;&nbsp;&nbsp;&nbsp; 6813 |
|  | &nbsp;&nbsp;&nbsp;Baxter International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;267799 | &nbsp;&nbsp;&nbsp;&nbsp; 5455 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Molina Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26608 | &nbsp;&nbsp;&nbsp;&nbsp; 4099 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2554805** |
| **Industrials (6.8%)** | **Industrials (6.8%)** | **Industrials (6.8%)** | **Industrials (6.8%)** |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;420543 | &nbsp;&nbsp;&nbsp;&nbsp; 217509 |
|  | &nbsp;&nbsp;&nbsp;Visa Inc. Class A (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;669991 | &nbsp;&nbsp;&nbsp;&nbsp; 214491 |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;282317 | &nbsp;&nbsp;&nbsp;&nbsp; 87208 |
|  | &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;127726 | &nbsp;&nbsp;&nbsp;&nbsp; 80430 |
|  | &nbsp;&nbsp;&nbsp;Accenture plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;327241 | &nbsp;&nbsp;&nbsp;&nbsp; 68302 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;328602 | &nbsp;&nbsp;&nbsp;&nbsp; 64288 |
|  | &nbsp;&nbsp;&nbsp;Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;116539 | &nbsp;&nbsp;&nbsp;&nbsp; 53878 |
|  | &nbsp;&nbsp;&nbsp;Johnson Controls International plc | &nbsp;&nbsp;&nbsp;&nbsp;345117 | &nbsp;&nbsp;&nbsp;&nbsp; 49800 |
|  | &nbsp;&nbsp;&nbsp;Automatic Data Processing Inc. | &nbsp;&nbsp;&nbsp;&nbsp;213024 | &nbsp;&nbsp;&nbsp;&nbsp; 45664 |
|  | &nbsp;&nbsp;&nbsp;United Parcel Service Inc. Class B (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;383692 | &nbsp;&nbsp;&nbsp;&nbsp; 44493 |
|  | &nbsp;&nbsp;&nbsp;Illinois Tool Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp;151483 | &nbsp;&nbsp;&nbsp;&nbsp; 44025 |
|  | &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;112038 | &nbsp;&nbsp;&nbsp;&nbsp; 43359 |
|  | &nbsp;&nbsp;&nbsp;CRH plc | &nbsp;&nbsp;&nbsp;&nbsp;354540 | &nbsp;&nbsp;&nbsp;&nbsp; 42538 |
|  | &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;179729 | &nbsp;&nbsp;&nbsp;&nbsp; 36149 |
|  | &nbsp;&nbsp;&nbsp;PACCAR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;269415 | &nbsp;&nbsp;&nbsp;&nbsp; 33971 |
|  | &nbsp;&nbsp;&nbsp;United Rentals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33180 | &nbsp;&nbsp;&nbsp;&nbsp; 27871 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Keysight Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89941 | &nbsp;&nbsp;&nbsp;&nbsp; 27642 |
|  | &nbsp;&nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;410433 | &nbsp;&nbsp;&nbsp;&nbsp; 26432 |
|  | &nbsp;&nbsp;&nbsp;Ferguson Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99858 | &nbsp;&nbsp;&nbsp;&nbsp; 26039 |
|  | &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69109 | &nbsp;&nbsp;&nbsp;&nbsp; 21424 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axon Enterprise Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38994 | &nbsp;&nbsp;&nbsp;&nbsp; 21150 |
|  | &nbsp;&nbsp;&nbsp;PayPal Holdings Inc. (XNGS) | &nbsp;&nbsp;&nbsp;&nbsp;456799 | &nbsp;&nbsp;&nbsp;&nbsp; 21109 |
|  | &nbsp;&nbsp;&nbsp;Old Dominion Freight Line Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97417 | &nbsp;&nbsp;&nbsp;&nbsp; 19781 |
|  | &nbsp;&nbsp;&nbsp;Ingersoll Rand Inc. (XYNS) | &nbsp;&nbsp;&nbsp;&nbsp;207838 | &nbsp;&nbsp;&nbsp;&nbsp; 19566 |
|  | &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;203990 | &nbsp;&nbsp;&nbsp;&nbsp; 18881 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Block Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;279534 | &nbsp;&nbsp;&nbsp;&nbsp; 17806 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fiserv Inc. | &nbsp;&nbsp;&nbsp;&nbsp;279784 | &nbsp;&nbsp;&nbsp;&nbsp; 17428 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fair Isaac Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12249 | &nbsp;&nbsp;&nbsp;&nbsp; 17263 |
|  | &nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70873 | &nbsp;&nbsp;&nbsp;&nbsp; 15982 |
|  | &nbsp;&nbsp;&nbsp;Paychex Inc. | &nbsp;&nbsp;&nbsp;&nbsp;168656 | &nbsp;&nbsp;&nbsp;&nbsp; 15795 |
|  | &nbsp;&nbsp;&nbsp;Verisk Analytics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73141 | &nbsp;&nbsp;&nbsp;&nbsp; 15182 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mettler-Toledo International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10747 | &nbsp;&nbsp;&nbsp;&nbsp; 14688 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Information Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;275178 | &nbsp;&nbsp;&nbsp;&nbsp; 14023 |
|  | &nbsp;&nbsp;&nbsp;Equifax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63778 | &nbsp;&nbsp;&nbsp;&nbsp; 13327 |
|  | &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;188104 | &nbsp;&nbsp;&nbsp;&nbsp; 13000 |
|  | &nbsp;&nbsp;&nbsp;Smurfit WestRock plc | &nbsp;&nbsp;&nbsp;&nbsp;272432 | &nbsp;&nbsp;&nbsp;&nbsp; 12807 |

---

------

FTSE Social Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;124663 | &nbsp;&nbsp;&nbsp;&nbsp; 12146 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corpay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35536 | &nbsp;&nbsp;&nbsp;&nbsp; 11553 |
|  | &nbsp;&nbsp;&nbsp;DuPont de Nemours Inc. | &nbsp;&nbsp;&nbsp;&nbsp;218821 | &nbsp;&nbsp;&nbsp;&nbsp; 10950 |
|  | &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46177 | &nbsp;&nbsp;&nbsp;&nbsp; 10720 |
|  | &nbsp;&nbsp;&nbsp;Snap-on Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26788 | &nbsp;&nbsp;&nbsp;&nbsp; 10319 |
|  | &nbsp;&nbsp;&nbsp;Expeditors International of Washington Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70608 | &nbsp;&nbsp;&nbsp;&nbsp; 10240 |
|  | &nbsp;&nbsp;&nbsp;Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;165803 | &nbsp;&nbsp;&nbsp;&nbsp; 9816 |
|  | &nbsp;&nbsp;&nbsp;Global Payments Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;125274 | &nbsp;&nbsp;&nbsp;&nbsp; 9578 |
|  | &nbsp;&nbsp;&nbsp;Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;142235 | &nbsp;&nbsp;&nbsp;&nbsp; 9548 |
|  | &nbsp;&nbsp;&nbsp;JB Hunt Transport Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40047 | &nbsp;&nbsp;&nbsp;&nbsp; 9347 |
|  | &nbsp;&nbsp;&nbsp;Pentair plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85509 | &nbsp;&nbsp;&nbsp;&nbsp; 8482 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trimble Inc. | &nbsp;&nbsp;&nbsp;&nbsp;124547 | &nbsp;&nbsp;&nbsp;&nbsp; 8328 |
|  | &nbsp;&nbsp;&nbsp;TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;101884 | &nbsp;&nbsp;&nbsp;&nbsp; 8003 |
|  | &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;108594 | &nbsp;&nbsp;&nbsp;&nbsp; 7777 |
|  | &nbsp;&nbsp;&nbsp;Allegion plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44971 | &nbsp;&nbsp;&nbsp;&nbsp; 7247 |
|  | &nbsp;&nbsp;&nbsp;Jack Henry & Associates Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37963 | &nbsp;&nbsp;&nbsp;&nbsp; 6167 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26573 | &nbsp;&nbsp;&nbsp;&nbsp; 5951 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Builders FirstSource Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56715 | &nbsp;&nbsp;&nbsp;&nbsp; 5915 |
|  | &nbsp;&nbsp;&nbsp;CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp;458552 | &nbsp;&nbsp;&nbsp;&nbsp; 5640 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1691028** |
| **Real Estate (2.3%)** | **Real Estate (2.3%)** | **Real Estate (2.3%)** | **Real Estate (2.3%)** |
|  | &nbsp;&nbsp;&nbsp;Welltower Inc. | &nbsp;&nbsp;&nbsp;&nbsp;359452 | &nbsp;&nbsp;&nbsp;&nbsp; 74450 |
|  | &nbsp;&nbsp;&nbsp;Prologis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;484898 | &nbsp;&nbsp;&nbsp;&nbsp; 69132 |
|  | &nbsp;&nbsp;&nbsp;Equinix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51087 | &nbsp;&nbsp;&nbsp;&nbsp; 49772 |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;244524 | &nbsp;&nbsp;&nbsp;&nbsp; 46914 |
|  | &nbsp;&nbsp;&nbsp;Simon Property Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;169362 | &nbsp;&nbsp;&nbsp;&nbsp; 34524 |
|  | &nbsp;&nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;478648 | &nbsp;&nbsp;&nbsp;&nbsp; 32069 |
|  | &nbsp;&nbsp;&nbsp;Digital Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;179856 | &nbsp;&nbsp;&nbsp;&nbsp; 31871 |
|  | &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82560 | &nbsp;&nbsp;&nbsp;&nbsp; 25351 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CBRE Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;155446 | &nbsp;&nbsp;&nbsp;&nbsp; 22953 |
|  | &nbsp;&nbsp;&nbsp;Ventas Inc. | &nbsp;&nbsp;&nbsp;&nbsp;244751 | &nbsp;&nbsp;&nbsp;&nbsp; 21088 |
|  | &nbsp;&nbsp;&nbsp;Crown Castle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;226802 | &nbsp;&nbsp;&nbsp;&nbsp; 20308 |
|  | &nbsp;&nbsp;&nbsp;Extra Space Storage Inc. | &nbsp;&nbsp;&nbsp;&nbsp;110112 | &nbsp;&nbsp;&nbsp;&nbsp; 16630 |
|  | &nbsp;&nbsp;&nbsp;Iron Mountain Inc. | &nbsp;&nbsp;&nbsp;&nbsp;153353 | &nbsp;&nbsp;&nbsp;&nbsp; 16613 |
|  | &nbsp;&nbsp;&nbsp;AvalonBay Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74366 | &nbsp;&nbsp;&nbsp;&nbsp; 13180 |
|  | &nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;198049 | &nbsp;&nbsp;&nbsp;&nbsp; 12519 |
|  | &nbsp;&nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56145 | &nbsp;&nbsp;&nbsp;&nbsp; 11294 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CoStar Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;218294 | &nbsp;&nbsp;&nbsp;&nbsp; 9742 |
|  | &nbsp;&nbsp;&nbsp;Sun Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64011 | &nbsp;&nbsp;&nbsp;&nbsp; 8735 |
|  | &nbsp;&nbsp;&nbsp;Essex Property Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33310 | &nbsp;&nbsp;&nbsp;&nbsp; 8498 |
|  | &nbsp;&nbsp;&nbsp;WP Carey Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113294 | &nbsp;&nbsp;&nbsp;&nbsp; 8457 |
|  | &nbsp;&nbsp;&nbsp;Invitation Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;319964 | &nbsp;&nbsp;&nbsp;&nbsp; 8428 |
|  | &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;349166 | &nbsp;&nbsp;&nbsp;&nbsp; 8223 |
|  | &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60815 | &nbsp;&nbsp;&nbsp;&nbsp; 8141 |
|  | &nbsp;&nbsp;&nbsp;Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94402 | &nbsp;&nbsp;&nbsp;&nbsp; 7458 |
|  | &nbsp;&nbsp;&nbsp;UDR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;172772 | &nbsp;&nbsp;&nbsp;&nbsp; 6479 |
|  | &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89734 | &nbsp;&nbsp;&nbsp;&nbsp; 4849 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zillow Group Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86314 | &nbsp;&nbsp;&nbsp;&nbsp; 3851 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zillow Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25092 | &nbsp;&nbsp;&nbsp;&nbsp; 1124 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **582653** |
| **Technology (46.4%)** | **Technology (46.4%)** | **Technology (46.4%)** | **Technology (46.4%)** |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 12234876 | &nbsp;&nbsp;&nbsp;&nbsp; 2167898 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 7621272 | &nbsp;&nbsp;&nbsp;&nbsp; 2013388 |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 3877053 | &nbsp;&nbsp;&nbsp;&nbsp; 1522674 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | 3038630 | &nbsp;&nbsp;&nbsp;&nbsp; 947323 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | 2414285 | &nbsp;&nbsp;&nbsp;&nbsp; 771485 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class C | 2474358 | &nbsp;&nbsp;&nbsp;&nbsp; 770589 |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | 1141394 | &nbsp;&nbsp;&nbsp;&nbsp; 739829 |
|  | &nbsp;&nbsp;&nbsp;Micron Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;584095 | &nbsp;&nbsp;&nbsp;&nbsp; 240863 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;841872 | &nbsp;&nbsp;&nbsp;&nbsp; 168551 |
|  | &nbsp;&nbsp;&nbsp;Applied Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;419292 | &nbsp;&nbsp;&nbsp;&nbsp; 156102 |
|  | &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;656364 | &nbsp;&nbsp;&nbsp;&nbsp; 153517 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;879983 | &nbsp;&nbsp;&nbsp;&nbsp; 127950 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intel Corp. | 2306704 | &nbsp;&nbsp;&nbsp;&nbsp; 105209 |
|  | &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68785 | &nbsp;&nbsp;&nbsp;&nbsp; 104866 |
|  | &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;475108 | &nbsp;&nbsp;&nbsp;&nbsp; 100775 |
|  | &nbsp;&nbsp;&nbsp;Salesforce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;488073 | &nbsp;&nbsp;&nbsp;&nbsp; 95072 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | &nbsp;&nbsp;&nbsp;&nbsp;564746 | &nbsp;&nbsp;&nbsp;&nbsp; 80397 |
|  | &nbsp;&nbsp;&nbsp;Corning Inc. | &nbsp;&nbsp;&nbsp;&nbsp;408135 | &nbsp;&nbsp;&nbsp;&nbsp; 61375 |

---

------

FTSE Social Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;407750 | &nbsp;&nbsp;&nbsp;&nbsp; 60722 |
|  | &nbsp;&nbsp;&nbsp;Intuit Inc. | &nbsp;&nbsp;&nbsp;&nbsp;142734 | &nbsp;&nbsp;&nbsp;&nbsp; 58382 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ServiceNow Inc. | &nbsp;&nbsp;&nbsp;&nbsp;540211 | &nbsp;&nbsp;&nbsp;&nbsp; 58348 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adobe Inc. | &nbsp;&nbsp;&nbsp;&nbsp;218516 | &nbsp;&nbsp;&nbsp;&nbsp; 57341 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AppLovin Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;124634 | &nbsp;&nbsp;&nbsp;&nbsp; 54187 |
|  | &nbsp;&nbsp;&nbsp;Vertiv Holdings Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;198876 | &nbsp;&nbsp;&nbsp;&nbsp; 50691 |
|  | &nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;177855 | &nbsp;&nbsp;&nbsp;&nbsp; 49746 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;129260 | &nbsp;&nbsp;&nbsp;&nbsp; 48082 |
|  | &nbsp;&nbsp;&nbsp;Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;110705 | &nbsp;&nbsp;&nbsp;&nbsp; 45150 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cadence Design Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;142635 | &nbsp;&nbsp;&nbsp;&nbsp; 42990 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Synopsys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96487 | &nbsp;&nbsp;&nbsp;&nbsp; 39946 |
|  | &nbsp;&nbsp;&nbsp;Marvell Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;451891 | &nbsp;&nbsp;&nbsp;&nbsp; 36915 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DoorDash Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;187559 | &nbsp;&nbsp;&nbsp;&nbsp; 33099 |
|  | &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;131915 | &nbsp;&nbsp;&nbsp;&nbsp; 29946 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Snowflake Inc. | &nbsp;&nbsp;&nbsp;&nbsp;171635 | &nbsp;&nbsp;&nbsp;&nbsp; 28905 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cloudflare Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;163876 | &nbsp;&nbsp;&nbsp;&nbsp; 28218 |
|  | &nbsp;&nbsp;&nbsp;Monolithic Power Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24196 | &nbsp;&nbsp;&nbsp;&nbsp; 27650 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Autodesk Inc. | &nbsp;&nbsp;&nbsp;&nbsp;111370 | &nbsp;&nbsp;&nbsp;&nbsp; 27383 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fortinet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;332617 | &nbsp;&nbsp;&nbsp;&nbsp; 26287 |
|  | &nbsp;&nbsp;&nbsp;Teradyne Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81858 | &nbsp;&nbsp;&nbsp;&nbsp; 26197 |
|  | &nbsp;&nbsp;&nbsp;Dell Technologies Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;166523 | &nbsp;&nbsp;&nbsp;&nbsp; 24659 |
|  | &nbsp;&nbsp;&nbsp;Microchip Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;275885 | &nbsp;&nbsp;&nbsp;&nbsp; 20592 |
|  | &nbsp;&nbsp;&nbsp;Roper Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56124 | &nbsp;&nbsp;&nbsp;&nbsp; 19628 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Datadog Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;163175 | &nbsp;&nbsp;&nbsp;&nbsp; 18269 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Strategy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp; 18130 |
|  | &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;252687 | &nbsp;&nbsp;&nbsp;&nbsp; 16281 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Workday Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;112461 | &nbsp;&nbsp;&nbsp;&nbsp; 15043 |
|  | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;685257 | &nbsp;&nbsp;&nbsp;&nbsp; 14712 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;213496 | &nbsp;&nbsp;&nbsp;&nbsp; 14193 |
|  | &nbsp;&nbsp;&nbsp;Qnity Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;109438 | &nbsp;&nbsp;&nbsp;&nbsp; 13872 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MongoDB Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41239 | &nbsp;&nbsp;&nbsp;&nbsp; 13546 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;192388 | &nbsp;&nbsp;&nbsp;&nbsp; 12124 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pure Storage Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;162388 | &nbsp;&nbsp;&nbsp;&nbsp; 10429 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zoom Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;139327 | &nbsp;&nbsp;&nbsp;&nbsp; 10302 |
|  | &nbsp;&nbsp;&nbsp;NetApp Inc. (XNGS) | &nbsp;&nbsp;&nbsp;&nbsp;101562 | &nbsp;&nbsp;&nbsp;&nbsp; 10058 |
|  | &nbsp;&nbsp;&nbsp;VeriSign Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43493 | &nbsp;&nbsp;&nbsp;&nbsp; 9914 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PTC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62312 | &nbsp;&nbsp;&nbsp;&nbsp; 9757 |
|  | &nbsp;&nbsp;&nbsp;HP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;492842 | &nbsp;&nbsp;&nbsp;&nbsp; 9359 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Twilio Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73910 | &nbsp;&nbsp;&nbsp;&nbsp; 8940 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Super Micro Computer Inc. (XNGS) | &nbsp;&nbsp;&nbsp;&nbsp;268397 | &nbsp;&nbsp;&nbsp;&nbsp; 8693 |
|  | &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68809 | &nbsp;&nbsp;&nbsp;&nbsp; 8439 |
|  | &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;109369 | &nbsp;&nbsp;&nbsp;&nbsp; 8234 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;F5 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30101 | &nbsp;&nbsp;&nbsp;&nbsp; 8168 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tyler Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22498 | &nbsp;&nbsp;&nbsp;&nbsp; 7980 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zscaler Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52217 | &nbsp;&nbsp;&nbsp;&nbsp; 7675 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;HubSpot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26595 | &nbsp;&nbsp;&nbsp;&nbsp; 7035 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Check Point Software Technologies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43712 | &nbsp;&nbsp;&nbsp;&nbsp; 6647 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Atlassian Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86748 | &nbsp;&nbsp;&nbsp;&nbsp; 6517 |
|  | &nbsp;&nbsp;&nbsp;Gen Digital Inc. (XNGS) | &nbsp;&nbsp;&nbsp;&nbsp;287335 | &nbsp;&nbsp;&nbsp;&nbsp; 6485 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Okta Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87442 | &nbsp;&nbsp;&nbsp;&nbsp; 6340 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GoDaddy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70341 | &nbsp;&nbsp;&nbsp;&nbsp; 6131 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gartner Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38509 | &nbsp;&nbsp;&nbsp;&nbsp; 6054 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pinterest Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;308702 | &nbsp;&nbsp;&nbsp;&nbsp; 5288 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Docusign Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105018 | &nbsp;&nbsp;&nbsp;&nbsp; 4733 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GLOBALFOUNDRIES Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53752 | &nbsp;&nbsp;&nbsp;&nbsp; 2556 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**11534831** |
| **Telecommunications (2.5%)** | **Telecommunications (2.5%)** | **Telecommunications (2.5%)** | **Telecommunications (2.5%)** |
|  | &nbsp;&nbsp;&nbsp;Cisco Systems Inc. | 2080695 | &nbsp;&nbsp;&nbsp;&nbsp; 165332 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 2207870 | &nbsp;&nbsp;&nbsp;&nbsp; 110703 |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 3612941 | &nbsp;&nbsp;&nbsp;&nbsp; 101198 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arista Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;539278 | &nbsp;&nbsp;&nbsp;&nbsp; 71994 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. Class A | 1889454 | &nbsp;&nbsp;&nbsp;&nbsp; 58497 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile US Inc. | &nbsp;&nbsp;&nbsp;&nbsp;251899 | &nbsp;&nbsp;&nbsp;&nbsp; 54685 |
|  | &nbsp;&nbsp;&nbsp;Motorola Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87101 | &nbsp;&nbsp;&nbsp;&nbsp; 42005 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Charter Communications Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43701 | &nbsp;&nbsp;&nbsp;&nbsp; 10254 |
|  | &nbsp;&nbsp;&nbsp;Ubiquiti Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2204 | &nbsp;&nbsp;&nbsp;&nbsp; 1690 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **616358** |

---

------

FTSE Social Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Utilities (0.5%)** | **Utilities (0.5%)** | **Utilities (0.5%)** | **Utilities (0.5%)** |
|  | &nbsp;&nbsp;&nbsp;Waste Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;193398 | &nbsp;&nbsp;&nbsp;&nbsp; 46578 |
|  | &nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;528381 | &nbsp;&nbsp;&nbsp;&nbsp; 26139 |
|  | &nbsp;&nbsp;&nbsp;Republic Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105898 | &nbsp;&nbsp;&nbsp;&nbsp; 24251 |
|  | &nbsp;&nbsp;&nbsp;American Water Works Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;101847 | &nbsp;&nbsp;&nbsp;&nbsp; 13854 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **110822** |
| **Total Common Stocks (Cost $10,220,285)** | **Total Common Stocks (Cost $10,220,285)** | **Total Common Stocks (Cost $10,220,285)** | &nbsp;&nbsp;&nbsp;&nbsp;**24721159** |
| **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>1</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 3.693% **(Cost** $**108,647)** | 1086503 | &nbsp;&nbsp;&nbsp;&nbsp; **108639** |
| **Total Investments (99.9%) (Cost $10,328,932)** | **Total Investments (99.9%) (Cost $10,328,932)** | **Total Investments (99.9%) (Cost $10,328,932)** | &nbsp;&nbsp;&nbsp;&nbsp;**24829798** |
| **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;**26031** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**24855829** |
| 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 | March 2026 | 54 | 18600 | &nbsp;&nbsp;(36) |

---

&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) |
| Bank of America Corp. | &nbsp;&nbsp;&nbsp;2/1/2027 | &nbsp;&nbsp;&nbsp;CITNA | &nbsp;&nbsp;&nbsp;8563 | &nbsp;&nbsp;&nbsp;(4.480) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(494) |
| Citigroup Inc. | 8/31/2027 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;6140 | &nbsp;&nbsp;&nbsp;(4.370) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(224) |
| Elevance Health Inc. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;(4.380) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(20) |
| Global Payments Inc. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;(4.480) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1) |
| Goldman Sachs Group Inc. | 8/31/2027 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;6941 | &nbsp;&nbsp;&nbsp;(4.445) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(485) |
| JPMorgan Chase & Co. | 8/31/2027 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;26787 | &nbsp;&nbsp;&nbsp;(4.422) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(268) |
| NetApp Inc. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;(4.310) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(8) |
| PayPal Holdings Inc. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;1560 | &nbsp;&nbsp;&nbsp;(4.480) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(37) |
| Visa Inc. Class A | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;65728 | &nbsp;&nbsp;&nbsp;(3.620) | &nbsp;&nbsp;&nbsp;1636 | &nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;1636 | &nbsp;&nbsp;&nbsp;(1537) |

---

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 February 28, 2026, the counterparties had deposited in segregated accounts securities with a value of $1,272 in connection with open over-the-counter swap contracts.

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

------

FTSE Social Index Fund

Statement of Assets and Liabilities

As of February 28, 2026

---

| | |
|:---|:---|
| ($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 $10,220,285) | 24721159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $108,647) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108639 |
| Total Investments in Securities | 24829798 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4241 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16022 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13392 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18008 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636 |
| **Total Assets** | **24884689** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26366 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 |
| Unrealized Depreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28860** |
| **Net Assets** | **24855829** |
| **At February 28, 2026, net assets consisted of:** |  |
| Paid-in Capital | 10734278 |
| Total Distributable Earnings (Loss) | 14121551 |
| **Net Assets** | **24855829** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 187,223,889 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **12004670** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$64.12** |
| **Institutional Shares—Net Assets** |  |
| **Applicable to 278,395,685 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **12851159** |
| **Net Asset Value Per Share—Institutional Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$46.16** |

---

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

------

FTSE Social Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> February 28, 2026 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;126593 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Total Income | &nbsp;&nbsp;&nbsp;127505 |
| **Expenses** |  |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 |
| Shareholders' Reports—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| Shareholders' Reports—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;11874 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;**115631** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;296538 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2542 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(7332) |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;**291748** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | &nbsp;&nbsp;&nbsp;620467 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;**620475** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **1027854** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $40. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $870, ($1), and ($8), respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $211,751 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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> February 28,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225676 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114206 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620475 | &nbsp;&nbsp;&nbsp;&nbsp;3202995 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;1027854 | &nbsp;&nbsp;&nbsp;&nbsp;3542877 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56095) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112263) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114668) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(118580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(226931) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(430365) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(503692) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48786) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329349 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;(479151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174343) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430123 | &nbsp;&nbsp;&nbsp;&nbsp;3141603 |
| **Net Assets** |  |  |
| **Beginning of Period** | **24425706** | &nbsp;&nbsp;&nbsp;**21284103** |
| **End of Period** | **24855829** | &nbsp;&nbsp;&nbsp;**24425706** |

---

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 | Six Months<br> Ended<br> February 28,<br> 2026 | &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 | Six Months<br> Ended<br> February 28,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$61.84** | &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;.285 | &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;2.286 | &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;2.571 | &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;(.291) | &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;(.291) | &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** | **$64.12** | &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>** | **4.15%** | &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) | $12005 | &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 | 0.13% | &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 | 0.88% | &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 | 4%<sup>4</sup> | &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> |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 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 | Six Months<br> Ended<br> February 28,<br> 2026 | &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 | Six Months<br> Ended<br> February 28,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$44.52** | &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;.220 | &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;1.643 | &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;1.863 | &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;(.223) | &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;(.223) | &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** | **$46.16** | &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** | **4.18%** | &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) | $12851 | &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 | 0.06% | &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 | 0.94% | &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 | 4%<sup>3</sup> | &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> |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 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 six months ended February 28, 2026, 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 six months ended February 28, 2026, 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.

------

FTSE Social 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 six months ended February 28, 2026, 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) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

**B.** Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Portfolio Management, LLC.

**C.** 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 February 28, 2026, the fund had contributed to Vanguard capital in the amount of $592,000, representing less than 0.01% of the fund's net assets and 0.24% 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.**

------

FTSE Social Index Fund

The following table summarizes the market value of the fund's investments and derivatives as of February 28, 2026, 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 | 24721159 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;24721159 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108639 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108639 |
| Total | 24829798 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;24829798 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Swap Contracts | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1636 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1636 |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | (36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1537) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1537) |
| Total | (36) | &nbsp;&nbsp;&nbsp;(1537) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1573) |

---

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.** As of February 28, 2026, 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;10385123 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;14818901 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(374262) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;14444639 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at August 31, 2025, the fund had available capital losses totaling $651,090,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending August 31, 2026; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**F.** During the six months ended February 28, 2026, the fund purchased $887,349,000 of investment securities and sold $1,246,742,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $0 and $241,080,000, 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 six months ended February 28, 2026, such purchases were $162,044,000 and sales were $31,493,000, resulting in net realized gain of $6,455,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

**G.** Capital share transactions for each class of shares were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> February 28, 2026 | Six Months Ended<br> February 28, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;1011883 | &nbsp;&nbsp;&nbsp;&nbsp;15639 | &nbsp;&nbsp;&nbsp;&nbsp;1831675 | &nbsp;&nbsp;&nbsp;&nbsp;32856 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731 |
| Redeemed | (1489754) | &nbsp;&nbsp;(22964) | &nbsp;&nbsp;(2431089) | &nbsp;&nbsp;(43599) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;(430365) | &nbsp;&nbsp;&nbsp;&nbsp;(6591) | &nbsp;&nbsp;&nbsp;&nbsp;(503692) | &nbsp;&nbsp;&nbsp;&nbsp;(9012) |
| **Institutional Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;1035950 | &nbsp;&nbsp;&nbsp;&nbsp;22272 | &nbsp;&nbsp;&nbsp;&nbsp;2041762 | &nbsp;&nbsp;&nbsp;&nbsp;50890 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2831 |
| Redeemed | (1146025) | &nbsp;&nbsp;(24620) | &nbsp;&nbsp;(1825143) | &nbsp;&nbsp;(44810) |
| Net Increase (Decrease)—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;(48786) | &nbsp;&nbsp;&nbsp;&nbsp;(1033) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8911 |

---

------

FTSE Social Index Fund

**H.** 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.

**I.** 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.

**J.** 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.

Q2132 042026

------

![](tm268191d7megacapindfinsi001.jpg)

#### Financial Statements

#### For the six-months ended February 28, 2026

#### Vanguard Mega Cap Index Fund

------

#### Contents
Financial Statements 1 <br>

------

Mega Cap Index Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of February 28, 2026

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%)** |
| **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;100850 | &nbsp;&nbsp;&nbsp;&nbsp; 51240 |
|  | &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;309375 | &nbsp;&nbsp;&nbsp;&nbsp; 21062 |
|  | &nbsp;&nbsp;&nbsp;Ecolab Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54927 | &nbsp;&nbsp;&nbsp;&nbsp; 16937 |
|  | &nbsp;&nbsp;&nbsp;Air Products & Chemicals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47952 | &nbsp;&nbsp;&nbsp;&nbsp; 13219 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **102458** |
| **Consumer Discretionary (13.6%)** | **Consumer Discretionary (13.6%)** | **Consumer Discretionary (13.6%)** | **Consumer Discretionary (13.6%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 2077357 | &nbsp;&nbsp;&nbsp;&nbsp; 436245 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tesla Inc. | &nbsp;&nbsp;&nbsp;&nbsp;610374 | &nbsp;&nbsp;&nbsp;&nbsp; 245682 |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;946649 | &nbsp;&nbsp;&nbsp;&nbsp; 121124 |
|  | &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;95686 | &nbsp;&nbsp;&nbsp;&nbsp; 96718 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Netflix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;915010 | &nbsp;&nbsp;&nbsp;&nbsp; 88061 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;214942 | &nbsp;&nbsp;&nbsp;&nbsp; 81833 |
|  | &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;153783 | &nbsp;&nbsp;&nbsp;&nbsp; 52449 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;385737 | &nbsp;&nbsp;&nbsp;&nbsp; 40904 |
|  | &nbsp;&nbsp;&nbsp;TJX Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;240558 | &nbsp;&nbsp;&nbsp;&nbsp; 38889 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;449310 | &nbsp;&nbsp;&nbsp;&nbsp; 33887 |
|  | &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;121268 | &nbsp;&nbsp;&nbsp;&nbsp; 32084 |
|  | &nbsp;&nbsp;&nbsp;Booking Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6958 | &nbsp;&nbsp;&nbsp;&nbsp; 29497 |
|  | &nbsp;&nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;246108 | &nbsp;&nbsp;&nbsp;&nbsp; 24123 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;181927 | &nbsp;&nbsp;&nbsp;&nbsp; 17079 |
|  | &nbsp;&nbsp;&nbsp;NIKE Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;256217 | &nbsp;&nbsp;&nbsp;&nbsp; 15932 |
|  | &nbsp;&nbsp;&nbsp;Marriott International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;46262 | &nbsp;&nbsp;&nbsp;&nbsp; 15809 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Airbnb Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;82458 | &nbsp;&nbsp;&nbsp;&nbsp; 11141 |
|  | &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25079 | &nbsp;&nbsp;&nbsp;&nbsp; 7819 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AutoZone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792 | &nbsp;&nbsp;&nbsp;&nbsp; 6730 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill Inc. | &nbsp;&nbsp;&nbsp;&nbsp;142680 | &nbsp;&nbsp;&nbsp;&nbsp; 5310 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1401316** |
| **Consumer Staples (3.7%)** | **Consumer Staples (3.7%)** | **Consumer Staples (3.7%)** | **Consumer Staples (3.7%)** |
|  | &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;504584 | &nbsp;&nbsp;&nbsp;&nbsp; 84366 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;336070 | &nbsp;&nbsp;&nbsp;&nbsp; 62788 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;743039 | &nbsp;&nbsp;&nbsp;&nbsp; 60602 |
|  | &nbsp;&nbsp;&nbsp;PepsiCo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;295299 | &nbsp;&nbsp;&nbsp;&nbsp; 50124 |
|  | &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26713 | &nbsp;&nbsp;&nbsp;&nbsp; 26376 |
|  | &nbsp;&nbsp;&nbsp;Altria Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;363384 | &nbsp;&nbsp;&nbsp;&nbsp; 25088 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;273589 | &nbsp;&nbsp;&nbsp;&nbsp; 21860 |
|  | &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;173699 | &nbsp;&nbsp;&nbsp;&nbsp; 17220 |
|  | &nbsp;&nbsp;&nbsp;Mondelez International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;278010 | &nbsp;&nbsp;&nbsp;&nbsp; 17120 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Monster Beverage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;147322 | &nbsp;&nbsp;&nbsp;&nbsp; 12567 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **378111** |
| **Energy (2.7%)** | **Energy (2.7%)** | **Energy (2.7%)** | **Energy (2.7%)** |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;910453 | &nbsp;&nbsp;&nbsp;&nbsp; 138844 |
|  | &nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;413007 | &nbsp;&nbsp;&nbsp;&nbsp; 77133 |
|  | &nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;267226 | &nbsp;&nbsp;&nbsp;&nbsp; 30320 |
|  | &nbsp;&nbsp;&nbsp;EOG Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116835 | &nbsp;&nbsp;&nbsp;&nbsp; 14497 |
|  | &nbsp;&nbsp;&nbsp;Williams Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;131817 | &nbsp;&nbsp;&nbsp;&nbsp; 9849 |
|  | &nbsp;&nbsp;&nbsp;Kinder Morgan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;203908 | &nbsp;&nbsp;&nbsp;&nbsp; 6784 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **277427** |
| **Financials (9.6%)** | **Financials (9.6%)** | **Financials (9.6%)** | **Financials (9.6%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;375116 | &nbsp;&nbsp;&nbsp;&nbsp; 189415 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. (XYNS) | &nbsp;&nbsp;&nbsp;&nbsp;551507 | &nbsp;&nbsp;&nbsp;&nbsp; 165618 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. (XNYS) | 1353344 | &nbsp;&nbsp;&nbsp;&nbsp; 67437 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;677992 | &nbsp;&nbsp;&nbsp;&nbsp; 55222 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. (XYNS) | &nbsp;&nbsp;&nbsp;&nbsp;61624 | &nbsp;&nbsp;&nbsp;&nbsp; 52970 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;257497 | &nbsp;&nbsp;&nbsp;&nbsp; 42876 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;364209 | &nbsp;&nbsp;&nbsp;&nbsp; 40132 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;364893 | &nbsp;&nbsp;&nbsp;&nbsp; 34738 |
|  | &nbsp;&nbsp;&nbsp;Blackrock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30105 | &nbsp;&nbsp;&nbsp;&nbsp; 32009 |
|  | &nbsp;&nbsp;&nbsp;S&P Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66830 | &nbsp;&nbsp;&nbsp;&nbsp; 29531 |

---

------

Mega Cap Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;126894 | &nbsp;&nbsp;&nbsp;&nbsp; 27112 |
|  | &nbsp;&nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;76652 | &nbsp;&nbsp;&nbsp;&nbsp; 26128 |
|  | &nbsp;&nbsp;&nbsp;CME Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77707 | &nbsp;&nbsp;&nbsp;&nbsp; 24827 |
|  | &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | &nbsp;&nbsp;&nbsp;&nbsp;122893 | &nbsp;&nbsp;&nbsp;&nbsp; 20170 |
|  | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105560 | &nbsp;&nbsp;&nbsp;&nbsp; 19712 |
|  | &nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;335016 | &nbsp;&nbsp;&nbsp;&nbsp; 18312 |
|  | &nbsp;&nbsp;&nbsp;Blackstone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;159912 | &nbsp;&nbsp;&nbsp;&nbsp; 18129 |
|  | &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;84502 | &nbsp;&nbsp;&nbsp;&nbsp; 17944 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;150249 | &nbsp;&nbsp;&nbsp;&nbsp; 17895 |
|  | &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;32665 | &nbsp;&nbsp;&nbsp;&nbsp; 15600 |
|  | &nbsp;&nbsp;&nbsp;Travelers Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48069 | &nbsp;&nbsp;&nbsp;&nbsp; 14836 |
|  | &nbsp;&nbsp;&nbsp;Aon plc Class A (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;43977 | &nbsp;&nbsp;&nbsp;&nbsp; 14753 |
|  | &nbsp;&nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;275745 | &nbsp;&nbsp;&nbsp;&nbsp; 13597 |
|  | &nbsp;&nbsp;&nbsp;KKR & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;144080 | &nbsp;&nbsp;&nbsp;&nbsp; 12633 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp; 12112 |
|  | &nbsp;&nbsp;&nbsp;Aflac Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56556 | &nbsp;&nbsp;&nbsp;&nbsp; 6387 |
|  | &nbsp;&nbsp;&nbsp;Apollo Global Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43827 | &nbsp;&nbsp;&nbsp;&nbsp; 4584 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **994679** |
| **Health Care (9.8%)** | **Health Care (9.8%)** | **Health Care (9.8%)** | **Health Care (9.8%)** |
|  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;183708 | &nbsp;&nbsp;&nbsp;&nbsp; 193259 |
|  | &nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;520180 | &nbsp;&nbsp;&nbsp;&nbsp; 129228 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | &nbsp;&nbsp;&nbsp;&nbsp;381642 | &nbsp;&nbsp;&nbsp;&nbsp; 88572 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;535967 | &nbsp;&nbsp;&nbsp;&nbsp; 66364 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;195603 | &nbsp;&nbsp;&nbsp;&nbsp; 57365 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116337 | &nbsp;&nbsp;&nbsp;&nbsp; 45157 |
|  | &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;375680 | &nbsp;&nbsp;&nbsp;&nbsp; 43710 |
|  | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81192 | &nbsp;&nbsp;&nbsp;&nbsp; 42310 |
|  | &nbsp;&nbsp;&nbsp;Gilead Sciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;268080 | &nbsp;&nbsp;&nbsp;&nbsp; 39931 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intuitive Surgical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76617 | &nbsp;&nbsp;&nbsp;&nbsp; 38577 |
|  | &nbsp;&nbsp;&nbsp;Pfizer Inc. | 1229043 | &nbsp;&nbsp;&nbsp;&nbsp; 33983 |
|  | &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;136986 | &nbsp;&nbsp;&nbsp;&nbsp; 28855 |
|  | &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;74450 | &nbsp;&nbsp;&nbsp;&nbsp; 28846 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;438703 | &nbsp;&nbsp;&nbsp;&nbsp; 27362 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54681 | &nbsp;&nbsp;&nbsp;&nbsp; 27167 |
|  | &nbsp;&nbsp;&nbsp;Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp;276275 | &nbsp;&nbsp;&nbsp;&nbsp; 26981 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;319478 | &nbsp;&nbsp;&nbsp;&nbsp; 24552 |
|  | &nbsp;&nbsp;&nbsp;HCA Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34412 | &nbsp;&nbsp;&nbsp;&nbsp; 18228 |
|  | &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;57908 | &nbsp;&nbsp;&nbsp;&nbsp; 16783 |
|  | &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21132 | &nbsp;&nbsp;&nbsp;&nbsp; 16518 |
|  | &nbsp;&nbsp;&nbsp;Elevance Health Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;47095 | &nbsp;&nbsp;&nbsp;&nbsp; 15070 |
|  | &nbsp;&nbsp;&nbsp;Zoetis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42792 | &nbsp;&nbsp;&nbsp;&nbsp; 5610 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1014428** |
| **Industrials (9.9%)** | **Industrials (9.9%)** | **Industrials (9.9%)** | **Industrials (9.9%)** |
|  | &nbsp;&nbsp;&nbsp;Visa Inc. Class A (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;364474 | &nbsp;&nbsp;&nbsp;&nbsp; 116683 |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;173238 | &nbsp;&nbsp;&nbsp;&nbsp; 89600 |
|  | &nbsp;&nbsp;&nbsp;Caterpillar Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;100997 | &nbsp;&nbsp;&nbsp;&nbsp; 75024 |
|  | &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;216316 | &nbsp;&nbsp;&nbsp;&nbsp; 74036 |
|  | &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;289510 | &nbsp;&nbsp;&nbsp;&nbsp; 58661 |
|  | &nbsp;&nbsp;&nbsp;GE Vernova Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58619 | &nbsp;&nbsp;&nbsp;&nbsp; 51210 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boeing Co. | &nbsp;&nbsp;&nbsp;&nbsp;169209 | &nbsp;&nbsp;&nbsp;&nbsp; 38500 |
|  | &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;55534 | &nbsp;&nbsp;&nbsp;&nbsp; 34970 |
|  | &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;128258 | &nbsp;&nbsp;&nbsp;&nbsp; 33986 |
|  | &nbsp;&nbsp;&nbsp;Honeywell International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;137236 | &nbsp;&nbsp;&nbsp;&nbsp; 33429 |
|  | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;50038 | &nbsp;&nbsp;&nbsp;&nbsp; 32929 |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;104295 | &nbsp;&nbsp;&nbsp;&nbsp; 32217 |
|  | &nbsp;&nbsp;&nbsp;Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;83942 | &nbsp;&nbsp;&nbsp;&nbsp; 31555 |
|  | &nbsp;&nbsp;&nbsp;Accenture plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;134697 | &nbsp;&nbsp;&nbsp;&nbsp; 28114 |
|  | &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27216 | &nbsp;&nbsp;&nbsp;&nbsp; 27466 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;136995 | &nbsp;&nbsp;&nbsp;&nbsp; 26802 |
|  | &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30883 | &nbsp;&nbsp;&nbsp;&nbsp; 22371 |
|  | &nbsp;&nbsp;&nbsp;Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;48001 | &nbsp;&nbsp;&nbsp;&nbsp; 22192 |
|  | &nbsp;&nbsp;&nbsp;3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;114499 | &nbsp;&nbsp;&nbsp;&nbsp; 18929 |
|  | &nbsp;&nbsp;&nbsp;Automatic Data Processing Inc. | &nbsp;&nbsp;&nbsp;&nbsp;87602 | &nbsp;&nbsp;&nbsp;&nbsp; 18778 |
|  | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52386 | &nbsp;&nbsp;&nbsp;&nbsp; 18704 |
|  | &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;51020 | &nbsp;&nbsp;&nbsp;&nbsp; 18499 |
|  | &nbsp;&nbsp;&nbsp;United Parcel Service Inc. Class B (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;159405 | &nbsp;&nbsp;&nbsp;&nbsp; 18485 |
|  | &nbsp;&nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;121090 | &nbsp;&nbsp;&nbsp;&nbsp; 18254 |
|  | &nbsp;&nbsp;&nbsp;Illinois Tool Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59394 | &nbsp;&nbsp;&nbsp;&nbsp; 17262 |
|  | &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;401186 | &nbsp;&nbsp;&nbsp;&nbsp; 17127 |

---

------

Mega Cap Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;48345 | &nbsp;&nbsp;&nbsp;&nbsp; 15216 |
|  | &nbsp;&nbsp;&nbsp;Johnson Controls International plc | &nbsp;&nbsp;&nbsp;&nbsp;65847 | &nbsp;&nbsp;&nbsp;&nbsp; 9502 |
|  | &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22848 | &nbsp;&nbsp;&nbsp;&nbsp; 8842 |
|  | &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;36799 | &nbsp;&nbsp;&nbsp;&nbsp; 7401 |
|  | &nbsp;&nbsp;&nbsp;PayPal Holdings Inc. (XNGS) | &nbsp;&nbsp;&nbsp;&nbsp;93976 | &nbsp;&nbsp;&nbsp;&nbsp; 4343 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1021087** |
| **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;148436 | &nbsp;&nbsp;&nbsp;&nbsp; 30744 |
|  | &nbsp;&nbsp;&nbsp;Prologis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200386 | &nbsp;&nbsp;&nbsp;&nbsp; 28569 |
|  | &nbsp;&nbsp;&nbsp;Equinix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21268 | &nbsp;&nbsp;&nbsp;&nbsp; 20721 |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100879 | &nbsp;&nbsp;&nbsp;&nbsp; 19355 |
|  | &nbsp;&nbsp;&nbsp;Simon Property Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33434 | &nbsp;&nbsp;&nbsp;&nbsp; 6815 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **106204** |
| **Technology (44.9%)** | **Technology (44.9%)** | **Technology (44.9%)** | **Technology (44.9%)** |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 4984128 | &nbsp;&nbsp;&nbsp;&nbsp; 883138 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 3190318 | &nbsp;&nbsp;&nbsp;&nbsp; 842818 |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 1604801 | &nbsp;&nbsp;&nbsp;&nbsp; 630269 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | 1256307 | &nbsp;&nbsp;&nbsp;&nbsp; 391666 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | 1019559 | &nbsp;&nbsp;&nbsp;&nbsp; 325800 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;992181 | &nbsp;&nbsp;&nbsp;&nbsp; 308995 |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;470257 | &nbsp;&nbsp;&nbsp;&nbsp; 304811 |
|  | &nbsp;&nbsp;&nbsp;Micron Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;242943 | &nbsp;&nbsp;&nbsp;&nbsp; 100182 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;351469 | &nbsp;&nbsp;&nbsp;&nbsp; 70368 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palantir Technologies Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;468639 | &nbsp;&nbsp;&nbsp;&nbsp; 64293 |
|  | &nbsp;&nbsp;&nbsp;Applied Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;171980 | &nbsp;&nbsp;&nbsp;&nbsp; 64028 |
|  | &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;271173 | &nbsp;&nbsp;&nbsp;&nbsp; 63425 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;369384 | &nbsp;&nbsp;&nbsp;&nbsp; 53708 |
|  | &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;201860 | &nbsp;&nbsp;&nbsp;&nbsp; 48489 |
|  | &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;28395 | &nbsp;&nbsp;&nbsp;&nbsp; 43290 |
|  | &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;196301 | &nbsp;&nbsp;&nbsp;&nbsp; 41637 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;876003 | &nbsp;&nbsp;&nbsp;&nbsp; 39954 |
|  | &nbsp;&nbsp;&nbsp;Amphenol Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;264557 | &nbsp;&nbsp;&nbsp;&nbsp; 38641 |
|  | &nbsp;&nbsp;&nbsp;Salesforce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;195566 | &nbsp;&nbsp;&nbsp;&nbsp; 38094 |
|  | &nbsp;&nbsp;&nbsp;Analog Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105826 | &nbsp;&nbsp;&nbsp;&nbsp; 37652 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | &nbsp;&nbsp;&nbsp;&nbsp;231585 | &nbsp;&nbsp;&nbsp;&nbsp; 32968 |
|  | &nbsp;&nbsp;&nbsp;Intuit Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59984 | &nbsp;&nbsp;&nbsp;&nbsp; 24535 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ServiceNow Inc. | &nbsp;&nbsp;&nbsp;&nbsp;223577 | &nbsp;&nbsp;&nbsp;&nbsp; 24149 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adobe Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90242 | &nbsp;&nbsp;&nbsp;&nbsp; 23680 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AppLovin Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;53034 | &nbsp;&nbsp;&nbsp;&nbsp; 23058 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;150830 | &nbsp;&nbsp;&nbsp;&nbsp; 22462 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;51382 | &nbsp;&nbsp;&nbsp;&nbsp; 19113 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cadence Design Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58659 | &nbsp;&nbsp;&nbsp;&nbsp; 17680 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Synopsys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40036 | &nbsp;&nbsp;&nbsp;&nbsp; 16575 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Autodesk Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45665 | &nbsp;&nbsp;&nbsp;&nbsp; 11228 |
|  | &nbsp;&nbsp;&nbsp;Dell Technologies Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;68870 | &nbsp;&nbsp;&nbsp;&nbsp; 10198 |
|  | &nbsp;&nbsp;&nbsp;Marvell Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92755 | &nbsp;&nbsp;&nbsp;&nbsp; 7577 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Snowflake Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34623 | &nbsp;&nbsp;&nbsp;&nbsp; 5831 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fortinet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68037 | &nbsp;&nbsp;&nbsp;&nbsp; 5377 |
|  | &nbsp;&nbsp;&nbsp;Roper Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11615 | &nbsp;&nbsp;&nbsp;&nbsp; 4062 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Strategy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28917 | &nbsp;&nbsp;&nbsp;&nbsp; 3745 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Workday Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;22979 | &nbsp;&nbsp;&nbsp;&nbsp; 3074 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4646570** |
| **Telecommunications (2.1%)** | **Telecommunications (2.1%)** | **Telecommunications (2.1%)** | **Telecommunications (2.1%)** |
|  | &nbsp;&nbsp;&nbsp;Cisco Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;767580 | &nbsp;&nbsp;&nbsp;&nbsp; 60992 |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 1531552 | &nbsp;&nbsp;&nbsp;&nbsp; 42899 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;819926 | &nbsp;&nbsp;&nbsp;&nbsp; 41111 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arista Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;217868 | &nbsp;&nbsp;&nbsp;&nbsp; 29085 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;783236 | &nbsp;&nbsp;&nbsp;&nbsp; 24249 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile US Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96433 | &nbsp;&nbsp;&nbsp;&nbsp; 20935 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **219271** |
| **Utilities (1.4%)** | **Utilities (1.4%)** | **Utilities (1.4%)** | **Utilities (1.4%)** |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;449971 | &nbsp;&nbsp;&nbsp;&nbsp; 42194 |
|  | &nbsp;&nbsp;&nbsp;Southern Co. | &nbsp;&nbsp;&nbsp;&nbsp;237069 | &nbsp;&nbsp;&nbsp;&nbsp; 23086 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;167649 | &nbsp;&nbsp;&nbsp;&nbsp; 21937 |
|  | &nbsp;&nbsp;&nbsp;Waste Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;86840 | &nbsp;&nbsp;&nbsp;&nbsp; 20914 |
|  | &nbsp;&nbsp;&nbsp;American Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;115264 | &nbsp;&nbsp;&nbsp;&nbsp; 15424 |
|  | &nbsp;&nbsp;&nbsp;Republic Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43440 | &nbsp;&nbsp;&nbsp;&nbsp; 9948 |

---

------

Mega Cap Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Sempra | &nbsp;&nbsp;&nbsp;&nbsp;70257 | &nbsp;&nbsp;&nbsp;&nbsp; 6764 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **140267** |
| **Total Common Stocks (Cost $6,641,168)** | **Total Common Stocks (Cost $6,641,168)** | **Total Common Stocks (Cost $6,641,168)** | &nbsp;&nbsp;&nbsp;&nbsp;**10301818** |
| **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>1</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 3.693% **(Cost** $**24,451)** | &nbsp;&nbsp;&nbsp;&nbsp;244519 | &nbsp;&nbsp;&nbsp;&nbsp; **24449** |
| **Total Investments (99.9%) (Cost $6,665,619)** | **Total Investments (99.9%) (Cost $6,665,619)** | **Total Investments (99.9%) (Cost $6,665,619)** | &nbsp;&nbsp;&nbsp;&nbsp;**10326267** |
| **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;**10046** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**10336313** |
| 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 | March 2026 | 42 | 14467 | &nbsp;&nbsp;(26) |

---

&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) |
| Bank of America Corp. | &nbsp;&nbsp;&nbsp;2/1/2027 | &nbsp;&nbsp;&nbsp;CITNA | &nbsp;&nbsp;&nbsp;3489 | &nbsp;&nbsp;&nbsp;(4.480) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(194) |
| Citigroup Inc. | 8/31/2027 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;2549 | &nbsp;&nbsp;&nbsp;(4.370) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(93) |
| Elevance Health Inc. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp;&nbsp;(4.380) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(8) |
| Goldman Sachs Group Inc. | 8/31/2027 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;2920 | &nbsp;&nbsp;&nbsp;(4.447) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(204) |
| JPMorgan Chase & Co. | 8/31/2027 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;11015 | &nbsp;&nbsp;&nbsp;(4.421) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(110) |
| PayPal Holdings Inc. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;(4.480) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(8) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(617) |

---

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.

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

------

Mega Cap Index Fund

Statement of Assets and Liabilities

As of February 28, 2026

---

| | |
|:---|:---|
| ($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 $6,641,168) | 10301818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $24,451) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24449 |
| Total Investments in Securities | 10326267 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9043 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| **Total Assets** | **10337238** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| Unrealized Depreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**925** |
| **Net Assets** | **10336313** |
| **At February 28, 2026, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;6487034 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;3849279 |
| **Net Assets** | **10336313** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 37,734,267 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**9395998** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$249.00** |
| **Institutional Shares—Net Assets** |  |
| **Applicable to 1,915,250 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**940315** |
| **Net Asset Value Per Share—Institutional Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$490.96** |

---

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

------

Mega Cap Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> February 28, 2026 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends | &nbsp;&nbsp;53752 |
| Interest<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Income | &nbsp;&nbsp;53969 |
| **Expenses** |  |
| The Vanguard Group—Note C |  |
| &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;2682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Shareholders' Reports—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 |
| Shareholders' Reports—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;3276 |
| **Net Investment Income** | &nbsp;&nbsp;**50693** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1,2</sup> | 374389 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;(1099) |
| **Realized Net Gain (Loss)** | **373740** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | 152955 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(107) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(617) |
| **Change in Unrealized Appreciation (Depreciation)** | **152231** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **576664** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $202, less than $1, and ($2), respectively. Purchases and sales are for temporary cash investment purposes. |
| 2 | Includes $405,773 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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> February 28,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78534 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176634 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883492 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576664 | &nbsp;&nbsp;&nbsp;1138660 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43753) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73646) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3884) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3198) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76844) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;1005117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378190 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;1255585 | &nbsp;&nbsp;&nbsp;1212107 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;1784612 | &nbsp;&nbsp;&nbsp;2273923 |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;&nbsp;**8551701** | &nbsp;&nbsp;&nbsp;**6277778** |
| **End of Period** | **10336313** | &nbsp;&nbsp;&nbsp;**8551701** |

---

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 | Six Months<br> Ended<br> February 28,<br> 2026 | &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 | Six Months<br> Ended<br> February 28,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$234.91** | &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;1.257 | &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;14.010 | &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;15.267 | &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;(1.177) | &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;(1.177) | &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** | **$249.00** | &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** | **6.50%** | &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) | $9396 | &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 | 0.07% | &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 | 1.00% | &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> | 2% | &nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;5% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 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 | Six Months<br> Ended<br> February 28,<br> 2026 | &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 | Six Months<br> Ended<br> February 28,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$463.17** | &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;2.528 | &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;27.604 | &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;30.132 | &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;(2.342) | &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;(2.342) | &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** | **$490.96** | &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** | **6.51%** | &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) | $940 | &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 | 0.06% | &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 | 1.02% | &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> | 2% | &nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;5% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 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 six months ended February 28, 2026, 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 six months ended February 28, 2026, 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 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 six months ended February 28, 2026, 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) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

**B.** Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Portfolio Management, LLC.

**C.** 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 February 28, 2026, the fund had contributed to Vanguard capital in the amount of $243,000, 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.

**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.**

------

Mega Cap Index Fund

The following table summarizes the market value of the fund's investments and derivatives as of February 28, 2026, 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 | 10301818 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;10301818 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24449 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24449 |
| Total | 10326267 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;10326267 |
| **Derivative Financial Instruments** |  |  |  |  |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | (26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(26) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(617) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(617) |
| Total | (26) | &nbsp;&nbsp;&nbsp;(617) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(643) |

---

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.** As of February 28, 2026, 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;6674451 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;3744762 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92972) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;3651790 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at August 31, 2025, the fund had available capital losses totaling $196,898,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending August 31, 2026; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**F.** During the six months ended February 28, 2026, the fund purchased $453,989,000 of investment securities and sold $228,053,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $1,558,228,000 and $552,887,000, 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 six months ended February 28, 2026, such purchases were $64,719,000 and sales were $101,695,000, resulting in net realized loss of $25,385,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

**G.** Capital share transactions for each class of shares were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> February 28, 2026 | Six Months Ended<br> February 28, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued | 1572713 | &nbsp;&nbsp;&nbsp;&nbsp;6350 | &nbsp;&nbsp;1194145 | &nbsp;&nbsp;&nbsp;&nbsp;5550 |
| 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;— |
| Redeemed | (567596) | &nbsp;&nbsp;(2250) | &nbsp;&nbsp;&nbsp;(360228) | &nbsp;&nbsp;(1750) |
| Net Increase (Decrease)—ETF Shares | 1005117 | &nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;833917 | &nbsp;&nbsp;&nbsp;&nbsp;3800 |
| **Institutional Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;310081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631 | &nbsp;&nbsp;&nbsp;&nbsp;409517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Redeemed | &nbsp;&nbsp;(63496) | &nbsp;&nbsp;&nbsp;&nbsp;(129) | &nbsp;&nbsp;&nbsp;&nbsp;(34524) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81) |
| Net Increase (Decrease)—Institutional Shares | &nbsp;&nbsp;&nbsp;250468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;378190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862 |

---

**H.** 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.

------

Mega Cap Index Fund

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.

**I.** 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.

**J.** 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.

Q8282 042026

------

![](tm268191d7megacapvalindfi001.jpg)

#### Financial Statements

#### For the six-months ended February 28, 2026

#### Vanguard Mega Cap Value Index Fund

------

#### Contents
Financial Statements 1 <br>

------

Mega Cap Value Index Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of February 28, 2026

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%)** |
| **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;279322 | &nbsp;&nbsp;&nbsp;&nbsp; 141918 |
|  | &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;858969 | &nbsp;&nbsp;&nbsp;&nbsp; 58479 |
|  | &nbsp;&nbsp;&nbsp;Air Products & Chemicals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133156 | &nbsp;&nbsp;&nbsp;&nbsp; 36707 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **237104** |
| **Consumer Discretionary (10.1%)** | **Consumer Discretionary (10.1%)** | **Consumer Discretionary (10.1%)** | **Consumer Discretionary (10.1%)** |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | 2623161 | &nbsp;&nbsp;&nbsp;&nbsp; 335633 |
|  | &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;265115 | &nbsp;&nbsp;&nbsp;&nbsp; 267976 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;595515 | &nbsp;&nbsp;&nbsp;&nbsp; 226724 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 1067934 | &nbsp;&nbsp;&nbsp;&nbsp; 113244 |
|  | &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;335560 | &nbsp;&nbsp;&nbsp;&nbsp; 88779 |
|  | &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;213003 | &nbsp;&nbsp;&nbsp;&nbsp; 72647 |
|  | &nbsp;&nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;680194 | &nbsp;&nbsp;&nbsp;&nbsp; 66673 |
|  | &nbsp;&nbsp;&nbsp;NIKE Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;711423 | &nbsp;&nbsp;&nbsp;&nbsp; 44236 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1215912** |
| **Consumer Staples (8.5%)** | **Consumer Staples (8.5%)** | **Consumer Staples (8.5%)** | **Consumer Staples (8.5%)** |
|  | &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 1397844 | &nbsp;&nbsp;&nbsp;&nbsp; 233719 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;931194 | &nbsp;&nbsp;&nbsp;&nbsp; 173975 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 2058565 | &nbsp;&nbsp;&nbsp;&nbsp; 167897 |
|  | &nbsp;&nbsp;&nbsp;PepsiCo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;817927 | &nbsp;&nbsp;&nbsp;&nbsp; 138835 |
|  | &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;73842 | &nbsp;&nbsp;&nbsp;&nbsp; 72909 |
|  | &nbsp;&nbsp;&nbsp;Altria Group Inc. | 1004203 | &nbsp;&nbsp;&nbsp;&nbsp; 69330 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;759382 | &nbsp;&nbsp;&nbsp;&nbsp; 60675 |
|  | &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;482186 | &nbsp;&nbsp;&nbsp;&nbsp; 47804 |
|  | &nbsp;&nbsp;&nbsp;Mondelez International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;771900 | &nbsp;&nbsp;&nbsp;&nbsp; 47534 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1012678** |
| **Energy (6.4%)** | **Energy (6.4%)** | **Energy (6.4%)** | **Energy (6.4%)** |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 2522735 | &nbsp;&nbsp;&nbsp;&nbsp; 384717 |
|  | &nbsp;&nbsp;&nbsp;Chevron Corp. | 1144280 | &nbsp;&nbsp;&nbsp;&nbsp; 213706 |
|  | &nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;739200 | &nbsp;&nbsp;&nbsp;&nbsp; 83869 |
|  | &nbsp;&nbsp;&nbsp;EOG Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;324582 | &nbsp;&nbsp;&nbsp;&nbsp; 40274 |
|  | &nbsp;&nbsp;&nbsp;Williams Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;365270 | &nbsp;&nbsp;&nbsp;&nbsp; 27293 |
|  | &nbsp;&nbsp;&nbsp;Kinder Morgan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;565612 | &nbsp;&nbsp;&nbsp;&nbsp; 18818 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **768677** |
| **Financials (22.0%)** | **Financials (22.0%)** | **Financials (22.0%)** | **Financials (22.0%)** |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. (XYNS) | 1528703 | &nbsp;&nbsp;&nbsp;&nbsp; 459070 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;824231 | &nbsp;&nbsp;&nbsp;&nbsp; 416195 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. (XNYS) | 3748719 | &nbsp;&nbsp;&nbsp;&nbsp; 186799 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 1877814 | &nbsp;&nbsp;&nbsp;&nbsp; 152948 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. (XYNS) | &nbsp;&nbsp;&nbsp;&nbsp;170676 | &nbsp;&nbsp;&nbsp;&nbsp; 146708 |
| <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; 142316 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;713049 | &nbsp;&nbsp;&nbsp;&nbsp; 118730 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. (XNYS) | 1008826 | &nbsp;&nbsp;&nbsp;&nbsp; 111163 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 1009822 | &nbsp;&nbsp;&nbsp;&nbsp; 96135 |
|  | &nbsp;&nbsp;&nbsp;Blackrock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83535 | &nbsp;&nbsp;&nbsp;&nbsp; 88817 |
|  | &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;350779 | &nbsp;&nbsp;&nbsp;&nbsp; 74947 |
|  | &nbsp;&nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;211889 | &nbsp;&nbsp;&nbsp;&nbsp; 72224 |
|  | &nbsp;&nbsp;&nbsp;CME Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;215712 | &nbsp;&nbsp;&nbsp;&nbsp; 68920 |
|  | &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | &nbsp;&nbsp;&nbsp;&nbsp;341075 | &nbsp;&nbsp;&nbsp;&nbsp; 55981 |
|  | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;293061 | &nbsp;&nbsp;&nbsp;&nbsp; 54726 |
|  | &nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;929892 | &nbsp;&nbsp;&nbsp;&nbsp; 50828 |
|  | &nbsp;&nbsp;&nbsp;Blackstone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;441737 | &nbsp;&nbsp;&nbsp;&nbsp; 50080 |
|  | &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;234596 | &nbsp;&nbsp;&nbsp;&nbsp; 49816 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;417152 | &nbsp;&nbsp;&nbsp;&nbsp; 49683 |
|  | &nbsp;&nbsp;&nbsp;Travelers Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133439 | &nbsp;&nbsp;&nbsp;&nbsp; 41185 |
|  | &nbsp;&nbsp;&nbsp;Aon plc Class A (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;122140 | &nbsp;&nbsp;&nbsp;&nbsp; 40974 |
|  | &nbsp;&nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;765270 | &nbsp;&nbsp;&nbsp;&nbsp; 37735 |
|  | &nbsp;&nbsp;&nbsp;KKR & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;399892 | &nbsp;&nbsp;&nbsp;&nbsp; 35063 |
|  | &nbsp;&nbsp;&nbsp;Aflac Inc. | &nbsp;&nbsp;&nbsp;&nbsp;156771 | &nbsp;&nbsp;&nbsp;&nbsp; 17704 |

---

------

Mega Cap Value Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Apollo Global Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;121514 | &nbsp;&nbsp;&nbsp;&nbsp; 12710 |
|  | &nbsp;&nbsp;&nbsp;MetLife Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2631457** |
| **Health Care (16.9%)** | **Health Care (16.9%)** | **Health Care (16.9%)** | **Health Care (16.9%)** |
|  | &nbsp;&nbsp;&nbsp;Johnson & Johnson | 1441252 | &nbsp;&nbsp;&nbsp;&nbsp; 358050 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | 1057254 | &nbsp;&nbsp;&nbsp;&nbsp; 245367 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 1484744 | &nbsp;&nbsp;&nbsp;&nbsp; 183841 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;541871 | &nbsp;&nbsp;&nbsp;&nbsp; 158914 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;322119 | &nbsp;&nbsp;&nbsp;&nbsp; 125034 |
|  | &nbsp;&nbsp;&nbsp;Abbott Laboratories | 1040184 | &nbsp;&nbsp;&nbsp;&nbsp; 121025 |
|  | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc. | &nbsp;&nbsp;&nbsp;&nbsp;224755 | &nbsp;&nbsp;&nbsp;&nbsp; 117122 |
|  | &nbsp;&nbsp;&nbsp;Gilead Sciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;742170 | &nbsp;&nbsp;&nbsp;&nbsp; 110546 |
|  | &nbsp;&nbsp;&nbsp;Pfizer Inc. | 3401108 | &nbsp;&nbsp;&nbsp;&nbsp; 94041 |
|  | &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;380297 | &nbsp;&nbsp;&nbsp;&nbsp; 80106 |
|  | &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;205886 | &nbsp;&nbsp;&nbsp;&nbsp; 79773 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 1217756 | &nbsp;&nbsp;&nbsp;&nbsp; 75951 |
|  | &nbsp;&nbsp;&nbsp;Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp;766898 | &nbsp;&nbsp;&nbsp;&nbsp; 74895 |
|  | &nbsp;&nbsp;&nbsp;HCA Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;95560 | &nbsp;&nbsp;&nbsp;&nbsp; 50618 |
|  | &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;159791 | &nbsp;&nbsp;&nbsp;&nbsp; 46311 |
|  | &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58697 | &nbsp;&nbsp;&nbsp;&nbsp; 45882 |
|  | &nbsp;&nbsp;&nbsp;Elevance Health Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;130749 | &nbsp;&nbsp;&nbsp;&nbsp; 41840 |
|  | &nbsp;&nbsp;&nbsp;Zoetis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118756 | &nbsp;&nbsp;&nbsp;&nbsp; 15569 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2024885** |
| **Industrials (16.2%)** | **Industrials (16.2%)** | **Industrials (16.2%)** | **Industrials (16.2%)** |
|  | &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;599450 | &nbsp;&nbsp;&nbsp;&nbsp; 205168 |
|  | &nbsp;&nbsp;&nbsp;Caterpillar Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;253742 | &nbsp;&nbsp;&nbsp;&nbsp; 188487 |
|  | &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;802055 | &nbsp;&nbsp;&nbsp;&nbsp; 162512 |
|  | &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;153626 | &nbsp;&nbsp;&nbsp;&nbsp; 96740 |
|  | &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;354803 | &nbsp;&nbsp;&nbsp;&nbsp; 94016 |
|  | &nbsp;&nbsp;&nbsp;Honeywell International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;379780 | &nbsp;&nbsp;&nbsp;&nbsp; 92511 |
|  | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;138420 | &nbsp;&nbsp;&nbsp;&nbsp; 91091 |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;288447 | &nbsp;&nbsp;&nbsp;&nbsp; 89101 |
|  | &nbsp;&nbsp;&nbsp;Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;232337 | &nbsp;&nbsp;&nbsp;&nbsp; 87340 |
|  | &nbsp;&nbsp;&nbsp;Accenture plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;372586 | &nbsp;&nbsp;&nbsp;&nbsp; 77766 |
|  | &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;75484 | &nbsp;&nbsp;&nbsp;&nbsp; 76177 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;380297 | &nbsp;&nbsp;&nbsp;&nbsp; 74401 |
|  | &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;85373 | &nbsp;&nbsp;&nbsp;&nbsp; 61843 |
|  | &nbsp;&nbsp;&nbsp;Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;132637 | &nbsp;&nbsp;&nbsp;&nbsp; 61321 |
|  | &nbsp;&nbsp;&nbsp;3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;317785 | &nbsp;&nbsp;&nbsp;&nbsp; 52536 |
|  | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;145424 | &nbsp;&nbsp;&nbsp;&nbsp; 51924 |
|  | &nbsp;&nbsp;&nbsp;Automatic Data Processing Inc. | &nbsp;&nbsp;&nbsp;&nbsp;241929 | &nbsp;&nbsp;&nbsp;&nbsp; 51860 |
|  | &nbsp;&nbsp;&nbsp;United Parcel Service Inc. Class B (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;441909 | &nbsp;&nbsp;&nbsp;&nbsp; 51244 |
|  | &nbsp;&nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;336066 | &nbsp;&nbsp;&nbsp;&nbsp; 50662 |
|  | &nbsp;&nbsp;&nbsp;Illinois Tool Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp;164876 | &nbsp;&nbsp;&nbsp;&nbsp; 47918 |
|  | &nbsp;&nbsp;&nbsp;CSX Corp. | 1113855 | &nbsp;&nbsp;&nbsp;&nbsp; 47550 |
|  | &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;134216 | &nbsp;&nbsp;&nbsp;&nbsp; 42243 |
|  | &nbsp;&nbsp;&nbsp;Johnson Controls International plc | &nbsp;&nbsp;&nbsp;&nbsp;182782 | &nbsp;&nbsp;&nbsp;&nbsp; 26375 |
|  | &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;70443 | &nbsp;&nbsp;&nbsp;&nbsp; 25542 |
|  | &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;63651 | &nbsp;&nbsp;&nbsp;&nbsp; 24633 |
|  | &nbsp;&nbsp;&nbsp;PayPal Holdings Inc. (XNGS) | &nbsp;&nbsp;&nbsp;&nbsp;261481 | &nbsp;&nbsp;&nbsp;&nbsp; 12083 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fiserv Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;Paychex Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1943044** |
| **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;554041 | &nbsp;&nbsp;&nbsp;&nbsp; 78989 |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;140028 | &nbsp;&nbsp;&nbsp;&nbsp; 26866 |
|  | &nbsp;&nbsp;&nbsp;Simon Property Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92773 | &nbsp;&nbsp;&nbsp;&nbsp; 18912 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **124767** |
| **Technology (8.8%)** | **Technology (8.8%)** | **Technology (8.8%)** | **Technology (8.8%)** |
|  | &nbsp;&nbsp;&nbsp;Micron Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;673188 | &nbsp;&nbsp;&nbsp;&nbsp; 277603 |
|  | &nbsp;&nbsp;&nbsp;Applied Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;476553 | &nbsp;&nbsp;&nbsp;&nbsp; 177421 |
|  | &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;559169 | &nbsp;&nbsp;&nbsp;&nbsp; 134318 |
|  | &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;543547 | &nbsp;&nbsp;&nbsp;&nbsp; 115292 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intel Corp. | 2425421 | &nbsp;&nbsp;&nbsp;&nbsp; 110623 |
|  | &nbsp;&nbsp;&nbsp;Analog Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;292920 | &nbsp;&nbsp;&nbsp;&nbsp; 104218 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | &nbsp;&nbsp;&nbsp;&nbsp;640679 | &nbsp;&nbsp;&nbsp;&nbsp; 91207 |
|  | &nbsp;&nbsp;&nbsp;Dell Technologies Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;191446 | &nbsp;&nbsp;&nbsp;&nbsp; 28349 |
|  | &nbsp;&nbsp;&nbsp;Roper Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32179 | &nbsp;&nbsp;&nbsp;&nbsp; 11254 |

---

------

Mega Cap Value Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Strategy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40085 | &nbsp;&nbsp;&nbsp;&nbsp; 5191 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1055476** |
| **Telecommunications (4.2%)** | **Telecommunications (4.2%)** | **Telecommunications (4.2%)** | **Telecommunications (4.2%)** |
|  | &nbsp;&nbsp;&nbsp;Cisco Systems Inc. | 2127187 | &nbsp;&nbsp;&nbsp;&nbsp; 169026 |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 4240560 | &nbsp;&nbsp;&nbsp;&nbsp; 118778 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 2269839 | &nbsp;&nbsp;&nbsp;&nbsp; 113810 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. Class A | 2173858 | &nbsp;&nbsp;&nbsp;&nbsp; 67303 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile US Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134175 | &nbsp;&nbsp;&nbsp;&nbsp; 29128 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **498045** |
| **Utilities (3.2%)** | **Utilities (3.2%)** | **Utilities (3.2%)** | **Utilities (3.2%)** |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy Inc. | 1245820 | &nbsp;&nbsp;&nbsp;&nbsp; 116821 |
|  | &nbsp;&nbsp;&nbsp;Southern Co. | &nbsp;&nbsp;&nbsp;&nbsp;658114 | &nbsp;&nbsp;&nbsp;&nbsp; 64087 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;465405 | &nbsp;&nbsp;&nbsp;&nbsp; 60898 |
|  | &nbsp;&nbsp;&nbsp;Waste Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;240993 | &nbsp;&nbsp;&nbsp;&nbsp; 58041 |
|  | &nbsp;&nbsp;&nbsp;American Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;319482 | &nbsp;&nbsp;&nbsp;&nbsp; 42753 |
|  | &nbsp;&nbsp;&nbsp;Republic Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;120351 | &nbsp;&nbsp;&nbsp;&nbsp; 27560 |
|  | &nbsp;&nbsp;&nbsp;Sempra | &nbsp;&nbsp;&nbsp;&nbsp;195190 | &nbsp;&nbsp;&nbsp;&nbsp; 18791 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **388951** |
| **Total Common Stocks (Cost $8,452,840)** | **Total Common Stocks (Cost $8,452,840)** | **Total Common Stocks (Cost $8,452,840)** | &nbsp;&nbsp;&nbsp;&nbsp;**11900996** |
| **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>1</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 3.693% **(Cost** $**69,585)** | &nbsp;&nbsp;&nbsp;&nbsp;695866 | &nbsp;&nbsp;&nbsp;&nbsp; **69580** |
| **Total Investments (99.9%) (Cost $8,522,425)** | **Total Investments (99.9%) (Cost $8,522,425)** | **Total Investments (99.9%) (Cost $8,522,425)** | &nbsp;&nbsp;&nbsp;&nbsp;**11970576** |
| **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;**16270** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**11986846** |
| 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 | March 2026 | 33 | 11367 | &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) |
| Bank of America Corp. | &nbsp;&nbsp;&nbsp;2/1/2027 | &nbsp;&nbsp;&nbsp;CITNA | &nbsp;&nbsp;&nbsp;9640 | &nbsp;&nbsp;&nbsp;(4.480) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(532) |
| Caterpillar Inc. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;20085 | &nbsp;&nbsp;&nbsp;(3.630) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(625) |
| Citigroup Inc. | 8/31/2027 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;7034 | &nbsp;&nbsp;&nbsp;(4.370) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(256) |
| Elevance Health Inc. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;722 | &nbsp;&nbsp;&nbsp;(4.380) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(23) |
| Goldman Sachs Group Inc. | 8/31/2027 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;8072 | &nbsp;&nbsp;&nbsp;(4.444) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(565) |
| JPMorgan Chase & Co. | 8/31/2027 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;30261 | &nbsp;&nbsp;&nbsp;(4.423) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(303) |
| PayPal Holdings Inc. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;867 | &nbsp;&nbsp;&nbsp;(4.480) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(20) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2324) |

---

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.

------

Mega Cap Value Index Fund

At February 28, 2026, the counterparties had deposited in segregated accounts securities with a value of $51 in connection with open over-the-counter swap contracts.

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

------

Mega Cap Value Index Fund

Statement of Assets and Liabilities

As of February 28, 2026

---

| | |
|:---|:---|
| ($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 $8,452,840) | 11900996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $69,585) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69580 |
| Total Investments in Securities | 11970576 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 |
| Cash Collateral Pledged—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17772 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| **Total Assets** | **11989626** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 |
| Unrealized Depreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2324 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2780** |
| **Net Assets** | **11986846** |
| **At February 28, 2026, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;8625681 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;3361165 |
| **Net Assets** | **11986846** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 77,366,171 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **11845918** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$153.11** |
| **Institutional Shares—Net Assets** |  |
| **Applicable to 464,138 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**140928** |
| **Net Asset Value Per Share—Institutional Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$303.63** |

---

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

------

Mega Cap Value Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> February 28, 2026 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends | &nbsp;&nbsp;&nbsp;118334 |
| Interest<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Income | &nbsp;&nbsp;&nbsp;118765 |
| **Expenses** |  |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Shareholders' Reports—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 |
| Shareholders' Reports—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| 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;&nbsp;7 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3573 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;**115192** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;248452 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5938 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;**254726** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | 1135485 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(2324) |
| **Change in Unrealized Appreciation (Depreciation)** | **1133161** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **1503079** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $400, ($2), and ($5), respectively. Purchases and sales are for temporary cash investment purposes. |
| 2 | Includes $322,832 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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> February 28,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196926 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466258 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;1133161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103940 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;1503079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767124 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;(114305) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(191098) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1410) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2732) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(115715) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(193830) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524619 | &nbsp;&nbsp;&nbsp;&nbsp;1055016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(936) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17036) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523683 | &nbsp;&nbsp;&nbsp;&nbsp;1037980 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;1911047 | &nbsp;&nbsp;&nbsp;&nbsp;1611274 |
| **Net Assets** |  |  |
| **Beginning of Period** | **10075799** | &nbsp;&nbsp;&nbsp;&nbsp;**8464525** |
| **End of Period** | **11986846** | &nbsp;&nbsp;&nbsp;**10075799** |

---

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 | Six Months<br> Ended<br> February 28,<br> 2026 | &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 | Six Months<br> Ended<br> February 28,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$135.08** | &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;1.507 | &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;18.043 | &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;19.550 | &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;(1.520) | &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;(1.520) | &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** | **$153.11** | &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** | **14.59%** | &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) | $11846 | &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 | 0.07% | &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 | 2.10% | &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> | 7% | &nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;11% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 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 | Six Months<br> Ended<br> February 28,<br> 2026 | &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 | Six Months<br> Ended<br> February 28,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$267.86** | &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;3.000 | &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;35.796 | &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;38.796 | &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;(3.026) | &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;(3.026) | &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** | **$303.63** | &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** | **14.60%** | &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) | $141 | &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 | 0.06% | &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 | 2.11% | &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> | 7% | &nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;11% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 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 six months ended February 28, 2026, 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 six months ended February 28, 2026, 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 six months ended February 28, 2026, 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) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

**B.** Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Portfolio Management, LLC.

**C.** 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 February 28, 2026, the fund had contributed to Vanguard capital in the amount of $265,000, representing less than 0.01% of the fund's net assets and 0.11% 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.**

------

Mega Cap Value Index Fund

The following table summarizes the market value of the fund's investments and derivatives as of February 28, 2026, 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 | 11900996 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;11900996 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69580 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69580 |
| Total | 11970576 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;11970576 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| Liabilities |  |  |  |  |
| Swap Contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2324) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2324) |

---

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.** As of February 28, 2026, 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;8533781 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;3660155 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(223340) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;3436815 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at August 31, 2025, the fund had available capital losses totaling $363,161,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending August 31, 2026; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**F.** During the six months ended February 28, 2026, the fund purchased $754,876,000 of investment securities and sold $822,550,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $1,152,317,000 and $623,316,000, 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 six months ended February 28, 2026, such purchases were $468,387,000 and sales were $272,425,000, resulting in net realized loss of $44,826,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

**G.** Capital share transactions for each class of shares were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> February 28, 2026 | Six Months Ended<br> February 28, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued | 1174997 | &nbsp;&nbsp;&nbsp;&nbsp;8375 | &nbsp;&nbsp;&nbsp;&nbsp;2153209 | &nbsp;&nbsp;&nbsp;16850 |
| 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;— |
| Redeemed | (650378) | &nbsp;&nbsp;(4675) | &nbsp;&nbsp;(1098193) | &nbsp;&nbsp;(8525) |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;&nbsp;524619 | &nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;1055016 | &nbsp;&nbsp;&nbsp;&nbsp;8325 |
| **Institutional Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(2066) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19395) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77) |
| Net Increase (Decrease)—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(936) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68) |

---

**H.** 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.

------

Mega Cap Value Index Fund

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 February 28, 2026, 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.

**I.** 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.

**J.** 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.

Q8392 042026

------

![](tm268191d7enrgindfundi001.jpg)

#### Financial Statements

#### For the six-months ended February 28, 2026

#### Vanguard Energy Index Fund

------

#### Contents
Financial Statements 1 <br>

------

Energy Index Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of February 28, 2026

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. | 2537986 | &nbsp;&nbsp;&nbsp;&nbsp; 38907 |
|  | &nbsp;&nbsp;&nbsp;Core Natural Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;286817 | &nbsp;&nbsp;&nbsp;&nbsp; 23542 |
|  | &nbsp;&nbsp;&nbsp;Peabody Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;696239 | &nbsp;&nbsp;&nbsp;&nbsp; 21960 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Centrus Energy Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;102117 | &nbsp;&nbsp;&nbsp;&nbsp; 20688 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **105097** |
| **Integrated Oil & Gas (39.0%)** | **Integrated Oil & Gas (39.0%)** | **Integrated Oil & Gas (39.0%)** | **Integrated Oil & Gas (39.0%)** |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 16726168 | &nbsp;&nbsp;&nbsp;&nbsp; 2550741 |
|  | &nbsp;&nbsp;&nbsp;Chevron Corp. | 9052995 | &nbsp;&nbsp;&nbsp;&nbsp; 1690737 |
|  | &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 3164535 | &nbsp;&nbsp;&nbsp;&nbsp; 167973 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4409451** |
| **Oil & Gas Drilling (1.4%)** | **Oil & Gas Drilling (1.4%)** | **Oil & Gas Drilling (1.4%)** | **Oil & Gas Drilling (1.4%)** |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Transocean Ltd. (XNYS) | 5319757 | &nbsp;&nbsp;&nbsp;&nbsp; 34472 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Valaris Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;346811 | &nbsp;&nbsp;&nbsp;&nbsp; 33242 |
|  | &nbsp;&nbsp;&nbsp;Noble Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;690103 | &nbsp;&nbsp;&nbsp;&nbsp; 31351 |
|  | &nbsp;&nbsp;&nbsp;Helmerich & Payne Inc. | &nbsp;&nbsp;&nbsp;&nbsp;581909 | &nbsp;&nbsp;&nbsp;&nbsp; 20495 |
|  | &nbsp;&nbsp;&nbsp;Patterson-UTI Energy Inc. | 2194095 | &nbsp;&nbsp;&nbsp;&nbsp; 18671 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Seadrill Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;371713 | &nbsp;&nbsp;&nbsp;&nbsp; 16311 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nabors Industries Ltd. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;103889 | &nbsp;&nbsp;&nbsp;&nbsp; 8116 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **162658** |
| **Oil & Gas Equipment & Services (11.1%)** | **Oil & Gas Equipment & Services (11.1%)** | **Oil & Gas Equipment & Services (11.1%)** | **Oil & Gas Equipment & Services (11.1%)** |
|  | &nbsp;&nbsp;&nbsp;SLB Ltd. | 6305409 | &nbsp;&nbsp;&nbsp;&nbsp; 323720 |
|  | &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 4716856 | &nbsp;&nbsp;&nbsp;&nbsp; 307822 |
|  | &nbsp;&nbsp;&nbsp;Halliburton Co. | 4127521 | &nbsp;&nbsp;&nbsp;&nbsp; 148591 |
|  | &nbsp;&nbsp;&nbsp;TechnipFMC plc | 2041694 | &nbsp;&nbsp;&nbsp;&nbsp; 135385 |
|  | &nbsp;&nbsp;&nbsp;Weatherford International plc | &nbsp;&nbsp;&nbsp;&nbsp;376746 | &nbsp;&nbsp;&nbsp;&nbsp; 39732 |
|  | &nbsp;&nbsp;&nbsp;NOV Inc. | 1949849 | &nbsp;&nbsp;&nbsp;&nbsp; 39504 |
|  | &nbsp;&nbsp;&nbsp;Archrock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;906093 | &nbsp;&nbsp;&nbsp;&nbsp; 32012 |
|  | &nbsp;&nbsp;&nbsp;Kodiak Gas Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;481566 | &nbsp;&nbsp;&nbsp;&nbsp; 26279 |
|  | &nbsp;&nbsp;&nbsp;Liberty Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;911226 | &nbsp;&nbsp;&nbsp;&nbsp; 25596 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tidewater Inc. | &nbsp;&nbsp;&nbsp;&nbsp;278072 | &nbsp;&nbsp;&nbsp;&nbsp; 22084 |
|  | &nbsp;&nbsp;&nbsp;Cactus Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;393299 | &nbsp;&nbsp;&nbsp;&nbsp; 21238 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Oceaneering International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;592552 | &nbsp;&nbsp;&nbsp;&nbsp; 21036 |
|  | &nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure Inc. | &nbsp;&nbsp;&nbsp;&nbsp;281706 | &nbsp;&nbsp;&nbsp;&nbsp; 13981 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Expro Group Holdings NV | &nbsp;&nbsp;&nbsp;&nbsp;722512 | &nbsp;&nbsp;&nbsp;&nbsp; 12904 |
|  | &nbsp;&nbsp;&nbsp;Select Water Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;884791 | &nbsp;&nbsp;&nbsp;&nbsp; 12095 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group Inc. | 1126855 | &nbsp;&nbsp;&nbsp;&nbsp; 10356 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ProPetro Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;827303 | &nbsp;&nbsp;&nbsp;&nbsp; 10035 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TETRA Technologies Inc. | 1096607 | &nbsp;&nbsp;&nbsp;&nbsp; 9497 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Oil States International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;690748 | &nbsp;&nbsp;&nbsp;&nbsp; 9042 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Innovex International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;338711 | &nbsp;&nbsp;&nbsp;&nbsp; 8925 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bristow Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;183950 | &nbsp;&nbsp;&nbsp;&nbsp; 8774 |
|  | &nbsp;&nbsp;&nbsp;Core Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;429093 | &nbsp;&nbsp;&nbsp;&nbsp; 7548 |
|  | &nbsp;&nbsp;&nbsp;RPC Inc. | 1097471 | &nbsp;&nbsp;&nbsp;&nbsp; 6376 |
|  | &nbsp;&nbsp;&nbsp;Atlas Energy Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;566839 | &nbsp;&nbsp;&nbsp;&nbsp; 5459 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DMC Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;328930 | &nbsp;&nbsp;&nbsp;&nbsp; 1937 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1259928** |
| **Oil & Gas Exploration & Production (22.4%)** | **Oil & Gas Exploration & Production (22.4%)** | **Oil & Gas Exploration & Production (22.4%)** | **Oil & Gas Exploration & Production (22.4%)** |
|  | &nbsp;&nbsp;&nbsp;ConocoPhillips | 5771272 | &nbsp;&nbsp;&nbsp;&nbsp; 654809 |
|  | &nbsp;&nbsp;&nbsp;EOG Resources Inc. | 2608929 | &nbsp;&nbsp;&nbsp;&nbsp; 323716 |
|  | &nbsp;&nbsp;&nbsp;EQT Corp. | 3009707 | &nbsp;&nbsp;&nbsp;&nbsp; 184856 |
|  | &nbsp;&nbsp;&nbsp;Diamondback Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;901298 | &nbsp;&nbsp;&nbsp;&nbsp; 156898 |
|  | &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;285425 | &nbsp;&nbsp;&nbsp;&nbsp; 149646 |
|  | &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 2947116 | &nbsp;&nbsp;&nbsp;&nbsp; 128288 |
|  | &nbsp;&nbsp;&nbsp;Expand Energy Corp. | 1160899 | &nbsp;&nbsp;&nbsp;&nbsp; 125284 |
|  | &nbsp;&nbsp;&nbsp;Coterra Energy Inc. | 3715448 | &nbsp;&nbsp;&nbsp;&nbsp; 113656 |
|  | &nbsp;&nbsp;&nbsp;Ovintiv Inc. (XNYS) | 1421089 | &nbsp;&nbsp;&nbsp;&nbsp; 71893 |
|  | &nbsp;&nbsp;&nbsp;Permian Resources Corp. | 3564908 | &nbsp;&nbsp;&nbsp;&nbsp; 65202 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Antero Resources Corp. | 1498555 | &nbsp;&nbsp;&nbsp;&nbsp; 55162 |

---

------

Energy Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;APA Corp. | 1816103 | &nbsp;&nbsp;&nbsp;&nbsp; 55155 |
|  | &nbsp;&nbsp;&nbsp;Range Resources Corp. | 1224157 | &nbsp;&nbsp;&nbsp;&nbsp; 50533 |
|  | &nbsp;&nbsp;&nbsp;Viper Energy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;883721 | &nbsp;&nbsp;&nbsp;&nbsp; 41128 |
|  | &nbsp;&nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;307993 | &nbsp;&nbsp;&nbsp;&nbsp; 33377 |
|  | &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;639793 | &nbsp;&nbsp;&nbsp;&nbsp; 32885 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CNX Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;765345 | &nbsp;&nbsp;&nbsp;&nbsp; 31976 |
|  | &nbsp;&nbsp;&nbsp;SM Energy Co. | 1229657 | &nbsp;&nbsp;&nbsp;&nbsp; 28442 |
|  | &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;981604 | &nbsp;&nbsp;&nbsp;&nbsp; 27308 |
|  | &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;762966 | &nbsp;&nbsp;&nbsp;&nbsp; 25292 |
|  | &nbsp;&nbsp;&nbsp;California Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;405217 | &nbsp;&nbsp;&nbsp;&nbsp; 23843 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gulfport Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94232 | &nbsp;&nbsp;&nbsp;&nbsp; 19663 |
|  | &nbsp;&nbsp;&nbsp;Crescent Energy Co. Class A | 1637755 | &nbsp;&nbsp;&nbsp;&nbsp; 19096 |
|  | &nbsp;&nbsp;&nbsp;Northern Oil & Gas Inc. | &nbsp;&nbsp;&nbsp;&nbsp;590817 | &nbsp;&nbsp;&nbsp;&nbsp; 16301 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Comstock Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;625950 | &nbsp;&nbsp;&nbsp;&nbsp; 12275 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Talos Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;913079 | &nbsp;&nbsp;&nbsp;&nbsp; 11185 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kosmos Energy Ltd. | 4739929 | &nbsp;&nbsp;&nbsp;&nbsp; 11044 |
|  | &nbsp;&nbsp;&nbsp;Kimbell Royalty Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;699408 | &nbsp;&nbsp;&nbsp;&nbsp; 10030 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Sable Offshore Corp. | &nbsp;&nbsp;&nbsp;&nbsp;930562 | &nbsp;&nbsp;&nbsp;&nbsp; 7677 |
|  | &nbsp;&nbsp;&nbsp;SandRidge Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;387348 | &nbsp;&nbsp;&nbsp;&nbsp; 6790 |
|  | &nbsp;&nbsp;&nbsp;VAALCO Energy Inc. | 1301309 | &nbsp;&nbsp;&nbsp;&nbsp; 6702 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BKV Corp. | &nbsp;&nbsp;&nbsp;&nbsp;210933 | &nbsp;&nbsp;&nbsp;&nbsp; 6609 |
|  | &nbsp;&nbsp;&nbsp;Vitesse Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;318578 | &nbsp;&nbsp;&nbsp;&nbsp; 6152 |
|  | &nbsp;&nbsp;&nbsp;Riley Exploration Permian Inc. | &nbsp;&nbsp;&nbsp;&nbsp;193279 | &nbsp;&nbsp;&nbsp;&nbsp; 5574 |
|  | &nbsp;&nbsp;&nbsp;Granite Ridge Resources Inc. | 1048283 | &nbsp;&nbsp;&nbsp;&nbsp; 5304 |
|  | &nbsp;&nbsp;&nbsp;W&T Offshore Inc. | 1955588 | &nbsp;&nbsp;&nbsp;&nbsp; 5182 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ring Energy Inc. | 3297387 | &nbsp;&nbsp;&nbsp;&nbsp; 4649 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;HighPeak Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;472729 | &nbsp;&nbsp;&nbsp;&nbsp; 2463 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2536045** |
| **Oil & Gas Refining & Marketing (9.3%)** | **Oil & Gas Refining & Marketing (9.3%)** | **Oil & Gas Refining & Marketing (9.3%)** | **Oil & Gas Refining & Marketing (9.3%)** |
|  | &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 1481501 | &nbsp;&nbsp;&nbsp;&nbsp; 303174 |
|  | &nbsp;&nbsp;&nbsp;Phillips 66 | 1928706 | &nbsp;&nbsp;&nbsp;&nbsp; 297657 |
|  | &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 1501509 | &nbsp;&nbsp;&nbsp;&nbsp; 297614 |
|  | &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;817766 | &nbsp;&nbsp;&nbsp;&nbsp; 40897 |
|  | &nbsp;&nbsp;&nbsp;PBF Energy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;525134 | &nbsp;&nbsp;&nbsp;&nbsp; 18695 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Par Pacific Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;381403 | &nbsp;&nbsp;&nbsp;&nbsp; 16275 |
|  | &nbsp;&nbsp;&nbsp;Delek US Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;417706 | &nbsp;&nbsp;&nbsp;&nbsp; 15919 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Calumet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;464419 | &nbsp;&nbsp;&nbsp;&nbsp; 12521 |
|  | &nbsp;&nbsp;&nbsp;World Kinect Corp. | &nbsp;&nbsp;&nbsp;&nbsp;409372 | &nbsp;&nbsp;&nbsp;&nbsp; 10214 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;REX American Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;260136 | &nbsp;&nbsp;&nbsp;&nbsp; 9250 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Green Plains Inc. | &nbsp;&nbsp;&nbsp;&nbsp;610782 | &nbsp;&nbsp;&nbsp;&nbsp; 8386 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CVR Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;340200 | &nbsp;&nbsp;&nbsp;&nbsp; 8219 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Gevo Inc. | 3241323 | &nbsp;&nbsp;&nbsp;&nbsp; 5899 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Clean Energy Fuels Corp. | 2284944 | &nbsp;&nbsp;&nbsp;&nbsp; 5164 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1049884** |
| **Oil & Gas Storage & Transportation (15.2%)** | **Oil & Gas Storage & Transportation (15.2%)** | **Oil & Gas Storage & Transportation (15.2%)** | **Oil & Gas Storage & Transportation (15.2%)** |
|  | &nbsp;&nbsp;&nbsp;Williams Cos. Inc. | 5810762 | &nbsp;&nbsp;&nbsp;&nbsp; 434180 |
|  | &nbsp;&nbsp;&nbsp;Kinder Morgan Inc. | 9559858 | &nbsp;&nbsp;&nbsp;&nbsp; 318057 |
|  | &nbsp;&nbsp;&nbsp;ONEOK Inc. | 3011796 | &nbsp;&nbsp;&nbsp;&nbsp; 249286 |
|  | &nbsp;&nbsp;&nbsp;Cheniere Energy Inc. | 1048795 | &nbsp;&nbsp;&nbsp;&nbsp; 247233 |
|  | &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 1029344 | &nbsp;&nbsp;&nbsp;&nbsp; 242719 |
|  | &nbsp;&nbsp;&nbsp;DT Midstream Inc. | &nbsp;&nbsp;&nbsp;&nbsp;508861 | &nbsp;&nbsp;&nbsp;&nbsp; 70650 |
|  | &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 1867636 | &nbsp;&nbsp;&nbsp;&nbsp; 41985 |
|  | &nbsp;&nbsp;&nbsp;Hess Midstream LP Class A | &nbsp;&nbsp;&nbsp;&nbsp;685966 | &nbsp;&nbsp;&nbsp;&nbsp; 26533 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Plains GP Holdings LP Class A | 1112407 | &nbsp;&nbsp;&nbsp;&nbsp; 25074 |
|  | &nbsp;&nbsp;&nbsp;International Seaways Inc. | &nbsp;&nbsp;&nbsp;&nbsp;258812 | &nbsp;&nbsp;&nbsp;&nbsp; 19548 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Kinetik Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;313093 | &nbsp;&nbsp;&nbsp;&nbsp; 14243 |
|  | &nbsp;&nbsp;&nbsp;Dorian LPG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;306737 | &nbsp;&nbsp;&nbsp;&nbsp; 11346 |
|  | &nbsp;&nbsp;&nbsp;Excelerate Energy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;214592 | &nbsp;&nbsp;&nbsp;&nbsp; 8637 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NextDecade Corp. | 1328428 | &nbsp;&nbsp;&nbsp;&nbsp; 7160 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;New Fortress Energy Inc. | 2410166 | &nbsp;&nbsp;&nbsp;&nbsp; 2627 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1719278** |
| **Total Common Stocks (Cost $8,388,273)** | **Total Common Stocks (Cost $8,388,273)** | **Total Common Stocks (Cost $8,388,273)** | &nbsp;&nbsp;&nbsp;&nbsp;**11242341** |

---

------

Energy Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **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, 3.693% **(Cost** $**54,941)** | 549468 | &nbsp;&nbsp;&nbsp;&nbsp; **54941** |
| **Total Investments (99.8%) (Cost $8,443,214)** | **Total Investments (99.8%) (Cost $8,443,214)** | **Total Investments (99.8%) (Cost $8,443,214)** | &nbsp;&nbsp;&nbsp;&nbsp;**11297282** |
| **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;**27416** |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;**11324698** |
| 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 $13,728. |
| 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 $16,543 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;11991 | &nbsp;&nbsp;&nbsp;(3.630) | &nbsp;&nbsp;&nbsp;466 | &nbsp;&nbsp;&nbsp;— |
| Occidental Petroleum Corp. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;20580 | &nbsp;&nbsp;&nbsp;(3.630) | &nbsp;&nbsp;&nbsp;863 | &nbsp;&nbsp;&nbsp;— |
| SLB Ltd. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;50162 | &nbsp;&nbsp;&nbsp;(3.630) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(29) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;1329 | &nbsp;&nbsp;&nbsp;(29) |

---

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 February 28, 2026, the counterparties had deposited in segregated accounts securities with a value of $506 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 February 28, 2026

---

| | |
|:---|:---|
| ($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 $8,388,273) | 11242341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $54,941) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54941 |
| Total Investments in Securities | 11297282 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88807 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47549 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329 |
| **Total Assets** | **11436910** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93044 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16543 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 |
| Unrealized Depreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**112212** |
| **Net Assets** | **11324698** |
| 1 Includes $13,728 of securities on loan. |  |
| **At February 28, 2026, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;9981768 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;1342930 |
| **Net Assets** | **11324698** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 58,595,054 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**9233814** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$157.59** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 26,559,611 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**2090884** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$78.72** |

---

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

------

Energy Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> February 28, 2026 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends | &nbsp;&nbsp;&nbsp;141837 |
| Interest<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791 |
| Total Income | &nbsp;&nbsp;&nbsp;143613 |
| **Expenses** |  |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Shareholders' Reports—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 |
| Shareholders' Reports—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4072 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;**139541** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;140212 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;17097 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;**157309** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | 1983812 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 |
| **Change in Unrealized Appreciation (Depreciation)** | **1985112** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **2281962** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $980, ($5), and ($1), respectively. Purchases and sales are for temporary cash investment purposes. |
| 2 | Includes $200,033 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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> February 28,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286046 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425650 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;1985112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(528841) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;2281962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182855 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;(114176) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(239827) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25966) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53556) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(140142) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(293383) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(873885) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90993) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(964878) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;2320728 | &nbsp;&nbsp;&nbsp;&nbsp;(1075406) |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;&nbsp;**9003970** | &nbsp;&nbsp;&nbsp;**10079376** |
| **End of Period** | **11324698** | &nbsp;&nbsp;&nbsp;&nbsp;**9003970** |

---

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 | Six Months<br> Ended<br> February 28,<br> 2026 | &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 | Six Months<br> Ended<br> February 28,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$126.88** | &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;2.005 | &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;30.733 | &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;32.738 | &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;(2.028) | &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;(2.028) | &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** | **$157.59** | &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** | **26.21%** | &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) | $9234 | &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 | 0.09% | &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 | 3.07% | &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> | 3% | &nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;5% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 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 | Six Months<br> Ended<br> February 28,<br> 2026 | &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 | Six Months<br> Ended<br> February 28,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$63.38** | &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;1.000 | &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;15.353 | &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;16.353 | &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;(1.013) | &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;(1.013) | &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** | **$78.72** | &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>** | **26.21%** | &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) | $2091 | &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 | 0.09% | &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 | 3.06% | &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> | 3% | &nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;5% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 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. 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 six months ended February 28, 2026, 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.

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

------

Energy 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 six months ended February 28, 2026, 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.** Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Portfolio Management, LLC.

**C.** 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 February 28, 2026, the fund had contributed to Vanguard capital in the amount of $233,000, 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.

**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 February 28, 2026, 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 | 11242341 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;11242341 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54941 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54941 |
| Total | 11297282 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;11297282 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;1329 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1329 |
| Liabilities |  |  |  |  |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) |

---

------

Energy Index Fund

**E.** As of February 28, 2026, 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;8491237 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;3087425 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(281380) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;2806045 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at August 31, 2025, the fund had available capital losses totaling $1,687,415,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending August 31, 2026; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**F.** During the six months ended February 28, 2026, the fund purchased $386,521,000 of investment securities and sold $319,308,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $734,382,000 and $624,146,000, 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 six months ended February 28, 2026, such purchases were $0 and sales were $801,000, resulting in net realized loss of $1,120,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

**G.** Capital share transactions for each class of shares were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> February 28, 2026 | Six Months Ended<br> February 28, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;761200 | &nbsp;&nbsp;&nbsp;&nbsp;5451 | &nbsp;&nbsp;&nbsp;&nbsp;1033381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8398 |
| 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 | (626610) | &nbsp;&nbsp;(4825) | &nbsp;&nbsp;(1907266) | &nbsp;&nbsp;(15825) |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;134590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 | &nbsp;&nbsp;&nbsp;&nbsp;(873885) | &nbsp;&nbsp;&nbsp;&nbsp;(7427) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;233713 | &nbsp;&nbsp;&nbsp;&nbsp;3401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7642 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;23336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789 |
| Redeemed | (212731) | &nbsp;&nbsp;(3223) | &nbsp;&nbsp;&nbsp;&nbsp;(613053) | &nbsp;&nbsp;&nbsp;&nbsp;(9896) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;44318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90993) | &nbsp;&nbsp;&nbsp;&nbsp;(1465) |

---

**H.** 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.

**I.** 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.

------

Energy Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;J.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.

Q54802 042026

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![](tm268191d7matindfundi001.jpg)

#### Financial Statements

#### For the six-months ended February 28, 2026

#### Vanguard Materials Index Fund

------

#### Contents
Financial Statements 1 <br>

------

Materials Index Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of February 28, 2026

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%)** |
| **Chemicals (48.4%)** | **Chemicals (48.4%)** | **Chemicals (48.4%)** | **Chemicals (48.4%)** |
|  | &nbsp;&nbsp;&nbsp;Linde plc | 1352120 | &nbsp;&nbsp;&nbsp;&nbsp; 686985 |
|  | &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;681922 | &nbsp;&nbsp;&nbsp;&nbsp; 247258 |
|  | &nbsp;&nbsp;&nbsp;Ecolab Inc. | &nbsp;&nbsp;&nbsp;&nbsp;738136 | &nbsp;&nbsp;&nbsp;&nbsp; 227604 |
|  | &nbsp;&nbsp;&nbsp;Air Products & Chemicals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;617547 | &nbsp;&nbsp;&nbsp;&nbsp; 170239 |
|  | &nbsp;&nbsp;&nbsp;Corteva Inc. | 1956681 | &nbsp;&nbsp;&nbsp;&nbsp; 156769 |
|  | &nbsp;&nbsp;&nbsp;PPG Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;649784 | &nbsp;&nbsp;&nbsp;&nbsp; 80099 |
|  | &nbsp;&nbsp;&nbsp;Dow Inc. | 2058119 | &nbsp;&nbsp;&nbsp;&nbsp; 63246 |
|  | &nbsp;&nbsp;&nbsp;International Flavors & Fragrances Inc. | &nbsp;&nbsp;&nbsp;&nbsp;741564 | &nbsp;&nbsp;&nbsp;&nbsp; 60979 |
|  | &nbsp;&nbsp;&nbsp;Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;340810 | &nbsp;&nbsp;&nbsp;&nbsp; 60893 |
|  | &nbsp;&nbsp;&nbsp;DuPont de Nemours Inc. | 1213205 | &nbsp;&nbsp;&nbsp;&nbsp; 60709 |
|  | &nbsp;&nbsp;&nbsp;CF Industries Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;451648 | &nbsp;&nbsp;&nbsp;&nbsp; 44957 |
|  | &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV Class A | &nbsp;&nbsp;&nbsp;&nbsp;745621 | &nbsp;&nbsp;&nbsp;&nbsp; 42888 |
|  | &nbsp;&nbsp;&nbsp;RPM International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;370863 | &nbsp;&nbsp;&nbsp;&nbsp; 42323 |
|  | &nbsp;&nbsp;&nbsp;Solstice Advanced Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;459618 | &nbsp;&nbsp;&nbsp;&nbsp; 36085 |
|  | &nbsp;&nbsp;&nbsp;Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;919101 | &nbsp;&nbsp;&nbsp;&nbsp; 25588 |
|  | &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;330303 | &nbsp;&nbsp;&nbsp;&nbsp; 24941 |
|  | &nbsp;&nbsp;&nbsp;Element Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;665703 | &nbsp;&nbsp;&nbsp;&nbsp; 23360 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;617766 | &nbsp;&nbsp;&nbsp;&nbsp; 20640 |
|  | &nbsp;&nbsp;&nbsp;Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;93779 | &nbsp;&nbsp;&nbsp;&nbsp; 17014 |
|  | &nbsp;&nbsp;&nbsp;Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;317083 | &nbsp;&nbsp;&nbsp;&nbsp; 15835 |
|  | &nbsp;&nbsp;&nbsp;NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23128 | &nbsp;&nbsp;&nbsp;&nbsp; 14478 |
|  | &nbsp;&nbsp;&nbsp;Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;111428 | &nbsp;&nbsp;&nbsp;&nbsp; 11742 |
|  | &nbsp;&nbsp;&nbsp;Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;153175 | &nbsp;&nbsp;&nbsp;&nbsp; 11663 |
|  | &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;265128 | &nbsp;&nbsp;&nbsp;&nbsp; 10889 |
|  | &nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;104561 | &nbsp;&nbsp;&nbsp;&nbsp; 10616 |
|  | &nbsp;&nbsp;&nbsp;HB Fuller Co. | &nbsp;&nbsp;&nbsp;&nbsp;156621 | &nbsp;&nbsp;&nbsp;&nbsp; 10293 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Perimeter Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;406919 | &nbsp;&nbsp;&nbsp;&nbsp; 9554 |
|  | &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co. | &nbsp;&nbsp;&nbsp;&nbsp;134376 | &nbsp;&nbsp;&nbsp;&nbsp; 9422 |
|  | &nbsp;&nbsp;&nbsp;Hawkins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57466 | &nbsp;&nbsp;&nbsp;&nbsp; 8568 |
|  | &nbsp;&nbsp;&nbsp;Olin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;330446 | &nbsp;&nbsp;&nbsp;&nbsp; 8383 |
|  | &nbsp;&nbsp;&nbsp;Ashland Inc. | &nbsp;&nbsp;&nbsp;&nbsp;132344 | &nbsp;&nbsp;&nbsp;&nbsp; 8253 |
|  | &nbsp;&nbsp;&nbsp;Chemours Co. | &nbsp;&nbsp;&nbsp;&nbsp;434023 | &nbsp;&nbsp;&nbsp;&nbsp; 7917 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ingevity Corp. | &nbsp;&nbsp;&nbsp;&nbsp;104137 | &nbsp;&nbsp;&nbsp;&nbsp; 7501 |
|  | &nbsp;&nbsp;&nbsp;Minerals Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90152 | &nbsp;&nbsp;&nbsp;&nbsp; 6367 |
|  | &nbsp;&nbsp;&nbsp;Huntsman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;477944 | &nbsp;&nbsp;&nbsp;&nbsp; 6046 |
|  | &nbsp;&nbsp;&nbsp;Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40167 | &nbsp;&nbsp;&nbsp;&nbsp; 5906 |
|  | &nbsp;&nbsp;&nbsp;Innospec Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71747 | &nbsp;&nbsp;&nbsp;&nbsp; 5494 |
|  | &nbsp;&nbsp;&nbsp;FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;361706 | &nbsp;&nbsp;&nbsp;&nbsp; 5332 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ecovyst Inc. | &nbsp;&nbsp;&nbsp;&nbsp;330174 | &nbsp;&nbsp;&nbsp;&nbsp; 3721 |
|  | &nbsp;&nbsp;&nbsp;Stepan Co. | &nbsp;&nbsp;&nbsp;&nbsp;62220 | &nbsp;&nbsp;&nbsp;&nbsp; 3166 |
|  | &nbsp;&nbsp;&nbsp;Tronox Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;344303 | &nbsp;&nbsp;&nbsp;&nbsp; 2575 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;PureCycle Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;391315 | &nbsp;&nbsp;&nbsp;&nbsp; 2469 |
|  | &nbsp;&nbsp;&nbsp;Koppers Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56821 | &nbsp;&nbsp;&nbsp;&nbsp; 2148 |
|  | &nbsp;&nbsp;&nbsp;Mativ Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;158325 | &nbsp;&nbsp;&nbsp;&nbsp; 1716 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LSB Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;145815 | &nbsp;&nbsp;&nbsp;&nbsp; 1694 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ASP Isotopes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;307911 | &nbsp;&nbsp;&nbsp;&nbsp; 1644 |
|  | &nbsp;&nbsp;&nbsp;AdvanSix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77780 | &nbsp;&nbsp;&nbsp;&nbsp; 1387 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intrepid Potash Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32806 | &nbsp;&nbsp;&nbsp;&nbsp; 1213 |
|  | &nbsp;&nbsp;&nbsp;Orion SA | &nbsp;&nbsp;&nbsp;&nbsp;162695 | &nbsp;&nbsp;&nbsp;&nbsp; 926 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aspen Aerogels Inc. | &nbsp;&nbsp;&nbsp;&nbsp;203533 | &nbsp;&nbsp;&nbsp;&nbsp; 635 |
|  | &nbsp;&nbsp;&nbsp;Kronos Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66547 | &nbsp;&nbsp;&nbsp;&nbsp; 387 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Vanguard Corp. | &nbsp;&nbsp;&nbsp;&nbsp;78293 | &nbsp;&nbsp;&nbsp;&nbsp; 361 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2290878** |
| **Construction Materials (12.7%)** | **Construction Materials (12.7%)** | **Construction Materials (12.7%)** | **Construction Materials (12.7%)** |
|  | &nbsp;&nbsp;&nbsp;CRH plc | 1940865 | &nbsp;&nbsp;&nbsp;&nbsp; 232865 |
|  | &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;382605 | &nbsp;&nbsp;&nbsp;&nbsp; 118607 |
|  | &nbsp;&nbsp;&nbsp;Martin Marietta Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;174628 | &nbsp;&nbsp;&nbsp;&nbsp; 118148 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amrize Ltd. | 1441375 | &nbsp;&nbsp;&nbsp;&nbsp; 93675 |
|  | &nbsp;&nbsp;&nbsp;Eagle Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92845 | &nbsp;&nbsp;&nbsp;&nbsp; 20779 |

---

------

Materials Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Knife River Corp. | &nbsp;&nbsp;&nbsp;&nbsp;164077 | &nbsp;&nbsp;&nbsp;&nbsp; 14600 |
|  | &nbsp;&nbsp;&nbsp;United States Lime & Minerals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33170 | &nbsp;&nbsp;&nbsp;&nbsp; 3787 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **602461** |
| **Containers & Packaging (10.4%)** | **Containers & Packaging (10.4%)** | **Containers & Packaging (10.4%)** | **Containers & Packaging (10.4%)** |
|  | &nbsp;&nbsp;&nbsp;Smurfit WestRock plc | 1512061 | &nbsp;&nbsp;&nbsp;&nbsp; 71082 |
|  | &nbsp;&nbsp;&nbsp;Amcor plc | 1337995 | &nbsp;&nbsp;&nbsp;&nbsp; 64799 |
|  | &nbsp;&nbsp;&nbsp;International Paper Co. | 1452553 | &nbsp;&nbsp;&nbsp;&nbsp; 63259 |
|  | &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;260541 | &nbsp;&nbsp;&nbsp;&nbsp; 60482 |
|  | &nbsp;&nbsp;&nbsp;Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;737196 | &nbsp;&nbsp;&nbsp;&nbsp; 49488 |
|  | &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;223820 | &nbsp;&nbsp;&nbsp;&nbsp; 43947 |
|  | &nbsp;&nbsp;&nbsp;Crown Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;334006 | &nbsp;&nbsp;&nbsp;&nbsp; 38277 |
|  | &nbsp;&nbsp;&nbsp;AptarGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;190009 | &nbsp;&nbsp;&nbsp;&nbsp; 27306 |
|  | &nbsp;&nbsp;&nbsp;Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;426023 | &nbsp;&nbsp;&nbsp;&nbsp; 17842 |
|  | &nbsp;&nbsp;&nbsp;Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;285603 | &nbsp;&nbsp;&nbsp;&nbsp; 16128 |
|  | &nbsp;&nbsp;&nbsp;Silgan Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;260076 | &nbsp;&nbsp;&nbsp;&nbsp; 12497 |
|  | &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;854549 | &nbsp;&nbsp;&nbsp;&nbsp; 10451 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;O-I Glass Inc. | &nbsp;&nbsp;&nbsp;&nbsp;444743 | &nbsp;&nbsp;&nbsp;&nbsp; 5959 |
|  | &nbsp;&nbsp;&nbsp;Greif Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;71511 | &nbsp;&nbsp;&nbsp;&nbsp; 5197 |
|  | &nbsp;&nbsp;&nbsp;TriMas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;94155 | &nbsp;&nbsp;&nbsp;&nbsp; 3680 |
|  | &nbsp;&nbsp;&nbsp;Myers Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92071 | &nbsp;&nbsp;&nbsp;&nbsp; 2060 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ranpak Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;134604 | &nbsp;&nbsp;&nbsp;&nbsp; 689 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Eightco Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;237520 | &nbsp;&nbsp;&nbsp;&nbsp; 249 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **493392** |
| **Metals & Mining (27.6%)** | **Metals & Mining (27.6%)** | **Metals & Mining (27.6%)** | **Metals & Mining (27.6%)** |
|  | &nbsp;&nbsp;&nbsp;Newmont Corp. (XNYS) | 3159912 | &nbsp;&nbsp;&nbsp;&nbsp; 410789 |
|  | &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc. | 4157944 | &nbsp;&nbsp;&nbsp;&nbsp; 283073 |
|  | &nbsp;&nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;662706 | &nbsp;&nbsp;&nbsp;&nbsp; 117219 |
|  | &nbsp;&nbsp;&nbsp;Steel Dynamics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;401722 | &nbsp;&nbsp;&nbsp;&nbsp; 77585 |
|  | &nbsp;&nbsp;&nbsp;Royal Gold Inc. | &nbsp;&nbsp;&nbsp;&nbsp;244387 | &nbsp;&nbsp;&nbsp;&nbsp; 73265 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coeur Mining Inc. | 1859595 | &nbsp;&nbsp;&nbsp;&nbsp; 50488 |
|  | &nbsp;&nbsp;&nbsp;Hecla Mining Co. | 1940365 | &nbsp;&nbsp;&nbsp;&nbsp; 48335 |
|  | &nbsp;&nbsp;&nbsp;Reliance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;151405 | &nbsp;&nbsp;&nbsp;&nbsp; 47789 |
|  | &nbsp;&nbsp;&nbsp;Alcoa Corp. | &nbsp;&nbsp;&nbsp;&nbsp;559865 | &nbsp;&nbsp;&nbsp;&nbsp; 34756 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;MP Materials Corp. | &nbsp;&nbsp;&nbsp;&nbsp;410250 | &nbsp;&nbsp;&nbsp;&nbsp; 24151 |
|  | &nbsp;&nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;321149 | &nbsp;&nbsp;&nbsp;&nbsp; 23540 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cleveland-Cliffs Inc. | 1649625 | &nbsp;&nbsp;&nbsp;&nbsp; 17585 |
|  | &nbsp;&nbsp;&nbsp;Warrior Met Coal Inc. | &nbsp;&nbsp;&nbsp;&nbsp;152221 | &nbsp;&nbsp;&nbsp;&nbsp; 12671 |
|  | &nbsp;&nbsp;&nbsp;Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;60034 | &nbsp;&nbsp;&nbsp;&nbsp; 9789 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Perpetua Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;249498 | &nbsp;&nbsp;&nbsp;&nbsp; 9197 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Constellium SE | &nbsp;&nbsp;&nbsp;&nbsp;359121 | &nbsp;&nbsp;&nbsp;&nbsp; 8939 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Century Aluminum Co. | &nbsp;&nbsp;&nbsp;&nbsp;162164 | &nbsp;&nbsp;&nbsp;&nbsp; 8361 |
|  | &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;46927 | &nbsp;&nbsp;&nbsp;&nbsp; 6107 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alpha Metallurgical Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31647 | &nbsp;&nbsp;&nbsp;&nbsp; 5147 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ivanhoe Electric Inc. | &nbsp;&nbsp;&nbsp;&nbsp;269204 | &nbsp;&nbsp;&nbsp;&nbsp; 4628 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;USA Rare Earth Inc. | &nbsp;&nbsp;&nbsp;&nbsp;220866 | &nbsp;&nbsp;&nbsp;&nbsp; 4174 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;McEwen Mining Inc. | &nbsp;&nbsp;&nbsp;&nbsp;143353 | &nbsp;&nbsp;&nbsp;&nbsp; 4064 |
|  | &nbsp;&nbsp;&nbsp;Worthington Steel Inc. | &nbsp;&nbsp;&nbsp;&nbsp;95624 | &nbsp;&nbsp;&nbsp;&nbsp; 3974 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;TMC the metals Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;598651 | &nbsp;&nbsp;&nbsp;&nbsp; 3754 |
|  | &nbsp;&nbsp;&nbsp;Ryerson Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;134138 | &nbsp;&nbsp;&nbsp;&nbsp; 3509 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;US Antimony Corp. | &nbsp;&nbsp;&nbsp;&nbsp;341815 | &nbsp;&nbsp;&nbsp;&nbsp; 3056 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Compass Minerals International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102928 | &nbsp;&nbsp;&nbsp;&nbsp; 2594 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Metallus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108510 | &nbsp;&nbsp;&nbsp;&nbsp; 1845 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ramaco Resources Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;111650 | &nbsp;&nbsp;&nbsp;&nbsp; 1690 |
|  | &nbsp;&nbsp;&nbsp;SunCoke Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;245141 | &nbsp;&nbsp;&nbsp;&nbsp; 1397 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1303471** |
| **Paper & Forest Products (0.5%)** | **Paper & Forest Products (0.5%)** | **Paper & Forest Products (0.5%)** | **Paper & Forest Products (0.5%)** |
|  | &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;181493 | &nbsp;&nbsp;&nbsp;&nbsp; 15380 |
|  | &nbsp;&nbsp;&nbsp;Sylvamo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;97064 | &nbsp;&nbsp;&nbsp;&nbsp; 4494 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Magnera Corp. | &nbsp;&nbsp;&nbsp;&nbsp;98603 | &nbsp;&nbsp;&nbsp;&nbsp; 1277 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Clearwater Paper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;46370 | &nbsp;&nbsp;&nbsp;&nbsp; 695 |
|  | &nbsp;&nbsp;&nbsp;Mercer International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;117572 | &nbsp;&nbsp;&nbsp;&nbsp; 211 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **22057** |
| **Total Common Stocks (Cost $3,694,589)** | **Total Common Stocks (Cost $3,694,589)** | **Total Common Stocks (Cost $3,694,589)** | &nbsp;&nbsp;&nbsp;&nbsp;**4712259** |

---

------

Materials 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, 3.693% **(Cost $28,753)** | 287551 | &nbsp;&nbsp;&nbsp;&nbsp; **28752** |
| **Total Investments (100.2%) (Cost $3,723,342)** | **Total Investments (100.2%) (Cost $3,723,342)** | **Total Investments (100.2%) (Cost $3,723,342)** | &nbsp;&nbsp;&nbsp;&nbsp;**4741011** |
| **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;**(7753)** |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;**4733258** |
| 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 $9,675. |
| 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 $11,128 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 & Chemicals Inc. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;7568 | &nbsp;&nbsp;&nbsp;(3.630) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(126) |
| Alcoa Corp. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;12331 | &nbsp;&nbsp;&nbsp;(3.630) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(537) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(663) |

---

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.

------

Materials Index Fund

Statement of Assets and Liabilities

As of February 28, 2026

---

| | |
|:---|:---|
| ($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 $3,694,589) | 4712259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $28,753) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28752 |
| Total Investments in Securities | 4741011 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8476 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4016 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1803 |
| **Total Assets** | **4755406** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8525 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11128 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 |
| Unrealized Depreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22148** |
| **Net Assets** | **4733258** |
| 1 Includes $9,675 of securities on loan. |  |
| **At February 28, 2026, net assets consisted of:** |  |
| Paid-in Capital | 3867431 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;865827 |
| **Net Assets** | **4733258** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 13,182,950 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **3217520** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**$244.07** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 12,189,236 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **1515738** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**$124.35** |

---

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

------

Materials Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> February 28, 2026 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;31554 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 |
| Total Income | &nbsp;&nbsp;31897 |
| **Expenses** |  |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;1119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Shareholders' Reports—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 |
| Shareholders' Reports—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;1858 |
| **Net Investment Income** | &nbsp;&nbsp;**30039** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | 101736 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;5661 |
| **Realized Net Gain (Loss)** | **107397** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | 593082 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(663) |
| **Change in Unrealized Appreciation (Depreciation)** | **592419** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **729855** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $1. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $231, $1, and ($1), respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $125,718 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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> February 28,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66806 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;107397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101513 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;592419 | &nbsp;&nbsp;&nbsp;&nbsp;(100682) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;729855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67637 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;(21674) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47529) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20289) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(31289) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67818) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;(119327) | &nbsp;&nbsp;&nbsp;&nbsp;(167287) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11707 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;(85830) | &nbsp;&nbsp;&nbsp;&nbsp;(155580) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;612736 | &nbsp;&nbsp;&nbsp;&nbsp;(155761) |
| **Net Assets** |  |  |
| **Beginning of Period** | **4120522** | &nbsp;&nbsp;&nbsp;**4276283** |
| **End of Period** | **4733258** | &nbsp;&nbsp;&nbsp;**4120522** |

---

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 | Six Months<br> Ended<br> February 28,<br> 2026 | &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 | Six Months<br> Ended<br> February 28,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$208.28** | &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;1.530 | &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;35.840 | &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;37.370 | &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;(1.580) | &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;(1.580) | &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** | **$244.07** | &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** | **18.09%** | &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) | $3218 | &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 | 0.09% | &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 | 1.46% | &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> | 5% | &nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;5% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 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 | Six Months<br> Ended<br> February 28,<br> 2026 | &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 | Six Months<br> Ended<br> February 28,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$106.12** | &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;.773 | &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;18.262 | &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;19.035 | &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;(.805) | &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;(.805) | &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** | **$124.35** | &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>** | **18.09%** | &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) | $1516 | &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 | 0.09% | &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 | 1.44% | &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> | 5% | &nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;5% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 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. 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 six months ended February 28, 2026, 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

------

Materials 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 six months ended February 28, 2026, 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) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

**B.** Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Portfolio Management, LLC.

**C.** 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 February 28, 2026, 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.

**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 February 28, 2026, 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 | 4712259 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4712259 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28752 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28752 |
| Total | 4741011 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4741011 |
| **Derivative Financial Instruments** |  |  |  |  |
| Liabilities |  |  |  |  |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;(663) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(663) |

---

------

Materials Index Fund

**E.** As of February 28, 2026, 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;3748926 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;1387594 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(395509) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992085 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at August 31, 2025, the fund had available capital losses totaling $250,389,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending August 31, 2026; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**F.** During the six months ended February 28, 2026, the fund purchased $288,733,000 of investment securities and sold $220,631,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $165,559,000 and $322,949,000, 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 six months ended February 28, 2026, such purchases were $6,852,000 and sales were $60,598,000, resulting in net realized loss of $1,799,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

**G.** Capital share transactions for each class of shares were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> February 28, 2026 | Six Months Ended<br> February 28, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;204407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938 | &nbsp;&nbsp;&nbsp;&nbsp;344005 | &nbsp;&nbsp;&nbsp;&nbsp;1752 |
| 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 | (323734) | &nbsp;&nbsp;(1480) | &nbsp;&nbsp;(511292) | &nbsp;&nbsp;(2740) |
| Net Increase (Decrease)—ETF Shares | (119327) | &nbsp;&nbsp;&nbsp;&nbsp;(542) | &nbsp;&nbsp;(167287) | &nbsp;&nbsp;&nbsp;&nbsp;(988) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;179140 | &nbsp;&nbsp;&nbsp;&nbsp;1620 | &nbsp;&nbsp;&nbsp;&nbsp;230590 | &nbsp;&nbsp;&nbsp;&nbsp;2321 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 |
| Redeemed | (154560) | &nbsp;&nbsp;(1410) | &nbsp;&nbsp;(237737) | &nbsp;&nbsp;(2376) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;33497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 |

---

**H.** 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.

**I.** 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.

------

Materials Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;J.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.

Q54812 042026

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![](tm268191d7indusindfundi001.jpg)

#### Financial Statements

#### For the six-months ended February 28, 2026

#### Vanguard Industrials Index Fund

------

#### Contents
Financial Statements 1 <br>

------

Industrials Index Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of February 28, 2026

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%)** |
| **Aerospace & Defense (24.1%)** | **Aerospace & Defense (24.1%)** | **Aerospace & Defense (24.1%)** | **Aerospace & Defense (24.1%)** |
|  | &nbsp;&nbsp;&nbsp;General Electric Co. | 1209976 | &nbsp;&nbsp;&nbsp;&nbsp; 414126 |
|  | &nbsp;&nbsp;&nbsp;RTX Corp. | 1537970 | &nbsp;&nbsp;&nbsp;&nbsp; 311624 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boeing Co. | &nbsp;&nbsp;&nbsp;&nbsp;898267 | &nbsp;&nbsp;&nbsp;&nbsp; 204383 |
|  | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;238894 | &nbsp;&nbsp;&nbsp;&nbsp; 157211 |
|  | &nbsp;&nbsp;&nbsp;Howmet Aerospace Inc. | &nbsp;&nbsp;&nbsp;&nbsp;438151 | &nbsp;&nbsp;&nbsp;&nbsp; 115028 |
|  | &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;155534 | &nbsp;&nbsp;&nbsp;&nbsp; 112666 |
|  | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;263368 | &nbsp;&nbsp;&nbsp;&nbsp; 94036 |
|  | &nbsp;&nbsp;&nbsp;TransDigm Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64601 | &nbsp;&nbsp;&nbsp;&nbsp; 84162 |
|  | &nbsp;&nbsp;&nbsp;L3Harris Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;214590 | &nbsp;&nbsp;&nbsp;&nbsp; 78227 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axon Enterprise Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85999 | &nbsp;&nbsp;&nbsp;&nbsp; 46646 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rocket Lab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;551521 | &nbsp;&nbsp;&nbsp;&nbsp; 38110 |
|  | &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42307 | &nbsp;&nbsp;&nbsp;&nbsp; 29629 |
|  | &nbsp;&nbsp;&nbsp;Woodward Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68676 | &nbsp;&nbsp;&nbsp;&nbsp; 26561 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ATI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;155852 | &nbsp;&nbsp;&nbsp;&nbsp; 25496 |
|  | &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;57124 | &nbsp;&nbsp;&nbsp;&nbsp; 22739 |
|  | &nbsp;&nbsp;&nbsp;BWX Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104900 | &nbsp;&nbsp;&nbsp;&nbsp; 21607 |
|  | &nbsp;&nbsp;&nbsp;HEICO Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;86913 | &nbsp;&nbsp;&nbsp;&nbsp; 20869 |
|  | &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45023 | &nbsp;&nbsp;&nbsp;&nbsp; 20014 |
|  | &nbsp;&nbsp;&nbsp;Textron Inc. | &nbsp;&nbsp;&nbsp;&nbsp;202174 | &nbsp;&nbsp;&nbsp;&nbsp; 19944 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;193617 | &nbsp;&nbsp;&nbsp;&nbsp; 16686 |
|  | &nbsp;&nbsp;&nbsp;HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;50623 | &nbsp;&nbsp;&nbsp;&nbsp; 16172 |
|  | &nbsp;&nbsp;&nbsp;Moog Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;33057 | &nbsp;&nbsp;&nbsp;&nbsp; 11154 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AeroVironment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37271 | &nbsp;&nbsp;&nbsp;&nbsp; 9402 |
|  | &nbsp;&nbsp;&nbsp;Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;91341 | &nbsp;&nbsp;&nbsp;&nbsp; 8466 |
|  | &nbsp;&nbsp;&nbsp;VSE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31428 | &nbsp;&nbsp;&nbsp;&nbsp; 7136 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;StandardAero Inc. | &nbsp;&nbsp;&nbsp;&nbsp;226271 | &nbsp;&nbsp;&nbsp;&nbsp; 6969 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mercury Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62046 | &nbsp;&nbsp;&nbsp;&nbsp; 5524 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Karman Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60707 | &nbsp;&nbsp;&nbsp;&nbsp; 5349 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AAR Corp. | &nbsp;&nbsp;&nbsp;&nbsp;45458 | &nbsp;&nbsp;&nbsp;&nbsp; 5326 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Archer Aviation Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;707055 | &nbsp;&nbsp;&nbsp;&nbsp; 5034 |
|  | &nbsp;&nbsp;&nbsp;Leonardo DRS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;91725 | &nbsp;&nbsp;&nbsp;&nbsp; 3980 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Loar Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37498 | &nbsp;&nbsp;&nbsp;&nbsp; 2655 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Astronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30212 | &nbsp;&nbsp;&nbsp;&nbsp; 2436 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Intuitive Machines Inc. | &nbsp;&nbsp;&nbsp;&nbsp;122584 | &nbsp;&nbsp;&nbsp;&nbsp; 2020 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ducommun Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16251 | &nbsp;&nbsp;&nbsp;&nbsp; 2008 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;V2X Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27263 | &nbsp;&nbsp;&nbsp;&nbsp; 1902 |
|  | &nbsp;&nbsp;&nbsp;Cadre Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34703 | &nbsp;&nbsp;&nbsp;&nbsp; 1540 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Red Cat Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;123095 | &nbsp;&nbsp;&nbsp;&nbsp; 1434 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Redwire Corp. | &nbsp;&nbsp;&nbsp;&nbsp;113524 | &nbsp;&nbsp;&nbsp;&nbsp; 1030 |
|  | &nbsp;&nbsp;&nbsp;National Presto Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6115 | &nbsp;&nbsp;&nbsp;&nbsp; 807 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Voyager Technologies Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;18253 | &nbsp;&nbsp;&nbsp;&nbsp; 487 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AerSale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;39035 | &nbsp;&nbsp;&nbsp;&nbsp; 304 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Virgin Galactic Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83914 | &nbsp;&nbsp;&nbsp;&nbsp; 214 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1961113** |
| **Air Freight & Logistics (3.2%)** | **Air Freight & Logistics (3.2%)** | **Air Freight & Logistics (3.2%)** | **Air Freight & Logistics (3.2%)** |
|  | &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;256194 | &nbsp;&nbsp;&nbsp;&nbsp; 99147 |
|  | &nbsp;&nbsp;&nbsp;United Parcel Service Inc. Class B (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;847680 | &nbsp;&nbsp;&nbsp;&nbsp; 98297 |
|  | &nbsp;&nbsp;&nbsp;CH Robinson Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;135526 | &nbsp;&nbsp;&nbsp;&nbsp; 25106 |
|  | &nbsp;&nbsp;&nbsp;Expeditors International of Washington Inc. | &nbsp;&nbsp;&nbsp;&nbsp;153780 | &nbsp;&nbsp;&nbsp;&nbsp; 22303 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GXO Logistics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;131513 | &nbsp;&nbsp;&nbsp;&nbsp; 8263 |
|  | &nbsp;&nbsp;&nbsp;Hub Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;69408 | &nbsp;&nbsp;&nbsp;&nbsp; 2989 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Forward Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22498 | &nbsp;&nbsp;&nbsp;&nbsp; 569 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **256674** |
| **Building Products (6.1%)** | **Building Products (6.1%)** | **Building Products (6.1%)** | **Building Products (6.1%)** |
|  | &nbsp;&nbsp;&nbsp;Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;254349 | &nbsp;&nbsp;&nbsp;&nbsp; 117591 |
|  | &nbsp;&nbsp;&nbsp;Johnson Controls International plc | &nbsp;&nbsp;&nbsp;&nbsp;702079 | &nbsp;&nbsp;&nbsp;&nbsp; 101310 |
|  | &nbsp;&nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;869586 | &nbsp;&nbsp;&nbsp;&nbsp; 56001 |
|  | &nbsp;&nbsp;&nbsp;Lennox International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36227 | &nbsp;&nbsp;&nbsp;&nbsp; 20647 |
|  | &nbsp;&nbsp;&nbsp;Carlisle Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47948 | &nbsp;&nbsp;&nbsp;&nbsp; 18928 |

---

------

Industrials Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;238317 | &nbsp;&nbsp;&nbsp;&nbsp; 17068 |
|  | &nbsp;&nbsp;&nbsp;Allegion plc | &nbsp;&nbsp;&nbsp;&nbsp;98729 | &nbsp;&nbsp;&nbsp;&nbsp; 15910 |
|  | &nbsp;&nbsp;&nbsp;Advanced Drainage Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;84680 | &nbsp;&nbsp;&nbsp;&nbsp; 14509 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Builders FirstSource Inc. | &nbsp;&nbsp;&nbsp;&nbsp;126782 | &nbsp;&nbsp;&nbsp;&nbsp; 13222 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Modine Manufacturing Co. | &nbsp;&nbsp;&nbsp;&nbsp;57426 | &nbsp;&nbsp;&nbsp;&nbsp; 13050 |
|  | &nbsp;&nbsp;&nbsp;Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;94382 | &nbsp;&nbsp;&nbsp;&nbsp; 11521 |
|  | &nbsp;&nbsp;&nbsp;A O Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;129903 | &nbsp;&nbsp;&nbsp;&nbsp; 10133 |
|  | &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47486 | &nbsp;&nbsp;&nbsp;&nbsp; 9192 |
|  | &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;&nbsp;172992 | &nbsp;&nbsp;&nbsp;&nbsp; 8819 |
|  | &nbsp;&nbsp;&nbsp;Armstrong World Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49541 | &nbsp;&nbsp;&nbsp;&nbsp; 8595 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;AAON Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79449 | &nbsp;&nbsp;&nbsp;&nbsp; 8040 |
|  | &nbsp;&nbsp;&nbsp;Fortune Brands Innovations Inc. | &nbsp;&nbsp;&nbsp;&nbsp;137796 | &nbsp;&nbsp;&nbsp;&nbsp; 7488 |
|  | &nbsp;&nbsp;&nbsp;UFP Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66752 | &nbsp;&nbsp;&nbsp;&nbsp; 6870 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Resideo Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;154389 | &nbsp;&nbsp;&nbsp;&nbsp; 5975 |
|  | &nbsp;&nbsp;&nbsp;CSW Industrials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19121 | &nbsp;&nbsp;&nbsp;&nbsp; 5628 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trex Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;123188 | &nbsp;&nbsp;&nbsp;&nbsp; 5103 |
|  | &nbsp;&nbsp;&nbsp;AZZ Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32482 | &nbsp;&nbsp;&nbsp;&nbsp; 4417 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hayward Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;248773 | &nbsp;&nbsp;&nbsp;&nbsp; 3980 |
|  | &nbsp;&nbsp;&nbsp;Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42591 | &nbsp;&nbsp;&nbsp;&nbsp; 3631 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gibraltar Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33943 | &nbsp;&nbsp;&nbsp;&nbsp; 1544 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Masterbrand Inc. | &nbsp;&nbsp;&nbsp;&nbsp;146401 | &nbsp;&nbsp;&nbsp;&nbsp; 1482 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Janus International Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;159123 | &nbsp;&nbsp;&nbsp;&nbsp; 1108 |
|  | &nbsp;&nbsp;&nbsp;Apogee Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24940 | &nbsp;&nbsp;&nbsp;&nbsp; 993 |
|  | &nbsp;&nbsp;&nbsp;Quanex Building Products Corp. | &nbsp;&nbsp;&nbsp;&nbsp;46769 | &nbsp;&nbsp;&nbsp;&nbsp; 960 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Woodmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16791 | &nbsp;&nbsp;&nbsp;&nbsp; 841 |
|  | &nbsp;&nbsp;&nbsp;Insteel Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22486 | &nbsp;&nbsp;&nbsp;&nbsp; 838 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;JELD-WEN Holding Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96611 | &nbsp;&nbsp;&nbsp;&nbsp; 189 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **495583** |
| **Commercial Services & Supplies (5.8%)** | **Commercial Services & Supplies (5.8%)** | **Commercial Services & Supplies (5.8%)** | **Commercial Services & Supplies (5.8%)** |
|  | &nbsp;&nbsp;&nbsp;Waste Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;462126 | &nbsp;&nbsp;&nbsp;&nbsp; 111298 |
|  | &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;412797 | &nbsp;&nbsp;&nbsp;&nbsp; 83026 |
|  | &nbsp;&nbsp;&nbsp;Republic Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;248563 | &nbsp;&nbsp;&nbsp;&nbsp; 56921 |
|  | &nbsp;&nbsp;&nbsp;Waste Connections Inc. (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;263723 | &nbsp;&nbsp;&nbsp;&nbsp; 45395 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Copart Inc. | 1055009 | &nbsp;&nbsp;&nbsp;&nbsp; 40185 |
|  | &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;284834 | &nbsp;&nbsp;&nbsp;&nbsp; 27751 |
|  | &nbsp;&nbsp;&nbsp;Rollins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;333688 | &nbsp;&nbsp;&nbsp;&nbsp; 20318 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Clean Harbors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58253 | &nbsp;&nbsp;&nbsp;&nbsp; 17080 |
|  | &nbsp;&nbsp;&nbsp;Tetra Tech Inc. | &nbsp;&nbsp;&nbsp;&nbsp;284364 | &nbsp;&nbsp;&nbsp;&nbsp; 10192 |
|  | &nbsp;&nbsp;&nbsp;MSA Safety Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42680 | &nbsp;&nbsp;&nbsp;&nbsp; 8340 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Casella Waste Systems Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;71791 | &nbsp;&nbsp;&nbsp;&nbsp; 6688 |
|  | &nbsp;&nbsp;&nbsp;Brink's Co. | &nbsp;&nbsp;&nbsp;&nbsp;47562 | &nbsp;&nbsp;&nbsp;&nbsp; 5554 |
|  | &nbsp;&nbsp;&nbsp;Brady Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;49956 | &nbsp;&nbsp;&nbsp;&nbsp; 4613 |
|  | &nbsp;&nbsp;&nbsp;UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17227 | &nbsp;&nbsp;&nbsp;&nbsp; 4045 |
|  | &nbsp;&nbsp;&nbsp;HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;77831 | &nbsp;&nbsp;&nbsp;&nbsp; 3499 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;OPENLANE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;121590 | &nbsp;&nbsp;&nbsp;&nbsp; 3467 |
|  | &nbsp;&nbsp;&nbsp;ABM Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68977 | &nbsp;&nbsp;&nbsp;&nbsp; 3069 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GEO Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;159512 | &nbsp;&nbsp;&nbsp;&nbsp; 2399 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CoreCivic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;119882 | &nbsp;&nbsp;&nbsp;&nbsp; 2120 |
|  | &nbsp;&nbsp;&nbsp;Interface Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67156 | &nbsp;&nbsp;&nbsp;&nbsp; 2115 |
|  | &nbsp;&nbsp;&nbsp;Pitney Bowes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;175256 | &nbsp;&nbsp;&nbsp;&nbsp; 1881 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Healthcare Services Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80747 | &nbsp;&nbsp;&nbsp;&nbsp; 1758 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enviri Corp. | &nbsp;&nbsp;&nbsp;&nbsp;83861 | &nbsp;&nbsp;&nbsp;&nbsp; 1588 |
|  | &nbsp;&nbsp;&nbsp;MillerKnoll Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78571 | &nbsp;&nbsp;&nbsp;&nbsp; 1582 |
|  | &nbsp;&nbsp;&nbsp;Deluxe Corp. | &nbsp;&nbsp;&nbsp;&nbsp;51548 | &nbsp;&nbsp;&nbsp;&nbsp; 1430 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cimpress plc | &nbsp;&nbsp;&nbsp;&nbsp;18248 | &nbsp;&nbsp;&nbsp;&nbsp; 1333 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BrightView Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80979 | &nbsp;&nbsp;&nbsp;&nbsp; 1117 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Montrose Environmental Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38182 | &nbsp;&nbsp;&nbsp;&nbsp; 1116 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ACV Auctions Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;197155 | &nbsp;&nbsp;&nbsp;&nbsp; 958 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vestis Corp. | &nbsp;&nbsp;&nbsp;&nbsp;120376 | &nbsp;&nbsp;&nbsp;&nbsp; 947 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liquidity Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28294 | &nbsp;&nbsp;&nbsp;&nbsp; 894 |
|  | &nbsp;&nbsp;&nbsp;Ennis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29362 | &nbsp;&nbsp;&nbsp;&nbsp; 620 |
|  | &nbsp;&nbsp;&nbsp;ACCO Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;102545 | &nbsp;&nbsp;&nbsp;&nbsp; 417 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Civeo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11503 | &nbsp;&nbsp;&nbsp;&nbsp; 319 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **474035** |
| **Construction & Engineering (4.5%)** | **Construction & Engineering (4.5%)** | **Construction & Engineering (4.5%)** | **Construction & Engineering (4.5%)** |
|  | &nbsp;&nbsp;&nbsp;Quanta Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;171075 | &nbsp;&nbsp;&nbsp;&nbsp; 96329 |
|  | &nbsp;&nbsp;&nbsp;Comfort Systems USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40466 | &nbsp;&nbsp;&nbsp;&nbsp; 57841 |
|  | &nbsp;&nbsp;&nbsp;EMCOR Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51364 | &nbsp;&nbsp;&nbsp;&nbsp; 37219 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MasTec Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72438 | &nbsp;&nbsp;&nbsp;&nbsp; 21588 |

---

------

Industrials Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;API Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;420560 | &nbsp;&nbsp;&nbsp;&nbsp; 18698 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sterling Infrastructure Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35263 | &nbsp;&nbsp;&nbsp;&nbsp; 15097 |
|  | &nbsp;&nbsp;&nbsp;AECOM | &nbsp;&nbsp;&nbsp;&nbsp;151108 | &nbsp;&nbsp;&nbsp;&nbsp; 14805 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dycom Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34345 | &nbsp;&nbsp;&nbsp;&nbsp; 14426 |
|  | &nbsp;&nbsp;&nbsp;Valmont Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22612 | &nbsp;&nbsp;&nbsp;&nbsp; 10400 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fluor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;184975 | &nbsp;&nbsp;&nbsp;&nbsp; 9676 |
|  | &nbsp;&nbsp;&nbsp;Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;62028 | &nbsp;&nbsp;&nbsp;&nbsp; 9349 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Construction Partners Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;54956 | &nbsp;&nbsp;&nbsp;&nbsp; 7384 |
|  | &nbsp;&nbsp;&nbsp;Argan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15900 | &nbsp;&nbsp;&nbsp;&nbsp; 7175 |
|  | &nbsp;&nbsp;&nbsp;Granite Construction Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50073 | &nbsp;&nbsp;&nbsp;&nbsp; 6733 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Everus Construction Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55627 | &nbsp;&nbsp;&nbsp;&nbsp; 6724 |
|  | &nbsp;&nbsp;&nbsp;Arcosa Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56195 | &nbsp;&nbsp;&nbsp;&nbsp; 6040 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IES Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10278 | &nbsp;&nbsp;&nbsp;&nbsp; 5091 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MYR Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17809 | &nbsp;&nbsp;&nbsp;&nbsp; 4808 |
|  | &nbsp;&nbsp;&nbsp;WillScot Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;208126 | &nbsp;&nbsp;&nbsp;&nbsp; 4498 |
|  | &nbsp;&nbsp;&nbsp;Tutor Perini Corp. | &nbsp;&nbsp;&nbsp;&nbsp;51462 | &nbsp;&nbsp;&nbsp;&nbsp; 3879 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Centuri Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102837 | &nbsp;&nbsp;&nbsp;&nbsp; 3188 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp. | &nbsp;&nbsp;&nbsp;&nbsp;77212 | &nbsp;&nbsp;&nbsp;&nbsp; 1309 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ameresco Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;38064 | &nbsp;&nbsp;&nbsp;&nbsp; 1159 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Limbach Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12552 | &nbsp;&nbsp;&nbsp;&nbsp; 1147 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NWPX Infrastructure Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10997 | &nbsp;&nbsp;&nbsp;&nbsp; 853 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bowman Consulting Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;15741 | &nbsp;&nbsp;&nbsp;&nbsp; 528 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Matrix Service Co. | &nbsp;&nbsp;&nbsp;&nbsp;29719 | &nbsp;&nbsp;&nbsp;&nbsp; 327 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Concrete Pumping Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26865 | &nbsp;&nbsp;&nbsp;&nbsp; 181 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **366452** |
| **Electrical Equipment (11.9%)** | **Electrical Equipment (11.9%)** | **Electrical Equipment (11.9%)** | **Electrical Equipment (11.9%)** |
|  | &nbsp;&nbsp;&nbsp;GE Vernova Inc. | &nbsp;&nbsp;&nbsp;&nbsp;311237 | &nbsp;&nbsp;&nbsp;&nbsp; 271897 |
|  | &nbsp;&nbsp;&nbsp;Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;445550 | &nbsp;&nbsp;&nbsp;&nbsp; 167491 |
|  | &nbsp;&nbsp;&nbsp;Vertiv Holdings Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;416666 | &nbsp;&nbsp;&nbsp;&nbsp; 106204 |
|  | &nbsp;&nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;644457 | &nbsp;&nbsp;&nbsp;&nbsp; 97152 |
|  | &nbsp;&nbsp;&nbsp;AMETEK Inc. | &nbsp;&nbsp;&nbsp;&nbsp;264040 | &nbsp;&nbsp;&nbsp;&nbsp; 63164 |
|  | &nbsp;&nbsp;&nbsp;Rockwell Automation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;128971 | &nbsp;&nbsp;&nbsp;&nbsp; 52549 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bloom Energy Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;257757 | &nbsp;&nbsp;&nbsp;&nbsp; 40125 |
|  | &nbsp;&nbsp;&nbsp;Hubbell Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60971 | &nbsp;&nbsp;&nbsp;&nbsp; 31195 |
|  | &nbsp;&nbsp;&nbsp;nVent Electric plc | &nbsp;&nbsp;&nbsp;&nbsp;185119 | &nbsp;&nbsp;&nbsp;&nbsp; 21911 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nextpower Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;170291 | &nbsp;&nbsp;&nbsp;&nbsp; 17898 |
|  | &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;72366 | &nbsp;&nbsp;&nbsp;&nbsp; 15991 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Generac Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67367 | &nbsp;&nbsp;&nbsp;&nbsp; 15182 |
|  | &nbsp;&nbsp;&nbsp;Acuity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35179 | &nbsp;&nbsp;&nbsp;&nbsp; 10610 |
|  | &nbsp;&nbsp;&nbsp;EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;42299 | &nbsp;&nbsp;&nbsp;&nbsp; 7028 |
|  | &nbsp;&nbsp;&nbsp;Sensata Technologies Holding plc | &nbsp;&nbsp;&nbsp;&nbsp;167370 | &nbsp;&nbsp;&nbsp;&nbsp; 6250 |
|  | &nbsp;&nbsp;&nbsp;Powell Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11131 | &nbsp;&nbsp;&nbsp;&nbsp; 5828 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vicor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26414 | &nbsp;&nbsp;&nbsp;&nbsp; 5320 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sunrun Inc. | &nbsp;&nbsp;&nbsp;&nbsp;265949 | &nbsp;&nbsp;&nbsp;&nbsp; 3524 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Plug Power Inc. | 1515410 | &nbsp;&nbsp;&nbsp;&nbsp; 2713 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NuScale Power Corp. | &nbsp;&nbsp;&nbsp;&nbsp;194495 | &nbsp;&nbsp;&nbsp;&nbsp; 2499 |
|  | &nbsp;&nbsp;&nbsp;Atkore Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38611 | &nbsp;&nbsp;&nbsp;&nbsp; 2498 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Eos Energy Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;372173 | &nbsp;&nbsp;&nbsp;&nbsp; 2120 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Thermon Group Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37485 | &nbsp;&nbsp;&nbsp;&nbsp; 1903 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Superconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52126 | &nbsp;&nbsp;&nbsp;&nbsp; 1698 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amprius Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134578 | &nbsp;&nbsp;&nbsp;&nbsp; 1444 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Array Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;175940 | &nbsp;&nbsp;&nbsp;&nbsp; 1334 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;NANO Nuclear Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46039 | &nbsp;&nbsp;&nbsp;&nbsp; 1224 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;T1 Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;191599 | &nbsp;&nbsp;&nbsp;&nbsp; 1180 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enovix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;222721 | &nbsp;&nbsp;&nbsp;&nbsp; 1174 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fluence Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74563 | &nbsp;&nbsp;&nbsp;&nbsp; 1159 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Shoals Technologies Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;192302 | &nbsp;&nbsp;&nbsp;&nbsp; 1140 |
|  | &nbsp;&nbsp;&nbsp;Allient Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15673 | &nbsp;&nbsp;&nbsp;&nbsp; 1032 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Power Solutions International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10486 | &nbsp;&nbsp;&nbsp;&nbsp; 876 |
|  | &nbsp;&nbsp;&nbsp;Preformed Line Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3106 | &nbsp;&nbsp;&nbsp;&nbsp; 788 |
|  | &nbsp;&nbsp;&nbsp;LSI Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32943 | &nbsp;&nbsp;&nbsp;&nbsp; 712 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;FuelCell Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54800 | &nbsp;&nbsp;&nbsp;&nbsp; 446 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SES AI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;237479 | &nbsp;&nbsp;&nbsp;&nbsp; 389 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Energy Vault Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102506 | &nbsp;&nbsp;&nbsp;&nbsp; 307 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hyliion Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;139052 | &nbsp;&nbsp;&nbsp;&nbsp; 285 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;ChargePoint Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24841 | &nbsp;&nbsp;&nbsp;&nbsp; 156 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GrafTech International Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;19177 | &nbsp;&nbsp;&nbsp;&nbsp; 133 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Net Power Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35610 | &nbsp;&nbsp;&nbsp;&nbsp; 69 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **966598** |

---

------

Industrials Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Ground Transportation (8.0%)** | **Ground Transportation (8.0%)** | **Ground Transportation (8.0%)** | **Ground Transportation (8.0%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | 2264339 | &nbsp;&nbsp;&nbsp;&nbsp; 170776 |
|  | &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;580374 | &nbsp;&nbsp;&nbsp;&nbsp; 153787 |
|  | &nbsp;&nbsp;&nbsp;CSX Corp. | 2135952 | &nbsp;&nbsp;&nbsp;&nbsp; 91184 |
|  | &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;257341 | &nbsp;&nbsp;&nbsp;&nbsp; 80995 |
|  | &nbsp;&nbsp;&nbsp;Old Dominion Freight Line Inc. | &nbsp;&nbsp;&nbsp;&nbsp;215915 | &nbsp;&nbsp;&nbsp;&nbsp; 43841 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;XPO Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134664 | &nbsp;&nbsp;&nbsp;&nbsp; 28343 |
|  | &nbsp;&nbsp;&nbsp;JB Hunt Transport Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;87411 | &nbsp;&nbsp;&nbsp;&nbsp; 20403 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Saia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30563 | &nbsp;&nbsp;&nbsp;&nbsp; 12390 |
|  | &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;186307 | &nbsp;&nbsp;&nbsp;&nbsp; 11722 |
|  | &nbsp;&nbsp;&nbsp;Ryder System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46270 | &nbsp;&nbsp;&nbsp;&nbsp; 10252 |
|  | &nbsp;&nbsp;&nbsp;Landstar System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39373 | &nbsp;&nbsp;&nbsp;&nbsp; 6416 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lyft Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;443757 | &nbsp;&nbsp;&nbsp;&nbsp; 6142 |
|  | &nbsp;&nbsp;&nbsp;ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25801 | &nbsp;&nbsp;&nbsp;&nbsp; 2649 |
|  | &nbsp;&nbsp;&nbsp;Werner Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68981 | &nbsp;&nbsp;&nbsp;&nbsp; 2421 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Avis Budget Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20188 | &nbsp;&nbsp;&nbsp;&nbsp; 1966 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RXO Inc. | &nbsp;&nbsp;&nbsp;&nbsp;122294 | &nbsp;&nbsp;&nbsp;&nbsp; 1952 |
|  | &nbsp;&nbsp;&nbsp;Schneider National Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;63519 | &nbsp;&nbsp;&nbsp;&nbsp; 1803 |
|  | &nbsp;&nbsp;&nbsp;Marten Transport Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;71091 | &nbsp;&nbsp;&nbsp;&nbsp; 966 |
|  | &nbsp;&nbsp;&nbsp;FTAI Infrastructure Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127487 | &nbsp;&nbsp;&nbsp;&nbsp; 740 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Hertz Global Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;140337 | &nbsp;&nbsp;&nbsp;&nbsp; 637 |
|  | &nbsp;&nbsp;&nbsp;Heartland Express Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54151 | &nbsp;&nbsp;&nbsp;&nbsp; 597 |
|  | &nbsp;&nbsp;&nbsp;Covenant Logistics Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17145 | &nbsp;&nbsp;&nbsp;&nbsp; 505 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **650487** |
| **Industrial Conglomerates (3.4%)** | **Industrial Conglomerates (3.4%)** | **Industrial Conglomerates (3.4%)** | **Industrial Conglomerates (3.4%)** |
|  | &nbsp;&nbsp;&nbsp;Honeywell International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;728286 | &nbsp;&nbsp;&nbsp;&nbsp; 177403 |
|  | &nbsp;&nbsp;&nbsp;3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;609398 | &nbsp;&nbsp;&nbsp;&nbsp; 100746 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **278149** |
| **Machinery (20.6%)** | **Machinery (20.6%)** | **Machinery (20.6%)** | **Machinery (20.6%)** |
|  | &nbsp;&nbsp;&nbsp;Caterpillar Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;536825 | &nbsp;&nbsp;&nbsp;&nbsp; 398770 |
|  | &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;294724 | &nbsp;&nbsp;&nbsp;&nbsp; 185591 |
|  | &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;144740 | &nbsp;&nbsp;&nbsp;&nbsp; 146069 |
|  | &nbsp;&nbsp;&nbsp;Cummins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;158347 | &nbsp;&nbsp;&nbsp;&nbsp; 92454 |
|  | &nbsp;&nbsp;&nbsp;Illinois Tool Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp;316100 | &nbsp;&nbsp;&nbsp;&nbsp; 91868 |
|  | &nbsp;&nbsp;&nbsp;PACCAR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;602510 | &nbsp;&nbsp;&nbsp;&nbsp; 75970 |
|  | &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;196130 | &nbsp;&nbsp;&nbsp;&nbsp; 51769 |
|  | &nbsp;&nbsp;&nbsp;Ingersoll Rand Inc. (XYNS) | &nbsp;&nbsp;&nbsp;&nbsp;453330 | &nbsp;&nbsp;&nbsp;&nbsp; 42676 |
|  | &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;447053 | &nbsp;&nbsp;&nbsp;&nbsp; 41379 |
|  | &nbsp;&nbsp;&nbsp;Xylem Inc. | &nbsp;&nbsp;&nbsp;&nbsp;279300 | &nbsp;&nbsp;&nbsp;&nbsp; 36186 |
|  | &nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;157341 | &nbsp;&nbsp;&nbsp;&nbsp; 35480 |
|  | &nbsp;&nbsp;&nbsp;Snap-on Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59675 | &nbsp;&nbsp;&nbsp;&nbsp; 22988 |
|  | &nbsp;&nbsp;&nbsp;Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;388156 | &nbsp;&nbsp;&nbsp;&nbsp; 22979 |
|  | &nbsp;&nbsp;&nbsp;ITT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;98749 | &nbsp;&nbsp;&nbsp;&nbsp; 19988 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RBC Bearings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34462 | &nbsp;&nbsp;&nbsp;&nbsp; 19847 |
|  | &nbsp;&nbsp;&nbsp;Pentair plc | &nbsp;&nbsp;&nbsp;&nbsp;187667 | &nbsp;&nbsp;&nbsp;&nbsp; 18615 |
|  | &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63153 | &nbsp;&nbsp;&nbsp;&nbsp; 18128 |
|  | &nbsp;&nbsp;&nbsp;IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;85911 | &nbsp;&nbsp;&nbsp;&nbsp; 17996 |
|  | &nbsp;&nbsp;&nbsp;Graco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;190324 | &nbsp;&nbsp;&nbsp;&nbsp; 17875 |
|  | &nbsp;&nbsp;&nbsp;Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;60869 | &nbsp;&nbsp;&nbsp;&nbsp; 17861 |
|  | &nbsp;&nbsp;&nbsp;Stanley Black & Decker Inc. | &nbsp;&nbsp;&nbsp;&nbsp;177551 | &nbsp;&nbsp;&nbsp;&nbsp; 15356 |
|  | &nbsp;&nbsp;&nbsp;Mueller Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;121069 | &nbsp;&nbsp;&nbsp;&nbsp; 14281 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SPX Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57222 | &nbsp;&nbsp;&nbsp;&nbsp; 12986 |
|  | &nbsp;&nbsp;&nbsp;Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;145761 | &nbsp;&nbsp;&nbsp;&nbsp; 12903 |
|  | &nbsp;&nbsp;&nbsp;Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;72490 | &nbsp;&nbsp;&nbsp;&nbsp; 12325 |
|  | &nbsp;&nbsp;&nbsp;CNH Industrial NV | 1001722 | &nbsp;&nbsp;&nbsp;&nbsp; 12321 |
|  | &nbsp;&nbsp;&nbsp;Donaldson Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;132194 | &nbsp;&nbsp;&nbsp;&nbsp; 12262 |
|  | &nbsp;&nbsp;&nbsp;Allison Transmission Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;95387 | &nbsp;&nbsp;&nbsp;&nbsp; 11952 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chart Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54871 | &nbsp;&nbsp;&nbsp;&nbsp; 11375 |
|  | &nbsp;&nbsp;&nbsp;Crane Co. | &nbsp;&nbsp;&nbsp;&nbsp;56181 | &nbsp;&nbsp;&nbsp;&nbsp; 11266 |
|  | &nbsp;&nbsp;&nbsp;Toro Co. | &nbsp;&nbsp;&nbsp;&nbsp;112337 | &nbsp;&nbsp;&nbsp;&nbsp; 11106 |
|  | &nbsp;&nbsp;&nbsp;Watts Water Technologies Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;31465 | &nbsp;&nbsp;&nbsp;&nbsp; 10344 |
|  | &nbsp;&nbsp;&nbsp;AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;72836 | &nbsp;&nbsp;&nbsp;&nbsp; 9942 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Middleby Corp. | &nbsp;&nbsp;&nbsp;&nbsp;54851 | &nbsp;&nbsp;&nbsp;&nbsp; 9262 |
|  | &nbsp;&nbsp;&nbsp;JBT Marel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59553 | &nbsp;&nbsp;&nbsp;&nbsp; 9171 |
|  | &nbsp;&nbsp;&nbsp;Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;130118 | &nbsp;&nbsp;&nbsp;&nbsp; 8951 |
|  | &nbsp;&nbsp;&nbsp;Esab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;66248 | &nbsp;&nbsp;&nbsp;&nbsp; 8359 |
|  | &nbsp;&nbsp;&nbsp;Timken Co. | &nbsp;&nbsp;&nbsp;&nbsp;75908 | &nbsp;&nbsp;&nbsp;&nbsp; 8227 |
|  | &nbsp;&nbsp;&nbsp;ESCO Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29658 | &nbsp;&nbsp;&nbsp;&nbsp; 8224 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gates Industrial Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;296306 | &nbsp;&nbsp;&nbsp;&nbsp; 8169 |

---

------

Industrials Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Federal Signal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;69656 | &nbsp;&nbsp;&nbsp;&nbsp; 8110 |
|  | &nbsp;&nbsp;&nbsp;Enpro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24131 | &nbsp;&nbsp;&nbsp;&nbsp; 6241 |
|  | &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;93401 | &nbsp;&nbsp;&nbsp;&nbsp; 6027 |
|  | &nbsp;&nbsp;&nbsp;Mueller Water Products Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;179101 | &nbsp;&nbsp;&nbsp;&nbsp; 5361 |
|  | &nbsp;&nbsp;&nbsp;Kadant Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13535 | &nbsp;&nbsp;&nbsp;&nbsp; 4591 |
|  | &nbsp;&nbsp;&nbsp;Franklin Electric Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43261 | &nbsp;&nbsp;&nbsp;&nbsp; 4310 |
|  | &nbsp;&nbsp;&nbsp;Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13920 | &nbsp;&nbsp;&nbsp;&nbsp; 3647 |
|  | &nbsp;&nbsp;&nbsp;Kennametal Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83129 | &nbsp;&nbsp;&nbsp;&nbsp; 3348 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Symbotic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57376 | &nbsp;&nbsp;&nbsp;&nbsp; 3143 |
|  | &nbsp;&nbsp;&nbsp;Trinity Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;91773 | &nbsp;&nbsp;&nbsp;&nbsp; 3137 |
|  | &nbsp;&nbsp;&nbsp;Helios Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38119 | &nbsp;&nbsp;&nbsp;&nbsp; 2719 |
|  | &nbsp;&nbsp;&nbsp;Alamo Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11768 | &nbsp;&nbsp;&nbsp;&nbsp; 2513 |
|  | &nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;60529 | &nbsp;&nbsp;&nbsp;&nbsp; 2470 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Blue Bird Corp. | &nbsp;&nbsp;&nbsp;&nbsp;36337 | &nbsp;&nbsp;&nbsp;&nbsp; 2117 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CECO Environmental Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34745 | &nbsp;&nbsp;&nbsp;&nbsp; 2100 |
|  | &nbsp;&nbsp;&nbsp;Worthington Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36785 | &nbsp;&nbsp;&nbsp;&nbsp; 2060 |
|  | &nbsp;&nbsp;&nbsp;Greenbrier Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35432 | &nbsp;&nbsp;&nbsp;&nbsp; 1999 |
|  | &nbsp;&nbsp;&nbsp;Albany International Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;32914 | &nbsp;&nbsp;&nbsp;&nbsp; 1897 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hillman Solutions Corp. | &nbsp;&nbsp;&nbsp;&nbsp;226397 | &nbsp;&nbsp;&nbsp;&nbsp; 1856 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Proto Labs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26992 | &nbsp;&nbsp;&nbsp;&nbsp; 1676 |
|  | &nbsp;&nbsp;&nbsp;Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12012 | &nbsp;&nbsp;&nbsp;&nbsp; 1618 |
|  | &nbsp;&nbsp;&nbsp;Gorman-Rupp Co. | &nbsp;&nbsp;&nbsp;&nbsp;24306 | &nbsp;&nbsp;&nbsp;&nbsp; 1561 |
|  | &nbsp;&nbsp;&nbsp;Astec Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23422 | &nbsp;&nbsp;&nbsp;&nbsp; 1454 |
|  | &nbsp;&nbsp;&nbsp;Douglas Dynamics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26346 | &nbsp;&nbsp;&nbsp;&nbsp; 1210 |
|  | &nbsp;&nbsp;&nbsp;Tennant Co. | &nbsp;&nbsp;&nbsp;&nbsp;19614 | &nbsp;&nbsp;&nbsp;&nbsp; 1197 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Graham Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11898 | &nbsp;&nbsp;&nbsp;&nbsp; 966 |
|  | &nbsp;&nbsp;&nbsp;Columbus McKinnon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;33605 | &nbsp;&nbsp;&nbsp;&nbsp; 638 |
|  | &nbsp;&nbsp;&nbsp;Aebi Schmidt Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;43689 | &nbsp;&nbsp;&nbsp;&nbsp; 630 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Energy Recovery Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60176 | &nbsp;&nbsp;&nbsp;&nbsp; 628 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Titan International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58241 | &nbsp;&nbsp;&nbsp;&nbsp; 567 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Manitowoc Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38095 | &nbsp;&nbsp;&nbsp;&nbsp; 562 |
|  | &nbsp;&nbsp;&nbsp;Miller Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12967 | &nbsp;&nbsp;&nbsp;&nbsp; 545 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Microvast Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;240008 | &nbsp;&nbsp;&nbsp;&nbsp; 538 |
|  | &nbsp;&nbsp;&nbsp;Wabash National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47522 | &nbsp;&nbsp;&nbsp;&nbsp; 482 |
|  | &nbsp;&nbsp;&nbsp;Luxfer Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;30778 | &nbsp;&nbsp;&nbsp;&nbsp; 396 |
|  | &nbsp;&nbsp;&nbsp;Hyster-Yale Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9608 | &nbsp;&nbsp;&nbsp;&nbsp; 354 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;3D Systems Corp. | &nbsp;&nbsp;&nbsp;&nbsp;167630 | &nbsp;&nbsp;&nbsp;&nbsp; 324 |
|  | &nbsp;&nbsp;&nbsp;Park-Ohio Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9621 | &nbsp;&nbsp;&nbsp;&nbsp; 248 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1676511** |
| **Marine Transportation (0.2%)** | **Marine Transportation (0.2%)** | **Marine Transportation (0.2%)** | **Marine Transportation (0.2%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kirby Corp. | &nbsp;&nbsp;&nbsp;&nbsp;62140 | &nbsp;&nbsp;&nbsp;&nbsp; 8065 |
|  | &nbsp;&nbsp;&nbsp;Matson Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35754 | &nbsp;&nbsp;&nbsp;&nbsp; 5940 |
|  | &nbsp;&nbsp;&nbsp;Genco Shipping & Trading Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;37750 | &nbsp;&nbsp;&nbsp;&nbsp; 908 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **14913** |
| **Passenger Airlines (1.8%)** | **Passenger Airlines (1.8%)** | **Passenger Airlines (1.8%)** | **Passenger Airlines (1.8%)** |
|  | &nbsp;&nbsp;&nbsp;Delta Air Lines Inc. | &nbsp;&nbsp;&nbsp;&nbsp;749035 | &nbsp;&nbsp;&nbsp;&nbsp; 49212 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Airlines Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;371390 | &nbsp;&nbsp;&nbsp;&nbsp; 39479 |
|  | &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | &nbsp;&nbsp;&nbsp;&nbsp;533925 | &nbsp;&nbsp;&nbsp;&nbsp; 26301 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Airlines Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;757353 | &nbsp;&nbsp;&nbsp;&nbsp; 9899 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alaska Air Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;132932 | &nbsp;&nbsp;&nbsp;&nbsp; 6859 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Joby Aviation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;562027 | &nbsp;&nbsp;&nbsp;&nbsp; 5654 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SkyWest Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45965 | &nbsp;&nbsp;&nbsp;&nbsp; 4784 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;JetBlue Airways Corp. | &nbsp;&nbsp;&nbsp;&nbsp;356409 | &nbsp;&nbsp;&nbsp;&nbsp; 1975 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Allegiant Travel Co. | &nbsp;&nbsp;&nbsp;&nbsp;16851 | &nbsp;&nbsp;&nbsp;&nbsp; 1721 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61534 | &nbsp;&nbsp;&nbsp;&nbsp; 1211 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Frontier Group Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64717 | &nbsp;&nbsp;&nbsp;&nbsp; 287 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **147382** |
| **Professional Services (5.4%)** | **Professional Services (5.4%)** | **Professional Services (5.4%)** | **Professional Services (5.4%)** |
|  | &nbsp;&nbsp;&nbsp;Automatic Data Processing Inc. | &nbsp;&nbsp;&nbsp;&nbsp;463928 | &nbsp;&nbsp;&nbsp;&nbsp; 99448 |
|  | &nbsp;&nbsp;&nbsp;Paychex Inc. | &nbsp;&nbsp;&nbsp;&nbsp;370656 | &nbsp;&nbsp;&nbsp;&nbsp; 34712 |
|  | &nbsp;&nbsp;&nbsp;Verisk Analytics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;159878 | &nbsp;&nbsp;&nbsp;&nbsp; 33186 |
|  | &nbsp;&nbsp;&nbsp;Equifax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;140429 | &nbsp;&nbsp;&nbsp;&nbsp; 29344 |
|  | &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133910 | &nbsp;&nbsp;&nbsp;&nbsp; 24890 |
|  | &nbsp;&nbsp;&nbsp;Leidos Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;139358 | &nbsp;&nbsp;&nbsp;&nbsp; 24402 |
|  | &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;252096 | &nbsp;&nbsp;&nbsp;&nbsp; 18980 |
|  | &nbsp;&nbsp;&nbsp;Jacobs Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;135508 | &nbsp;&nbsp;&nbsp;&nbsp; 18681 |
|  | &nbsp;&nbsp;&nbsp;TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;222864 | &nbsp;&nbsp;&nbsp;&nbsp; 17506 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CACI International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;25347 | &nbsp;&nbsp;&nbsp;&nbsp; 15466 |
|  | &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;139033 | &nbsp;&nbsp;&nbsp;&nbsp; 10960 |

---

------

Industrials Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Genpact Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;187717 | &nbsp;&nbsp;&nbsp;&nbsp; 7456 |
|  | &nbsp;&nbsp;&nbsp;UL Solutions Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;88537 | &nbsp;&nbsp;&nbsp;&nbsp; 7434 |
|  | &nbsp;&nbsp;&nbsp;Paycom Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56630 | &nbsp;&nbsp;&nbsp;&nbsp; 7126 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Planet Labs PBC | &nbsp;&nbsp;&nbsp;&nbsp;284920 | &nbsp;&nbsp;&nbsp;&nbsp; 6878 |
|  | &nbsp;&nbsp;&nbsp;KBR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;145522 | &nbsp;&nbsp;&nbsp;&nbsp; 6145 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;FTI Consulting Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35389 | &nbsp;&nbsp;&nbsp;&nbsp; 5819 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ExlService Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;181858 | &nbsp;&nbsp;&nbsp;&nbsp; 5683 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amentum Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;181651 | &nbsp;&nbsp;&nbsp;&nbsp; 5426 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Paylocity Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;49861 | &nbsp;&nbsp;&nbsp;&nbsp; 5310 |
|  | &nbsp;&nbsp;&nbsp;Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;51739 | &nbsp;&nbsp;&nbsp;&nbsp; 4773 |
|  | &nbsp;&nbsp;&nbsp;Maximus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62429 | &nbsp;&nbsp;&nbsp;&nbsp; 4720 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Parsons Corp. | &nbsp;&nbsp;&nbsp;&nbsp;67153 | &nbsp;&nbsp;&nbsp;&nbsp; 4432 |
|  | &nbsp;&nbsp;&nbsp;Exponent Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57190 | &nbsp;&nbsp;&nbsp;&nbsp; 4162 |
|  | &nbsp;&nbsp;&nbsp;Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;59980 | &nbsp;&nbsp;&nbsp;&nbsp; 3759 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Verra Mobility Corp. | &nbsp;&nbsp;&nbsp;&nbsp;182832 | &nbsp;&nbsp;&nbsp;&nbsp; 3055 |
|  | &nbsp;&nbsp;&nbsp;Robert Half Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116002 | &nbsp;&nbsp;&nbsp;&nbsp; 2833 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Huron Consulting Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19740 | &nbsp;&nbsp;&nbsp;&nbsp; 2791 |
|  | &nbsp;&nbsp;&nbsp;CSG Systems International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32607 | &nbsp;&nbsp;&nbsp;&nbsp; 2605 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Upwork Inc. | &nbsp;&nbsp;&nbsp;&nbsp;143219 | &nbsp;&nbsp;&nbsp;&nbsp; 1922 |
|  | &nbsp;&nbsp;&nbsp;ICF International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21178 | &nbsp;&nbsp;&nbsp;&nbsp; 1760 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CBIZ Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56454 | &nbsp;&nbsp;&nbsp;&nbsp; 1617 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Innodata Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36448 | &nbsp;&nbsp;&nbsp;&nbsp; 1610 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TIC Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;165531 | &nbsp;&nbsp;&nbsp;&nbsp; 1568 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Willdan Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16893 | &nbsp;&nbsp;&nbsp;&nbsp; 1506 |
|  | &nbsp;&nbsp;&nbsp;ManpowerGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53070 | &nbsp;&nbsp;&nbsp;&nbsp; 1484 |
|  | &nbsp;&nbsp;&nbsp;Concentrix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42723 | &nbsp;&nbsp;&nbsp;&nbsp; 1401 |
|  | &nbsp;&nbsp;&nbsp;TriNet Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36129 | &nbsp;&nbsp;&nbsp;&nbsp; 1376 |
|  | &nbsp;&nbsp;&nbsp;CRA International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7485 | &nbsp;&nbsp;&nbsp;&nbsp; 1292 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;First Advantage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;90771 | &nbsp;&nbsp;&nbsp;&nbsp; 1045 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Legalzoom.com Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133617 | &nbsp;&nbsp;&nbsp;&nbsp; 939 |
|  | &nbsp;&nbsp;&nbsp;Insperity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41645 | &nbsp;&nbsp;&nbsp;&nbsp; 925 |
|  | &nbsp;&nbsp;&nbsp;Barrett Business Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29629 | &nbsp;&nbsp;&nbsp;&nbsp; 823 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Clarivate plc | &nbsp;&nbsp;&nbsp;&nbsp;342089 | &nbsp;&nbsp;&nbsp;&nbsp; 787 |
|  | &nbsp;&nbsp;&nbsp;Kforce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20939 | &nbsp;&nbsp;&nbsp;&nbsp; 566 |
|  | &nbsp;&nbsp;&nbsp;Alight Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;475834 | &nbsp;&nbsp;&nbsp;&nbsp; 419 |
|  | &nbsp;&nbsp;&nbsp;Kelly Services Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;36053 | &nbsp;&nbsp;&nbsp;&nbsp; 350 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Conduent Inc. | &nbsp;&nbsp;&nbsp;&nbsp;164351 | &nbsp;&nbsp;&nbsp;&nbsp; 240 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TaskUS Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;15655 | &nbsp;&nbsp;&nbsp;&nbsp; 166 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TrueBlue Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34942 | &nbsp;&nbsp;&nbsp;&nbsp; 148 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Franklin Covey Co. | &nbsp;&nbsp;&nbsp;&nbsp;10599 | &nbsp;&nbsp;&nbsp;&nbsp; 138 |
|  | &nbsp;&nbsp;&nbsp;Resources Connection Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32834 | &nbsp;&nbsp;&nbsp;&nbsp; 123 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Forrester Research Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14218 | &nbsp;&nbsp;&nbsp;&nbsp; 85 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TTEC Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26284 | &nbsp;&nbsp;&nbsp;&nbsp; 66 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **440338** |
| **Trading Companies & Distributors (4.6%)** | **Trading Companies & Distributors (4.6%)** | **Trading Companies & Distributors (4.6%)** | **Trading Companies & Distributors (4.6%)** |
|  | &nbsp;&nbsp;&nbsp;United Rentals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72999 | &nbsp;&nbsp;&nbsp;&nbsp; 61319 |
|  | &nbsp;&nbsp;&nbsp;Fastenal Co. | 1317115 | &nbsp;&nbsp;&nbsp;&nbsp; 60640 |
|  | &nbsp;&nbsp;&nbsp;WW Grainger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51817 | &nbsp;&nbsp;&nbsp;&nbsp; 59317 |
|  | &nbsp;&nbsp;&nbsp;Ferguson Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;224338 | &nbsp;&nbsp;&nbsp;&nbsp; 58498 |
|  | &nbsp;&nbsp;&nbsp;Watsco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40091 | &nbsp;&nbsp;&nbsp;&nbsp; 16731 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QXO Inc. | &nbsp;&nbsp;&nbsp;&nbsp;696626 | &nbsp;&nbsp;&nbsp;&nbsp; 16684 |
|  | &nbsp;&nbsp;&nbsp;WESCO International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55785 | &nbsp;&nbsp;&nbsp;&nbsp; 16150 |
|  | &nbsp;&nbsp;&nbsp;Applied Industrial Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43285 | &nbsp;&nbsp;&nbsp;&nbsp; 12232 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Core & Main Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;216349 | &nbsp;&nbsp;&nbsp;&nbsp; 11718 |
|  | &nbsp;&nbsp;&nbsp;Air Lease Corp. | &nbsp;&nbsp;&nbsp;&nbsp;121805 | &nbsp;&nbsp;&nbsp;&nbsp; 7898 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51083 | &nbsp;&nbsp;&nbsp;&nbsp; 7299 |
|  | &nbsp;&nbsp;&nbsp;GATX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38860 | &nbsp;&nbsp;&nbsp;&nbsp; 7157 |
|  | &nbsp;&nbsp;&nbsp;Herc Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36306 | &nbsp;&nbsp;&nbsp;&nbsp; 5075 |
|  | &nbsp;&nbsp;&nbsp;Rush Enterprises Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;69489 | &nbsp;&nbsp;&nbsp;&nbsp; 4932 |
|  | &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;51183 | &nbsp;&nbsp;&nbsp;&nbsp; 4803 |
|  | &nbsp;&nbsp;&nbsp;Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;42344 | &nbsp;&nbsp;&nbsp;&nbsp; 3504 |
|  | &nbsp;&nbsp;&nbsp;McGrath RentCorp. | &nbsp;&nbsp;&nbsp;&nbsp;28153 | &nbsp;&nbsp;&nbsp;&nbsp; 3124 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DNOW Inc. | &nbsp;&nbsp;&nbsp;&nbsp;212373 | &nbsp;&nbsp;&nbsp;&nbsp; 2502 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DXP Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15305 | &nbsp;&nbsp;&nbsp;&nbsp; 2119 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Xometry Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;51327 | &nbsp;&nbsp;&nbsp;&nbsp; 2105 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NPK International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96146 | &nbsp;&nbsp;&nbsp;&nbsp; 1387 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Transcat Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10551 | &nbsp;&nbsp;&nbsp;&nbsp; 823 |
|  | &nbsp;&nbsp;&nbsp;Global Industrial Co. | &nbsp;&nbsp;&nbsp;&nbsp;22379 | &nbsp;&nbsp;&nbsp;&nbsp; 738 |
|  | &nbsp;&nbsp;&nbsp;Willis Lease Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3536 | &nbsp;&nbsp;&nbsp;&nbsp; 720 |

---

------

Industrials Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BlueLinx Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9091 | &nbsp;&nbsp;&nbsp;&nbsp; 599 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Custom Truck One Source Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76719 | &nbsp;&nbsp;&nbsp;&nbsp; 549 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Titan Machinery Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24640 | &nbsp;&nbsp;&nbsp;&nbsp; 480 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hudson Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45170 | &nbsp;&nbsp;&nbsp;&nbsp; 321 |
|  | &nbsp;&nbsp;&nbsp;Karat Packaging Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10346 | &nbsp;&nbsp;&nbsp;&nbsp; 255 |
|  | &nbsp;&nbsp;&nbsp;Alta Equipment Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23388 | &nbsp;&nbsp;&nbsp;&nbsp; 161 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **369840** |
| **Total Common Stocks (Cost $5,414,110)** | **Total Common Stocks (Cost $5,414,110)** | **Total Common Stocks (Cost $5,414,110)** | &nbsp;&nbsp;&nbsp;&nbsp;**8098075** |
| **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, 3.693% **(Cost $32,705)** | &nbsp;&nbsp;&nbsp;&nbsp;327095 | &nbsp;&nbsp;&nbsp;&nbsp; **32706** |
| **Total Investments (100.0%) (Cost $5,446,815)** | **Total Investments (100.0%) (Cost $5,446,815)** | **Total Investments (100.0%) (Cost $5,446,815)** | &nbsp;&nbsp;&nbsp;&nbsp;**8130781** |
| **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;**(2377)** |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;**8128404** |
| 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 $6,834. |
| 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 $7,331 was received for securities on loan, of which $7,328 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) |
| Union Pacific Corp. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;26425 | &nbsp;&nbsp;&nbsp;(3.630) | &nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;— |
| Waste Connections Inc. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;4998 | &nbsp;&nbsp;&nbsp;(3.630) | &nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;384 | &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 February 28, 2026, the counterparties had deposited in segregated accounts securities with a value of $230 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 February 28, 2026

---

| | |
|:---|:---|
| ($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 $5,414,110) | 8098075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $32,705) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32706 |
| Total Investments in Securities | 8130781 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 |
| 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;18186 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8679 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 |
| **Total Assets** | **8159557** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23058 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7331 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31153** |
| **Net Assets** | **8128404** |
| 1 Includes $6,834 of securities on loan. |  |
| **At February 28, 2026, net assets consisted of:** |  |
| Paid-in Capital | 5691896 |
| Total Distributable Earnings (Loss) | 2436508 |
| **Net Assets** | **8128404** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 22,123,325 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **7560838** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**$341.76** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 3,232,548 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;**567566** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**$175.58** |

---

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

------

Industrials Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> February 28, 2026 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40249 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;40953 |
| **Expenses** |  |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Shareholders' Reports—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 |
| Shareholders' Reports—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3134 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;**37819** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;97754 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(2090) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;**95664** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | 1069697 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 |
| **Change in Unrealized Appreciation (Depreciation)** | **1070081** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **1203564** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $29. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $439, ($1), and ($1), respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $106,027 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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> February 28,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72872 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327889 |
| Change in Unrealized Appreciation (Depreciation) | 1070081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474229 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 1203564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874990 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;(32935) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68228) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2389) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4594) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(35324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72822) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;276755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41859 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;316471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50041 |
| Total Increase (Decrease) | 1484711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852209 |
| **Net Assets** |  |  |
| **Beginning of Period** | **6643693** | &nbsp;&nbsp;&nbsp;**5791484** |
| **End of Period** | **8128404** | &nbsp;&nbsp;&nbsp;**6643693** |

---

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 | Six Months<br> Ended<br> February 28,<br> 2026 | &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 | Six Months<br> Ended<br> February 28,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$291.34** | &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;1.645 | &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;50.322 | &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;51.967 | &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;(1.547) | &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;(1.547) | &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** | **$341.76** | &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** | **17.93%** | &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) | $7561 | &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 | 0.09% | &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 | 1.06% | &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> | 2% | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;5% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 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 | Six Months<br> Ended<br> February 28,<br> 2026 | &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 | Six Months<br> Ended<br> February 28,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$149.67** | &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;.847 | &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;25.858 | &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;26.705 | &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;(.795) | &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;(.795) | &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** | **$175.58** | &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>** | **17.93%** | &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) | $568 | &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 | 0.09% | &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 | 1.06% | &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> | 2% | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;5% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 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 six months ended February 28, 2026, 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 six months ended February 28, 2026, 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.** Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Portfolio Management, LLC.

**C.** 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 February 28, 2026, the fund had contributed to Vanguard capital in the amount of $173,000, 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.

**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 February 28, 2026, 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 | 8098075 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;8098075 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32706 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32706 |
| Total | 8130781 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;8130781 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;384 |

---

------

Industrials Index Fund

**E.** As of February 28, 2026, 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;5475078 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;2934835 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(279132) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;2655703 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at August 31, 2025, the fund had available capital losses totaling $333,034,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending August 31, 2026; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**F.** During the six months ended February 28, 2026, the fund purchased $201,598,000 of investment securities and sold $142,852,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $475,653,000 and $212,990,000, 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 six months ended February 28, 2026, such purchases were $1,049,000 and sales were $8,580,000, resulting in net realized gain of $287,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

**G.** Capital share transactions for each class of shares were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> February 28, 2026 | Six Months Ended<br> February 28, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;487348 | &nbsp;&nbsp;1538 | &nbsp;&nbsp;&nbsp;&nbsp;1043819 | &nbsp;&nbsp;&nbsp;&nbsp;3887 |
| 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 | (210593) | &nbsp;&nbsp;&nbsp;(680) | &nbsp;&nbsp;(1035637) | &nbsp;&nbsp;(4140) |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;276755 | &nbsp;&nbsp;&nbsp;&nbsp;858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8182 | &nbsp;&nbsp;&nbsp;&nbsp;(253) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;105307 | &nbsp;&nbsp;&nbsp;&nbsp;652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157163 | &nbsp;&nbsp;&nbsp;&nbsp;1138 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Redeemed | &nbsp;&nbsp;(67670) | &nbsp;&nbsp;&nbsp;(429) | &nbsp;&nbsp;&nbsp;&nbsp;(119349) | &nbsp;&nbsp;&nbsp;&nbsp;(882) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;39716 | &nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 |

---

**H.** 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.

**I.** 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.

------

Industrials Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;J.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.

Q54822 042026

------

![](tm268191d7consdisindxfuni001.jpg)

#### Financial Statements

#### For the six-months ended February 28, 2026

#### Vanguard Consumer Discretionary Index Fund

------

#### Contents
Financial Statements 1 <br>

------

Consumer Discretionary Index Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of February 28, 2026

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 (2.0%)** | **Automobile Components (2.0%)** | **Automobile Components (2.0%)** | **Automobile Components (2.0%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aptiv plc | &nbsp;&nbsp;&nbsp;&nbsp;245864 | &nbsp;&nbsp;&nbsp;&nbsp; 18081 |
|  | &nbsp;&nbsp;&nbsp;BorgWarner Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;252770 | &nbsp;&nbsp;&nbsp;&nbsp; 14552 |
|  | &nbsp;&nbsp;&nbsp;Autoliv Inc. | &nbsp;&nbsp;&nbsp;&nbsp;91171 | &nbsp;&nbsp;&nbsp;&nbsp; 10806 |
|  | &nbsp;&nbsp;&nbsp;Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;69108 | &nbsp;&nbsp;&nbsp;&nbsp; 9070 |
|  | &nbsp;&nbsp;&nbsp;Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;313871 | &nbsp;&nbsp;&nbsp;&nbsp; 7345 |
|  | &nbsp;&nbsp;&nbsp;Dana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;181460 | &nbsp;&nbsp;&nbsp;&nbsp; 6213 |
|  | &nbsp;&nbsp;&nbsp;Patrick Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48217 | &nbsp;&nbsp;&nbsp;&nbsp; 5969 |
|  | &nbsp;&nbsp;&nbsp;Garrett Motion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;285093 | &nbsp;&nbsp;&nbsp;&nbsp; 5805 |
|  | &nbsp;&nbsp;&nbsp;LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;39235 | &nbsp;&nbsp;&nbsp;&nbsp; 5226 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dorman Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43817 | &nbsp;&nbsp;&nbsp;&nbsp; 5164 |
|  | &nbsp;&nbsp;&nbsp;Phinia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;69111 | &nbsp;&nbsp;&nbsp;&nbsp; 5020 |
|  | &nbsp;&nbsp;&nbsp;Visteon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;49384 | &nbsp;&nbsp;&nbsp;&nbsp; 4725 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QuantumScape Corp. | &nbsp;&nbsp;&nbsp;&nbsp;665640 | &nbsp;&nbsp;&nbsp;&nbsp; 4606 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. | &nbsp;&nbsp;&nbsp;&nbsp;531203 | &nbsp;&nbsp;&nbsp;&nbsp; 4382 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adient plc | &nbsp;&nbsp;&nbsp;&nbsp;167701 | &nbsp;&nbsp;&nbsp;&nbsp; 4078 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dauch Corp. | &nbsp;&nbsp;&nbsp;&nbsp;550123 | &nbsp;&nbsp;&nbsp;&nbsp; 3631 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mobileye Global Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;405862 | &nbsp;&nbsp;&nbsp;&nbsp; 3434 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gentherm Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102708 | &nbsp;&nbsp;&nbsp;&nbsp; 3366 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;XPEL Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68742 | &nbsp;&nbsp;&nbsp;&nbsp; 2930 |
|  | &nbsp;&nbsp;&nbsp;Standard Motor Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71128 | &nbsp;&nbsp;&nbsp;&nbsp; 2822 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;158629 | &nbsp;&nbsp;&nbsp;&nbsp; 2671 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cooper-Standard Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68013 | &nbsp;&nbsp;&nbsp;&nbsp; 2614 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Solid Power Inc. | &nbsp;&nbsp;&nbsp;&nbsp;644843 | &nbsp;&nbsp;&nbsp;&nbsp; 2283 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Holley Inc. | &nbsp;&nbsp;&nbsp;&nbsp;309659 | &nbsp;&nbsp;&nbsp;&nbsp; 1263 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stoneridge Inc. | &nbsp;&nbsp;&nbsp;&nbsp;111067 | &nbsp;&nbsp;&nbsp;&nbsp; 876 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **136932** |
| **Automobiles (19.1%)** | **Automobiles (19.1%)** | **Automobiles (19.1%)** | **Automobiles (19.1%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tesla Inc. | 2754592 | &nbsp;&nbsp;&nbsp;&nbsp;1108751 |
|  | &nbsp;&nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;970991 | &nbsp;&nbsp;&nbsp;&nbsp; 76427 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Co. | 4107005 | &nbsp;&nbsp;&nbsp;&nbsp; 57868 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rivian Automotive Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;940514 | &nbsp;&nbsp;&nbsp;&nbsp; 14418 |
|  | &nbsp;&nbsp;&nbsp;Thor Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70538 | &nbsp;&nbsp;&nbsp;&nbsp; 6781 |
|  | &nbsp;&nbsp;&nbsp;Harley-Davidson Inc. | &nbsp;&nbsp;&nbsp;&nbsp;224921 | &nbsp;&nbsp;&nbsp;&nbsp; 4048 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Lucid Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp; 3300 |
|  | &nbsp;&nbsp;&nbsp;Winnebago Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77188 | &nbsp;&nbsp;&nbsp;&nbsp; 3079 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1274672** |
| **Broadline Retail (25.8%)** | **Broadline Retail (25.8%)** | **Broadline Retail (25.8%)** | **Broadline Retail (25.8%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 7448923 | &nbsp;&nbsp;&nbsp;&nbsp;1564274 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MercadoLibre Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46617 | &nbsp;&nbsp;&nbsp;&nbsp; 81933 |
|  | &nbsp;&nbsp;&nbsp;eBay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;485269 | &nbsp;&nbsp;&nbsp;&nbsp; 44091 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;82284 | &nbsp;&nbsp;&nbsp;&nbsp; 8813 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Etsy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;140423 | &nbsp;&nbsp;&nbsp;&nbsp; 7706 |
|  | &nbsp;&nbsp;&nbsp;Macy's Inc. | &nbsp;&nbsp;&nbsp;&nbsp;370764 | &nbsp;&nbsp;&nbsp;&nbsp; 7334 |
|  | &nbsp;&nbsp;&nbsp;Dillard's Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6964 | &nbsp;&nbsp;&nbsp;&nbsp; 4198 |
|  | &nbsp;&nbsp;&nbsp;Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;229557 | &nbsp;&nbsp;&nbsp;&nbsp; 3758 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Savers Value Village Inc. | &nbsp;&nbsp;&nbsp;&nbsp;154182 | &nbsp;&nbsp;&nbsp;&nbsp; 1454 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Groupon Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104295 | &nbsp;&nbsp;&nbsp;&nbsp; 1316 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QVC Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28493 | &nbsp;&nbsp;&nbsp;&nbsp; 86 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1724963** |
| **Distributors (0.7%)** | **Distributors (0.7%)** | **Distributors (0.7%)** | **Distributors (0.7%)** |
|  | &nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;158654 | &nbsp;&nbsp;&nbsp;&nbsp; 18921 |
|  | &nbsp;&nbsp;&nbsp;LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;328436 | &nbsp;&nbsp;&nbsp;&nbsp; 10875 |
|  | &nbsp;&nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42763 | &nbsp;&nbsp;&nbsp;&nbsp; 9715 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GigaCloud Technology Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;90283 | &nbsp;&nbsp;&nbsp;&nbsp; 4003 |
|  | &nbsp;&nbsp;&nbsp;Gold.com Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57422 | &nbsp;&nbsp;&nbsp;&nbsp; 3300 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **46814** |

---

------

Consumer Discretionary Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Diversified Consumer Services (1.8%)** | **Diversified Consumer Services (1.8%)** | **Diversified Consumer Services (1.8%)** | **Diversified Consumer Services (1.8%)** |
|  | &nbsp;&nbsp;&nbsp;Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;170167 | &nbsp;&nbsp;&nbsp;&nbsp; 14325 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Frontdoor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112415 | &nbsp;&nbsp;&nbsp;&nbsp; 7708 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Grand Canyon Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42298 | &nbsp;&nbsp;&nbsp;&nbsp; 6728 |
|  | &nbsp;&nbsp;&nbsp;ADT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;836735 | &nbsp;&nbsp;&nbsp;&nbsp; 6711 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88035 | &nbsp;&nbsp;&nbsp;&nbsp; 6560 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Laureate Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;192003 | &nbsp;&nbsp;&nbsp;&nbsp; 6209 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stride Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71428 | &nbsp;&nbsp;&nbsp;&nbsp; 6027 |
|  | &nbsp;&nbsp;&nbsp;H&R Block Inc. | &nbsp;&nbsp;&nbsp;&nbsp;195831 | &nbsp;&nbsp;&nbsp;&nbsp; 5996 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Covista Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59091 | &nbsp;&nbsp;&nbsp;&nbsp; 5791 |
|  | &nbsp;&nbsp;&nbsp;Graham Holdings Co. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5383 | &nbsp;&nbsp;&nbsp;&nbsp; 5669 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Duolingo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52445 | &nbsp;&nbsp;&nbsp;&nbsp; 5297 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Universal Technical Institute Inc. | &nbsp;&nbsp;&nbsp;&nbsp;128268 | &nbsp;&nbsp;&nbsp;&nbsp; 4643 |
|  | &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | &nbsp;&nbsp;&nbsp;&nbsp;137684 | &nbsp;&nbsp;&nbsp;&nbsp; 4592 |
|  | &nbsp;&nbsp;&nbsp;Strategic Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53703 | &nbsp;&nbsp;&nbsp;&nbsp; 4419 |
|  | &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;200359 | &nbsp;&nbsp;&nbsp;&nbsp; 4314 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lincoln Educational Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;103813 | &nbsp;&nbsp;&nbsp;&nbsp; 3762 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coursera Inc. | &nbsp;&nbsp;&nbsp;&nbsp;506004 | &nbsp;&nbsp;&nbsp;&nbsp; 3244 |
|  | &nbsp;&nbsp;&nbsp;Matthews International Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;112582 | &nbsp;&nbsp;&nbsp;&nbsp; 2976 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Public Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63488 | &nbsp;&nbsp;&nbsp;&nbsp; 2909 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mister Car Wash Inc. | &nbsp;&nbsp;&nbsp;&nbsp;388936 | &nbsp;&nbsp;&nbsp;&nbsp; 2769 |
|  | &nbsp;&nbsp;&nbsp;Carriage Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55003 | &nbsp;&nbsp;&nbsp;&nbsp; 2534 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Driven Brands Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;201021 | &nbsp;&nbsp;&nbsp;&nbsp; 2211 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Udemy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;329230 | &nbsp;&nbsp;&nbsp;&nbsp; 1656 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;European Wax Center Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;121329 | &nbsp;&nbsp;&nbsp;&nbsp; 694 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;KinderCare Learning Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;141694 | &nbsp;&nbsp;&nbsp;&nbsp; 496 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chegg Inc. | &nbsp;&nbsp;&nbsp;&nbsp;439330 | &nbsp;&nbsp;&nbsp;&nbsp; 289 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Live Holdings Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **118547** |
| **Hotels, Restaurants & Leisure (20.9%)** | **Hotels, Restaurants & Leisure (20.9%)** | **Hotels, Restaurants & Leisure (20.9%)** | **Hotels, Restaurants & Leisure (20.9%)** |
|  | &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;721270 | &nbsp;&nbsp;&nbsp;&nbsp; 245996 |
|  | &nbsp;&nbsp;&nbsp;Booking Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32921 | &nbsp;&nbsp;&nbsp;&nbsp; 139564 |
|  | &nbsp;&nbsp;&nbsp;Starbucks Corp. | 1159509 | &nbsp;&nbsp;&nbsp;&nbsp; 113655 |
|  | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;266237 | &nbsp;&nbsp;&nbsp;&nbsp; 82789 |
|  | &nbsp;&nbsp;&nbsp;Marriott International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;236874 | &nbsp;&nbsp;&nbsp;&nbsp; 80947 |
|  | &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;242148 | &nbsp;&nbsp;&nbsp;&nbsp; 75497 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DoorDash Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;392636 | &nbsp;&nbsp;&nbsp;&nbsp; 69288 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Airbnb Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;451714 | &nbsp;&nbsp;&nbsp;&nbsp; 61031 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill Inc. | 1396420 | &nbsp;&nbsp;&nbsp;&nbsp; 51975 |
|  | &nbsp;&nbsp;&nbsp;Yum! Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;294699 | &nbsp;&nbsp;&nbsp;&nbsp; 49557 |
|  | &nbsp;&nbsp;&nbsp;Carnival Corp. | 1152619 | &nbsp;&nbsp;&nbsp;&nbsp; 36365 |
|  | &nbsp;&nbsp;&nbsp;Expedia Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;129247 | &nbsp;&nbsp;&nbsp;&nbsp; 27877 |
|  | &nbsp;&nbsp;&nbsp;Darden Restaurants Inc. | &nbsp;&nbsp;&nbsp;&nbsp;126812 | &nbsp;&nbsp;&nbsp;&nbsp; 27119 |
|  | &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;346981 | &nbsp;&nbsp;&nbsp;&nbsp; 19681 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Flutter Entertainment plc | &nbsp;&nbsp;&nbsp;&nbsp;182685 | &nbsp;&nbsp;&nbsp;&nbsp; 19390 |
|  | &nbsp;&nbsp;&nbsp;Domino's Pizza Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38575 | &nbsp;&nbsp;&nbsp;&nbsp; 15527 |
|  | &nbsp;&nbsp;&nbsp;Texas Roadhouse Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79012 | &nbsp;&nbsp;&nbsp;&nbsp; 14449 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;554529 | &nbsp;&nbsp;&nbsp;&nbsp; 13747 |
|  | &nbsp;&nbsp;&nbsp;Aramark | &nbsp;&nbsp;&nbsp;&nbsp;323918 | &nbsp;&nbsp;&nbsp;&nbsp; 13556 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DraftKings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;541456 | &nbsp;&nbsp;&nbsp;&nbsp; 12908 |
|  | &nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;103944 | &nbsp;&nbsp;&nbsp;&nbsp; 11246 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cava Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;129685 | &nbsp;&nbsp;&nbsp;&nbsp; 10695 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MGM Resorts International | &nbsp;&nbsp;&nbsp;&nbsp;273644 | &nbsp;&nbsp;&nbsp;&nbsp; 10086 |
|  | &nbsp;&nbsp;&nbsp;Wingstop Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37116 | &nbsp;&nbsp;&nbsp;&nbsp; 9632 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dutch Bros Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;170777 | &nbsp;&nbsp;&nbsp;&nbsp; 9155 |
|  | &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;55663 | &nbsp;&nbsp;&nbsp;&nbsp; 8990 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Planet Fitness Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;108467 | &nbsp;&nbsp;&nbsp;&nbsp; 8911 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Brinker International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58832 | &nbsp;&nbsp;&nbsp;&nbsp; 8719 |
|  | &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104617 | &nbsp;&nbsp;&nbsp;&nbsp; 8558 |
|  | &nbsp;&nbsp;&nbsp;Churchill Downs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89272 | &nbsp;&nbsp;&nbsp;&nbsp; 8207 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Caesars Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;315723 | &nbsp;&nbsp;&nbsp;&nbsp; 7909 |
|  | &nbsp;&nbsp;&nbsp;Vail Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52638 | &nbsp;&nbsp;&nbsp;&nbsp; 7149 |
|  | &nbsp;&nbsp;&nbsp;Travel & Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;96117 | &nbsp;&nbsp;&nbsp;&nbsp; 7084 |
|  | &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;82823 | &nbsp;&nbsp;&nbsp;&nbsp; 6893 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Shake Shack Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;63497 | &nbsp;&nbsp;&nbsp;&nbsp; 6096 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Life Time Group Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;223127 | &nbsp;&nbsp;&nbsp;&nbsp; 6024 |
|  | &nbsp;&nbsp;&nbsp;Cheesecake Factory Inc. | &nbsp;&nbsp;&nbsp;&nbsp;84195 | &nbsp;&nbsp;&nbsp;&nbsp; 5454 |
|  | &nbsp;&nbsp;&nbsp;Red Rock Resorts Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;87554 | &nbsp;&nbsp;&nbsp;&nbsp; 5301 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Choice Hotels International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48690 | &nbsp;&nbsp;&nbsp;&nbsp; 5129 |

---

------

Consumer Discretionary Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Penn Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;327776 | &nbsp;&nbsp;&nbsp;&nbsp; 5126 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Inc. | &nbsp;&nbsp;&nbsp;&nbsp;107981 | &nbsp;&nbsp;&nbsp;&nbsp; 4855 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rush Street Interactive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;233166 | &nbsp;&nbsp;&nbsp;&nbsp; 4605 |
|  | &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;69075 | &nbsp;&nbsp;&nbsp;&nbsp; 4491 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;243488 | &nbsp;&nbsp;&nbsp;&nbsp; 4147 |
|  | &nbsp;&nbsp;&nbsp;Wendy's Co. | &nbsp;&nbsp;&nbsp;&nbsp;487174 | &nbsp;&nbsp;&nbsp;&nbsp; 3732 |
|  | &nbsp;&nbsp;&nbsp;Monarch Casino & Resort Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37108 | &nbsp;&nbsp;&nbsp;&nbsp; 3566 |
|  | &nbsp;&nbsp;&nbsp;Papa John's International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105253 | &nbsp;&nbsp;&nbsp;&nbsp; 3300 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Parks & Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92734 | &nbsp;&nbsp;&nbsp;&nbsp; 3226 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;146895 | &nbsp;&nbsp;&nbsp;&nbsp; 2895 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pursuit Attractions & Hospitality Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80904 | &nbsp;&nbsp;&nbsp;&nbsp; 2812 |
|  | &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store Inc. | &nbsp;&nbsp;&nbsp;&nbsp;82812 | &nbsp;&nbsp;&nbsp;&nbsp; 2710 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Accel Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;230502 | &nbsp;&nbsp;&nbsp;&nbsp; 2618 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BJ's Restaurants Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67565 | &nbsp;&nbsp;&nbsp;&nbsp; 2567 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;First Watch Restaurant Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;198974 | &nbsp;&nbsp;&nbsp;&nbsp; 2479 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sweetgreen Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;421992 | &nbsp;&nbsp;&nbsp;&nbsp; 2342 |
|  | &nbsp;&nbsp;&nbsp;Golden Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72733 | &nbsp;&nbsp;&nbsp;&nbsp; 2102 |
|  | &nbsp;&nbsp;&nbsp;Bloomin' Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;304487 | &nbsp;&nbsp;&nbsp;&nbsp; 1863 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kura Sushi USA Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;26330 | &nbsp;&nbsp;&nbsp;&nbsp; 1854 |
|  | &nbsp;&nbsp;&nbsp;Dine Brands Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57968 | &nbsp;&nbsp;&nbsp;&nbsp; 1795 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sabre Corp. | 1488055 | &nbsp;&nbsp;&nbsp;&nbsp; 1756 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;110177 | &nbsp;&nbsp;&nbsp;&nbsp; 1622 |
|  | &nbsp;&nbsp;&nbsp;Krispy Kreme Inc. | &nbsp;&nbsp;&nbsp;&nbsp;373393 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Portillo's Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;244505 | &nbsp;&nbsp;&nbsp;&nbsp; 1306 |
|  | &nbsp;&nbsp;&nbsp;Jack in the Box Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67526 | &nbsp;&nbsp;&nbsp;&nbsp; 1142 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Biglari Holdings Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2864 | &nbsp;&nbsp;&nbsp;&nbsp; 1111 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Target Hospitality Corp. | &nbsp;&nbsp;&nbsp;&nbsp;138002 | &nbsp;&nbsp;&nbsp;&nbsp; 1075 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SHARPLINK Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112275 | &nbsp;&nbsp;&nbsp;&nbsp; 766 |
|  | &nbsp;&nbsp;&nbsp;RCI Hospitality Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29319 | &nbsp;&nbsp;&nbsp;&nbsp; 649 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Lucky Strike Entertainment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;65881 | &nbsp;&nbsp;&nbsp;&nbsp; 551 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Xponential Fitness Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;111913 | &nbsp;&nbsp;&nbsp;&nbsp; 477 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1397096** |
| **Household Durables (5.0%)** | **Household Durables (5.0%)** | **Household Durables (5.0%)** | **Household Durables (5.0%)** |
|  | &nbsp;&nbsp;&nbsp;DR Horton Inc. | &nbsp;&nbsp;&nbsp;&nbsp;279369 | &nbsp;&nbsp;&nbsp;&nbsp; 44808 |
|  | &nbsp;&nbsp;&nbsp;Garmin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;175719 | &nbsp;&nbsp;&nbsp;&nbsp; 44427 |
|  | &nbsp;&nbsp;&nbsp;PulteGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;213113 | &nbsp;&nbsp;&nbsp;&nbsp; 29239 |
|  | &nbsp;&nbsp;&nbsp;Lennar Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;225780 | &nbsp;&nbsp;&nbsp;&nbsp; 25820 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NVR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3036 | &nbsp;&nbsp;&nbsp;&nbsp; 22824 |
|  | &nbsp;&nbsp;&nbsp;Somnigroup International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;227606 | &nbsp;&nbsp;&nbsp;&nbsp; 20373 |
|  | &nbsp;&nbsp;&nbsp;Toll Brothers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;109944 | &nbsp;&nbsp;&nbsp;&nbsp; 17288 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TopBuild Corp. | &nbsp;&nbsp;&nbsp;&nbsp;32547 | &nbsp;&nbsp;&nbsp;&nbsp; 14591 |
|  | &nbsp;&nbsp;&nbsp;Installed Building Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30071 | &nbsp;&nbsp;&nbsp;&nbsp; 9856 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mohawk Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70334 | &nbsp;&nbsp;&nbsp;&nbsp; 8811 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp. | &nbsp;&nbsp;&nbsp;&nbsp;132161 | &nbsp;&nbsp;&nbsp;&nbsp; 8708 |
|  | &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | &nbsp;&nbsp;&nbsp;&nbsp;99341 | &nbsp;&nbsp;&nbsp;&nbsp; 7492 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Champion Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76996 | &nbsp;&nbsp;&nbsp;&nbsp; 7198 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cavco Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11771 | &nbsp;&nbsp;&nbsp;&nbsp; 6795 |
|  | &nbsp;&nbsp;&nbsp;Whirlpool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;93399 | &nbsp;&nbsp;&nbsp;&nbsp; 6391 |
|  | &nbsp;&nbsp;&nbsp;KB Home | &nbsp;&nbsp;&nbsp;&nbsp;99888 | &nbsp;&nbsp;&nbsp;&nbsp; 6351 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tri Pointe Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;135860 | &nbsp;&nbsp;&nbsp;&nbsp; 6290 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;M/I Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41841 | &nbsp;&nbsp;&nbsp;&nbsp; 5948 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Green Brick Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61479 | &nbsp;&nbsp;&nbsp;&nbsp; 4528 |
|  | &nbsp;&nbsp;&nbsp;Newell Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;909580 | &nbsp;&nbsp;&nbsp;&nbsp; 4139 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sonos Inc. | &nbsp;&nbsp;&nbsp;&nbsp;254969 | &nbsp;&nbsp;&nbsp;&nbsp; 3926 |
|  | &nbsp;&nbsp;&nbsp;Century Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57458 | &nbsp;&nbsp;&nbsp;&nbsp; 3863 |
|  | &nbsp;&nbsp;&nbsp;Leggett & Platt Inc. | &nbsp;&nbsp;&nbsp;&nbsp;329715 | &nbsp;&nbsp;&nbsp;&nbsp; 3851 |
|  | &nbsp;&nbsp;&nbsp;La-Z-Boy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;101501 | &nbsp;&nbsp;&nbsp;&nbsp; 3626 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LGI Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59975 | &nbsp;&nbsp;&nbsp;&nbsp; 3113 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Beazer Homes USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;107487 | &nbsp;&nbsp;&nbsp;&nbsp; 2749 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hovnanian Enterprises Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;18073 | &nbsp;&nbsp;&nbsp;&nbsp; 2270 |
|  | &nbsp;&nbsp;&nbsp;Ethan Allen Interiors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;95910 | &nbsp;&nbsp;&nbsp;&nbsp; 2185 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dream Finders Homes Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;111965 | &nbsp;&nbsp;&nbsp;&nbsp; 2023 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Helen of Troy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;90678 | &nbsp;&nbsp;&nbsp;&nbsp; 1600 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Legacy Housing Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47876 | &nbsp;&nbsp;&nbsp;&nbsp; 1049 |
|  | &nbsp;&nbsp;&nbsp;Cricut Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;194834 | &nbsp;&nbsp;&nbsp;&nbsp; 838 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lovesac Co. | &nbsp;&nbsp;&nbsp;&nbsp;52836 | &nbsp;&nbsp;&nbsp;&nbsp; 675 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GoPro Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;474846 | &nbsp;&nbsp;&nbsp;&nbsp; 460 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Traeger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;252234 | &nbsp;&nbsp;&nbsp;&nbsp; 217 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **334322** |

---

------

Consumer Discretionary Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Leisure Products (1.0%)** | **Leisure Products (1.0%)** | **Leisure Products (1.0%)** | **Leisure Products (1.0%)** |
|  | &nbsp;&nbsp;&nbsp;Hasbro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;157078 | &nbsp;&nbsp;&nbsp;&nbsp; 15643 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mattel Inc. | &nbsp;&nbsp;&nbsp;&nbsp;448625 | &nbsp;&nbsp;&nbsp;&nbsp; 7604 |
|  | &nbsp;&nbsp;&nbsp;Brunswick Corp. | &nbsp;&nbsp;&nbsp;&nbsp;91458 | &nbsp;&nbsp;&nbsp;&nbsp; 7282 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;YETI Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125796 | &nbsp;&nbsp;&nbsp;&nbsp; 5499 |
|  | &nbsp;&nbsp;&nbsp;Acushnet Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52505 | &nbsp;&nbsp;&nbsp;&nbsp; 5373 |
|  | &nbsp;&nbsp;&nbsp;Polaris Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88256 | &nbsp;&nbsp;&nbsp;&nbsp; 5361 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Callaway Golf Co. | &nbsp;&nbsp;&nbsp;&nbsp;308617 | &nbsp;&nbsp;&nbsp;&nbsp; 4339 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Peloton Interactive Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;825211 | &nbsp;&nbsp;&nbsp;&nbsp; 3317 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Malibu Boats Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;76190 | &nbsp;&nbsp;&nbsp;&nbsp; 2214 |
|  | &nbsp;&nbsp;&nbsp;Sturm Ruger & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57825 | &nbsp;&nbsp;&nbsp;&nbsp; 2165 |
|  | &nbsp;&nbsp;&nbsp;Smith & Wesson Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;175456 | &nbsp;&nbsp;&nbsp;&nbsp; 2088 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Latham Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;184943 | &nbsp;&nbsp;&nbsp;&nbsp; 1241 |
|  | &nbsp;&nbsp;&nbsp;Johnson Outdoors Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;25496 | &nbsp;&nbsp;&nbsp;&nbsp; 1236 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Funko Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;163886 | &nbsp;&nbsp;&nbsp;&nbsp; 820 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **64182** |
| **Specialty Retail (20.0%)** | **Specialty Retail (20.0%)** | **Specialty Retail (20.0%)** | **Specialty Retail (20.0%)** |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;931122 | &nbsp;&nbsp;&nbsp;&nbsp; 354497 |
|  | &nbsp;&nbsp;&nbsp;TJX Cos. Inc. | 1129302 | &nbsp;&nbsp;&nbsp;&nbsp; 182563 |
|  | &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;570599 | &nbsp;&nbsp;&nbsp;&nbsp; 150963 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;877533 | &nbsp;&nbsp;&nbsp;&nbsp; 82383 |
|  | &nbsp;&nbsp;&nbsp;Ross Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;338446 | &nbsp;&nbsp;&nbsp;&nbsp; 69598 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AutoZone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17352 | &nbsp;&nbsp;&nbsp;&nbsp; 65167 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Carvana Co. | &nbsp;&nbsp;&nbsp;&nbsp;116877 | &nbsp;&nbsp;&nbsp;&nbsp; 39056 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ulta Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48060 | &nbsp;&nbsp;&nbsp;&nbsp; 32911 |
|  | &nbsp;&nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;576875 | &nbsp;&nbsp;&nbsp;&nbsp; 29905 |
|  | &nbsp;&nbsp;&nbsp;Williams-Sonoma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;131379 | &nbsp;&nbsp;&nbsp;&nbsp; 27018 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Burlington Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70894 | &nbsp;&nbsp;&nbsp;&nbsp; 21755 |
|  | &nbsp;&nbsp;&nbsp;Dick's Sporting Goods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78100 | &nbsp;&nbsp;&nbsp;&nbsp; 15903 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Five Below Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66446 | &nbsp;&nbsp;&nbsp;&nbsp; 14853 |
|  | &nbsp;&nbsp;&nbsp;Best Buy Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;235252 | &nbsp;&nbsp;&nbsp;&nbsp; 14578 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GameStop Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;527804 | &nbsp;&nbsp;&nbsp;&nbsp; 12683 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Floor & Decor Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;141637 | &nbsp;&nbsp;&nbsp;&nbsp; 9786 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Wayfair Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;127146 | &nbsp;&nbsp;&nbsp;&nbsp; 9705 |
|  | &nbsp;&nbsp;&nbsp;Murphy USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23899 | &nbsp;&nbsp;&nbsp;&nbsp; 9338 |
|  | &nbsp;&nbsp;&nbsp;Gap Inc. | &nbsp;&nbsp;&nbsp;&nbsp;326633 | &nbsp;&nbsp;&nbsp;&nbsp; 9159 |
|  | &nbsp;&nbsp;&nbsp;Lithia Motors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32046 | &nbsp;&nbsp;&nbsp;&nbsp; 8959 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chewy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;317934 | &nbsp;&nbsp;&nbsp;&nbsp; 8718 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CarMax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;197010 | &nbsp;&nbsp;&nbsp;&nbsp; 8505 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boot Barn Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42314 | &nbsp;&nbsp;&nbsp;&nbsp; 8007 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AutoNation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38644 | &nbsp;&nbsp;&nbsp;&nbsp; 7542 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Victoria's Secret & Co. | &nbsp;&nbsp;&nbsp;&nbsp;110695 | &nbsp;&nbsp;&nbsp;&nbsp; 6941 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;70511 | &nbsp;&nbsp;&nbsp;&nbsp; 6896 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Valvoline Inc. | &nbsp;&nbsp;&nbsp;&nbsp;180839 | &nbsp;&nbsp;&nbsp;&nbsp; 6836 |
|  | &nbsp;&nbsp;&nbsp;Bath & Body Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp;298921 | &nbsp;&nbsp;&nbsp;&nbsp; 6803 |
|  | &nbsp;&nbsp;&nbsp;Group 1 Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19634 | &nbsp;&nbsp;&nbsp;&nbsp; 6396 |
|  | &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105324 | &nbsp;&nbsp;&nbsp;&nbsp; 6333 |
|  | &nbsp;&nbsp;&nbsp;American Eagle Outfitters Inc. | &nbsp;&nbsp;&nbsp;&nbsp;253931 | &nbsp;&nbsp;&nbsp;&nbsp; 6239 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Asbury Automotive Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28621 | &nbsp;&nbsp;&nbsp;&nbsp; 6119 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Urban Outfitters Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90686 | &nbsp;&nbsp;&nbsp;&nbsp; 6003 |
|  | &nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;60756 | &nbsp;&nbsp;&nbsp;&nbsp; 5844 |
|  | &nbsp;&nbsp;&nbsp;Advance Auto Parts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100707 | &nbsp;&nbsp;&nbsp;&nbsp; 5355 |
|  | &nbsp;&nbsp;&nbsp;Penske Automotive Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33660 | &nbsp;&nbsp;&nbsp;&nbsp; 5302 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Warby Parker Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;194878 | &nbsp;&nbsp;&nbsp;&nbsp; 4874 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RH | &nbsp;&nbsp;&nbsp;&nbsp;26049 | &nbsp;&nbsp;&nbsp;&nbsp; 4317 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;National Vision Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;157959 | &nbsp;&nbsp;&nbsp;&nbsp; 4260 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sally Beauty Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;243714 | &nbsp;&nbsp;&nbsp;&nbsp; 3916 |
|  | &nbsp;&nbsp;&nbsp;Buckle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73102 | &nbsp;&nbsp;&nbsp;&nbsp; 3915 |
|  | &nbsp;&nbsp;&nbsp;Winmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8024 | &nbsp;&nbsp;&nbsp;&nbsp; 3661 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RealReal Inc. | &nbsp;&nbsp;&nbsp;&nbsp;294757 | &nbsp;&nbsp;&nbsp;&nbsp; 3614 |
|  | &nbsp;&nbsp;&nbsp;Upbound Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;164857 | &nbsp;&nbsp;&nbsp;&nbsp; 3536 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Revolve Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;132798 | &nbsp;&nbsp;&nbsp;&nbsp; 3341 |
|  | &nbsp;&nbsp;&nbsp;Sonic Automotive Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;53077 | &nbsp;&nbsp;&nbsp;&nbsp; 3329 |
|  | &nbsp;&nbsp;&nbsp;Build-A-Bear Workshop Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49498 | &nbsp;&nbsp;&nbsp;&nbsp; 2408 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MarineMax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75520 | &nbsp;&nbsp;&nbsp;&nbsp; 2303 |
|  | &nbsp;&nbsp;&nbsp;Monro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96605 | &nbsp;&nbsp;&nbsp;&nbsp; 2080 |
|  | &nbsp;&nbsp;&nbsp;Camping World Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;232487 | &nbsp;&nbsp;&nbsp;&nbsp; 1934 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ThredUP Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;385162 | &nbsp;&nbsp;&nbsp;&nbsp; 1880 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arhaus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;203308 | &nbsp;&nbsp;&nbsp;&nbsp; 1677 |

---

------

Consumer Discretionary Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Caleres Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134075 | &nbsp;&nbsp;&nbsp;&nbsp; 1594 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bed Bath & Beyond Inc. | &nbsp;&nbsp;&nbsp;&nbsp;273000 | &nbsp;&nbsp;&nbsp;&nbsp; 1455 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zumiez Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54893 | &nbsp;&nbsp;&nbsp;&nbsp; 1439 |
|  | &nbsp;&nbsp;&nbsp;Shoe Carnival Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70825 | &nbsp;&nbsp;&nbsp;&nbsp; 1430 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stitch Fix Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;423760 | &nbsp;&nbsp;&nbsp;&nbsp; 1411 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EVgo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;506971 | &nbsp;&nbsp;&nbsp;&nbsp; 1389 |
|  | &nbsp;&nbsp;&nbsp;Arko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;201098 | &nbsp;&nbsp;&nbsp;&nbsp; 1293 |
|  | &nbsp;&nbsp;&nbsp;Haverty Furniture Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53965 | &nbsp;&nbsp;&nbsp;&nbsp; 1285 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Genesco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40849 | &nbsp;&nbsp;&nbsp;&nbsp; 1113 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Petco Health & Wellness Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;383524 | &nbsp;&nbsp;&nbsp;&nbsp; 978 |
|  | &nbsp;&nbsp;&nbsp;Designer Brands Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;117220 | &nbsp;&nbsp;&nbsp;&nbsp; 835 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Outdoor Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;376949 | &nbsp;&nbsp;&nbsp;&nbsp; 803 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lands' End Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42648 | &nbsp;&nbsp;&nbsp;&nbsp; 685 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;America's Car-Mart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29800 | &nbsp;&nbsp;&nbsp;&nbsp; 595 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;OneWater Marine Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;45734 | &nbsp;&nbsp;&nbsp;&nbsp; 521 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sleep Number Corp. | &nbsp;&nbsp;&nbsp;&nbsp;58903 | &nbsp;&nbsp;&nbsp;&nbsp; 363 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;1-800-Flowers.com Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;95367 | &nbsp;&nbsp;&nbsp;&nbsp; 332 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Leslie's Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35079 | &nbsp;&nbsp;&nbsp;&nbsp; 39 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1337224** |
| **Textiles, Apparel & Luxury Goods (3.6%)** | **Textiles, Apparel & Luxury Goods (3.6%)** | **Textiles, Apparel & Luxury Goods (3.6%)** | **Textiles, Apparel & Luxury Goods (3.6%)** |
|  | &nbsp;&nbsp;&nbsp;NIKE Inc. Class B | 1221513 | &nbsp;&nbsp;&nbsp;&nbsp; 75954 |
|  | &nbsp;&nbsp;&nbsp;Tapestry Inc. | &nbsp;&nbsp;&nbsp;&nbsp;221700 | &nbsp;&nbsp;&nbsp;&nbsp; 34468 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;120567 | &nbsp;&nbsp;&nbsp;&nbsp; 22326 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;166782 | &nbsp;&nbsp;&nbsp;&nbsp; 19559 |
|  | &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;45369 | &nbsp;&nbsp;&nbsp;&nbsp; 16451 |
|  | &nbsp;&nbsp;&nbsp;VF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;448715 | &nbsp;&nbsp;&nbsp;&nbsp; 8714 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Crocs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75220 | &nbsp;&nbsp;&nbsp;&nbsp; 6823 |
|  | &nbsp;&nbsp;&nbsp;Kontoor Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;87275 | &nbsp;&nbsp;&nbsp;&nbsp; 5691 |
|  | &nbsp;&nbsp;&nbsp;PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;79027 | &nbsp;&nbsp;&nbsp;&nbsp; 5421 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Figs Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;316505 | &nbsp;&nbsp;&nbsp;&nbsp; 4890 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Capri Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;231750 | &nbsp;&nbsp;&nbsp;&nbsp; 4753 |
|  | &nbsp;&nbsp;&nbsp;Steven Madden Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;131107 | &nbsp;&nbsp;&nbsp;&nbsp; 4733 |
|  | &nbsp;&nbsp;&nbsp;Levi Strauss & Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;203183 | &nbsp;&nbsp;&nbsp;&nbsp; 4503 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Under Armour Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;543517 | &nbsp;&nbsp;&nbsp;&nbsp; 4033 |
|  | &nbsp;&nbsp;&nbsp;Columbia Sportswear Co. | &nbsp;&nbsp;&nbsp;&nbsp;62639 | &nbsp;&nbsp;&nbsp;&nbsp; 3880 |
|  | &nbsp;&nbsp;&nbsp;Wolverine World Wide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;208393 | &nbsp;&nbsp;&nbsp;&nbsp; 3682 |
|  | &nbsp;&nbsp;&nbsp;G-III Apparel Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;112433 | &nbsp;&nbsp;&nbsp;&nbsp; 3439 |
|  | &nbsp;&nbsp;&nbsp;Carter's Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92494 | &nbsp;&nbsp;&nbsp;&nbsp; 3103 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Under Armour Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;321760 | &nbsp;&nbsp;&nbsp;&nbsp; 2326 |
|  | &nbsp;&nbsp;&nbsp;Oxford Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56129 | &nbsp;&nbsp;&nbsp;&nbsp; 2222 |
|  | &nbsp;&nbsp;&nbsp;Movado Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62083 | &nbsp;&nbsp;&nbsp;&nbsp; 1549 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **238520** |
| **Total Common Stocks (Cost $5,259,183)** | **Total Common Stocks (Cost $5,259,183)** | **Total Common Stocks (Cost $5,259,183)** | &nbsp;&nbsp;&nbsp;&nbsp;**6673272** |
| **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, 3.693% **(Cost $13,126)** | &nbsp;&nbsp;&nbsp;&nbsp;131282 | &nbsp;&nbsp;&nbsp;&nbsp; **13127** |
| **Total Investments (100.1%) (Cost $5,272,309)** | **Total Investments (100.1%) (Cost $5,272,309)** | **Total Investments (100.1%) (Cost $5,272,309)** | &nbsp;&nbsp;&nbsp;&nbsp;**6686399** |
| **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;**(5099)** |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;**6681300** |
| 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 $7,883. |
| 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 $8,471 was received for securities on loan, of which $8,463 is held in Vanguard Market Liquidity Fund and $8 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) |
| Carvana Co. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;7033 | &nbsp;&nbsp;&nbsp;(3.630) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(16) |

---

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 Discretionary Index Fund

Statement of Assets and Liabilities

As of February 28, 2026

---

| | |
|:---|:---|
| ($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 $5,259,183) | 6673272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $13,126) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13127 |
| Total Investments in Securities | 6686399 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;152620 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2395 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 |
| **Total Assets** | **6843686** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;153447 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8471 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 |
| Unrealized Depreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**162386** |
| **Net Assets** | **6681300** |
| 1 Includes $7,883 of securities on loan. |  |
| **At February 28, 2026, net assets consisted of:** |  |
| Paid-in Capital | 5747082 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;934218 |
| **Net Assets** | **6681300** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 15,779,139 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **6062666** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**$384.22** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 3,110,611 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;**618634** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**$198.88** |

---

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

------

Consumer Discretionary Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> February 28, 2026 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends | &nbsp;&nbsp;&nbsp;27510 |
| Interest<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413 |
| Total Income | &nbsp;&nbsp;&nbsp;28075 |
| **Expenses** |  |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;2552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| Shareholders' Reports—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 |
| Shareholders' Reports—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| 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;&nbsp;&nbsp;&nbsp;8 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;3125 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;**24950** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1,2</sup> | 149183 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(861) |
| **Realized Net Gain (Loss)** | **148322** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | (166124) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
| **Change in Unrealized Appreciation (Depreciation)** | **(166140)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;**7132** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $148, $1, and ($1), respectively. Purchases and sales are for temporary cash investment purposes. |
| 2 | Includes $291,652 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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> February 28,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50830 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;148322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347698 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;(166140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818024 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7132 | &nbsp;&nbsp;&nbsp;1216552 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;(23299) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50847) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2450) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5474) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(25749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56321) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;(259299) | &nbsp;&nbsp;&nbsp;&nbsp;(247535) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(57195) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36488) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;(316494) | &nbsp;&nbsp;&nbsp;&nbsp;(284023) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;(335111) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876208 |
| **Net Assets** |  |  |
| **Beginning of Period** | **7016411** | &nbsp;&nbsp;&nbsp;**6140203** |
| **End of Period** | **6681300** | &nbsp;&nbsp;&nbsp;**7016411** |

---

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 | Six Months<br> Ended<br> February 28,<br> 2026 | &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 | Six Months<br> Ended<br> February 28,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$385.92** | &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;1.401 | &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;(1.662) | &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;(.261) | &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;(1.439) | &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;(1.439) | &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** | **$384.22** | &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** | **-0.08%** | &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) | $6063 | &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 | 0.09% | &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 | 0.71% | &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> | 7% | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;8% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 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 | Six Months<br> Ended<br> February 28,<br> 2026 | &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 | Six Months<br> Ended<br> February 28,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$199.76** | &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;.729 | &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;(.865) | &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;(.136) | &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;(.744) | &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;(.744) | &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** | **$198.88** | &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>** | **-0.08%** | &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) | $619 | &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 | 0.09% | &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 | 0.71% | &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> | 7% | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;8% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 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 six months ended February 28, 2026, 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 six months ended February 28, 2026, 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) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

**B.** Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Portfolio Management, LLC.

**C.** 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 February 28, 2026, the fund had contributed to Vanguard capital in the amount of $162,000, 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.

**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 February 28, 2026, 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 | 6673272 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;6673272 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13127 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13127 |
| Total | 6686399 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;6686399 |
| **Derivative Financial Instruments** |  |  |  |  |
| Liabilities |  |  |  |  |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;(16) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(16) |

---

------

Consumer Discretionary Index Fund

**E.** As of February 28, 2026, 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;5286401 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;1794392 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(394394) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;1399998 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at August 31, 2025, the fund had available capital losses totaling $614,872,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending August 31, 2026; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**F.** During the six months ended February 28, 2026, the fund purchased $481,023,000 of investment securities and sold $528,801,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $335,052,000 and $603,342,000, 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 six months ended February 28, 2026, such purchases were $0 and sales were $2,053,000, resulting in net realized gain of $114,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

**G.** Capital share transactions for each class of shares were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> February 28, 2026 | Six Months Ended<br> February 28, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;347986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801664 | &nbsp;&nbsp;&nbsp;&nbsp;2239 |
| 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;— |
| Redeemed | (607285) | &nbsp;&nbsp;(1560) | &nbsp;&nbsp;(1049199) | &nbsp;&nbsp;(3080) |
| Net Increase (Decrease)—ETF Shares | (259299) | &nbsp;&nbsp;&nbsp;&nbsp;(648) | &nbsp;&nbsp;&nbsp;&nbsp;(247535) | &nbsp;&nbsp;&nbsp;&nbsp;(841) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;35329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| Redeemed | &nbsp;&nbsp;(94522) | &nbsp;&nbsp;&nbsp;&nbsp;(462) | &nbsp;&nbsp;&nbsp;&nbsp;(162232) | &nbsp;&nbsp;&nbsp;&nbsp;(881) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;(57195) | &nbsp;&nbsp;&nbsp;&nbsp;(278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36488) | &nbsp;&nbsp;&nbsp;&nbsp;(205) |

---

**H.** 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.

**I.** 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.

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Consumer Discretionary Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;J.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.

Q54832 042026

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![](tm268191d7consstpindfundi001.jpg)

#### Financial Statements

#### For the six-months ended February 28, 2026

#### Vanguard Consumer Staples Index Fund

------

#### Contents
Financial Statements 1 <br>

------

Consumer Staples Index Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of February 28, 2026

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%)** |
| **Beverages (19.4%)** | **Beverages (19.4%)** | **Beverages (19.4%)** | **Beverages (19.4%)** |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 9947390 | &nbsp;&nbsp;&nbsp;&nbsp; 811309 |
|  | &nbsp;&nbsp;&nbsp;PepsiCo Inc. | 2686115 | &nbsp;&nbsp;&nbsp;&nbsp; 455941 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Monster Beverage Corp. | 2295339 | &nbsp;&nbsp;&nbsp;&nbsp; 195792 |
|  | &nbsp;&nbsp;&nbsp;Keurig Dr Pepper Inc. | 4219468 | &nbsp;&nbsp;&nbsp;&nbsp; 127766 |
|  | &nbsp;&nbsp;&nbsp;Constellation Brands Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;521366 | &nbsp;&nbsp;&nbsp;&nbsp; 82303 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated Inc. | &nbsp;&nbsp;&nbsp;&nbsp;235340 | &nbsp;&nbsp;&nbsp;&nbsp; 47633 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Celsius Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;781116 | &nbsp;&nbsp;&nbsp;&nbsp; 41876 |
|  | &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co. Class B | &nbsp;&nbsp;&nbsp;&nbsp;787960 | &nbsp;&nbsp;&nbsp;&nbsp; 38602 |
|  | &nbsp;&nbsp;&nbsp;Primo Brands Corp. | 1491246 | &nbsp;&nbsp;&nbsp;&nbsp; 33821 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vita Coco Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;412413 | &nbsp;&nbsp;&nbsp;&nbsp; 23945 |
|  | &nbsp;&nbsp;&nbsp;Brown-Forman Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;777815 | &nbsp;&nbsp;&nbsp;&nbsp; 22448 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boston Beer Co. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87159 | &nbsp;&nbsp;&nbsp;&nbsp; 19766 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;National Beverage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;323141 | &nbsp;&nbsp;&nbsp;&nbsp; 11746 |
|  | &nbsp;&nbsp;&nbsp;MGP Ingredients Inc. | &nbsp;&nbsp;&nbsp;&nbsp;173645 | &nbsp;&nbsp;&nbsp;&nbsp; 3299 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1916247** |
| **Consumer Staples Distribution & Retail (38.4%)** | **Consumer Staples Distribution & Retail (38.4%)** | **Consumer Staples Distribution & Retail (38.4%)** | **Consumer Staples Distribution & Retail (38.4%)** |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | 11493962 | &nbsp;&nbsp;&nbsp;&nbsp;1470652 |
|  | &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 1134738 | &nbsp;&nbsp;&nbsp;&nbsp;1146982 |
|  | &nbsp;&nbsp;&nbsp;Target Corp. | 1442047 | &nbsp;&nbsp;&nbsp;&nbsp; 164091 |
|  | &nbsp;&nbsp;&nbsp;Sysco Corp. | 1548436 | &nbsp;&nbsp;&nbsp;&nbsp; 141155 |
|  | &nbsp;&nbsp;&nbsp;Kroger Co. | 2008694 | &nbsp;&nbsp;&nbsp;&nbsp; 137073 |
|  | &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;748747 | &nbsp;&nbsp;&nbsp;&nbsp; 116984 |
|  | &nbsp;&nbsp;&nbsp;Casey's General Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130184 | &nbsp;&nbsp;&nbsp;&nbsp; 89253 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dollar Tree Inc. | &nbsp;&nbsp;&nbsp;&nbsp;674410 | &nbsp;&nbsp;&nbsp;&nbsp; 85299 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;US Foods Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;815482 | &nbsp;&nbsp;&nbsp;&nbsp; 78784 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Performance Food Group Co. | &nbsp;&nbsp;&nbsp;&nbsp;601015 | &nbsp;&nbsp;&nbsp;&nbsp; 58335 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;524857 | &nbsp;&nbsp;&nbsp;&nbsp; 51851 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sprouts Farmers Market Inc. | &nbsp;&nbsp;&nbsp;&nbsp;498559 | &nbsp;&nbsp;&nbsp;&nbsp; 36829 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Maplebear Inc. | &nbsp;&nbsp;&nbsp;&nbsp;892868 | &nbsp;&nbsp;&nbsp;&nbsp; 33491 |
|  | &nbsp;&nbsp;&nbsp;Albertsons Cos. Inc. Class A | 1845832 | &nbsp;&nbsp;&nbsp;&nbsp; 33040 |
|  | &nbsp;&nbsp;&nbsp;PriceSmart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;175801 | &nbsp;&nbsp;&nbsp;&nbsp; 27182 |
|  | &nbsp;&nbsp;&nbsp;Andersons Inc. | &nbsp;&nbsp;&nbsp;&nbsp;374385 | &nbsp;&nbsp;&nbsp;&nbsp; 24444 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chefs' Warehouse Inc. | &nbsp;&nbsp;&nbsp;&nbsp;320966 | &nbsp;&nbsp;&nbsp;&nbsp; 22914 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Natural Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;552931 | &nbsp;&nbsp;&nbsp;&nbsp; 21128 |
|  | &nbsp;&nbsp;&nbsp;Ingles Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;167403 | &nbsp;&nbsp;&nbsp;&nbsp; 14246 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Grocery Outlet Holding Corp. | 1126731 | &nbsp;&nbsp;&nbsp;&nbsp; 11132 |
|  | &nbsp;&nbsp;&nbsp;Weis Markets Inc. | &nbsp;&nbsp;&nbsp;&nbsp;156571 | &nbsp;&nbsp;&nbsp;&nbsp; 10609 |
|  | &nbsp;&nbsp;&nbsp;Village Super Market Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;116906 | &nbsp;&nbsp;&nbsp;&nbsp; 4577 |
|  | &nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage Inc. | &nbsp;&nbsp;&nbsp;&nbsp;106334 | &nbsp;&nbsp;&nbsp;&nbsp; 2874 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3782925** |
| **Food Products (14.1%)** | **Food Products (14.1%)** | **Food Products (14.1%)** | **Food Products (14.1%)** |
|  | &nbsp;&nbsp;&nbsp;Mondelez International Inc. Class A | 3958848 | &nbsp;&nbsp;&nbsp;&nbsp; 243786 |
|  | &nbsp;&nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;494497 | &nbsp;&nbsp;&nbsp;&nbsp; 116840 |
|  | &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 1597394 | &nbsp;&nbsp;&nbsp;&nbsp; 110284 |
|  | &nbsp;&nbsp;&nbsp;General Mills Inc. | 1863107 | &nbsp;&nbsp;&nbsp;&nbsp; 84268 |
|  | &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 3174207 | &nbsp;&nbsp;&nbsp;&nbsp; 78117 |
|  | &nbsp;&nbsp;&nbsp;Tyson Foods Inc. Class A | 1049232 | &nbsp;&nbsp;&nbsp;&nbsp; 68190 |
|  | &nbsp;&nbsp;&nbsp;Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp;531476 | &nbsp;&nbsp;&nbsp;&nbsp; 64123 |
|  | &nbsp;&nbsp;&nbsp;McCormick & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;871868 | &nbsp;&nbsp;&nbsp;&nbsp; 61938 |
|  | &nbsp;&nbsp;&nbsp;J M Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;445889 | &nbsp;&nbsp;&nbsp;&nbsp; 51701 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Darling Ingredients Inc. | &nbsp;&nbsp;&nbsp;&nbsp;794362 | &nbsp;&nbsp;&nbsp;&nbsp; 42228 |
|  | &nbsp;&nbsp;&nbsp;Conagra Brands Inc. | 2157048 | &nbsp;&nbsp;&nbsp;&nbsp; 41523 |
|  | &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 1500047 | &nbsp;&nbsp;&nbsp;&nbsp; 38401 |
|  | &nbsp;&nbsp;&nbsp;Ingredion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;309519 | &nbsp;&nbsp;&nbsp;&nbsp; 36356 |
|  | &nbsp;&nbsp;&nbsp;Lamb Weston Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;685950 | &nbsp;&nbsp;&nbsp;&nbsp; 33056 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Freshpet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;350094 | &nbsp;&nbsp;&nbsp;&nbsp; 29565 |
|  | &nbsp;&nbsp;&nbsp;Campbell's Co. | 1088819 | &nbsp;&nbsp;&nbsp;&nbsp; 29344 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Post Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;261063 | &nbsp;&nbsp;&nbsp;&nbsp; 27751 |
|  | &nbsp;&nbsp;&nbsp;Cal-Maine Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;305084 | &nbsp;&nbsp;&nbsp;&nbsp; 26576 |

---

------

Consumer Staples Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Marzetti Co. | &nbsp;&nbsp;&nbsp;&nbsp;152499 | &nbsp;&nbsp;&nbsp;&nbsp; 25062 |
|  | &nbsp;&nbsp;&nbsp;Flowers Foods Inc. | 2103886 | &nbsp;&nbsp;&nbsp;&nbsp; 20786 |
|  | &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | &nbsp;&nbsp;&nbsp;&nbsp;476217 | &nbsp;&nbsp;&nbsp;&nbsp; 20554 |
|  | &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;467007 | &nbsp;&nbsp;&nbsp;&nbsp; 20049 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Simply Good Foods Co. | 1011724 | &nbsp;&nbsp;&nbsp;&nbsp; 17260 |
|  | &nbsp;&nbsp;&nbsp;Seaboard Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3308 | &nbsp;&nbsp;&nbsp;&nbsp; 16979 |
|  | &nbsp;&nbsp;&nbsp;J & J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;174830 | &nbsp;&nbsp;&nbsp;&nbsp; 15221 |
|  | &nbsp;&nbsp;&nbsp;Tootsie Roll Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;215451 | &nbsp;&nbsp;&nbsp;&nbsp; 9098 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vital Farms Inc. | &nbsp;&nbsp;&nbsp;&nbsp;414169 | &nbsp;&nbsp;&nbsp;&nbsp; 8735 |
|  | &nbsp;&nbsp;&nbsp;John B Sanfilippo & Son Inc. | &nbsp;&nbsp;&nbsp;&nbsp;103793 | &nbsp;&nbsp;&nbsp;&nbsp; 8574 |
|  | &nbsp;&nbsp;&nbsp;Utz Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;858368 | &nbsp;&nbsp;&nbsp;&nbsp; 7974 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mission Produce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;531280 | &nbsp;&nbsp;&nbsp;&nbsp; 7539 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Seneca Foods Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52133 | &nbsp;&nbsp;&nbsp;&nbsp; 7245 |
|  | &nbsp;&nbsp;&nbsp;Calavo Growers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;196860 | &nbsp;&nbsp;&nbsp;&nbsp; 5284 |
|  | &nbsp;&nbsp;&nbsp;B&G Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;925059 | &nbsp;&nbsp;&nbsp;&nbsp; 4912 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Beyond Meat Inc. | 4959909 | &nbsp;&nbsp;&nbsp;&nbsp; 4690 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Westrock Coffee Co. | &nbsp;&nbsp;&nbsp;&nbsp;383595 | &nbsp;&nbsp;&nbsp;&nbsp; 1695 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hain Celestial Group Inc. | 1055696 | &nbsp;&nbsp;&nbsp;&nbsp; 844 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1386548** |
| **Household Products (16.1%)** | **Household Products (16.1%)** | **Household Products (16.1%)** | **Household Products (16.1%)** |
|  | &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 5820535 | &nbsp;&nbsp;&nbsp;&nbsp; 973193 |
|  | &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 2371003 | &nbsp;&nbsp;&nbsp;&nbsp; 235061 |
|  | &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 1091948 | &nbsp;&nbsp;&nbsp;&nbsp; 121687 |
|  | &nbsp;&nbsp;&nbsp;Church & Dwight Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;841935 | &nbsp;&nbsp;&nbsp;&nbsp; 88285 |
|  | &nbsp;&nbsp;&nbsp;Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;471006 | &nbsp;&nbsp;&nbsp;&nbsp; 59893 |
|  | &nbsp;&nbsp;&nbsp;WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;100021 | &nbsp;&nbsp;&nbsp;&nbsp; 23825 |
|  | &nbsp;&nbsp;&nbsp;Spectrum Brands Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;255559 | &nbsp;&nbsp;&nbsp;&nbsp; 20031 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Central Garden & Pet Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;567669 | &nbsp;&nbsp;&nbsp;&nbsp; 19607 |
|  | &nbsp;&nbsp;&nbsp;Reynolds Consumer Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;726137 | &nbsp;&nbsp;&nbsp;&nbsp; 18016 |
|  | &nbsp;&nbsp;&nbsp;Energizer Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;708661 | &nbsp;&nbsp;&nbsp;&nbsp; 15300 |
|  | &nbsp;&nbsp;&nbsp;Oil-Dri Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;106697 | &nbsp;&nbsp;&nbsp;&nbsp; 7238 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Central Garden & Pet Co. | &nbsp;&nbsp;&nbsp;&nbsp;108182 | &nbsp;&nbsp;&nbsp;&nbsp; 4240 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1586376** |
| **Life Sciences Tools & Services (0.0%)** | **Life Sciences Tools & Services (0.0%)** | **Life Sciences Tools & Services (0.0%)** | **Life Sciences Tools & Services (0.0%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Niagen Bioscience Inc. | &nbsp;&nbsp;&nbsp;&nbsp;643269 | &nbsp;&nbsp;&nbsp;&nbsp; 3249 |
| **Personal Care Products (3.5%)** | **Personal Care Products (3.5%)** | **Personal Care Products (3.5%)** | **Personal Care Products (3.5%)** |
|  | &nbsp;&nbsp;&nbsp;Kenvue Inc. | 6313956 | &nbsp;&nbsp;&nbsp;&nbsp; 120723 |
|  | &nbsp;&nbsp;&nbsp;Estee Lauder Cos. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;838950 | &nbsp;&nbsp;&nbsp;&nbsp; 91840 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;e.l.f. Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;340710 | &nbsp;&nbsp;&nbsp;&nbsp; 31362 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Herbalife Ltd. | 1188898 | &nbsp;&nbsp;&nbsp;&nbsp; 23207 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BellRing Brands Inc. | 1156942 | &nbsp;&nbsp;&nbsp;&nbsp; 21276 |
|  | &nbsp;&nbsp;&nbsp;Interparfums Inc. | &nbsp;&nbsp;&nbsp;&nbsp;201874 | &nbsp;&nbsp;&nbsp;&nbsp; 20345 |
|  | &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co. | &nbsp;&nbsp;&nbsp;&nbsp;508627 | &nbsp;&nbsp;&nbsp;&nbsp; 11566 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coty Inc. Class A | 4518494 | &nbsp;&nbsp;&nbsp;&nbsp; 11342 |
|  | &nbsp;&nbsp;&nbsp;Nu Skin Enterprises Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;561028 | &nbsp;&nbsp;&nbsp;&nbsp; 4758 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Honest Co. Inc. | 1160073 | &nbsp;&nbsp;&nbsp;&nbsp; 3248 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Olaplex Holdings Inc. | 1929849 | &nbsp;&nbsp;&nbsp;&nbsp; 3107 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;USANA Health Sciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;126403 | &nbsp;&nbsp;&nbsp;&nbsp; 2720 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Medifast Inc. | &nbsp;&nbsp;&nbsp;&nbsp;128317 | &nbsp;&nbsp;&nbsp;&nbsp; 1351 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Beauty Health Co. | &nbsp;&nbsp;&nbsp;&nbsp;949283 | &nbsp;&nbsp;&nbsp;&nbsp; 987 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **347832** |
| **Tobacco (8.4%)** | **Tobacco (8.4%)** | **Tobacco (8.4%)** | **Tobacco (8.4%)** |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | 2368385 | &nbsp;&nbsp;&nbsp;&nbsp; 442485 |
|  | &nbsp;&nbsp;&nbsp;Altria Group Inc. | 5071691 | &nbsp;&nbsp;&nbsp;&nbsp; 350149 |
|  | &nbsp;&nbsp;&nbsp;Turning Point Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;167936 | &nbsp;&nbsp;&nbsp;&nbsp; 23006 |
|  | &nbsp;&nbsp;&nbsp;Universal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;286688 | &nbsp;&nbsp;&nbsp;&nbsp; 15404 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **831044** |
| **Total Common Stocks (Cost $7,899,731)** | **Total Common Stocks (Cost $7,899,731)** | **Total Common Stocks (Cost $7,899,731)** | &nbsp;&nbsp;&nbsp;&nbsp;**9854221** |

---

------

Consumer Staples Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Temporary Cash Investments (0.1%)** | **Temporary Cash Investments (0.1%)** | **Temporary Cash Investments (0.1%)** | **Temporary Cash Investments (0.1%)** |
| **Money Market Fund (0.1%)** | **Money Market Fund (0.1%)** | **Money Market Fund (0.1%)** | **Money Market Fund (0.1%)** |
| <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 3.693% **(Cost $10,329)** | 103304 | &nbsp;&nbsp;&nbsp;&nbsp; **10329** |
| **Total Investments (100.0%) (Cost $7,910,060)** | **Total Investments (100.0%) (Cost $7,910,060)** | **Total Investments (100.0%) (Cost $7,910,060)** | &nbsp;&nbsp;&nbsp;&nbsp;**9864550** |
| **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;**1943** |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;**9866493** |
| 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 $1,734. |
| 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 $1,908 was received for securities on loan, of which $1,906 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) |
| Brown-Forman Corp. Class B | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;6604 | &nbsp;&nbsp;&nbsp;(3.630) | &nbsp;&nbsp;&nbsp;178 | &nbsp;&nbsp;&nbsp;— |
| McCormick & Co Inc. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;4832 | &nbsp;&nbsp;&nbsp;(3.630) | &nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;318 | &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 February 28, 2026, the counterparties had deposited in segregated accounts securities with a value of $111 in connection with open over-the-counter swap contracts.

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

------

Consumer Staples Index Fund

Statement of Assets and Liabilities

As of February 28, 2026

---

| | |
|:---|:---|
| ($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 $7,899,731) | 9854221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $10,329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10329 |
| Total Investments in Securities | 9864550 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82587 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6235 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318 |
| **Total Assets** | **9955313** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83676 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1908 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2922 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**88820** |
| **Net Assets** | **9866493** |
| 1 Includes $1,734 of securities on loan. |  |
| **At February 28, 2026, net assets consisted of:** |  |
| Paid-in Capital | 8378920 |
| Total Distributable Earnings (Loss) | 1487573 |
| **Net Assets** | **9866493** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 34,401,103 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **8401386** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**$244.22** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 12,166,829 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **1465107** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**$120.42** |

---

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

------

Consumer Staples Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> February 28, 2026 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends | &nbsp;&nbsp;&nbsp;&nbsp;99543 |
| Interest<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;99959 |
| **Expenses** |  |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 |
| &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;21 |
| Shareholders' Reports—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 |
| Shareholders' Reports—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3904 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;**96055** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2</sup> | &nbsp;&nbsp;&nbsp;163124 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(6637) |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;**156487** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | &nbsp;&nbsp;&nbsp;850960 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318 |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;**851278** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **1103820** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $167, $2, and ($1), respectively. Purchases and sales are for temporary cash investment purposes. |
| 2 | Includes $203,975 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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> February 28,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194928 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;156487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264484 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;851278 | &nbsp;&nbsp;&nbsp;&nbsp;(208829) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 1103820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250583 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;(80244) | &nbsp;&nbsp;&nbsp;&nbsp;(165813) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(14011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30160) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(94255) | &nbsp;&nbsp;&nbsp;&nbsp;(195973) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48597) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157183 |
| Total Increase (Decrease) | 1049697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211793 |
| **Net Assets** |  |  |
| **Beginning of Period** | **8816796** | &nbsp;&nbsp;&nbsp;**8605003** |
| **End of Period** | **9866493** | &nbsp;&nbsp;&nbsp;**8816796** |

---

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 | Six Months<br> Ended<br> February 28,<br> 2026 | &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 | Six Months<br> Ended<br> February 28,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$219.10** | &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;2.401 | &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;25.079 | &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;27.480 | &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;(2.360) | &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;(2.360) | &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** | **$244.22** | &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** | **12.69%** | &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) | $8401 | &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 | 0.09% | &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 | 2.21% | &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> | 5% | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;8% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 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 | Six Months<br> Ended<br> February 28,<br> 2026 | &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 | Six Months<br> Ended<br> February 28,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$108.03** | &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;1.185 | &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;12.369 | &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;13.554 | &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;(1.164) | &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;(1.164) | &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** | **$120.42** | &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>** | **12.70%** | &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) | $1465 | &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 | 0.09% | &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 | 2.21% | &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> | 5% | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;8% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 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 six months ended February 28, 2026, 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 six months ended February 28, 2026, 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.** Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Portfolio Management, LLC.

**C.** 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 February 28, 2026, the fund had contributed to Vanguard capital in the amount of $209,000, 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.

**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 February 28, 2026, 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 | 9854221 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;9854221 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10329 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10329 |
| Total | 9864550 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;9864550 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;318 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;318 |

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------

Consumer Staples Index Fund

**E.** As of February 28, 2026, 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;7935849 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;2542807 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(614106) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;1928701 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at August 31, 2025, the fund had available capital losses totaling $634,861,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending August 31, 2026; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**F.** During the six months ended February 28, 2026, the fund purchased $486,007,000 of investment securities and sold $404,701,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $543,447,000 and $538,809,000, 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 six months ended February 28, 2026, such purchases were $0 and sales were $568,000, resulting in net realized gain of $136,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

**G.** Capital share transactions for each class of shares were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> February 28, 2026 | Six Months Ended<br> February 28, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;570053 | &nbsp;&nbsp;&nbsp;&nbsp;2614 | &nbsp;&nbsp;&nbsp;&nbsp;1342567 | &nbsp;&nbsp;&nbsp;&nbsp;6129 |
| 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;— |
| Redeemed | (540869) | &nbsp;&nbsp;(2490) | &nbsp;&nbsp;(1136787) | &nbsp;&nbsp;(5205) |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;29184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924 |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;192295 | &nbsp;&nbsp;&nbsp;&nbsp;1757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346084 | &nbsp;&nbsp;&nbsp;&nbsp;3222 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;12347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 |
| Redeemed | (193694) | &nbsp;&nbsp;(1800) | &nbsp;&nbsp;&nbsp;&nbsp;(421428) | &nbsp;&nbsp;(3915) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;10948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48597) | &nbsp;&nbsp;&nbsp;&nbsp;(441) |

---

**H.** 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.

**I.** 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.

------

Consumer Staples Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;J.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.

Q54842 042026

------

![](tm268191d7hltcarindfundi001.jpg)

#### Financial Statements

#### For the six-months ended February 28, 2026

#### Vanguard Health Care Index Fund

------

#### Contents
Financial Statements 1 <br>

------

Health Care Index Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of February 28, 2026

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%)** |
| **Biotechnology (22.8%)** | **Biotechnology (22.8%)** | **Biotechnology (22.8%)** | **Biotechnology (22.8%)** |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | 5322180 | &nbsp;&nbsp;&nbsp;&nbsp; 1235172 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | 1621547 | &nbsp;&nbsp;&nbsp;&nbsp; 629420 |
|  | &nbsp;&nbsp;&nbsp;Gilead Sciences Inc. | 3736155 | &nbsp;&nbsp;&nbsp;&nbsp; 556500 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;764047 | &nbsp;&nbsp;&nbsp;&nbsp; 379601 |
|  | &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;311044 | &nbsp;&nbsp;&nbsp;&nbsp; 243134 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;397850 | &nbsp;&nbsp;&nbsp;&nbsp; 132452 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Insmed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;642399 | &nbsp;&nbsp;&nbsp;&nbsp; 95929 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Biogen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;441876 | &nbsp;&nbsp;&nbsp;&nbsp; 84761 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Natera Inc. | &nbsp;&nbsp;&nbsp;&nbsp;395792 | &nbsp;&nbsp;&nbsp;&nbsp; 82341 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Therapeutics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;123185 | &nbsp;&nbsp;&nbsp;&nbsp; 62073 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Exact Sciences Corp. | &nbsp;&nbsp;&nbsp;&nbsp;574601 | &nbsp;&nbsp;&nbsp;&nbsp; 59402 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Incyte Corp. | &nbsp;&nbsp;&nbsp;&nbsp;502592 | &nbsp;&nbsp;&nbsp;&nbsp; 50898 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Moderna Inc. | &nbsp;&nbsp;&nbsp;&nbsp;914418 | &nbsp;&nbsp;&nbsp;&nbsp; 48985 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Revolution Medicines Inc. | &nbsp;&nbsp;&nbsp;&nbsp;436838 | &nbsp;&nbsp;&nbsp;&nbsp; 44566 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Neurocrine Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300323 | &nbsp;&nbsp;&nbsp;&nbsp; 39718 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;463693 | &nbsp;&nbsp;&nbsp;&nbsp; 37629 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;549849 | &nbsp;&nbsp;&nbsp;&nbsp; 33942 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Exelixis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;767260 | &nbsp;&nbsp;&nbsp;&nbsp; 33805 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Roivant Sciences Ltd. | 1131894 | &nbsp;&nbsp;&nbsp;&nbsp; 32757 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bridgebio Pharma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;435616 | &nbsp;&nbsp;&nbsp;&nbsp; 28960 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Halozyme Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;354289 | &nbsp;&nbsp;&nbsp;&nbsp; 24634 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Praxis Precision Medicines Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71044 | &nbsp;&nbsp;&nbsp;&nbsp; 23924 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;368562 | &nbsp;&nbsp;&nbsp;&nbsp; 23319 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vaxcyte Inc. | &nbsp;&nbsp;&nbsp;&nbsp;355206 | &nbsp;&nbsp;&nbsp;&nbsp; 21930 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cytokinetics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;350324 | &nbsp;&nbsp;&nbsp;&nbsp; 21797 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44497 | &nbsp;&nbsp;&nbsp;&nbsp; 19223 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Krystal Biotech Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65570 | &nbsp;&nbsp;&nbsp;&nbsp; 18074 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;171075 | &nbsp;&nbsp;&nbsp;&nbsp; 15864 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PTC Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;217279 | &nbsp;&nbsp;&nbsp;&nbsp; 14816 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alkermes plc | &nbsp;&nbsp;&nbsp;&nbsp;472385 | &nbsp;&nbsp;&nbsp;&nbsp; 14219 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Protagonist Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;150369 | &nbsp;&nbsp;&nbsp;&nbsp; 13846 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TG Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;454236 | &nbsp;&nbsp;&nbsp;&nbsp; 13668 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kymera Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;143747 | &nbsp;&nbsp;&nbsp;&nbsp; 13131 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nuvalent Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;120451 | &nbsp;&nbsp;&nbsp;&nbsp; 12280 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amicus Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;836936 | &nbsp;&nbsp;&nbsp;&nbsp; 12027 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ADMA Biologics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;716183 | &nbsp;&nbsp;&nbsp;&nbsp; 11151 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Viking Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;322860 | &nbsp;&nbsp;&nbsp;&nbsp; 10926 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113228 | &nbsp;&nbsp;&nbsp;&nbsp; 10450 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;ImmunityBio Inc. | 1036573 | &nbsp;&nbsp;&nbsp;&nbsp; 10138 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cogent Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;253005 | &nbsp;&nbsp;&nbsp;&nbsp; 9829 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arcellx Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83574 | &nbsp;&nbsp;&nbsp;&nbsp; 9510 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;331464 | &nbsp;&nbsp;&nbsp;&nbsp; 8940 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Denali Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;417443 | &nbsp;&nbsp;&nbsp;&nbsp; 8841 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;357455 | &nbsp;&nbsp;&nbsp;&nbsp; 8779 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Veracyte Inc. | &nbsp;&nbsp;&nbsp;&nbsp;237669 | &nbsp;&nbsp;&nbsp;&nbsp; 8696 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Twist Bioscience Corp. | &nbsp;&nbsp;&nbsp;&nbsp;181870 | &nbsp;&nbsp;&nbsp;&nbsp; 8533 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Scholar Rock Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;187838 | &nbsp;&nbsp;&nbsp;&nbsp; 8316 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;350950 | &nbsp;&nbsp;&nbsp;&nbsp; 8100 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Beam Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;274577 | &nbsp;&nbsp;&nbsp;&nbsp; 7814 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Summit Therapeutics Inc. (XNMS) | &nbsp;&nbsp;&nbsp;&nbsp;463688 | &nbsp;&nbsp;&nbsp;&nbsp; 7693 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ideaya Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;238805 | &nbsp;&nbsp;&nbsp;&nbsp; 7690 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Travere Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;255589 | &nbsp;&nbsp;&nbsp;&nbsp; 7614 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CG oncology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;128733 | &nbsp;&nbsp;&nbsp;&nbsp; 7570 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Erasca Inc. | &nbsp;&nbsp;&nbsp;&nbsp;514334 | &nbsp;&nbsp;&nbsp;&nbsp; 7026 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Celcuity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62602 | &nbsp;&nbsp;&nbsp;&nbsp; 6993 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Apogee Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97410 | &nbsp;&nbsp;&nbsp;&nbsp; 6819 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Immunovant Inc. | &nbsp;&nbsp;&nbsp;&nbsp;242280 | &nbsp;&nbsp;&nbsp;&nbsp; 6718 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Spyre Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;147345 | &nbsp;&nbsp;&nbsp;&nbsp; 6337 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Immunome Inc. | &nbsp;&nbsp;&nbsp;&nbsp;281599 | &nbsp;&nbsp;&nbsp;&nbsp; 6156 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;261089 | &nbsp;&nbsp;&nbsp;&nbsp; 6107 |

---

------

Health Care Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Viridian Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;196143 | &nbsp;&nbsp;&nbsp;&nbsp; 5763 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GRAIL Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105507 | &nbsp;&nbsp;&nbsp;&nbsp; 5616 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;622166 | &nbsp;&nbsp;&nbsp;&nbsp; 5444 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vericel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;151967 | &nbsp;&nbsp;&nbsp;&nbsp; 5422 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Celldex Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;179933 | &nbsp;&nbsp;&nbsp;&nbsp; 5414 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dyne Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;346581 | &nbsp;&nbsp;&nbsp;&nbsp; 5414 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Syndax Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;247246 | &nbsp;&nbsp;&nbsp;&nbsp; 5368 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Soleno Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;137243 | &nbsp;&nbsp;&nbsp;&nbsp; 5362 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arcus Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;260448 | &nbsp;&nbsp;&nbsp;&nbsp; 5305 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;167547 | &nbsp;&nbsp;&nbsp;&nbsp; 5065 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sarepta Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;299230 | &nbsp;&nbsp;&nbsp;&nbsp; 5015 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Recursion Pharmaceuticals Inc. Class A | 1331778 | &nbsp;&nbsp;&nbsp;&nbsp; 4888 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Disc Medicine Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73237 | &nbsp;&nbsp;&nbsp;&nbsp; 4879 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kiniksa Pharmaceuticals International plc | &nbsp;&nbsp;&nbsp;&nbsp;108623 | &nbsp;&nbsp;&nbsp;&nbsp; 4833 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Newamsterdam Pharma Co. NV | &nbsp;&nbsp;&nbsp;&nbsp;135570 | &nbsp;&nbsp;&nbsp;&nbsp; 4807 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ardelyx Inc. | &nbsp;&nbsp;&nbsp;&nbsp;733401 | &nbsp;&nbsp;&nbsp;&nbsp; 4804 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;228963 | &nbsp;&nbsp;&nbsp;&nbsp; 4799 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aurinia Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;336741 | &nbsp;&nbsp;&nbsp;&nbsp; 4772 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vera Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;115268 | &nbsp;&nbsp;&nbsp;&nbsp; 4702 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intellia Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;330805 | &nbsp;&nbsp;&nbsp;&nbsp; 4559 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Biohaven Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;392851 | &nbsp;&nbsp;&nbsp;&nbsp; 4526 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stoke Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;120243 | &nbsp;&nbsp;&nbsp;&nbsp; 4378 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Novavax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;415421 | &nbsp;&nbsp;&nbsp;&nbsp; 4212 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mineralys Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;136784 | &nbsp;&nbsp;&nbsp;&nbsp; 4002 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Relay Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;366466 | &nbsp;&nbsp;&nbsp;&nbsp; 3760 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nurix Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;227843 | &nbsp;&nbsp;&nbsp;&nbsp; 3639 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Iovance Biotherapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;925454 | &nbsp;&nbsp;&nbsp;&nbsp; 3572 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palvella Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24636 | &nbsp;&nbsp;&nbsp;&nbsp; 3326 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corvus Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;167790 | &nbsp;&nbsp;&nbsp;&nbsp; 3064 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vir Biotechnology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;317494 | &nbsp;&nbsp;&nbsp;&nbsp; 2886 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MannKind Corp. | &nbsp;&nbsp;&nbsp;&nbsp;877153 | &nbsp;&nbsp;&nbsp;&nbsp; 2877 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CareDx Inc. | &nbsp;&nbsp;&nbsp;&nbsp;152135 | &nbsp;&nbsp;&nbsp;&nbsp; 2854 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Olema Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113615 | &nbsp;&nbsp;&nbsp;&nbsp; 2749 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dianthus Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47904 | &nbsp;&nbsp;&nbsp;&nbsp; 2644 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zymeworks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112792 | &nbsp;&nbsp;&nbsp;&nbsp; 2627 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;UroGen Pharma Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;118186 | &nbsp;&nbsp;&nbsp;&nbsp; 2565 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Geron Corp. (XNGS) | 1444719 | &nbsp;&nbsp;&nbsp;&nbsp; 2427 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kodiak Sciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87302 | &nbsp;&nbsp;&nbsp;&nbsp; 2340 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AnaptysBio Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42144 | &nbsp;&nbsp;&nbsp;&nbsp; 2320 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Day One Biopharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;215744 | &nbsp;&nbsp;&nbsp;&nbsp; 2287 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Oruka Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65417 | &nbsp;&nbsp;&nbsp;&nbsp; 2251 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sana Biotechnology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;524451 | &nbsp;&nbsp;&nbsp;&nbsp; 2208 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Precigen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;532042 | &nbsp;&nbsp;&nbsp;&nbsp; 2016 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arbutus Biopharma Corp. | &nbsp;&nbsp;&nbsp;&nbsp;432384 | &nbsp;&nbsp;&nbsp;&nbsp; 2015 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annexon Inc. | &nbsp;&nbsp;&nbsp;&nbsp;358662 | &nbsp;&nbsp;&nbsp;&nbsp; 2009 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kura Oncology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;221971 | &nbsp;&nbsp;&nbsp;&nbsp; 1938 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Xencor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;150323 | &nbsp;&nbsp;&nbsp;&nbsp; 1920 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Taysha Gene Therapies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;410659 | &nbsp;&nbsp;&nbsp;&nbsp; 1860 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ORIC Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;131478 | &nbsp;&nbsp;&nbsp;&nbsp; 1768 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MiMedx Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;357721 | &nbsp;&nbsp;&nbsp;&nbsp; 1749 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ocugen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;939571 | &nbsp;&nbsp;&nbsp;&nbsp; 1710 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MoonLake Immunotherapeutics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95724 | &nbsp;&nbsp;&nbsp;&nbsp; 1676 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Monte Rosa Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93371 | &nbsp;&nbsp;&nbsp;&nbsp; 1657 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Janux Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118129 | &nbsp;&nbsp;&nbsp;&nbsp; 1608 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Perspective Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;290827 | &nbsp;&nbsp;&nbsp;&nbsp; 1570 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ARS Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;163427 | &nbsp;&nbsp;&nbsp;&nbsp; 1517 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tango Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;135189 | &nbsp;&nbsp;&nbsp;&nbsp; 1506 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CytomX Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;280334 | &nbsp;&nbsp;&nbsp;&nbsp; 1505 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ironwood Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;439728 | &nbsp;&nbsp;&nbsp;&nbsp; 1504 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vanda Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;168602 | &nbsp;&nbsp;&nbsp;&nbsp; 1502 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ArriVent Biopharma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63155 | &nbsp;&nbsp;&nbsp;&nbsp; 1451 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bicara Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83580 | &nbsp;&nbsp;&nbsp;&nbsp; 1402 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cullinan Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88832 | &nbsp;&nbsp;&nbsp;&nbsp; 1377 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;KalVista Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83620 | &nbsp;&nbsp;&nbsp;&nbsp; 1361 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Altimmune Inc. | &nbsp;&nbsp;&nbsp;&nbsp;313623 | &nbsp;&nbsp;&nbsp;&nbsp; 1352 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tyra Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40280 | &nbsp;&nbsp;&nbsp;&nbsp; 1342 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Allogene Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;472090 | &nbsp;&nbsp;&nbsp;&nbsp; 1312 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Emergent BioSolutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;159609 | &nbsp;&nbsp;&nbsp;&nbsp; 1301 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Myriad Genetics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;276946 | &nbsp;&nbsp;&nbsp;&nbsp; 1277 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Zenas Biopharma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48147 | &nbsp;&nbsp;&nbsp;&nbsp; 1269 |

---

------

Health Care Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Prime Medicine Inc. | &nbsp;&nbsp;&nbsp;&nbsp;271658 | &nbsp;&nbsp;&nbsp;&nbsp; 1255 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Savara Inc. | &nbsp;&nbsp;&nbsp;&nbsp;207988 | &nbsp;&nbsp;&nbsp;&nbsp; 1252 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;4D Molecular Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;128923 | &nbsp;&nbsp;&nbsp;&nbsp; 1245 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rocket Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;244381 | &nbsp;&nbsp;&nbsp;&nbsp; 1224 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Prothena Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;137710 | &nbsp;&nbsp;&nbsp;&nbsp; 1194 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Anavex Life Sciences Corp. | &nbsp;&nbsp;&nbsp;&nbsp;268380 | &nbsp;&nbsp;&nbsp;&nbsp; 1189 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;REGENXBIO Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127897 | &nbsp;&nbsp;&nbsp;&nbsp; 1156 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Replimune Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;140906 | &nbsp;&nbsp;&nbsp;&nbsp; 1078 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MeiraGTx Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;131531 | &nbsp;&nbsp;&nbsp;&nbsp; 994 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Akebia Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;757990 | &nbsp;&nbsp;&nbsp;&nbsp; 993 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aldeyra Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;155899 | &nbsp;&nbsp;&nbsp;&nbsp; 851 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aura Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130798 | &nbsp;&nbsp;&nbsp;&nbsp; 770 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;XOMA Royalty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29011 | &nbsp;&nbsp;&nbsp;&nbsp; 741 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Verastem Inc. | &nbsp;&nbsp;&nbsp;&nbsp;129463 | &nbsp;&nbsp;&nbsp;&nbsp; 741 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Keros Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49534 | &nbsp;&nbsp;&nbsp;&nbsp; 703 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rezolute Inc. | &nbsp;&nbsp;&nbsp;&nbsp;218368 | &nbsp;&nbsp;&nbsp;&nbsp; 701 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Entrada Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57598 | &nbsp;&nbsp;&nbsp;&nbsp; 687 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arcturus Therapeutics Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79885 | &nbsp;&nbsp;&nbsp;&nbsp; 657 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Editas Medicine Inc. | &nbsp;&nbsp;&nbsp;&nbsp;293905 | &nbsp;&nbsp;&nbsp;&nbsp; 647 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Organogenesis Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;190756 | &nbsp;&nbsp;&nbsp;&nbsp; 612 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Upstream Bio Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73093 | &nbsp;&nbsp;&nbsp;&nbsp; 561 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lyell Immunopharma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23103 | &nbsp;&nbsp;&nbsp;&nbsp; 554 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alector Inc. | &nbsp;&nbsp;&nbsp;&nbsp;220566 | &nbsp;&nbsp;&nbsp;&nbsp; 536 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Humacyte Inc. | &nbsp;&nbsp;&nbsp;&nbsp;478723 | &nbsp;&nbsp;&nbsp;&nbsp; 534 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Heron Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;418992 | &nbsp;&nbsp;&nbsp;&nbsp; 499 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fate Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;295141 | &nbsp;&nbsp;&nbsp;&nbsp; 437 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zentalis Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;151885 | &nbsp;&nbsp;&nbsp;&nbsp; 363 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MacroGenics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp; 308 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gossamer Bio Inc. | &nbsp;&nbsp;&nbsp;&nbsp;546631 | &nbsp;&nbsp;&nbsp;&nbsp; 232 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ALX Oncology Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98277 | &nbsp;&nbsp;&nbsp;&nbsp; 207 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Korro Bio Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13803 | &nbsp;&nbsp;&nbsp;&nbsp; 167 |
| <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; — |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;89bio Inc. CVR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4618850** |
| **Health Care Equipment & Supplies (18.9%)** | **Health Care Equipment & Supplies (18.9%)** | **Health Care Equipment & Supplies (18.9%)** | **Health Care Equipment & Supplies (18.9%)** |
|  | &nbsp;&nbsp;&nbsp;Abbott Laboratories | 5236186 | &nbsp;&nbsp;&nbsp;&nbsp; 609230 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intuitive Surgical Inc. | 1067547 | &nbsp;&nbsp;&nbsp;&nbsp; 537521 |
|  | &nbsp;&nbsp;&nbsp;Stryker Corp. | 1036352 | &nbsp;&nbsp;&nbsp;&nbsp; 401545 |
|  | &nbsp;&nbsp;&nbsp;Medtronic plc | 3860310 | &nbsp;&nbsp;&nbsp;&nbsp; 376998 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | 4464224 | &nbsp;&nbsp;&nbsp;&nbsp; 343076 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IDEXX Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;240468 | &nbsp;&nbsp;&nbsp;&nbsp; 157923 |
|  | &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;858269 | &nbsp;&nbsp;&nbsp;&nbsp; 151467 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp. | 1747527 | &nbsp;&nbsp;&nbsp;&nbsp; 151109 |
|  | &nbsp;&nbsp;&nbsp;GE HealthCare Technologies Inc. | 1372055 | &nbsp;&nbsp;&nbsp;&nbsp; 115623 |
|  | &nbsp;&nbsp;&nbsp;ResMed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;439562 | &nbsp;&nbsp;&nbsp;&nbsp; 112642 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dexcom Inc. | 1174690 | &nbsp;&nbsp;&nbsp;&nbsp; 86257 |
|  | &nbsp;&nbsp;&nbsp;STERIS plc | &nbsp;&nbsp;&nbsp;&nbsp;295532 | &nbsp;&nbsp;&nbsp;&nbsp; 74577 |
|  | &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;596798 | &nbsp;&nbsp;&nbsp;&nbsp; 58749 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Insulet Corp. | &nbsp;&nbsp;&nbsp;&nbsp;211907 | &nbsp;&nbsp;&nbsp;&nbsp; 52258 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hologic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;671436 | &nbsp;&nbsp;&nbsp;&nbsp; 50599 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cooper Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;590284 | &nbsp;&nbsp;&nbsp;&nbsp; 49389 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Align Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;205342 | &nbsp;&nbsp;&nbsp;&nbsp; 39035 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Penumbra Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112076 | &nbsp;&nbsp;&nbsp;&nbsp; 38598 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Solventum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;470144 | &nbsp;&nbsp;&nbsp;&nbsp; 34885 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Globus Medical Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;337937 | &nbsp;&nbsp;&nbsp;&nbsp; 32259 |
|  | &nbsp;&nbsp;&nbsp;Baxter International Inc. | 1549104 | &nbsp;&nbsp;&nbsp;&nbsp; 31555 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Masimo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;137598 | &nbsp;&nbsp;&nbsp;&nbsp; 24128 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Medline Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;489033 | &nbsp;&nbsp;&nbsp;&nbsp; 23234 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Glaukos Corp. | &nbsp;&nbsp;&nbsp;&nbsp;173144 | &nbsp;&nbsp;&nbsp;&nbsp; 20847 |
|  | &nbsp;&nbsp;&nbsp;Teleflex Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133117 | &nbsp;&nbsp;&nbsp;&nbsp; 16248 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lantheus Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;199389 | &nbsp;&nbsp;&nbsp;&nbsp; 14936 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Envista Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;494625 | &nbsp;&nbsp;&nbsp;&nbsp; 14448 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TransMedics Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97638 | &nbsp;&nbsp;&nbsp;&nbsp; 14183 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Merit Medical Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;178462 | &nbsp;&nbsp;&nbsp;&nbsp; 13774 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IRhythm Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96906 | &nbsp;&nbsp;&nbsp;&nbsp; 12961 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LivaNova plc | &nbsp;&nbsp;&nbsp;&nbsp;164880 | &nbsp;&nbsp;&nbsp;&nbsp; 11641 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ICU Medical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70764 | &nbsp;&nbsp;&nbsp;&nbsp; 10656 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Integer Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;105784 | &nbsp;&nbsp;&nbsp;&nbsp; 9169 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Haemonetics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;140797 | &nbsp;&nbsp;&nbsp;&nbsp; 8915 |

---

------

Health Care Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;DENTSPLY SIRONA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;601118 | &nbsp;&nbsp;&nbsp;&nbsp; 8824 |
|  | &nbsp;&nbsp;&nbsp;LeMaitre Vascular Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64889 | &nbsp;&nbsp;&nbsp;&nbsp; 7020 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Neogen Corp. | &nbsp;&nbsp;&nbsp;&nbsp;622772 | &nbsp;&nbsp;&nbsp;&nbsp; 6994 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Omnicell Inc. | &nbsp;&nbsp;&nbsp;&nbsp;135002 | &nbsp;&nbsp;&nbsp;&nbsp; 5549 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Inspire Medical Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84281 | &nbsp;&nbsp;&nbsp;&nbsp; 5437 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tandem Diabetes Care Inc. | &nbsp;&nbsp;&nbsp;&nbsp;204026 | &nbsp;&nbsp;&nbsp;&nbsp; 5162 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alphatec Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;356280 | &nbsp;&nbsp;&nbsp;&nbsp; 4853 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AtriCure Inc. | &nbsp;&nbsp;&nbsp;&nbsp;150565 | &nbsp;&nbsp;&nbsp;&nbsp; 4707 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QuidelOrtho Corp. | &nbsp;&nbsp;&nbsp;&nbsp;205627 | &nbsp;&nbsp;&nbsp;&nbsp; 4676 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;UFP Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22131 | &nbsp;&nbsp;&nbsp;&nbsp; 4660 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Artivion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;120612 | &nbsp;&nbsp;&nbsp;&nbsp; 4644 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axogen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;138420 | &nbsp;&nbsp;&nbsp;&nbsp; 4392 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Novocure Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;319728 | &nbsp;&nbsp;&nbsp;&nbsp; 4371 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enovis Corp. | &nbsp;&nbsp;&nbsp;&nbsp;171267 | &nbsp;&nbsp;&nbsp;&nbsp; 4362 |
|  | &nbsp;&nbsp;&nbsp;CONMED Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94023 | &nbsp;&nbsp;&nbsp;&nbsp; 4325 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Establishment Labs Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52485 | &nbsp;&nbsp;&nbsp;&nbsp; 4131 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;168287 | &nbsp;&nbsp;&nbsp;&nbsp; 3818 |
|  | &nbsp;&nbsp;&nbsp;iRadimed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24989 | &nbsp;&nbsp;&nbsp;&nbsp; 2587 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Butterfly Network Inc. | &nbsp;&nbsp;&nbsp;&nbsp;609882 | &nbsp;&nbsp;&nbsp;&nbsp; 2311 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;199829 | &nbsp;&nbsp;&nbsp;&nbsp; 2274 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Avanos Medical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;140953 | &nbsp;&nbsp;&nbsp;&nbsp; 1987 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tactile Systems Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66842 | &nbsp;&nbsp;&nbsp;&nbsp; 1958 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;STAAR Surgical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96492 | &nbsp;&nbsp;&nbsp;&nbsp; 1920 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SI-BONE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;123190 | &nbsp;&nbsp;&nbsp;&nbsp; 1912 |
|  | &nbsp;&nbsp;&nbsp;Embecta Corp. | &nbsp;&nbsp;&nbsp;&nbsp;167680 | &nbsp;&nbsp;&nbsp;&nbsp; 1720 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Varex Imaging Corp. | &nbsp;&nbsp;&nbsp;&nbsp;124595 | &nbsp;&nbsp;&nbsp;&nbsp; 1641 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cerus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;588335 | &nbsp;&nbsp;&nbsp;&nbsp; 1506 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kestra Medical Technologies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60579 | &nbsp;&nbsp;&nbsp;&nbsp; 1410 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AngioDynamics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;122977 | &nbsp;&nbsp;&nbsp;&nbsp; 1407 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Orthofix Medical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94830 | &nbsp;&nbsp;&nbsp;&nbsp; 1283 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Pulse Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61062 | &nbsp;&nbsp;&nbsp;&nbsp; 1144 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bioventus Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;120559 | &nbsp;&nbsp;&nbsp;&nbsp; 1058 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ceribell Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54989 | &nbsp;&nbsp;&nbsp;&nbsp; 1027 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;OrthoPediatrics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52580 | &nbsp;&nbsp;&nbsp;&nbsp; 1008 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RxSight Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104675 | &nbsp;&nbsp;&nbsp;&nbsp; 783 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;OraSure Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;188856 | &nbsp;&nbsp;&nbsp;&nbsp; 595 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Treace Medical Concepts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;151893 | &nbsp;&nbsp;&nbsp;&nbsp; 283 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3818174** |
| **Health Care Providers & Services (16.3%)** | **Health Care Providers & Services (16.3%)** | **Health Care Providers & Services (16.3%)** | **Health Care Providers & Services (16.3%)** |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 2727843 | &nbsp;&nbsp;&nbsp;&nbsp; 799995 |
|  | &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;371664 | &nbsp;&nbsp;&nbsp;&nbsp; 366970 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | 3822742 | &nbsp;&nbsp;&nbsp;&nbsp; 305437 |
|  | &nbsp;&nbsp;&nbsp;HCA Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;481004 | &nbsp;&nbsp;&nbsp;&nbsp; 254788 |
|  | &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;804432 | &nbsp;&nbsp;&nbsp;&nbsp; 233140 |
|  | &nbsp;&nbsp;&nbsp;Elevance Health Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;658033 | &nbsp;&nbsp;&nbsp;&nbsp; 210571 |
|  | &nbsp;&nbsp;&nbsp;Cencora Inc. | &nbsp;&nbsp;&nbsp;&nbsp;554895 | &nbsp;&nbsp;&nbsp;&nbsp; 206499 |
|  | &nbsp;&nbsp;&nbsp;Cardinal Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;715427 | &nbsp;&nbsp;&nbsp;&nbsp; 163997 |
|  | &nbsp;&nbsp;&nbsp;Labcorp Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;249632 | &nbsp;&nbsp;&nbsp;&nbsp; 72174 |
|  | &nbsp;&nbsp;&nbsp;Quest Diagnostics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;334944 | &nbsp;&nbsp;&nbsp;&nbsp; 70978 |
|  | &nbsp;&nbsp;&nbsp;Humana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;362258 | &nbsp;&nbsp;&nbsp;&nbsp; 69025 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Centene Corp. | 1480539 | &nbsp;&nbsp;&nbsp;&nbsp; 66447 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;264690 | &nbsp;&nbsp;&nbsp;&nbsp; 63364 |
|  | &nbsp;&nbsp;&nbsp;Ensign Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;174402 | &nbsp;&nbsp;&nbsp;&nbsp; 37352 |
|  | &nbsp;&nbsp;&nbsp;Universal Health Services Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;166334 | &nbsp;&nbsp;&nbsp;&nbsp; 34281 |
|  | &nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;303011 | &nbsp;&nbsp;&nbsp;&nbsp; 32689 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Guardant Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;338110 | &nbsp;&nbsp;&nbsp;&nbsp; 31749 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Henry Schein Inc. | &nbsp;&nbsp;&nbsp;&nbsp;319178 | &nbsp;&nbsp;&nbsp;&nbsp; 26297 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Molina Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;154878 | &nbsp;&nbsp;&nbsp;&nbsp; 23859 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;HealthEquity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;257536 | &nbsp;&nbsp;&nbsp;&nbsp; 19699 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DaVita Inc. | &nbsp;&nbsp;&nbsp;&nbsp;117069 | &nbsp;&nbsp;&nbsp;&nbsp; 18298 |
|  | &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42705 | &nbsp;&nbsp;&nbsp;&nbsp; 17509 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Option Care Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;477212 | &nbsp;&nbsp;&nbsp;&nbsp; 15490 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RadNet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;197554 | &nbsp;&nbsp;&nbsp;&nbsp; 13791 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BrightSpring Health Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;293264 | &nbsp;&nbsp;&nbsp;&nbsp; 12150 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Brookdale Senior Living Inc. | &nbsp;&nbsp;&nbsp;&nbsp;678447 | &nbsp;&nbsp;&nbsp;&nbsp; 10380 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alignment Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;507711 | &nbsp;&nbsp;&nbsp;&nbsp; 9758 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hims & Hers Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;593405 | &nbsp;&nbsp;&nbsp;&nbsp; 8616 |
|  | &nbsp;&nbsp;&nbsp;Concentra Group Holdings Parent Inc. | &nbsp;&nbsp;&nbsp;&nbsp;348208 | &nbsp;&nbsp;&nbsp;&nbsp; 8343 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Privia Health Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;296590 | &nbsp;&nbsp;&nbsp;&nbsp; 7044 |

---

------

Health Care Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;National HealthCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39847 | &nbsp;&nbsp;&nbsp;&nbsp; 6515 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Acadia Healthcare Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;263959 | &nbsp;&nbsp;&nbsp;&nbsp; 6187 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Addus HomeCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55671 | &nbsp;&nbsp;&nbsp;&nbsp; 5764 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PACS Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;141310 | &nbsp;&nbsp;&nbsp;&nbsp; 5159 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pediatrix Medical Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;258254 | &nbsp;&nbsp;&nbsp;&nbsp; 5126 |
|  | &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;335688 | &nbsp;&nbsp;&nbsp;&nbsp; 5025 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GeneDx Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61146 | &nbsp;&nbsp;&nbsp;&nbsp; 4874 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CorVel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92188 | &nbsp;&nbsp;&nbsp;&nbsp; 4755 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Progyny Inc. | &nbsp;&nbsp;&nbsp;&nbsp;246071 | &nbsp;&nbsp;&nbsp;&nbsp; 4353 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NeoGenomics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;390821 | &nbsp;&nbsp;&nbsp;&nbsp; 3842 |
|  | &nbsp;&nbsp;&nbsp;US Physical Therapy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45971 | &nbsp;&nbsp;&nbsp;&nbsp; 3814 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LifeStance Health Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;526228 | &nbsp;&nbsp;&nbsp;&nbsp; 3810 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Surgery Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;232138 | &nbsp;&nbsp;&nbsp;&nbsp; 3598 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pennant Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104565 | &nbsp;&nbsp;&nbsp;&nbsp; 3525 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Astrana Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;135321 | &nbsp;&nbsp;&nbsp;&nbsp; 2751 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Clover Health Investments Corp. | 1284308 | &nbsp;&nbsp;&nbsp;&nbsp; 2684 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AdaptHealth Corp. | &nbsp;&nbsp;&nbsp;&nbsp;285941 | &nbsp;&nbsp;&nbsp;&nbsp; 2616 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Castle Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87576 | &nbsp;&nbsp;&nbsp;&nbsp; 2590 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hinge Health Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52927 | &nbsp;&nbsp;&nbsp;&nbsp; 2263 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AMN Healthcare Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;115980 | &nbsp;&nbsp;&nbsp;&nbsp; 2259 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Talkspace Inc. | &nbsp;&nbsp;&nbsp;&nbsp;420757 | &nbsp;&nbsp;&nbsp;&nbsp; 2028 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Guardian Pharmacy Services Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59909 | &nbsp;&nbsp;&nbsp;&nbsp; 2008 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enhabit Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130745 | &nbsp;&nbsp;&nbsp;&nbsp; 1779 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;OPKO Health Inc. | 1271801 | &nbsp;&nbsp;&nbsp;&nbsp; 1526 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Community Health Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;382981 | &nbsp;&nbsp;&nbsp;&nbsp; 1325 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aveanna Healthcare Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;156754 | &nbsp;&nbsp;&nbsp;&nbsp; 1154 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fulgent Genetics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59813 | &nbsp;&nbsp;&nbsp;&nbsp; 917 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ardent Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85780 | &nbsp;&nbsp;&nbsp;&nbsp; 805 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cross Country Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88741 | &nbsp;&nbsp;&nbsp;&nbsp; 772 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;agilon health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;938023 | &nbsp;&nbsp;&nbsp;&nbsp; 553 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Accendra Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;185784 | &nbsp;&nbsp;&nbsp;&nbsp; 450 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DocGo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;261491 | &nbsp;&nbsp;&nbsp;&nbsp; 188 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3305705** |
| **Health Care Technology (0.6%)** | **Health Care Technology (0.6%)** | **Health Care Technology (0.6%)** | **Health Care Technology (0.6%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Veeva Systems Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;470501 | &nbsp;&nbsp;&nbsp;&nbsp; 85636 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Doximity Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;371731 | &nbsp;&nbsp;&nbsp;&nbsp; 9119 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Waystar Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;345813 | &nbsp;&nbsp;&nbsp;&nbsp; 8870 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Teladoc Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;532825 | &nbsp;&nbsp;&nbsp;&nbsp; 2803 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Certara Inc. | &nbsp;&nbsp;&nbsp;&nbsp;361931 | &nbsp;&nbsp;&nbsp;&nbsp; 2562 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Schrodinger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;192621 | &nbsp;&nbsp;&nbsp;&nbsp; 2323 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Phreesia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;180017 | &nbsp;&nbsp;&nbsp;&nbsp; 2220 |
|  | &nbsp;&nbsp;&nbsp;HealthStream Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70648 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Evolent Health Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;284551 | &nbsp;&nbsp;&nbsp;&nbsp; 925 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Simulations Plus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52274 | &nbsp;&nbsp;&nbsp;&nbsp; 639 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GoodRx Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;259964 | &nbsp;&nbsp;&nbsp;&nbsp; 486 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Health Catalyst Inc. | &nbsp;&nbsp;&nbsp;&nbsp;160701 | &nbsp;&nbsp;&nbsp;&nbsp; 260 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Claritev Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17334 | &nbsp;&nbsp;&nbsp;&nbsp; 233 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Definitive Healthcare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;113455 | &nbsp;&nbsp;&nbsp;&nbsp; 145 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **117721** |
| **Life Sciences Tools & Services (8.5%)** | **Life Sciences Tools & Services (8.5%)** | **Life Sciences Tools & Services (8.5%)** | **Life Sciences Tools & Services (8.5%)** |
|  | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc. | 1131347 | &nbsp;&nbsp;&nbsp;&nbsp; 589556 |
|  | &nbsp;&nbsp;&nbsp;Danaher Corp. | 1914347 | &nbsp;&nbsp;&nbsp;&nbsp; 403238 |
|  | &nbsp;&nbsp;&nbsp;Agilent Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;853732 | &nbsp;&nbsp;&nbsp;&nbsp; 103626 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Waters Corp. | &nbsp;&nbsp;&nbsp;&nbsp;296169 | &nbsp;&nbsp;&nbsp;&nbsp; 94590 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IQVIA Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;512892 | &nbsp;&nbsp;&nbsp;&nbsp; 91710 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mettler-Toledo International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61504 | &nbsp;&nbsp;&nbsp;&nbsp; 84057 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Illumina Inc. | &nbsp;&nbsp;&nbsp;&nbsp;460270 | &nbsp;&nbsp;&nbsp;&nbsp; 61888 |
|  | &nbsp;&nbsp;&nbsp;West Pharmaceutical Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;216679 | &nbsp;&nbsp;&nbsp;&nbsp; 55110 |
|  | &nbsp;&nbsp;&nbsp;Revvity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;341686 | &nbsp;&nbsp;&nbsp;&nbsp; 33591 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Medpace Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67698 | &nbsp;&nbsp;&nbsp;&nbsp; 30583 |
|  | &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;469668 | &nbsp;&nbsp;&nbsp;&nbsp; 27710 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Charles River Laboratories International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;148326 | &nbsp;&nbsp;&nbsp;&nbsp; 26475 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Repligen Corp. | &nbsp;&nbsp;&nbsp;&nbsp;160844 | &nbsp;&nbsp;&nbsp;&nbsp; 20706 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Avantor Inc. | 2052178 | &nbsp;&nbsp;&nbsp;&nbsp; 18572 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56127 | &nbsp;&nbsp;&nbsp;&nbsp; 15628 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tempus AI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;279782 | &nbsp;&nbsp;&nbsp;&nbsp; 14898 |
|  | &nbsp;&nbsp;&nbsp;Bruker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;320005 | &nbsp;&nbsp;&nbsp;&nbsp; 12835 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sotera Health Co. | &nbsp;&nbsp;&nbsp;&nbsp;642638 | &nbsp;&nbsp;&nbsp;&nbsp; 10443 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;10X Genomics Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;315273 | &nbsp;&nbsp;&nbsp;&nbsp; 7267 |

---

------

Health Care Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;343681 | &nbsp;&nbsp;&nbsp;&nbsp; 5506 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Azenta Inc. | &nbsp;&nbsp;&nbsp;&nbsp;123714 | &nbsp;&nbsp;&nbsp;&nbsp; 3338 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fortrea Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;278633 | &nbsp;&nbsp;&nbsp;&nbsp; 2987 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BioLife Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;123064 | &nbsp;&nbsp;&nbsp;&nbsp; 2978 |
|  | &nbsp;&nbsp;&nbsp;Mesa Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16578 | &nbsp;&nbsp;&nbsp;&nbsp; 1601 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cytek Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;326812 | &nbsp;&nbsp;&nbsp;&nbsp; 1464 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Personalis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;159822 | &nbsp;&nbsp;&nbsp;&nbsp; 1448 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pacific Biosciences of California Inc. | &nbsp;&nbsp;&nbsp;&nbsp;772607 | &nbsp;&nbsp;&nbsp;&nbsp; 1298 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CryoPort Inc. | &nbsp;&nbsp;&nbsp;&nbsp;143089 | &nbsp;&nbsp;&nbsp;&nbsp; 1205 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Maravai LifeSciences Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;326406 | &nbsp;&nbsp;&nbsp;&nbsp; 1162 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Standard BioTools Inc. | &nbsp;&nbsp;&nbsp;&nbsp;747537 | &nbsp;&nbsp;&nbsp;&nbsp; 845 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Quanterix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;125718 | &nbsp;&nbsp;&nbsp;&nbsp; 824 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ginkgo Bioworks Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104472 | &nbsp;&nbsp;&nbsp;&nbsp; 705 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Quantum-Si Inc. | &nbsp;&nbsp;&nbsp;&nbsp;543959 | &nbsp;&nbsp;&nbsp;&nbsp; 520 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;OmniAb Inc. | &nbsp;&nbsp;&nbsp;&nbsp;259648 | &nbsp;&nbsp;&nbsp;&nbsp; 447 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MaxCyte Inc. | &nbsp;&nbsp;&nbsp;&nbsp;304528 | &nbsp;&nbsp;&nbsp;&nbsp; 247 |
| <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; **1729058** |
| **Other (0.0%)<sup>3</sup>** | **Other (0.0%)<sup>3</sup>** | **Other (0.0%)<sup>3</sup>** | **Other (0.0%)<sup>3</sup>** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Atrium Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32849 | &nbsp;&nbsp;&nbsp;&nbsp; 484 |
| **Pharmaceuticals (32.7%)** | **Pharmaceuticals (32.7%)** | **Pharmaceuticals (32.7%)** | **Pharmaceuticals (32.7%)** |
|  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 2419875 | &nbsp;&nbsp;&nbsp;&nbsp; 2545684 |
|  | &nbsp;&nbsp;&nbsp;Johnson & Johnson | 7155142 | &nbsp;&nbsp;&nbsp;&nbsp; 1777552 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 7474431 | &nbsp;&nbsp;&nbsp;&nbsp; 925484 |
|  | &nbsp;&nbsp;&nbsp;Pfizer Inc. | 17122753 | &nbsp;&nbsp;&nbsp;&nbsp; 473444 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 6130638 | &nbsp;&nbsp;&nbsp;&nbsp; 382368 |
|  | &nbsp;&nbsp;&nbsp;Zoetis Inc. | 1327171 | &nbsp;&nbsp;&nbsp;&nbsp; 173992 |
|  | &nbsp;&nbsp;&nbsp;Viatris Inc. | 3470131 | &nbsp;&nbsp;&nbsp;&nbsp; 51809 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Elanco Animal Health Inc. (XNYS) | 1497161 | &nbsp;&nbsp;&nbsp;&nbsp; 39525 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals plc | &nbsp;&nbsp;&nbsp;&nbsp;164781 | &nbsp;&nbsp;&nbsp;&nbsp; 31312 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axsome Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105148 | &nbsp;&nbsp;&nbsp;&nbsp; 17233 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59204 | &nbsp;&nbsp;&nbsp;&nbsp; 11741 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;269547 | &nbsp;&nbsp;&nbsp;&nbsp; 11078 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Indivior Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;319136 | &nbsp;&nbsp;&nbsp;&nbsp; 10442 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corcept Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;284729 | &nbsp;&nbsp;&nbsp;&nbsp; 10165 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;144574 | &nbsp;&nbsp;&nbsp;&nbsp; 10019 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;172433 | &nbsp;&nbsp;&nbsp;&nbsp; 9437 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96038 | &nbsp;&nbsp;&nbsp;&nbsp; 7253 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Terns Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;170728 | &nbsp;&nbsp;&nbsp;&nbsp; 7191 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;473964 | &nbsp;&nbsp;&nbsp;&nbsp; 6545 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alumis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;194320 | &nbsp;&nbsp;&nbsp;&nbsp; 5769 |
|  | &nbsp;&nbsp;&nbsp;Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp;782010 | &nbsp;&nbsp;&nbsp;&nbsp; 5701 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liquidia Corp. | &nbsp;&nbsp;&nbsp;&nbsp;183136 | &nbsp;&nbsp;&nbsp;&nbsp; 5681 |
|  | &nbsp;&nbsp;&nbsp;Perrigo Co. plc | &nbsp;&nbsp;&nbsp;&nbsp;412875 | &nbsp;&nbsp;&nbsp;&nbsp; 5458 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Harrow Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95247 | &nbsp;&nbsp;&nbsp;&nbsp; 5160 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nektar Therapeutics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72788 | &nbsp;&nbsp;&nbsp;&nbsp; 5021 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Innoviva Inc. | &nbsp;&nbsp;&nbsp;&nbsp;213557 | &nbsp;&nbsp;&nbsp;&nbsp; 4903 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Edgewise Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;158765 | &nbsp;&nbsp;&nbsp;&nbsp; 4833 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;WaVe Life Sciences Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;334197 | &nbsp;&nbsp;&nbsp;&nbsp; 4655 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ocular Therapeutix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;483699 | &nbsp;&nbsp;&nbsp;&nbsp; 4324 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Definium Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;240768 | &nbsp;&nbsp;&nbsp;&nbsp; 4201 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ANI Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54305 | &nbsp;&nbsp;&nbsp;&nbsp; 4013 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94785 | &nbsp;&nbsp;&nbsp;&nbsp; 3950 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nuvation Bio Inc. | &nbsp;&nbsp;&nbsp;&nbsp;667444 | &nbsp;&nbsp;&nbsp;&nbsp; 3945 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EyePoint Inc. | &nbsp;&nbsp;&nbsp;&nbsp;224032 | &nbsp;&nbsp;&nbsp;&nbsp; 3934 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;129197 | &nbsp;&nbsp;&nbsp;&nbsp; 3687 |
|  | &nbsp;&nbsp;&nbsp;Phibro Animal Health Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61579 | &nbsp;&nbsp;&nbsp;&nbsp; 3362 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Xeris Biopharma Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;498986 | &nbsp;&nbsp;&nbsp;&nbsp; 3054 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trevi Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;256138 | &nbsp;&nbsp;&nbsp;&nbsp; 3053 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amylyx Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;198161 | &nbsp;&nbsp;&nbsp;&nbsp; 3006 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enliven Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98572 | &nbsp;&nbsp;&nbsp;&nbsp; 2927 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Tilray Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;350336 | &nbsp;&nbsp;&nbsp;&nbsp; 2757 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pacira BioSciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;122879 | &nbsp;&nbsp;&nbsp;&nbsp; 2692 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Omeros Corp. | &nbsp;&nbsp;&nbsp;&nbsp;213181 | &nbsp;&nbsp;&nbsp;&nbsp; 2569 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rapport Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86011 | &nbsp;&nbsp;&nbsp;&nbsp; 2497 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Esperion Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;719079 | &nbsp;&nbsp;&nbsp;&nbsp; 2409 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ventyx Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;171667 | &nbsp;&nbsp;&nbsp;&nbsp; 2398 |

---

------

Health Care Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;109942 | &nbsp;&nbsp;&nbsp;&nbsp; 2224 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MBX Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67179 | &nbsp;&nbsp;&nbsp;&nbsp; 2187 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arvinas Inc. | &nbsp;&nbsp;&nbsp;&nbsp;164128 | &nbsp;&nbsp;&nbsp;&nbsp; 2178 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Theravance Biopharma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;114278 | &nbsp;&nbsp;&nbsp;&nbsp; 2086 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Phathom Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;140764 | &nbsp;&nbsp;&nbsp;&nbsp; 1768 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;CorMedix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;222764 | &nbsp;&nbsp;&nbsp;&nbsp; 1588 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Septerna Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33480 | &nbsp;&nbsp;&nbsp;&nbsp; 972 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fulcrum Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113751 | &nbsp;&nbsp;&nbsp;&nbsp; 953 |
|  | &nbsp;&nbsp;&nbsp;SIGA Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130376 | &nbsp;&nbsp;&nbsp;&nbsp; 843 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lexicon Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;548799 | &nbsp;&nbsp;&nbsp;&nbsp; 807 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Atea Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;155056 | &nbsp;&nbsp;&nbsp;&nbsp; 726 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Neumora Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;185551 | &nbsp;&nbsp;&nbsp;&nbsp; 648 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Evolus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;144566 | &nbsp;&nbsp;&nbsp;&nbsp; 622 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LENZ Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35168 | &nbsp;&nbsp;&nbsp;&nbsp; 474 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cassava Sciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133221 | &nbsp;&nbsp;&nbsp;&nbsp; 304 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pliant Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;154404 | &nbsp;&nbsp;&nbsp;&nbsp; 201 |
| <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; **6626814** |
| **Total Common Stocks (Cost $15,387,452)** | **Total Common Stocks (Cost $15,387,452)** | **Total Common Stocks (Cost $15,387,452)** | &nbsp;&nbsp;&nbsp;&nbsp;**20216806** |
| **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>4,5</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 3.693% **(Cost $40,199)** | &nbsp;&nbsp;&nbsp;&nbsp;402117 | &nbsp;&nbsp;&nbsp;&nbsp; **40208** |
| **Total Investments (100.0%) (Cost $15,427,651)** | **Total Investments (100.0%) (Cost $15,427,651)** | **Total Investments (100.0%) (Cost $15,427,651)** | &nbsp;&nbsp;&nbsp;&nbsp;**20257014** |
| **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;**(4676)** |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;**20252338** |
| 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 $26,048. |
| 2 | Security value determined using significant unobservable inputs. |
| 3 | "Other" represents securities that are not classified by the fund's benchmark index. |
| 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 $27,822 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) |
| Elevance Health Inc. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;3715 | &nbsp;&nbsp;&nbsp;(4.380) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(118) |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;2/1/2027 | &nbsp;&nbsp;&nbsp;GSI | &nbsp;&nbsp;&nbsp;24333 | &nbsp;&nbsp;&nbsp;(3.630) | &nbsp;&nbsp;&nbsp;618 | &nbsp;&nbsp;&nbsp;— |
| Moderna Inc. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;7449 | &nbsp;&nbsp;&nbsp;(3.630) | &nbsp;&nbsp;&nbsp;318 | &nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;936 | &nbsp;&nbsp;&nbsp;(118) |

---

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 February 28, 2026, the counterparties had deposited in segregated accounts securities with a value of $431 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 February 28, 2026

---

| | |
|:---|:---|
| ($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 $15,387,452) | 20216806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $40,199) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40208 |
| Total Investments in Securities | 20257014 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63208 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27481 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936 |
| **Total Assets** | **20350663** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68559 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27822 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641 |
| Unrealized Depreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**98325** |
| **Net Assets** | **20252338** |
| 1 Includes $26,048 of securities on loan. |  |
| **At February 28, 2026, net assets consisted of:** |  |
| Paid-in Capital | 16146434 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;4105904 |
| **Net Assets** | **20252338** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 59,747,167 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **17660680** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$295.59** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 17,527,425 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**2591658** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$147.86** |

---

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

------

Health Care Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> February 28, 2026 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends | &nbsp;&nbsp;&nbsp;137762 |
| Interest<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11209 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 |
| Total Income | &nbsp;&nbsp;&nbsp;149529 |
| **Expenses** |  |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 |
| &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;29 |
| Shareholders' Reports and Proxy Fees—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3367 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 |
| 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;10 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8574 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;**140955** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;362432 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;100323 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;**462755** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | 2363132 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 |
| **Change in Unrealized Appreciation (Depreciation)** | **2363852** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **2967562** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $11,190, $61, and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 2 | Includes $462,993 of net gain (loss) resulting from in-kind redemptions. |

---

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

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Health Care Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> February 28,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286456 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808149 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;2363852 | &nbsp;&nbsp;&nbsp;&nbsp;(3314917) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;2967562 | &nbsp;&nbsp;&nbsp;&nbsp;(2220312) |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;(164408) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(254457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40445) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(188943) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(294902) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57071 | &nbsp;&nbsp;&nbsp;&nbsp;(1660795) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(141146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(346733) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84075) | &nbsp;&nbsp;&nbsp;&nbsp;(2007528) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;2694544 | &nbsp;&nbsp;&nbsp;&nbsp;(4522742) |
| **Net Assets** |  |  |
| **Beginning of Period** | **17557794** | &nbsp;&nbsp;&nbsp;**22080536** |
| **End of Period** | **20252338** | &nbsp;&nbsp;&nbsp;**17557794** |

---

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 | Six Months<br> Ended<br> February 28,<br> 2026 | &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 | Six Months<br> Ended<br> February 28,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$255.04** | &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;2.048 | &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;41.244 | &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;43.292 | &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;(2.742) | &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;(2.742) | &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** | **$295.59** | &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** | **17.07%** | &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) | $17661 | &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 | 0.09% | &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 | 1.48% | &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> | 4% | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;5% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 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 | Six Months<br> Ended<br> February 28,<br> 2026 | &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 | Six Months<br> Ended<br> February 28,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$127.58** | &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;1.024 | &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;20.627 | &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;21.651 | &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;(1.371) | &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;(1.371) | &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** | **$147.86** | &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>** | **17.07%** | &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) | $2592 | &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 | 0.09% | &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 | 1.48% | &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> | 4% | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;5% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 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 six months ended February 28, 2026, 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 six months ended February 28, 2026, 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.** Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Portfolio Management, LLC.

**C.** 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 February 28, 2026, the fund had contributed to Vanguard capital in the amount of $458,000, representing less than 0.01% of the fund's net assets and 0.18% 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 February 28, 2026, 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 | 20216806 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;20216806 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40208 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40208 |
| Total | 20257014 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;20257014 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;936 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;936 |
| Liabilities |  |  |  |  |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;(118) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(118) |

---

------

Health Care Index Fund

**E.** As of February 28, 2026, 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;15496860 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;6523533 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(1763379) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;4760154 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at August 31, 2025, the fund had available capital losses totaling $1,122,838,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending August 31, 2026; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**F.** During the six months ended February 28, 2026, the fund purchased $1,339,948,000 of investment securities and sold $771,368,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $943,958,000 and $943,436,000, 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 six months ended February 28, 2026, such purchases were $568,000 and sales were $223,000, resulting in net realized loss of $256,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

**G.** Capital share transactions for each class of shares were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> February 28, 2026 | Six Months Ended<br> February 28, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;996796 | &nbsp;&nbsp;&nbsp;&nbsp;3593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720164 | &nbsp;&nbsp;&nbsp;&nbsp;2848 |
| 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;— |
| Redeemed | (939725) | &nbsp;&nbsp;(3400) | &nbsp;&nbsp;(2380959) | &nbsp;&nbsp;(9275) |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;57071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;(1660795) | &nbsp;&nbsp;(6427) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;153923 | &nbsp;&nbsp;&nbsp;&nbsp;1103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346347 | &nbsp;&nbsp;&nbsp;&nbsp;2650 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;20554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 |
| Redeemed | (315623) | &nbsp;&nbsp;(2300) | &nbsp;&nbsp;&nbsp;&nbsp;(727299) | &nbsp;&nbsp;(5624) |
| Net Increase (Decrease)—Admiral Shares | (141146) | &nbsp;&nbsp;(1046) | &nbsp;&nbsp;&nbsp;&nbsp;(346733) | &nbsp;&nbsp;(2713) |

---

**H.** 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.

**I.** 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.

------

Health Care Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;J.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.

Q54852 042026

------

![](tm268191d7finsindfundi001.jpg)

#### Financial Statements

#### For the six-months ended February 28, 2026

#### Vanguard Financials Index Fund

------

#### Contents
Financial Statements 1 <br>

------

Financials Index Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of February 28, 2026

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 (96.6%)** | **Common Stocks (96.6%)** | **Common Stocks (96.6%)** | **Common Stocks (96.6%)** |
| **Banks (28.7%)** | **Banks (28.7%)** | **Banks (28.7%)** | **Banks (28.7%)** |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. (XYNS) | 4291768 | &nbsp;&nbsp;&nbsp;&nbsp; 1288818 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. (XNYS) | 10970575 | &nbsp;&nbsp;&nbsp;&nbsp; 546664 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 5277896 | &nbsp;&nbsp;&nbsp;&nbsp; 429885 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. (XNYS) | 2831039 | &nbsp;&nbsp;&nbsp;&nbsp; 311952 |
|  | &nbsp;&nbsp;&nbsp;US Bancorp | 2613293 | &nbsp;&nbsp;&nbsp;&nbsp; 142843 |
|  | &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;655707 | &nbsp;&nbsp;&nbsp;&nbsp; 139239 |
|  | &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 2149955 | &nbsp;&nbsp;&nbsp;&nbsp; 106014 |
|  | &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 1511908 | &nbsp;&nbsp;&nbsp;&nbsp; 74794 |
|  | &nbsp;&nbsp;&nbsp;Huntington Bancshares Inc. | 3407730 | &nbsp;&nbsp;&nbsp;&nbsp; 57250 |
|  | &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;258732 | &nbsp;&nbsp;&nbsp;&nbsp; 56140 |
|  | &nbsp;&nbsp;&nbsp;Citizens Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;722493 | &nbsp;&nbsp;&nbsp;&nbsp; 43487 |
|  | &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 1472495 | &nbsp;&nbsp;&nbsp;&nbsp; 40980 |
|  | &nbsp;&nbsp;&nbsp;KeyCorp. | 1549859 | &nbsp;&nbsp;&nbsp;&nbsp; 32144 |
|  | &nbsp;&nbsp;&nbsp;First Citizens BancShares Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14419 | &nbsp;&nbsp;&nbsp;&nbsp; 27369 |
|  | &nbsp;&nbsp;&nbsp;East West Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;231370 | &nbsp;&nbsp;&nbsp;&nbsp; 25323 |
|  | &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;254254 | &nbsp;&nbsp;&nbsp;&nbsp; 23076 |
|  | &nbsp;&nbsp;&nbsp;First Horizon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;829321 | &nbsp;&nbsp;&nbsp;&nbsp; 19730 |
|  | &nbsp;&nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;271395 | &nbsp;&nbsp;&nbsp;&nbsp; 19576 |
|  | &nbsp;&nbsp;&nbsp;Southstate Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;169019 | &nbsp;&nbsp;&nbsp;&nbsp; 16677 |
|  | &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;112746 | &nbsp;&nbsp;&nbsp;&nbsp; 16242 |
|  | &nbsp;&nbsp;&nbsp;Popular Inc. | &nbsp;&nbsp;&nbsp;&nbsp;111870 | &nbsp;&nbsp;&nbsp;&nbsp; 15143 |
|  | &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;127900 | &nbsp;&nbsp;&nbsp;&nbsp; 14821 |
|  | &nbsp;&nbsp;&nbsp;Columbia Banking System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;504004 | &nbsp;&nbsp;&nbsp;&nbsp; 14339 |
|  | &nbsp;&nbsp;&nbsp;Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;248787 | &nbsp;&nbsp;&nbsp;&nbsp; 14251 |
|  | &nbsp;&nbsp;&nbsp;Cullen / Frost Bankers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102073 | &nbsp;&nbsp;&nbsp;&nbsp; 14109 |
|  | &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;175064 | &nbsp;&nbsp;&nbsp;&nbsp; 14061 |
|  | &nbsp;&nbsp;&nbsp;Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;594470 | &nbsp;&nbsp;&nbsp;&nbsp; 13732 |
|  | &nbsp;&nbsp;&nbsp;Prosperity Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;164089 | &nbsp;&nbsp;&nbsp;&nbsp; 11547 |
|  | &nbsp;&nbsp;&nbsp;Commerce Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;224862 | &nbsp;&nbsp;&nbsp;&nbsp; 11466 |
|  | &nbsp;&nbsp;&nbsp;Valley National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;841112 | &nbsp;&nbsp;&nbsp;&nbsp; 10606 |
|  | &nbsp;&nbsp;&nbsp;FNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;599644 | &nbsp;&nbsp;&nbsp;&nbsp; 10188 |
|  | &nbsp;&nbsp;&nbsp;Glacier Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;219800 | &nbsp;&nbsp;&nbsp;&nbsp; 9999 |
|  | &nbsp;&nbsp;&nbsp;United Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;236515 | &nbsp;&nbsp;&nbsp;&nbsp; 9768 |
|  | &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;141543 | &nbsp;&nbsp;&nbsp;&nbsp; 9315 |
|  | &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;241574 | &nbsp;&nbsp;&nbsp;&nbsp; 8953 |
|  | &nbsp;&nbsp;&nbsp;Home BancShares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;312609 | &nbsp;&nbsp;&nbsp;&nbsp; 8584 |
|  | &nbsp;&nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;108830 | &nbsp;&nbsp;&nbsp;&nbsp; 8452 |
|  | &nbsp;&nbsp;&nbsp;Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;179434 | &nbsp;&nbsp;&nbsp;&nbsp; 8354 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axos Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91285 | &nbsp;&nbsp;&nbsp;&nbsp; 7925 |
|  | &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;282073 | &nbsp;&nbsp;&nbsp;&nbsp; 7450 |
|  | &nbsp;&nbsp;&nbsp;Eastern Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;360001 | &nbsp;&nbsp;&nbsp;&nbsp; 7042 |
|  | &nbsp;&nbsp;&nbsp;ServisFirst Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86687 | &nbsp;&nbsp;&nbsp;&nbsp; 7023 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Texas Capital Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73469 | &nbsp;&nbsp;&nbsp;&nbsp; 7002 |
|  | &nbsp;&nbsp;&nbsp;United Community Banks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;207105 | &nbsp;&nbsp;&nbsp;&nbsp; 6663 |
|  | &nbsp;&nbsp;&nbsp;Flagstar Bank NA | &nbsp;&nbsp;&nbsp;&nbsp;520576 | &nbsp;&nbsp;&nbsp;&nbsp; 6606 |
|  | &nbsp;&nbsp;&nbsp;Independent Bank Corp. (XNGS) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83392 | &nbsp;&nbsp;&nbsp;&nbsp; 6510 |
|  | &nbsp;&nbsp;&nbsp;First Financial Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;207506 | &nbsp;&nbsp;&nbsp;&nbsp; 6418 |
|  | &nbsp;&nbsp;&nbsp;International Bancshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95461 | &nbsp;&nbsp;&nbsp;&nbsp; 6406 |
|  | &nbsp;&nbsp;&nbsp;Fulton Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;304253 | &nbsp;&nbsp;&nbsp;&nbsp; 6222 |
|  | &nbsp;&nbsp;&nbsp;Renasant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;158752 | &nbsp;&nbsp;&nbsp;&nbsp; 5977 |
|  | &nbsp;&nbsp;&nbsp;BankUnited Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125472 | &nbsp;&nbsp;&nbsp;&nbsp; 5860 |
|  | &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91386 | &nbsp;&nbsp;&nbsp;&nbsp; 5804 |
|  | &nbsp;&nbsp;&nbsp;WesBanco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;164030 | &nbsp;&nbsp;&nbsp;&nbsp; 5720 |
|  | &nbsp;&nbsp;&nbsp;First BanCorp (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;268074 | &nbsp;&nbsp;&nbsp;&nbsp; 5664 |
|  | &nbsp;&nbsp;&nbsp;Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;109563 | &nbsp;&nbsp;&nbsp;&nbsp; 5446 |
|  | &nbsp;&nbsp;&nbsp;Community Financial System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88331 | &nbsp;&nbsp;&nbsp;&nbsp; 5348 |
|  | &nbsp;&nbsp;&nbsp;Nicolet Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33971 | &nbsp;&nbsp;&nbsp;&nbsp; 5189 |
|  | &nbsp;&nbsp;&nbsp;First Hawaiian Inc. | &nbsp;&nbsp;&nbsp;&nbsp;208274 | &nbsp;&nbsp;&nbsp;&nbsp; 5157 |
|  | &nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | &nbsp;&nbsp;&nbsp;&nbsp;165696 | &nbsp;&nbsp;&nbsp;&nbsp; 5156 |
|  | &nbsp;&nbsp;&nbsp;First Interstate BancSystem Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;148957 | &nbsp;&nbsp;&nbsp;&nbsp; 5155 |

---

------

Financials Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66421 | &nbsp;&nbsp;&nbsp;&nbsp; 5033 |
|  | &nbsp;&nbsp;&nbsp;Towne Bank | &nbsp;&nbsp;&nbsp;&nbsp;146213 | &nbsp;&nbsp;&nbsp;&nbsp; 5009 |
|  | &nbsp;&nbsp;&nbsp;First Financial Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;174653 | &nbsp;&nbsp;&nbsp;&nbsp; 4903 |
|  | &nbsp;&nbsp;&nbsp;Simmons First National Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;241843 | &nbsp;&nbsp;&nbsp;&nbsp; 4815 |
|  | &nbsp;&nbsp;&nbsp;BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37207 | &nbsp;&nbsp;&nbsp;&nbsp; 4678 |
|  | &nbsp;&nbsp;&nbsp;Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27958 | &nbsp;&nbsp;&nbsp;&nbsp; 4600 |
|  | &nbsp;&nbsp;&nbsp;Provident Financial Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;207132 | &nbsp;&nbsp;&nbsp;&nbsp; 4358 |
|  | &nbsp;&nbsp;&nbsp;CVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;218435 | &nbsp;&nbsp;&nbsp;&nbsp; 4201 |
|  | &nbsp;&nbsp;&nbsp;Beacon Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;140578 | &nbsp;&nbsp;&nbsp;&nbsp; 4181 |
|  | &nbsp;&nbsp;&nbsp;First Merchants Corp. | &nbsp;&nbsp;&nbsp;&nbsp;104975 | &nbsp;&nbsp;&nbsp;&nbsp; 4102 |
|  | &nbsp;&nbsp;&nbsp;Trustmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95764 | &nbsp;&nbsp;&nbsp;&nbsp; 4079 |
|  | &nbsp;&nbsp;&nbsp;Banc of California Inc. | &nbsp;&nbsp;&nbsp;&nbsp;217130 | &nbsp;&nbsp;&nbsp;&nbsp; 4010 |
|  | &nbsp;&nbsp;&nbsp;BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36142 | &nbsp;&nbsp;&nbsp;&nbsp; 3976 |
|  | &nbsp;&nbsp;&nbsp;WaFd Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127186 | &nbsp;&nbsp;&nbsp;&nbsp; 3963 |
|  | &nbsp;&nbsp;&nbsp;First Bancorp / Southern Pines NC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69281 | &nbsp;&nbsp;&nbsp;&nbsp; 3934 |
|  | &nbsp;&nbsp;&nbsp;FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71354 | &nbsp;&nbsp;&nbsp;&nbsp; 3902 |
|  | &nbsp;&nbsp;&nbsp;First Busey Corp. | &nbsp;&nbsp;&nbsp;&nbsp;148731 | &nbsp;&nbsp;&nbsp;&nbsp; 3772 |
|  | &nbsp;&nbsp;&nbsp;NBT Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87484 | &nbsp;&nbsp;&nbsp;&nbsp; 3737 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70272 | &nbsp;&nbsp;&nbsp;&nbsp; 3689 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Customers Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54122 | &nbsp;&nbsp;&nbsp;&nbsp; 3650 |
|  | &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61659 | &nbsp;&nbsp;&nbsp;&nbsp; 3521 |
|  | &nbsp;&nbsp;&nbsp;Pathward Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37965 | &nbsp;&nbsp;&nbsp;&nbsp; 3447 |
|  | &nbsp;&nbsp;&nbsp;Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57725 | &nbsp;&nbsp;&nbsp;&nbsp; 3397 |
|  | &nbsp;&nbsp;&nbsp;Stellar Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81538 | &nbsp;&nbsp;&nbsp;&nbsp; 3071 |
|  | &nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;174411 | &nbsp;&nbsp;&nbsp;&nbsp; 3057 |
|  | &nbsp;&nbsp;&nbsp;Northwest Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;243889 | &nbsp;&nbsp;&nbsp;&nbsp; 3036 |
|  | &nbsp;&nbsp;&nbsp;Stock Yards Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46751 | &nbsp;&nbsp;&nbsp;&nbsp; 2999 |
|  | &nbsp;&nbsp;&nbsp;OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74381 | &nbsp;&nbsp;&nbsp;&nbsp; 2981 |
|  | &nbsp;&nbsp;&nbsp;Hilltop Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78997 | &nbsp;&nbsp;&nbsp;&nbsp; 2957 |
|  | &nbsp;&nbsp;&nbsp;City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24236 | &nbsp;&nbsp;&nbsp;&nbsp; 2908 |
|  | &nbsp;&nbsp;&nbsp;S&T Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64025 | &nbsp;&nbsp;&nbsp;&nbsp; 2677 |
|  | &nbsp;&nbsp;&nbsp;German American Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62493 | &nbsp;&nbsp;&nbsp;&nbsp; 2583 |
|  | &nbsp;&nbsp;&nbsp;National Bank Holdings Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63228 | &nbsp;&nbsp;&nbsp;&nbsp; 2528 |
|  | &nbsp;&nbsp;&nbsp;Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42693 | &nbsp;&nbsp;&nbsp;&nbsp; 2480 |
|  | &nbsp;&nbsp;&nbsp;TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51534 | &nbsp;&nbsp;&nbsp;&nbsp; 2462 |
|  | &nbsp;&nbsp;&nbsp;QCR Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28229 | &nbsp;&nbsp;&nbsp;&nbsp; 2442 |
|  | &nbsp;&nbsp;&nbsp;Hope Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;203709 | &nbsp;&nbsp;&nbsp;&nbsp; 2294 |
|  | &nbsp;&nbsp;&nbsp;Dime Community Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69535 | &nbsp;&nbsp;&nbsp;&nbsp; 2249 |
|  | &nbsp;&nbsp;&nbsp;Live Oak Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61205 | &nbsp;&nbsp;&nbsp;&nbsp; 2220 |
|  | &nbsp;&nbsp;&nbsp;ConnectOne Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79612 | &nbsp;&nbsp;&nbsp;&nbsp; 2112 |
|  | &nbsp;&nbsp;&nbsp;Bank First Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15611 | &nbsp;&nbsp;&nbsp;&nbsp; 2102 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Triumph Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37571 | &nbsp;&nbsp;&nbsp;&nbsp; 2099 |
|  | &nbsp;&nbsp;&nbsp;Origin Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49460 | &nbsp;&nbsp;&nbsp;&nbsp; 2058 |
|  | &nbsp;&nbsp;&nbsp;1st Source Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30671 | &nbsp;&nbsp;&nbsp;&nbsp; 2055 |
|  | &nbsp;&nbsp;&nbsp;Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40333 | &nbsp;&nbsp;&nbsp;&nbsp; 2043 |
|  | &nbsp;&nbsp;&nbsp;Peoples Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59684 | &nbsp;&nbsp;&nbsp;&nbsp; 1926 |
|  | &nbsp;&nbsp;&nbsp;Byline Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57313 | &nbsp;&nbsp;&nbsp;&nbsp; 1788 |
|  | &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95596 | &nbsp;&nbsp;&nbsp;&nbsp; 1726 |
|  | &nbsp;&nbsp;&nbsp;Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19678 | &nbsp;&nbsp;&nbsp;&nbsp; 1726 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coastal Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22719 | &nbsp;&nbsp;&nbsp;&nbsp; 1686 |
|  | &nbsp;&nbsp;&nbsp;Community Trust Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27280 | &nbsp;&nbsp;&nbsp;&nbsp; 1638 |
|  | &nbsp;&nbsp;&nbsp;Old Second Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83256 | &nbsp;&nbsp;&nbsp;&nbsp; 1634 |
|  | &nbsp;&nbsp;&nbsp;Univest Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48147 | &nbsp;&nbsp;&nbsp;&nbsp; 1615 |
|  | &nbsp;&nbsp;&nbsp;Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20447 | &nbsp;&nbsp;&nbsp;&nbsp; 1569 |
|  | &nbsp;&nbsp;&nbsp;Capitol Federal Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;210259 | &nbsp;&nbsp;&nbsp;&nbsp; 1510 |
|  | &nbsp;&nbsp;&nbsp;Heritage Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56871 | &nbsp;&nbsp;&nbsp;&nbsp; 1502 |
|  | &nbsp;&nbsp;&nbsp;Southside Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47674 | &nbsp;&nbsp;&nbsp;&nbsp; 1493 |
|  | &nbsp;&nbsp;&nbsp;First Mid Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35911 | &nbsp;&nbsp;&nbsp;&nbsp; 1473 |
|  | &nbsp;&nbsp;&nbsp;Burke & Herbert Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22636 | &nbsp;&nbsp;&nbsp;&nbsp; 1459 |
|  | &nbsp;&nbsp;&nbsp;Horizon Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85330 | &nbsp;&nbsp;&nbsp;&nbsp; 1437 |
|  | &nbsp;&nbsp;&nbsp;Northeast Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12805 | &nbsp;&nbsp;&nbsp;&nbsp; 1420 |
|  | &nbsp;&nbsp;&nbsp;NB Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65145 | &nbsp;&nbsp;&nbsp;&nbsp; 1390 |
|  | &nbsp;&nbsp;&nbsp;Amerant Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64574 | &nbsp;&nbsp;&nbsp;&nbsp; 1379 |
|  | &nbsp;&nbsp;&nbsp;TrustCo Bank Corp. NY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31553 | &nbsp;&nbsp;&nbsp;&nbsp; 1368 |
|  | &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42745 | &nbsp;&nbsp;&nbsp;&nbsp; 1361 |
|  | &nbsp;&nbsp;&nbsp;Business First Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49236 | &nbsp;&nbsp;&nbsp;&nbsp; 1344 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15857 | &nbsp;&nbsp;&nbsp;&nbsp; 1334 |
|  | &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25759 | &nbsp;&nbsp;&nbsp;&nbsp; 1331 |
|  | &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50326 | &nbsp;&nbsp;&nbsp;&nbsp; 1314 |
|  | &nbsp;&nbsp;&nbsp;CNB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46681 | &nbsp;&nbsp;&nbsp;&nbsp; 1308 |

---

------

Financials Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Camden National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28307 | &nbsp;&nbsp;&nbsp;&nbsp; 1307 |
|  | &nbsp;&nbsp;&nbsp;Eagle Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50678 | &nbsp;&nbsp;&nbsp;&nbsp; 1290 |
|  | &nbsp;&nbsp;&nbsp;First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19773 | &nbsp;&nbsp;&nbsp;&nbsp; 1253 |
|  | &nbsp;&nbsp;&nbsp;Esquire Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12096 | &nbsp;&nbsp;&nbsp;&nbsp; 1221 |
|  | &nbsp;&nbsp;&nbsp;Heritage Commerce Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97333 | &nbsp;&nbsp;&nbsp;&nbsp; 1210 |
|  | &nbsp;&nbsp;&nbsp;Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34645 | &nbsp;&nbsp;&nbsp;&nbsp; 1204 |
|  | &nbsp;&nbsp;&nbsp;Farmers National Banc Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92989 | &nbsp;&nbsp;&nbsp;&nbsp; 1202 |
|  | &nbsp;&nbsp;&nbsp;HomeTrust Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27731 | &nbsp;&nbsp;&nbsp;&nbsp; 1169 |
|  | &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30137 | &nbsp;&nbsp;&nbsp;&nbsp; 1160 |
|  | &nbsp;&nbsp;&nbsp;Equity Bancshares Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25575 | &nbsp;&nbsp;&nbsp;&nbsp; 1148 |
|  | &nbsp;&nbsp;&nbsp;Orrstown Financial Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30863 | &nbsp;&nbsp;&nbsp;&nbsp; 1109 |
|  | &nbsp;&nbsp;&nbsp;Washington Trust Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31952 | &nbsp;&nbsp;&nbsp;&nbsp; 1076 |
|  | &nbsp;&nbsp;&nbsp;First Community Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27481 | &nbsp;&nbsp;&nbsp;&nbsp; 1075 |
|  | &nbsp;&nbsp;&nbsp;Mid Penn Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32833 | &nbsp;&nbsp;&nbsp;&nbsp; 1056 |
|  | &nbsp;&nbsp;&nbsp;Five Star Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26772 | &nbsp;&nbsp;&nbsp;&nbsp; 1042 |
|  | &nbsp;&nbsp;&nbsp;Financial Institutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31882 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
|  | &nbsp;&nbsp;&nbsp;Southern Missouri Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16046 | &nbsp;&nbsp;&nbsp;&nbsp; 993 |
|  | &nbsp;&nbsp;&nbsp;SmartFinancial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24177 | &nbsp;&nbsp;&nbsp;&nbsp; 948 |
|  | &nbsp;&nbsp;&nbsp;Shore Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50191 | &nbsp;&nbsp;&nbsp;&nbsp; 933 |
|  | &nbsp;&nbsp;&nbsp;Arrow Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27598 | &nbsp;&nbsp;&nbsp;&nbsp; 919 |
|  | &nbsp;&nbsp;&nbsp;South Plains Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21806 | &nbsp;&nbsp;&nbsp;&nbsp; 893 |
|  | &nbsp;&nbsp;&nbsp;Great Southern Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14152 | &nbsp;&nbsp;&nbsp;&nbsp; 871 |
|  | &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25024 | &nbsp;&nbsp;&nbsp;&nbsp; 838 |
|  | &nbsp;&nbsp;&nbsp;Northfield Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62769 | &nbsp;&nbsp;&nbsp;&nbsp; 837 |
|  | &nbsp;&nbsp;&nbsp;Hingham Institution for Savings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2936 | &nbsp;&nbsp;&nbsp;&nbsp; 820 |
|  | &nbsp;&nbsp;&nbsp;Bar Harbor Bankshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25071 | &nbsp;&nbsp;&nbsp;&nbsp; 809 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Carter Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37819 | &nbsp;&nbsp;&nbsp;&nbsp; 788 |
|  | &nbsp;&nbsp;&nbsp;Flushing Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50651 | &nbsp;&nbsp;&nbsp;&nbsp; 782 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Firstsun Capital Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20959 | &nbsp;&nbsp;&nbsp;&nbsp; 764 |
|  | &nbsp;&nbsp;&nbsp;Midland States Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34112 | &nbsp;&nbsp;&nbsp;&nbsp; 755 |
|  | &nbsp;&nbsp;&nbsp;Kearny Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97250 | &nbsp;&nbsp;&nbsp;&nbsp; 744 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;First Foundation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;124189 | &nbsp;&nbsp;&nbsp;&nbsp; 729 |
|  | &nbsp;&nbsp;&nbsp;Home Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11778 | &nbsp;&nbsp;&nbsp;&nbsp; 696 |
|  | &nbsp;&nbsp;&nbsp;Bank of Marin Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25707 | &nbsp;&nbsp;&nbsp;&nbsp; 640 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bridgewater Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34704 | &nbsp;&nbsp;&nbsp;&nbsp; 634 |
|  | &nbsp;&nbsp;&nbsp;RBB Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27305 | &nbsp;&nbsp;&nbsp;&nbsp; 587 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3984237** |
| **Capital Markets (24.9%)** | **Capital Markets (24.9%)** | **Capital Markets (24.9%)** | **Capital Markets (24.9%)** |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. (XYNS) | &nbsp;&nbsp;&nbsp;&nbsp;479561 | &nbsp;&nbsp;&nbsp;&nbsp; 412216 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 1996199 | &nbsp;&nbsp;&nbsp;&nbsp; 332387 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 2838464 | &nbsp;&nbsp;&nbsp;&nbsp; 270222 |
|  | &nbsp;&nbsp;&nbsp;Blackrock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;247830 | &nbsp;&nbsp;&nbsp;&nbsp; 263500 |
|  | &nbsp;&nbsp;&nbsp;S&P Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;521174 | &nbsp;&nbsp;&nbsp;&nbsp; 230296 |
|  | &nbsp;&nbsp;&nbsp;CME Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;606407 | &nbsp;&nbsp;&nbsp;&nbsp; 193747 |
|  | &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | &nbsp;&nbsp;&nbsp;&nbsp;958828 | &nbsp;&nbsp;&nbsp;&nbsp; 157372 |
|  | &nbsp;&nbsp;&nbsp;Blackstone Inc. | 1241608 | &nbsp;&nbsp;&nbsp;&nbsp; 140761 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 1157304 | &nbsp;&nbsp;&nbsp;&nbsp; 137835 |
|  | &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;269966 | &nbsp;&nbsp;&nbsp;&nbsp; 128933 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Robinhood Markets Inc. Class A | 1260719 | &nbsp;&nbsp;&nbsp;&nbsp; 95626 |
|  | &nbsp;&nbsp;&nbsp;KKR & Co. Inc. | 1049085 | &nbsp;&nbsp;&nbsp;&nbsp; 91984 |
|  | &nbsp;&nbsp;&nbsp;Ameriprise Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;156212 | &nbsp;&nbsp;&nbsp;&nbsp; 73438 |
|  | &nbsp;&nbsp;&nbsp;MSCI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;126355 | &nbsp;&nbsp;&nbsp;&nbsp; 72254 |
|  | &nbsp;&nbsp;&nbsp;Nasdaq Inc. | &nbsp;&nbsp;&nbsp;&nbsp;768214 | &nbsp;&nbsp;&nbsp;&nbsp; 67280 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coinbase Global Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;365358 | &nbsp;&nbsp;&nbsp;&nbsp; 64248 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;469756 | &nbsp;&nbsp;&nbsp;&nbsp; 60420 |
|  | &nbsp;&nbsp;&nbsp;Interactive Brokers Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;748997 | &nbsp;&nbsp;&nbsp;&nbsp; 53321 |
|  | &nbsp;&nbsp;&nbsp;Cboe Global Markets Inc. | &nbsp;&nbsp;&nbsp;&nbsp;176068 | &nbsp;&nbsp;&nbsp;&nbsp; 52771 |
|  | &nbsp;&nbsp;&nbsp;Raymond James Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;315387 | &nbsp;&nbsp;&nbsp;&nbsp; 48279 |
|  | &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;318103 | &nbsp;&nbsp;&nbsp;&nbsp; 45517 |
|  | &nbsp;&nbsp;&nbsp;Ares Management Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;364629 | &nbsp;&nbsp;&nbsp;&nbsp; 40842 |
|  | &nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134598 | &nbsp;&nbsp;&nbsp;&nbsp; 40431 |
|  | &nbsp;&nbsp;&nbsp;T Rowe Price Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;366900 | &nbsp;&nbsp;&nbsp;&nbsp; 34720 |
|  | &nbsp;&nbsp;&nbsp;Tradeweb Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;195986 | &nbsp;&nbsp;&nbsp;&nbsp; 24156 |
|  | &nbsp;&nbsp;&nbsp;Carlyle Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;395309 | &nbsp;&nbsp;&nbsp;&nbsp; 20552 |
|  | &nbsp;&nbsp;&nbsp;Evercore Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65035 | &nbsp;&nbsp;&nbsp;&nbsp; 20085 |
|  | &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;257666 | &nbsp;&nbsp;&nbsp;&nbsp; 19080 |
|  | &nbsp;&nbsp;&nbsp;Invesco Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;601082 | &nbsp;&nbsp;&nbsp;&nbsp; 15784 |
|  | &nbsp;&nbsp;&nbsp;Houlihan Lokey Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91665 | &nbsp;&nbsp;&nbsp;&nbsp; 15012 |
|  | &nbsp;&nbsp;&nbsp;Affiliated Managers Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47443 | &nbsp;&nbsp;&nbsp;&nbsp; 14526 |

---

------

Financials Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;175407 | &nbsp;&nbsp;&nbsp;&nbsp; 14264 |
|  | &nbsp;&nbsp;&nbsp;FactSet Research Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62419 | &nbsp;&nbsp;&nbsp;&nbsp; 13533 |
|  | &nbsp;&nbsp;&nbsp;Franklin Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;482388 | &nbsp;&nbsp;&nbsp;&nbsp; 12803 |
|  | &nbsp;&nbsp;&nbsp;MarketAxess Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62383 | &nbsp;&nbsp;&nbsp;&nbsp; 11978 |
|  | &nbsp;&nbsp;&nbsp;Jefferies Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;261178 | &nbsp;&nbsp;&nbsp;&nbsp; 11596 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Blue Owl Capital Inc. | 1061267 | &nbsp;&nbsp;&nbsp;&nbsp; 11196 |
|  | &nbsp;&nbsp;&nbsp;Janus Henderson Group plc | &nbsp;&nbsp;&nbsp;&nbsp;208360 | &nbsp;&nbsp;&nbsp;&nbsp; 10856 |
|  | &nbsp;&nbsp;&nbsp;TPG Inc. | &nbsp;&nbsp;&nbsp;&nbsp;234953 | &nbsp;&nbsp;&nbsp;&nbsp; 10202 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;StoneX Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74066 | &nbsp;&nbsp;&nbsp;&nbsp; 9443 |
|  | &nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29524 | &nbsp;&nbsp;&nbsp;&nbsp; 8726 |
|  | &nbsp;&nbsp;&nbsp;Lazard Inc. | &nbsp;&nbsp;&nbsp;&nbsp;160347 | &nbsp;&nbsp;&nbsp;&nbsp; 8114 |
|  | &nbsp;&nbsp;&nbsp;Morningstar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41414 | &nbsp;&nbsp;&nbsp;&nbsp; 7585 |
|  | &nbsp;&nbsp;&nbsp;Moelis & Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;123879 | &nbsp;&nbsp;&nbsp;&nbsp; 7354 |
|  | &nbsp;&nbsp;&nbsp;Hamilton Lane Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69638 | &nbsp;&nbsp;&nbsp;&nbsp; 7308 |
|  | &nbsp;&nbsp;&nbsp;Federated Hermes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;122904 | &nbsp;&nbsp;&nbsp;&nbsp; 6884 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Galaxy Digital Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;323750 | &nbsp;&nbsp;&nbsp;&nbsp; 6666 |
|  | &nbsp;&nbsp;&nbsp;BGC Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;610329 | &nbsp;&nbsp;&nbsp;&nbsp; 5810 |
|  | &nbsp;&nbsp;&nbsp;PJT Partners Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38527 | &nbsp;&nbsp;&nbsp;&nbsp; 5690 |
|  | &nbsp;&nbsp;&nbsp;Virtu Financial Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;134381 | &nbsp;&nbsp;&nbsp;&nbsp; 5565 |
|  | &nbsp;&nbsp;&nbsp;StepStone Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;117944 | &nbsp;&nbsp;&nbsp;&nbsp; 5088 |
|  | &nbsp;&nbsp;&nbsp;Victory Capital Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72539 | &nbsp;&nbsp;&nbsp;&nbsp; 5018 |
|  | &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;117601 | &nbsp;&nbsp;&nbsp;&nbsp; 4737 |
|  | &nbsp;&nbsp;&nbsp;DigitalBridge Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;303813 | &nbsp;&nbsp;&nbsp;&nbsp; 4694 |
|  | &nbsp;&nbsp;&nbsp;WisdomTree Inc. | &nbsp;&nbsp;&nbsp;&nbsp;213018 | &nbsp;&nbsp;&nbsp;&nbsp; 3645 |
|  | &nbsp;&nbsp;&nbsp;Cohen & Steers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46845 | &nbsp;&nbsp;&nbsp;&nbsp; 3133 |
|  | &nbsp;&nbsp;&nbsp;Acadian Asset Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47900 | &nbsp;&nbsp;&nbsp;&nbsp; 2580 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43511 | &nbsp;&nbsp;&nbsp;&nbsp; 2165 |
|  | &nbsp;&nbsp;&nbsp;Perella Weinberg Partners | &nbsp;&nbsp;&nbsp;&nbsp;114335 | &nbsp;&nbsp;&nbsp;&nbsp; 2116 |
|  | &nbsp;&nbsp;&nbsp;Virtus Investment Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10721 | &nbsp;&nbsp;&nbsp;&nbsp; 1483 |
|  | &nbsp;&nbsp;&nbsp;GCM Grosvenor Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91185 | &nbsp;&nbsp;&nbsp;&nbsp; 1056 |
|  | &nbsp;&nbsp;&nbsp;Oppenheimer Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9585 | &nbsp;&nbsp;&nbsp;&nbsp; 827 |
|  | &nbsp;&nbsp;&nbsp;Ridgepost Capital Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97698 | &nbsp;&nbsp;&nbsp;&nbsp; 788 |
|  | &nbsp;&nbsp;&nbsp;Diamond Hill Investment Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4319 | &nbsp;&nbsp;&nbsp;&nbsp; 742 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;BRC Group Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35151 | &nbsp;&nbsp;&nbsp;&nbsp; 227 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Open Lending Corp. | &nbsp;&nbsp;&nbsp;&nbsp;168232 | &nbsp;&nbsp;&nbsp;&nbsp; 224 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3451691** |
| **Consumer Finance (4.8%)** | **Consumer Finance (4.8%)** | **Consumer Finance (4.8%)** | **Consumer Finance (4.8%)** |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;926536 | &nbsp;&nbsp;&nbsp;&nbsp; 286207 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 1068866 | &nbsp;&nbsp;&nbsp;&nbsp; 209113 |
|  | &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;605423 | &nbsp;&nbsp;&nbsp;&nbsp; 41841 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SoFi Technologies Inc. | 2125379 | &nbsp;&nbsp;&nbsp;&nbsp; 37747 |
|  | &nbsp;&nbsp;&nbsp;Ally Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;466111 | &nbsp;&nbsp;&nbsp;&nbsp; 18383 |
|  | &nbsp;&nbsp;&nbsp;FirstCash Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66662 | &nbsp;&nbsp;&nbsp;&nbsp; 12852 |
|  | &nbsp;&nbsp;&nbsp;OneMain Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;198433 | &nbsp;&nbsp;&nbsp;&nbsp; 10918 |
|  | &nbsp;&nbsp;&nbsp;SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;323857 | &nbsp;&nbsp;&nbsp;&nbsp; 6069 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enova International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41770 | &nbsp;&nbsp;&nbsp;&nbsp; 5808 |
|  | &nbsp;&nbsp;&nbsp;Bread Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77818 | &nbsp;&nbsp;&nbsp;&nbsp; 5514 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Credit Acceptance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9389 | &nbsp;&nbsp;&nbsp;&nbsp; 4443 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Upstart Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;149404 | &nbsp;&nbsp;&nbsp;&nbsp; 4068 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dave Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18289 | &nbsp;&nbsp;&nbsp;&nbsp; 3535 |
|  | &nbsp;&nbsp;&nbsp;Nelnet Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23427 | &nbsp;&nbsp;&nbsp;&nbsp; 3033 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LendingClub Corp. | &nbsp;&nbsp;&nbsp;&nbsp;191402 | &nbsp;&nbsp;&nbsp;&nbsp; 2854 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Encore Capital Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38492 | &nbsp;&nbsp;&nbsp;&nbsp; 2629 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EZCorp. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96790 | &nbsp;&nbsp;&nbsp;&nbsp; 2568 |
|  | &nbsp;&nbsp;&nbsp;PROG Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66109 | &nbsp;&nbsp;&nbsp;&nbsp; 2328 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PRA Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65042 | &nbsp;&nbsp;&nbsp;&nbsp; 1024 |
|  | &nbsp;&nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;115925 | &nbsp;&nbsp;&nbsp;&nbsp; 1019 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Green Dot Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78371 | &nbsp;&nbsp;&nbsp;&nbsp; 906 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;World Acceptance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5452 | &nbsp;&nbsp;&nbsp;&nbsp; 735 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LendingTree Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19327 | &nbsp;&nbsp;&nbsp;&nbsp; 722 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NerdWallet Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62788 | &nbsp;&nbsp;&nbsp;&nbsp; 681 |
|  | &nbsp;&nbsp;&nbsp;Jefferson Capital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32234 | &nbsp;&nbsp;&nbsp;&nbsp; 665 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Atlanticus Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10097 | &nbsp;&nbsp;&nbsp;&nbsp; 528 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **666190** |
| **Financial Services (22.4%)** | **Financial Services (22.4%)** | **Financial Services (22.4%)** | **Financial Services (22.4%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Inc. Class B | 2312891 | &nbsp;&nbsp;&nbsp;&nbsp; 1167894 |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. Class A | 1423692 | &nbsp;&nbsp;&nbsp;&nbsp; 736348 |
|  | &nbsp;&nbsp;&nbsp;Visa Inc. Class A (XNYS) | 1824557 | &nbsp;&nbsp;&nbsp;&nbsp; 584114 |
|  | &nbsp;&nbsp;&nbsp;Apollo Global Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;732021 | &nbsp;&nbsp;&nbsp;&nbsp; 76569 |

---

------

Financials Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;PayPal Holdings Inc. (XNGS) | 1394040 | &nbsp;&nbsp;&nbsp;&nbsp; 64419 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Block Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;921114 | &nbsp;&nbsp;&nbsp;&nbsp; 58675 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fiserv Inc. | &nbsp;&nbsp;&nbsp;&nbsp;904589 | &nbsp;&nbsp;&nbsp;&nbsp; 56347 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Information Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;869446 | &nbsp;&nbsp;&nbsp;&nbsp; 44307 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corpay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;111597 | &nbsp;&nbsp;&nbsp;&nbsp; 36280 |
|  | &nbsp;&nbsp;&nbsp;Global Payments Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;398239 | &nbsp;&nbsp;&nbsp;&nbsp; 30449 |
|  | &nbsp;&nbsp;&nbsp;Rocket Cos. Inc. Class A | 1545448 | &nbsp;&nbsp;&nbsp;&nbsp; 28112 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Affirm Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;462412 | &nbsp;&nbsp;&nbsp;&nbsp; 21724 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Toast Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;779753 | &nbsp;&nbsp;&nbsp;&nbsp; 21295 |
|  | &nbsp;&nbsp;&nbsp;Jack Henry & Associates Inc. | &nbsp;&nbsp;&nbsp;&nbsp;121313 | &nbsp;&nbsp;&nbsp;&nbsp; 19709 |
|  | &nbsp;&nbsp;&nbsp;Equitable Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;482121 | &nbsp;&nbsp;&nbsp;&nbsp; 19391 |
|  | &nbsp;&nbsp;&nbsp;Jackson Financial Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;114791 | &nbsp;&nbsp;&nbsp;&nbsp; 12567 |
|  | &nbsp;&nbsp;&nbsp;Corebridge Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;466782 | &nbsp;&nbsp;&nbsp;&nbsp; 12062 |
|  | &nbsp;&nbsp;&nbsp;Voya Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;160942 | &nbsp;&nbsp;&nbsp;&nbsp; 10764 |
|  | &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;377179 | &nbsp;&nbsp;&nbsp;&nbsp; 10007 |
|  | &nbsp;&nbsp;&nbsp;Essent Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;162178 | &nbsp;&nbsp;&nbsp;&nbsp; 9867 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;WEX Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54351 | &nbsp;&nbsp;&nbsp;&nbsp; 8109 |
|  | &nbsp;&nbsp;&nbsp;Radian Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;226199 | &nbsp;&nbsp;&nbsp;&nbsp; 7808 |
|  | &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;212555 | &nbsp;&nbsp;&nbsp;&nbsp; 7762 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NCR Atleos Corp. | &nbsp;&nbsp;&nbsp;&nbsp;122763 | &nbsp;&nbsp;&nbsp;&nbsp; 5436 |
|  | &nbsp;&nbsp;&nbsp;Western Union Co. | &nbsp;&nbsp;&nbsp;&nbsp;538979 | &nbsp;&nbsp;&nbsp;&nbsp; 5190 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NMI Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;129393 | &nbsp;&nbsp;&nbsp;&nbsp; 5086 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Remitly Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;301075 | &nbsp;&nbsp;&nbsp;&nbsp; 5028 |
|  | &nbsp;&nbsp;&nbsp;PennyMac Financial Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51762 | &nbsp;&nbsp;&nbsp;&nbsp; 4758 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Euronet Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66761 | &nbsp;&nbsp;&nbsp;&nbsp; 4643 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Shift4 Payments Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;103473 | &nbsp;&nbsp;&nbsp;&nbsp; 4560 |
|  | &nbsp;&nbsp;&nbsp;EVERTEC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;106768 | &nbsp;&nbsp;&nbsp;&nbsp; 3023 |
|  | &nbsp;&nbsp;&nbsp;Burford Capital Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;329039 | &nbsp;&nbsp;&nbsp;&nbsp; 2777 |
|  | &nbsp;&nbsp;&nbsp;Walker & Dunlop Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56893 | &nbsp;&nbsp;&nbsp;&nbsp; 2618 |
|  | &nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage Corp. Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15708 | &nbsp;&nbsp;&nbsp;&nbsp; 2477 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Marqeta Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;623765 | &nbsp;&nbsp;&nbsp;&nbsp; 2395 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Sezzle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31284 | &nbsp;&nbsp;&nbsp;&nbsp; 2282 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Flywire Corp. | &nbsp;&nbsp;&nbsp;&nbsp;181136 | &nbsp;&nbsp;&nbsp;&nbsp; 2230 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Payoneer Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;481378 | &nbsp;&nbsp;&nbsp;&nbsp; 2080 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Paymentus Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84725 | &nbsp;&nbsp;&nbsp;&nbsp; 2073 |
|  | &nbsp;&nbsp;&nbsp;UWM Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;331460 | &nbsp;&nbsp;&nbsp;&nbsp; 1462 |
|  | &nbsp;&nbsp;&nbsp;Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34409 | &nbsp;&nbsp;&nbsp;&nbsp; 1455 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cantaloupe Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98400 | &nbsp;&nbsp;&nbsp;&nbsp; 1027 |
|  | &nbsp;&nbsp;&nbsp;Alerus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40454 | &nbsp;&nbsp;&nbsp;&nbsp; 964 |
|  | &nbsp;&nbsp;&nbsp;Cannae Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76757 | &nbsp;&nbsp;&nbsp;&nbsp; 936 |
|  | &nbsp;&nbsp;&nbsp;Cass Information Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19838 | &nbsp;&nbsp;&nbsp;&nbsp; 880 |
|  | &nbsp;&nbsp;&nbsp;Compass Diversified Holdings | &nbsp;&nbsp;&nbsp;&nbsp;113248 | &nbsp;&nbsp;&nbsp;&nbsp; 848 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;International Money Express Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42068 | &nbsp;&nbsp;&nbsp;&nbsp; 664 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;loanDepot Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;174351 | &nbsp;&nbsp;&nbsp;&nbsp; 361 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Better Home & Finance Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9521 | &nbsp;&nbsp;&nbsp;&nbsp; 313 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Repay Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;108686 | &nbsp;&nbsp;&nbsp;&nbsp; 302 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Acacia Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63881 | &nbsp;&nbsp;&nbsp;&nbsp; 268 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3110715** |
| **Insurance (15.0%)** | **Insurance (15.0%)** | **Insurance (15.0%)** | **Insurance (15.0%)** |
|  | &nbsp;&nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;628644 | &nbsp;&nbsp;&nbsp;&nbsp; 214280 |
|  | &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;985592 | &nbsp;&nbsp;&nbsp;&nbsp; 210582 |
|  | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;823760 | &nbsp;&nbsp;&nbsp;&nbsp; 153829 |
|  | &nbsp;&nbsp;&nbsp;Travelers Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;375056 | &nbsp;&nbsp;&nbsp;&nbsp; 115757 |
|  | &nbsp;&nbsp;&nbsp;Aon plc Class A (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;343369 | &nbsp;&nbsp;&nbsp;&nbsp; 115190 |
|  | &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;431837 | &nbsp;&nbsp;&nbsp;&nbsp; 98545 |
|  | &nbsp;&nbsp;&nbsp;Aflac Inc. | &nbsp;&nbsp;&nbsp;&nbsp;837187 | &nbsp;&nbsp;&nbsp;&nbsp; 94544 |
|  | &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;439984 | &nbsp;&nbsp;&nbsp;&nbsp; 94385 |
|  | &nbsp;&nbsp;&nbsp;American International Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;907261 | &nbsp;&nbsp;&nbsp;&nbsp; 73025 |
|  | &nbsp;&nbsp;&nbsp;MetLife Inc. | &nbsp;&nbsp;&nbsp;&nbsp;941431 | &nbsp;&nbsp;&nbsp;&nbsp; 67849 |
|  | &nbsp;&nbsp;&nbsp;Hartford Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;468474 | &nbsp;&nbsp;&nbsp;&nbsp; 65975 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;609919 | &nbsp;&nbsp;&nbsp;&nbsp; 61083 |
|  | &nbsp;&nbsp;&nbsp;Prudential Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;589157 | &nbsp;&nbsp;&nbsp;&nbsp; 57961 |
|  | &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;161014 | &nbsp;&nbsp;&nbsp;&nbsp; 49137 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Markel Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21207 | &nbsp;&nbsp;&nbsp;&nbsp; 43951 |
|  | &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;262347 | &nbsp;&nbsp;&nbsp;&nbsp; 43020 |
|  | &nbsp;&nbsp;&nbsp;Principal Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;369243 | &nbsp;&nbsp;&nbsp;&nbsp; 35233 |
|  | &nbsp;&nbsp;&nbsp;Brown & Brown Inc. | &nbsp;&nbsp;&nbsp;&nbsp;488195 | &nbsp;&nbsp;&nbsp;&nbsp; 35062 |
|  | &nbsp;&nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;295651 | &nbsp;&nbsp;&nbsp;&nbsp; 32528 |
|  | &nbsp;&nbsp;&nbsp;W R Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;415671 | &nbsp;&nbsp;&nbsp;&nbsp; 29804 |

---

------

Financials Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Reinsurance Group of America Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;110330 | &nbsp;&nbsp;&nbsp;&nbsp; 23801 |
|  | &nbsp;&nbsp;&nbsp;Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70617 | &nbsp;&nbsp;&nbsp;&nbsp; 23691 |
|  | &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77676 | &nbsp;&nbsp;&nbsp;&nbsp; 23494 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;433676 | &nbsp;&nbsp;&nbsp;&nbsp; 22933 |
|  | &nbsp;&nbsp;&nbsp;Globe Life Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133845 | &nbsp;&nbsp;&nbsp;&nbsp; 19442 |
|  | &nbsp;&nbsp;&nbsp;Assurant Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84257 | &nbsp;&nbsp;&nbsp;&nbsp; 19345 |
|  | &nbsp;&nbsp;&nbsp;Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;267099 | &nbsp;&nbsp;&nbsp;&nbsp; 19159 |
|  | &nbsp;&nbsp;&nbsp;Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;394216 | &nbsp;&nbsp;&nbsp;&nbsp; 16900 |
|  | &nbsp;&nbsp;&nbsp;American Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112422 | &nbsp;&nbsp;&nbsp;&nbsp; 14950 |
|  | &nbsp;&nbsp;&nbsp;Kinsale Capital Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37339 | &nbsp;&nbsp;&nbsp;&nbsp; 14550 |
|  | &nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;129106 | &nbsp;&nbsp;&nbsp;&nbsp; 13649 |
|  | &nbsp;&nbsp;&nbsp;Primerica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53511 | &nbsp;&nbsp;&nbsp;&nbsp; 13574 |
|  | &nbsp;&nbsp;&nbsp;First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;172047 | &nbsp;&nbsp;&nbsp;&nbsp; 12062 |
|  | &nbsp;&nbsp;&nbsp;Erie Indemnity Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42947 | &nbsp;&nbsp;&nbsp;&nbsp; 11572 |
|  | &nbsp;&nbsp;&nbsp;Hanover Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59728 | &nbsp;&nbsp;&nbsp;&nbsp; 10789 |
|  | &nbsp;&nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;288726 | &nbsp;&nbsp;&nbsp;&nbsp; 9903 |
|  | &nbsp;&nbsp;&nbsp;White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4268 | &nbsp;&nbsp;&nbsp;&nbsp; 9477 |
|  | &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;138023 | &nbsp;&nbsp;&nbsp;&nbsp; 8602 |
|  | &nbsp;&nbsp;&nbsp;Selective Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;101620 | &nbsp;&nbsp;&nbsp;&nbsp; 8540 |
|  | &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;185438 | &nbsp;&nbsp;&nbsp;&nbsp; 7297 |
|  | &nbsp;&nbsp;&nbsp;CNO Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;161695 | &nbsp;&nbsp;&nbsp;&nbsp; 6760 |
|  | &nbsp;&nbsp;&nbsp;Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73796 | &nbsp;&nbsp;&nbsp;&nbsp; 6362 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Brighthouse Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95349 | &nbsp;&nbsp;&nbsp;&nbsp; 5719 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Genworth Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;668172 | &nbsp;&nbsp;&nbsp;&nbsp; 5639 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palomar Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44672 | &nbsp;&nbsp;&nbsp;&nbsp; 5526 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lemonade Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104772 | &nbsp;&nbsp;&nbsp;&nbsp; 5421 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Oscar Health Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;334860 | &nbsp;&nbsp;&nbsp;&nbsp; 4567 |
|  | &nbsp;&nbsp;&nbsp;Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46182 | &nbsp;&nbsp;&nbsp;&nbsp; 4183 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SiriusPoint Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;175299 | &nbsp;&nbsp;&nbsp;&nbsp; 3706 |
|  | &nbsp;&nbsp;&nbsp;Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50569 | &nbsp;&nbsp;&nbsp;&nbsp; 3590 |
|  | &nbsp;&nbsp;&nbsp;HCI Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19448 | &nbsp;&nbsp;&nbsp;&nbsp; 3431 |
|  | &nbsp;&nbsp;&nbsp;Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99443 | &nbsp;&nbsp;&nbsp;&nbsp; 3214 |
|  | &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67980 | &nbsp;&nbsp;&nbsp;&nbsp; 2958 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60817 | &nbsp;&nbsp;&nbsp;&nbsp; 2826 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Baldwin Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;119109 | &nbsp;&nbsp;&nbsp;&nbsp; 2767 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hamilton Insurance Group Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76814 | &nbsp;&nbsp;&nbsp;&nbsp; 2427 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Goosehead Insurance Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42347 | &nbsp;&nbsp;&nbsp;&nbsp; 2295 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ProAssurance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81680 | &nbsp;&nbsp;&nbsp;&nbsp; 2005 |
|  | &nbsp;&nbsp;&nbsp;Safety Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24902 | &nbsp;&nbsp;&nbsp;&nbsp; 1933 |
|  | &nbsp;&nbsp;&nbsp;Employers Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39178 | &nbsp;&nbsp;&nbsp;&nbsp; 1620 |
|  | &nbsp;&nbsp;&nbsp;Universal Insurance Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44958 | &nbsp;&nbsp;&nbsp;&nbsp; 1581 |
|  | &nbsp;&nbsp;&nbsp;F&G Annuities & Life Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68415 | &nbsp;&nbsp;&nbsp;&nbsp; 1550 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trupanion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53935 | &nbsp;&nbsp;&nbsp;&nbsp; 1431 |
|  | &nbsp;&nbsp;&nbsp;United Fire Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36048 | &nbsp;&nbsp;&nbsp;&nbsp; 1401 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Heritage Insurance Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41343 | &nbsp;&nbsp;&nbsp;&nbsp; 1152 |
|  | &nbsp;&nbsp;&nbsp;AMERISAFE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31590 | &nbsp;&nbsp;&nbsp;&nbsp; 1028 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Root Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18177 | &nbsp;&nbsp;&nbsp;&nbsp; 943 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Slide Insurance Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41950 | &nbsp;&nbsp;&nbsp;&nbsp; 797 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bowhead Specialty Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30034 | &nbsp;&nbsp;&nbsp;&nbsp; 761 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hippo Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25009 | &nbsp;&nbsp;&nbsp;&nbsp; 719 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Greenlight Capital Re Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45966 | &nbsp;&nbsp;&nbsp;&nbsp; 652 |
|  | &nbsp;&nbsp;&nbsp;Tiptree Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37558 | &nbsp;&nbsp;&nbsp;&nbsp; 640 |
|  | &nbsp;&nbsp;&nbsp;Investors Title Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2212 | &nbsp;&nbsp;&nbsp;&nbsp; 511 |
|  | &nbsp;&nbsp;&nbsp;Donegal Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28398 | &nbsp;&nbsp;&nbsp;&nbsp; 500 |
|  | &nbsp;&nbsp;&nbsp;American Coastal Insurance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40889 | &nbsp;&nbsp;&nbsp;&nbsp; 466 |
|  | &nbsp;&nbsp;&nbsp;James River Group Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65097 | &nbsp;&nbsp;&nbsp;&nbsp; 456 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Octave Specialty Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73498 | &nbsp;&nbsp;&nbsp;&nbsp; 393 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ategrity Specialty Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16053 | &nbsp;&nbsp;&nbsp;&nbsp; 355 |
|  | &nbsp;&nbsp;&nbsp;Crawford & Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28441 | &nbsp;&nbsp;&nbsp;&nbsp; 306 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Selectquote Inc. | &nbsp;&nbsp;&nbsp;&nbsp;249954 | &nbsp;&nbsp;&nbsp;&nbsp; 215 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2088276** |
| **Mortgage Real Estate Investment Trusts (REITs) (0.8%)** | **Mortgage Real Estate Investment Trusts (REITs) (0.8%)** | **Mortgage Real Estate Investment Trusts (REITs) (0.8%)** | **Mortgage Real Estate Investment Trusts (REITs) (0.8%)** |
|  | &nbsp;&nbsp;&nbsp;Annaly Capital Management Inc. | 1147747 | &nbsp;&nbsp;&nbsp;&nbsp; 26674 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;AGNC Investment Corp. | 1802845 | &nbsp;&nbsp;&nbsp;&nbsp; 20210 |
|  | &nbsp;&nbsp;&nbsp;Starwood Property Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;590785 | &nbsp;&nbsp;&nbsp;&nbsp; 10522 |
|  | &nbsp;&nbsp;&nbsp;Rithm Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;931770 | &nbsp;&nbsp;&nbsp;&nbsp; 9364 |
|  | &nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;271968 | &nbsp;&nbsp;&nbsp;&nbsp; 5225 |
|  | &nbsp;&nbsp;&nbsp;Dynex Capital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;248259 | &nbsp;&nbsp;&nbsp;&nbsp; 3483 |
|  | &nbsp;&nbsp;&nbsp;ARMOUR Residential REIT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;187965 | &nbsp;&nbsp;&nbsp;&nbsp; 3374 |

---

------

Financials Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Arbor Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;321397 | &nbsp;&nbsp;&nbsp;&nbsp; 2549 |
|  | &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;220752 | &nbsp;&nbsp;&nbsp;&nbsp; 2340 |
|  | &nbsp;&nbsp;&nbsp;Ellington Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;188069 | &nbsp;&nbsp;&nbsp;&nbsp; 2336 |
|  | &nbsp;&nbsp;&nbsp;Orchid Island Capital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;309557 | &nbsp;&nbsp;&nbsp;&nbsp; 2303 |
|  | &nbsp;&nbsp;&nbsp;Ladder Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;191553 | &nbsp;&nbsp;&nbsp;&nbsp; 1986 |
|  | &nbsp;&nbsp;&nbsp;Chimera Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;138633 | &nbsp;&nbsp;&nbsp;&nbsp; 1887 |
|  | &nbsp;&nbsp;&nbsp;Two Harbors Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;174514 | &nbsp;&nbsp;&nbsp;&nbsp; 1803 |
|  | &nbsp;&nbsp;&nbsp;PennyMac Mortgage Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;144950 | &nbsp;&nbsp;&nbsp;&nbsp; 1777 |
|  | &nbsp;&nbsp;&nbsp;MFA Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;171902 | &nbsp;&nbsp;&nbsp;&nbsp; 1738 |
|  | &nbsp;&nbsp;&nbsp;Redwood Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;215358 | &nbsp;&nbsp;&nbsp;&nbsp; 1303 |
|  | &nbsp;&nbsp;&nbsp;Brightspire Capital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;217960 | &nbsp;&nbsp;&nbsp;&nbsp; 1266 |
|  | &nbsp;&nbsp;&nbsp;Franklin BSP Realty Trust Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;136958 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 |
|  | &nbsp;&nbsp;&nbsp;Adamas Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;143799 | &nbsp;&nbsp;&nbsp;&nbsp; 1185 |
|  | &nbsp;&nbsp;&nbsp;Invesco Mortgage Capital Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;127084 | &nbsp;&nbsp;&nbsp;&nbsp; 1071 |
|  | &nbsp;&nbsp;&nbsp;TPG RE Finance Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;117905 | &nbsp;&nbsp;&nbsp;&nbsp; 998 |
|  | &nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93117 | &nbsp;&nbsp;&nbsp;&nbsp; 647 |
|  | &nbsp;&nbsp;&nbsp;Ready Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;260009 | &nbsp;&nbsp;&nbsp;&nbsp; 481 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Claros Mortgage Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;186379 | &nbsp;&nbsp;&nbsp;&nbsp; 445 |
|  | &nbsp;&nbsp;&nbsp;Ares Commercial Real Estate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88448 | &nbsp;&nbsp;&nbsp;&nbsp; 444 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **106661** |
| **Total Common Stocks (Cost $9,990,946)** | **Total Common Stocks (Cost $9,990,946)** | **Total Common Stocks (Cost $9,990,946)** | &nbsp;&nbsp;&nbsp;&nbsp;**13407770** |
| **Temporary Cash Investments (3.5%)** | **Temporary Cash Investments (3.5%)** | **Temporary Cash Investments (3.5%)** | **Temporary Cash Investments (3.5%)** |
| **Money Market Fund (3.5%)** | **Money Market Fund (3.5%)** | **Money Market Fund (3.5%)** | **Money Market Fund (3.5%)** |
| <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 3.693% **(Cost $489,650)** | 4897014 | &nbsp;&nbsp;&nbsp;&nbsp; **489653** |
| **Total Investments (100.1%) (Cost $10,480,596)** | **Total Investments (100.1%) (Cost $10,480,596)** | **Total Investments (100.1%) (Cost $10,480,596)** | &nbsp;&nbsp;&nbsp;&nbsp;**13897423** |
| **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;**(10587)** |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;**13886836** |
| 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 $16,720. |
| 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 $18,553 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) |
| Bank of America Corp. | &nbsp;&nbsp;&nbsp;2/1/2027 | &nbsp;&nbsp;&nbsp;CITNA | &nbsp;&nbsp;&nbsp;28966 | &nbsp;&nbsp;&nbsp;(4.480) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1600) |
| Citigroup Inc. | 8/31/2027 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;20279 | &nbsp;&nbsp;&nbsp;(4.370) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(739) |
| Global Payments Inc. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp;(4.480) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3) |
| Goldman Sachs Group Inc. | 8/31/2027 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;22864 | &nbsp;&nbsp;&nbsp;(4.444) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1599) |
| JPMorgan Chase & Co. | 8/31/2027 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;86585 | &nbsp;&nbsp;&nbsp;(4.423) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(867) |
| PayPal Holdings Inc. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;4766 | &nbsp;&nbsp;&nbsp;(4.480) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(112) |
| Visa Inc. Class A | &nbsp;&nbsp;&nbsp;2/1/2027 | &nbsp;&nbsp;&nbsp;CITNA | &nbsp;&nbsp;&nbsp;324160 | &nbsp;&nbsp;&nbsp;(3.630) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(272) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5192) |

---

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 February 28, 2026, the counterparties had deposited in segregated accounts securities with a value of $1,117 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 February 28, 2026

---

| | |
|:---|:---|
| ($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 $9,990,946) | 13407770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $489,650) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489653 |
| Total Investments in Securities | 13897423 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| Cash Collateral Pledged—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3997 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44376 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12201 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174 |
| **Total Assets** | **13959571** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46241 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18553 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2297 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452 |
| Unrealized Depreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5192 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**72735** |
| **Net Assets** | **13886836** |
| 1 Includes $16,720 of securities on loan. |  |
| **At February 28, 2026, net assets consisted of:** |  |
| Paid-in Capital | 11344342 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;2542494 |
| **Net Assets** | **13886836** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 101,143,122 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **12704829** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$125.61** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 18,776,136 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**1182007** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$62.95** |

---

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

------

Financials Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> February 28, 2026 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends | 126286 |
| Interest<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7231 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |
| Total Income | 133620 |
| **Expenses** |  |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;4289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| Shareholders' Reports and Proxy Fees—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;1217 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;6421 |
| **Net Investment Income** | **127199** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1,2</sup> | 139163 |
| Swap Contracts | &nbsp;&nbsp;(49019) |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;**90144** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | (805506) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(4653) |
| **Change in Unrealized Appreciation (Depreciation)** | **(810159)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **(592816)** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $7,216, $5, and ($13), respectively. Purchases and sales are for temporary cash investment purposes. |
| 2 | Includes $159,936 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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> February 28,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218080 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449053 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(810159) | &nbsp;&nbsp;&nbsp;&nbsp;1707342 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;(592816) | &nbsp;&nbsp;&nbsp;&nbsp;2374475 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;(109408) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10536) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18464) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(119944) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(230578) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271114 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293127 | &nbsp;&nbsp;&nbsp;&nbsp;1143185 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(419633) | &nbsp;&nbsp;&nbsp;&nbsp;3287082 |
| **Net Assets** |  |  |
| **Beginning of Period** | **14306469** | &nbsp;&nbsp;&nbsp;**11019387** |
| **End of Period** | **13886836** | &nbsp;&nbsp;&nbsp;**14306469** |

---

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 | Six Months<br> Ended<br> February 28,<br> 2026 | &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 | Six Months<br> Ended<br> February 28,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$131.96** | &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;1.155 | &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;(6.412) | &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;(5.257) | &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;(1.093) | &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;(1.093) | &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** | **$125.61** | &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** | **-4.02%** | &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) | $12705 | &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 | 0.09% | &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 | 1.69% | &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> | 2% | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;4% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 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 | Six Months<br> Ended<br> February 28,<br> 2026 | &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 | Six Months<br> Ended<br> February 28,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$66.14** | &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;.579 | &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;(3.221) | &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;(2.642) | &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;(.548) | &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;(.548) | &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** | **$62.95** | &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>** | **-4.03%** | &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) | $1182 | &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 | 0.09% | &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 | 1.69% | &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> | 2% | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;4% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 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 six months ended February 28, 2026, 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

------

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 six months ended February 28, 2026, 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.** Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Portfolio Management, LLC.

**C.** 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 February 28, 2026, the fund had contributed to Vanguard capital in the amount of $338,000, 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.

**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 February 28, 2026, 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 | 13407770 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;13407770 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489653 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489653 |
| Total | 13897423 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;13897423 |
| **Derivative Financial Instruments** |  |  |  |  |
| Liabilities |  |  |  |  |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;(5192) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5192) |

---

------

Financials Index Fund

**E.** As of February 28, 2026, 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;10523143 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;3732445 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(358165) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;3374280 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at August 31, 2025, the fund had available capital losses totaling $999,139,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending August 31, 2026; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**F.** During the six months ended February 28, 2026, the fund purchased $279,588,000 of investment securities and sold $428,609,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $665,701,000 and $364,940,000, 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 six months ended February 28, 2026, such purchases were $44,000 and sales were $234,000, resulting in net realized loss of $68,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

**G.** Capital share transactions for each class of shares were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> February 28, 2026 | Six Months Ended<br> February 28, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;710982 | &nbsp;&nbsp;&nbsp;&nbsp;5388 | &nbsp;&nbsp;&nbsp;&nbsp;1969196 | &nbsp;&nbsp;&nbsp;16140 |
| 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;— |
| Redeemed | (366830) | &nbsp;&nbsp;(2850) | &nbsp;&nbsp;(1097125) | &nbsp;&nbsp;(9375) |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;344152 | &nbsp;&nbsp;&nbsp;&nbsp;2538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872071 | &nbsp;&nbsp;&nbsp;&nbsp;6765 |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;119424 | &nbsp;&nbsp;&nbsp;&nbsp;1821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562315 | &nbsp;&nbsp;&nbsp;&nbsp;9245 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 |
| Redeemed | (179533) | &nbsp;&nbsp;(2750) | &nbsp;&nbsp;&nbsp;&nbsp;(306686) | &nbsp;&nbsp;(5115) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;(51025) | &nbsp;&nbsp;&nbsp;&nbsp;(792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271114 | &nbsp;&nbsp;&nbsp;&nbsp;4392 |

---

**H.** 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 February 28, 2026, 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.

**I.** 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.

------

Financials Index Fund

**J.** 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.

Q54862 042026

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![](tm268191d7infotechindfuni001.jpg)

#### Financial Statements

#### For the six-months ended February 28, 2026

#### Vanguard Information Technology Index Fund

------

#### Contents
Financial Statements 1 <br>

------

Information Technology Index Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of February 28, 2026

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 (4.3%)** | **Communications Equipment (4.3%)** | **Communications Equipment (4.3%)** | **Communications Equipment (4.3%)** |
|  | &nbsp;&nbsp;&nbsp;Cisco Systems Inc. | 25964755 | &nbsp;&nbsp;&nbsp;&nbsp; 2063159 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arista Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7255510 | &nbsp;&nbsp;&nbsp;&nbsp; 968610 |
|  | &nbsp;&nbsp;&nbsp;Motorola Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1253230 | &nbsp;&nbsp;&nbsp;&nbsp; 604383 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lumentum Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603906 | &nbsp;&nbsp;&nbsp;&nbsp; 423284 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ciena Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1199644 | &nbsp;&nbsp;&nbsp;&nbsp; 418316 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;F5 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718333 | &nbsp;&nbsp;&nbsp;&nbsp; 194927 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Viavi Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5045332 | &nbsp;&nbsp;&nbsp;&nbsp; 149897 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Viasat Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2567405 | &nbsp;&nbsp;&nbsp;&nbsp; 117536 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Applied Optoelectronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1313498 | &nbsp;&nbsp;&nbsp;&nbsp; 110636 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vistance Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5068015 | &nbsp;&nbsp;&nbsp;&nbsp; 89045 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Calix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1516657 | &nbsp;&nbsp;&nbsp;&nbsp; 78517 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NetScout Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1756742 | &nbsp;&nbsp;&nbsp;&nbsp; 51314 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Extreme Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3279894 | &nbsp;&nbsp;&nbsp;&nbsp; 45853 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Digi International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915950 | &nbsp;&nbsp;&nbsp;&nbsp; 44717 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Harmonic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2785866 | &nbsp;&nbsp;&nbsp;&nbsp; 29614 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ADTRAN Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1777266 | &nbsp;&nbsp;&nbsp;&nbsp; 18128 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NETGEAR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676263 | &nbsp;&nbsp;&nbsp;&nbsp; 13944 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Clearfield Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289521 | &nbsp;&nbsp;&nbsp;&nbsp; 9102 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ribbon Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2431674 | &nbsp;&nbsp;&nbsp;&nbsp; 5423 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Ondas Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85389 | &nbsp;&nbsp;&nbsp;&nbsp; 861 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5437266** |
| **Electronic Equipment, Instruments & Components (6.3%)** | **Electronic Equipment, Instruments & Components (6.3%)** | **Electronic Equipment, Instruments & Components (6.3%)** | **Electronic Equipment, Instruments & Components (6.3%)** |
|  | &nbsp;&nbsp;&nbsp;Amphenol Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;8265265 | &nbsp;&nbsp;&nbsp;&nbsp; 1207225 |
|  | &nbsp;&nbsp;&nbsp;Corning Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5838461 | &nbsp;&nbsp;&nbsp;&nbsp; 877988 |
|  | &nbsp;&nbsp;&nbsp;TE Connectivity plc | &nbsp;&nbsp;&nbsp;&nbsp;2250221 | &nbsp;&nbsp;&nbsp;&nbsp; 517888 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Keysight Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1485575 | &nbsp;&nbsp;&nbsp;&nbsp; 456562 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coherent Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1412032 | &nbsp;&nbsp;&nbsp;&nbsp; 365617 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Teledyne Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441807 | &nbsp;&nbsp;&nbsp;&nbsp; 300915 |
|  | &nbsp;&nbsp;&nbsp;Jabil Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1034034 | &nbsp;&nbsp;&nbsp;&nbsp; 274009 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3806114 | &nbsp;&nbsp;&nbsp;&nbsp; 239861 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fabrinet | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417418 | &nbsp;&nbsp;&nbsp;&nbsp; 227756 |
|  | &nbsp;&nbsp;&nbsp;Advanced Energy Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541586 | &nbsp;&nbsp;&nbsp;&nbsp; 181740 |
|  | &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1477340 | &nbsp;&nbsp;&nbsp;&nbsp; 181181 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TTM Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1701612 | &nbsp;&nbsp;&nbsp;&nbsp; 177376 |
|  | &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1051423 | &nbsp;&nbsp;&nbsp;&nbsp; 164874 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sanmina Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995671 | &nbsp;&nbsp;&nbsp;&nbsp; 154588 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685324 | &nbsp;&nbsp;&nbsp;&nbsp; 153485 |
|  | &nbsp;&nbsp;&nbsp;Littelfuse Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430044 | &nbsp;&nbsp;&nbsp;&nbsp; 151573 |
|  | &nbsp;&nbsp;&nbsp;Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2728954 | &nbsp;&nbsp;&nbsp;&nbsp; 148455 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arrow Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950002 | &nbsp;&nbsp;&nbsp;&nbsp; 144552 |
|  | &nbsp;&nbsp;&nbsp;Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3271065 | &nbsp;&nbsp;&nbsp;&nbsp; 133852 |
|  | &nbsp;&nbsp;&nbsp;Avnet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1980128 | &nbsp;&nbsp;&nbsp;&nbsp; 130372 |
|  | &nbsp;&nbsp;&nbsp;Belden Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901323 | &nbsp;&nbsp;&nbsp;&nbsp; 129160 |
|  | &nbsp;&nbsp;&nbsp;Ralliant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2779715 | &nbsp;&nbsp;&nbsp;&nbsp; 127561 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Plexus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655793 | &nbsp;&nbsp;&nbsp;&nbsp; 127309 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Novanta Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879030 | &nbsp;&nbsp;&nbsp;&nbsp; 118168 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;OSI Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392799 | &nbsp;&nbsp;&nbsp;&nbsp; 112026 |
|  | &nbsp;&nbsp;&nbsp;Badger Meter Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724731 | &nbsp;&nbsp;&nbsp;&nbsp; 110471 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mirion Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5057420 | &nbsp;&nbsp;&nbsp;&nbsp; 109291 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Itron Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1044656 | &nbsp;&nbsp;&nbsp;&nbsp; 98145 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IPG Photonics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625084 | &nbsp;&nbsp;&nbsp;&nbsp; 82242 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;nLight Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1156971 | &nbsp;&nbsp;&nbsp;&nbsp; 65010 |
|  | &nbsp;&nbsp;&nbsp;Crane NXT Co. | &nbsp;&nbsp;&nbsp;&nbsp;1271669 | &nbsp;&nbsp;&nbsp;&nbsp; 61409 |
|  | &nbsp;&nbsp;&nbsp;Bel Fuse Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260231 | &nbsp;&nbsp;&nbsp;&nbsp; 59778 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Insight Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707769 | &nbsp;&nbsp;&nbsp;&nbsp; 59141 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Knowles Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2119353 | &nbsp;&nbsp;&nbsp;&nbsp; 57583 |
|  | &nbsp;&nbsp;&nbsp;ePlus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653342 | &nbsp;&nbsp;&nbsp;&nbsp; 52699 |
|  | &nbsp;&nbsp;&nbsp;Vishay Intertechnology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2742352 | &nbsp;&nbsp;&nbsp;&nbsp; 51337 |
|  | &nbsp;&nbsp;&nbsp;Benchmark Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886108 | &nbsp;&nbsp;&nbsp;&nbsp; 51226 |

---

------

Information Technology Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Napco Security Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879802 | &nbsp;&nbsp;&nbsp;&nbsp; 41008 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rogers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380071 | &nbsp;&nbsp;&nbsp;&nbsp; 40983 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arlo Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2546514 | &nbsp;&nbsp;&nbsp;&nbsp; 39955 |
|  | &nbsp;&nbsp;&nbsp;CTS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691759 | &nbsp;&nbsp;&nbsp;&nbsp; 36428 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Daktronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957812 | &nbsp;&nbsp;&nbsp;&nbsp; 24692 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ouster Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1258835 | &nbsp;&nbsp;&nbsp;&nbsp; 23855 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ScanSource Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528669 | &nbsp;&nbsp;&nbsp;&nbsp; 19444 |
|  | &nbsp;&nbsp;&nbsp;PC Connection Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281837 | &nbsp;&nbsp;&nbsp;&nbsp; 17178 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kimball Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597456 | &nbsp;&nbsp;&nbsp;&nbsp; 14930 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vishay Precision Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302304 | &nbsp;&nbsp;&nbsp;&nbsp; 13927 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Evolv Technologies Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2625468 | &nbsp;&nbsp;&nbsp;&nbsp; 13915 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Lightwave Logic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3079327 | &nbsp;&nbsp;&nbsp;&nbsp; 13580 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Powerfleet Inc. NJ | &nbsp;&nbsp;&nbsp;&nbsp;2963260 | &nbsp;&nbsp;&nbsp;&nbsp; 10579 |
|  | &nbsp;&nbsp;&nbsp;Bel Fuse Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37165 | &nbsp;&nbsp;&nbsp;&nbsp; 7877 |
|  | &nbsp;&nbsp;&nbsp;Methode Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867599 | &nbsp;&nbsp;&nbsp;&nbsp; 7340 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SmartRent Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4243901 | &nbsp;&nbsp;&nbsp;&nbsp; 6451 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;MicroVision Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6128719 | &nbsp;&nbsp;&nbsp;&nbsp; 4787 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aeva Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41575 | &nbsp;&nbsp;&nbsp;&nbsp; 551 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7999905** |
| **IT Services (4.3%)** | **IT Services (4.3%)** | **IT Services (4.3%)** | **IT Services (4.3%)** |
|  | &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6117971 | &nbsp;&nbsp;&nbsp;&nbsp; 1469598 |
|  | &nbsp;&nbsp;&nbsp;Accenture plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;4259917 | &nbsp;&nbsp;&nbsp;&nbsp; 889130 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cloudflare Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2374287 | &nbsp;&nbsp;&nbsp;&nbsp; 408828 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Snowflake Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2368515 | &nbsp;&nbsp;&nbsp;&nbsp; 398882 |
|  | &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4486426 | &nbsp;&nbsp;&nbsp;&nbsp; 289060 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MongoDB Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780595 | &nbsp;&nbsp;&nbsp;&nbsp; 256402 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Twilio Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1833711 | &nbsp;&nbsp;&nbsp;&nbsp; 221806 |
|  | &nbsp;&nbsp;&nbsp;VeriSign Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964613 | &nbsp;&nbsp;&nbsp;&nbsp; 219874 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Akamai Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1785412 | &nbsp;&nbsp;&nbsp;&nbsp; 175667 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Okta Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2216045 | &nbsp;&nbsp;&nbsp;&nbsp; 160663 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GoDaddy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1704467 | &nbsp;&nbsp;&nbsp;&nbsp; 148561 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gartner Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893800 | &nbsp;&nbsp;&nbsp;&nbsp; 140505 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EPAM Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937343 | &nbsp;&nbsp;&nbsp;&nbsp; 132165 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Applied Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4432848 | &nbsp;&nbsp;&nbsp;&nbsp; 120884 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DigitalOcean Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1681643 | &nbsp;&nbsp;&nbsp;&nbsp; 94273 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fastly Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3388682 | &nbsp;&nbsp;&nbsp;&nbsp; 64792 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kyndryl Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5114070 | &nbsp;&nbsp;&nbsp;&nbsp; 63056 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DXC Technology Co. | &nbsp;&nbsp;&nbsp;&nbsp;4364562 | &nbsp;&nbsp;&nbsp;&nbsp; 54950 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ASGN Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1070248 | &nbsp;&nbsp;&nbsp;&nbsp; 45914 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;BigBear.ai Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7171893 | &nbsp;&nbsp;&nbsp;&nbsp; 28401 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Grid Dynamics Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1671157 | &nbsp;&nbsp;&nbsp;&nbsp; 11280 |
|  | &nbsp;&nbsp;&nbsp;Hackett Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612153 | &nbsp;&nbsp;&nbsp;&nbsp; 8362 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Commerce.com Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1729285 | &nbsp;&nbsp;&nbsp;&nbsp; 4807 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Unisys Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1695564 | &nbsp;&nbsp;&nbsp;&nbsp; 4120 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Rackspace Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2037379 | &nbsp;&nbsp;&nbsp;&nbsp; 3973 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CoreWeave Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5538 | &nbsp;&nbsp;&nbsp;&nbsp; 441 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5416394** |
| **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. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295216 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Semiconductors & Semiconductor Equipment (40.1%)** | **Semiconductors & Semiconductor Equipment (40.1%)** | **Semiconductors & Semiconductor Equipment (40.1%)** | **Semiconductors & Semiconductor Equipment (40.1%)** |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 129393782 | &nbsp;&nbsp;&nbsp;&nbsp; 22927284 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | 17240727 | &nbsp;&nbsp;&nbsp;&nbsp; 5509274 |
|  | &nbsp;&nbsp;&nbsp;Micron Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7293059 | &nbsp;&nbsp;&nbsp;&nbsp; 3007439 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc. | 10463936 | &nbsp;&nbsp;&nbsp;&nbsp; 2094985 |
|  | &nbsp;&nbsp;&nbsp;Applied Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5236047 | &nbsp;&nbsp;&nbsp;&nbsp; 1949380 |
|  | &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8278074 | &nbsp;&nbsp;&nbsp;&nbsp; 1936159 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intel Corp. | 30232780 | &nbsp;&nbsp;&nbsp;&nbsp; 1378917 |
|  | &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888592 | &nbsp;&nbsp;&nbsp;&nbsp; 1354703 |
|  | &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6118774 | &nbsp;&nbsp;&nbsp;&nbsp; 1297853 |
|  | &nbsp;&nbsp;&nbsp;Analog Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3352493 | &nbsp;&nbsp;&nbsp;&nbsp; 1192783 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7277130 | &nbsp;&nbsp;&nbsp;&nbsp; 1035972 |
|  | &nbsp;&nbsp;&nbsp;Marvell Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6516830 | &nbsp;&nbsp;&nbsp;&nbsp; 532360 |
|  | &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;1968186 | &nbsp;&nbsp;&nbsp;&nbsp; 446798 |
|  | &nbsp;&nbsp;&nbsp;Monolithic Power Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381914 | &nbsp;&nbsp;&nbsp;&nbsp; 436428 |
|  | &nbsp;&nbsp;&nbsp;Teradyne Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1295097 | &nbsp;&nbsp;&nbsp;&nbsp; 414470 |
|  | &nbsp;&nbsp;&nbsp;Microchip Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4600799 | &nbsp;&nbsp;&nbsp;&nbsp; 343404 |
|  | &nbsp;&nbsp;&nbsp;Qnity Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2168728 | &nbsp;&nbsp;&nbsp;&nbsp; 274908 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3853264 | &nbsp;&nbsp;&nbsp;&nbsp; 256165 |

---

------

Information Technology Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Entegris Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1689666 | &nbsp;&nbsp;&nbsp;&nbsp; 223796 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;First Solar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1059612 | &nbsp;&nbsp;&nbsp;&nbsp; 208956 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813227 | &nbsp;&nbsp;&nbsp;&nbsp; 201778 |
|  | &nbsp;&nbsp;&nbsp;MKS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785339 | &nbsp;&nbsp;&nbsp;&nbsp; 191984 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1840042 | &nbsp;&nbsp;&nbsp;&nbsp; 175945 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1562884 | &nbsp;&nbsp;&nbsp;&nbsp; 175465 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Astera Labs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1416129 | &nbsp;&nbsp;&nbsp;&nbsp; 168279 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Onto Innovation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742112 | &nbsp;&nbsp;&nbsp;&nbsp; 160215 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rambus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1600701 | &nbsp;&nbsp;&nbsp;&nbsp; 159526 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Semtech Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1673151 | &nbsp;&nbsp;&nbsp;&nbsp; 150952 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SiTime Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370463 | &nbsp;&nbsp;&nbsp;&nbsp; 147400 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;FormFactor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1490512 | &nbsp;&nbsp;&nbsp;&nbsp; 147382 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cirrus Logic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984302 | &nbsp;&nbsp;&nbsp;&nbsp; 138905 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Silicon Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671837 | &nbsp;&nbsp;&nbsp;&nbsp; 137411 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Qorvo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1640342 | &nbsp;&nbsp;&nbsp;&nbsp; 135984 |
|  | &nbsp;&nbsp;&nbsp;Amkor Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2822285 | &nbsp;&nbsp;&nbsp;&nbsp; 134962 |
|  | &nbsp;&nbsp;&nbsp;Skyworks Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2255969 | &nbsp;&nbsp;&nbsp;&nbsp; 134411 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enphase Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2921136 | &nbsp;&nbsp;&nbsp;&nbsp; 123476 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Allegro MicroSystems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3112454 | &nbsp;&nbsp;&nbsp;&nbsp; 113511 |
|  | &nbsp;&nbsp;&nbsp;Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980669 | &nbsp;&nbsp;&nbsp;&nbsp; 104628 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rigetti Computing Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5200018 | &nbsp;&nbsp;&nbsp;&nbsp; 90584 |
|  | &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1286694 | &nbsp;&nbsp;&nbsp;&nbsp; 89708 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Diodes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1142910 | &nbsp;&nbsp;&nbsp;&nbsp; 77981 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Impinj Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633746 | &nbsp;&nbsp;&nbsp;&nbsp; 77735 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Synaptics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949380 | &nbsp;&nbsp;&nbsp;&nbsp; 77337 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ACM Research Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1304315 | &nbsp;&nbsp;&nbsp;&nbsp; 72624 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ultra Clean Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1112162 | &nbsp;&nbsp;&nbsp;&nbsp; 67486 |
|  | &nbsp;&nbsp;&nbsp;Power Integrations Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1384230 | &nbsp;&nbsp;&nbsp;&nbsp; 66332 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axcelis Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764911 | &nbsp;&nbsp;&nbsp;&nbsp; 63189 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ambarella Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992405 | &nbsp;&nbsp;&nbsp;&nbsp; 59882 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Photronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1455892 | &nbsp;&nbsp;&nbsp;&nbsp; 54494 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;SolarEdge Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1454248 | &nbsp;&nbsp;&nbsp;&nbsp; 51480 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Veeco Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1478075 | &nbsp;&nbsp;&nbsp;&nbsp; 45170 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ichor Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846803 | &nbsp;&nbsp;&nbsp;&nbsp; 40265 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MaxLinear Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2021205 | &nbsp;&nbsp;&nbsp;&nbsp; 35230 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cohu Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1145469 | &nbsp;&nbsp;&nbsp;&nbsp; 34593 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Navitas Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3542022 | &nbsp;&nbsp;&nbsp;&nbsp; 31878 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Aehr Test Systems | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696534 | &nbsp;&nbsp;&nbsp;&nbsp; 26071 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PDF Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771171 | &nbsp;&nbsp;&nbsp;&nbsp; 26050 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Penguin Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1228198 | &nbsp;&nbsp;&nbsp;&nbsp; 25522 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;indie Semiconductor Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4799875 | &nbsp;&nbsp;&nbsp;&nbsp; 17568 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CEVA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663177 | &nbsp;&nbsp;&nbsp;&nbsp; 13834 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alpha & Omega Semiconductor Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629928 | &nbsp;&nbsp;&nbsp;&nbsp; 13235 |
|  | &nbsp;&nbsp;&nbsp;NVE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119323 | &nbsp;&nbsp;&nbsp;&nbsp; 8214 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SkyWater Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21944 | &nbsp;&nbsp;&nbsp;&nbsp; 646 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kopin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167466 | &nbsp;&nbsp;&nbsp;&nbsp; 370 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **50691726** |
| **Software (26.1%)** | **Software (26.1%)** | **Software (26.1%)** | **Software (26.1%)** |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 33579867 | &nbsp;&nbsp;&nbsp;&nbsp; 13188157 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palantir Technologies Inc. Class A | 14476523 | &nbsp;&nbsp;&nbsp;&nbsp; 1986034 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | 10842647 | &nbsp;&nbsp;&nbsp;&nbsp; 1576521 |
|  | &nbsp;&nbsp;&nbsp;Salesforce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6306740 | &nbsp;&nbsp;&nbsp;&nbsp; 1228490 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5485370 | &nbsp;&nbsp;&nbsp;&nbsp; 816881 |
|  | &nbsp;&nbsp;&nbsp;Intuit Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1878339 | &nbsp;&nbsp;&nbsp;&nbsp; 768297 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adobe Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2922582 | &nbsp;&nbsp;&nbsp;&nbsp; 766915 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ServiceNow Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6956106 | &nbsp;&nbsp;&nbsp;&nbsp; 751329 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AppLovin Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1587854 | &nbsp;&nbsp;&nbsp;&nbsp; 690351 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1733402 | &nbsp;&nbsp;&nbsp;&nbsp; 644791 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cadence Design Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1988956 | &nbsp;&nbsp;&nbsp;&nbsp; 599471 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Synopsys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1372307 | &nbsp;&nbsp;&nbsp;&nbsp; 568135 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Autodesk Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1670938 | &nbsp;&nbsp;&nbsp;&nbsp; 410834 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fortinet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5134848 | &nbsp;&nbsp;&nbsp;&nbsp; 405807 |
|  | &nbsp;&nbsp;&nbsp;Roper Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897058 | &nbsp;&nbsp;&nbsp;&nbsp; 313728 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fair Isaac Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213596 | &nbsp;&nbsp;&nbsp;&nbsp; 301034 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Datadog Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2451585 | &nbsp;&nbsp;&nbsp;&nbsp; 274479 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Strategy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1853688 | &nbsp;&nbsp;&nbsp;&nbsp; 240053 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Workday Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1783717 | &nbsp;&nbsp;&nbsp;&nbsp; 238590 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PTC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1268567 | &nbsp;&nbsp;&nbsp;&nbsp; 198645 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zoom Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2670496 | &nbsp;&nbsp;&nbsp;&nbsp; 197456 |

---

------

Information Technology Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trimble Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2789121 | &nbsp;&nbsp;&nbsp;&nbsp; 186509 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tyler Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484834 | &nbsp;&nbsp;&nbsp;&nbsp; 171966 |
|  | &nbsp;&nbsp;&nbsp;Gen Digital Inc. (XNGS) | &nbsp;&nbsp;&nbsp;&nbsp;7294998 | &nbsp;&nbsp;&nbsp;&nbsp; 164648 |
|  | &nbsp;&nbsp;&nbsp;InterDigital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423090 | &nbsp;&nbsp;&nbsp;&nbsp; 155075 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Confluent Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4859408 | &nbsp;&nbsp;&nbsp;&nbsp; 149038 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dynatrace Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3997803 | &nbsp;&nbsp;&nbsp;&nbsp; 143601 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;HubSpot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533452 | &nbsp;&nbsp;&nbsp;&nbsp; 141103 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5988219 | &nbsp;&nbsp;&nbsp;&nbsp; 140064 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zscaler Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950869 | &nbsp;&nbsp;&nbsp;&nbsp; 139768 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Guidewire Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930429 | &nbsp;&nbsp;&nbsp;&nbsp; 135210 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Manhattan Associates Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961343 | &nbsp;&nbsp;&nbsp;&nbsp; 130195 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hut 8 Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2419541 | &nbsp;&nbsp;&nbsp;&nbsp; 128792 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Samsara Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4412161 | &nbsp;&nbsp;&nbsp;&nbsp; 127511 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Atlassian Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1683321 | &nbsp;&nbsp;&nbsp;&nbsp; 126468 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Docusign Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2763247 | &nbsp;&nbsp;&nbsp;&nbsp; 124540 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Terawulf Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7546062 | &nbsp;&nbsp;&nbsp;&nbsp; 122397 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Riot Platforms Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7325549 | &nbsp;&nbsp;&nbsp;&nbsp; 119333 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nutanix Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3106395 | &nbsp;&nbsp;&nbsp;&nbsp; 118913 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Procore Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2146008 | &nbsp;&nbsp;&nbsp;&nbsp; 118116 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aurora Innovation Inc. | 24451731 | &nbsp;&nbsp;&nbsp;&nbsp; 114434 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rubrik Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2175636 | &nbsp;&nbsp;&nbsp;&nbsp; 113046 |
|  | &nbsp;&nbsp;&nbsp;Bentley Systems Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;3064145 | &nbsp;&nbsp;&nbsp;&nbsp; 111995 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dropbox Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4373974 | &nbsp;&nbsp;&nbsp;&nbsp; 109306 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;UiPath Inc. Class A | 10069121 | &nbsp;&nbsp;&nbsp;&nbsp; 108042 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Core Scientific Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6067151 | &nbsp;&nbsp;&nbsp;&nbsp; 102960 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ACI Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2546189 | &nbsp;&nbsp;&nbsp;&nbsp; 101033 |
|  | &nbsp;&nbsp;&nbsp;Dolby Laboratories Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1509770 | &nbsp;&nbsp;&nbsp;&nbsp; 100505 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cipher Digital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6397662 | &nbsp;&nbsp;&nbsp;&nbsp; 99804 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;D-Wave Quantum Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5309758 | &nbsp;&nbsp;&nbsp;&nbsp; 99717 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SentinelOne Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;7445454 | &nbsp;&nbsp;&nbsp;&nbsp; 97684 |
|  | &nbsp;&nbsp;&nbsp;Pegasystems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2231738 | &nbsp;&nbsp;&nbsp;&nbsp; 97594 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;JFrog Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2397268 | &nbsp;&nbsp;&nbsp;&nbsp; 96250 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Appfolio Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536083 | &nbsp;&nbsp;&nbsp;&nbsp; 95294 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BILL Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2133756 | &nbsp;&nbsp;&nbsp;&nbsp; 94973 |
|  | &nbsp;&nbsp;&nbsp;Clear Secure Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1931700 | &nbsp;&nbsp;&nbsp;&nbsp; 93958 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Elastic NV | &nbsp;&nbsp;&nbsp;&nbsp;1764667 | &nbsp;&nbsp;&nbsp;&nbsp; 91886 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Commvault Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1020942 | &nbsp;&nbsp;&nbsp;&nbsp; 86862 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Unity Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4739120 | &nbsp;&nbsp;&nbsp;&nbsp; 86394 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Circle Internet Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1021568 | &nbsp;&nbsp;&nbsp;&nbsp; 85240 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Box Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3566538 | &nbsp;&nbsp;&nbsp;&nbsp; 83992 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Qualys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890601 | &nbsp;&nbsp;&nbsp;&nbsp; 82354 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Life360 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1517841 | &nbsp;&nbsp;&nbsp;&nbsp; 79914 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gitlab Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2990400 | &nbsp;&nbsp;&nbsp;&nbsp; 78648 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zeta Global Holdings Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4426858 | &nbsp;&nbsp;&nbsp;&nbsp; 75035 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Workiva Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1213998 | &nbsp;&nbsp;&nbsp;&nbsp; 74758 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Q2 Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1534485 | &nbsp;&nbsp;&nbsp;&nbsp; 73839 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings Inc. | 12173664 | &nbsp;&nbsp;&nbsp;&nbsp; 70972 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;SoundHound AI Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;8063805 | &nbsp;&nbsp;&nbsp;&nbsp; 69349 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;MARA Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7718537 | &nbsp;&nbsp;&nbsp;&nbsp; 69004 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Teradata Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2102412 | &nbsp;&nbsp;&nbsp;&nbsp; 66205 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RingCentral Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1776275 | &nbsp;&nbsp;&nbsp;&nbsp; 64745 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Cleanspark Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6406122 | &nbsp;&nbsp;&nbsp;&nbsp; 63741 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Varonis Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2756704 | &nbsp;&nbsp;&nbsp;&nbsp; 63680 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tenable Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2991313 | &nbsp;&nbsp;&nbsp;&nbsp; 57523 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alarm.com Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1163871 | &nbsp;&nbsp;&nbsp;&nbsp; 55691 |
|  | &nbsp;&nbsp;&nbsp;Adeia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2672130 | &nbsp;&nbsp;&nbsp;&nbsp; 55286 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SPS Commerce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935448 | &nbsp;&nbsp;&nbsp;&nbsp; 52862 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Agilysys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655577 | &nbsp;&nbsp;&nbsp;&nbsp; 47313 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Blackbaud Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959146 | &nbsp;&nbsp;&nbsp;&nbsp; 46557 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BlackLine Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1267347 | &nbsp;&nbsp;&nbsp;&nbsp; 44674 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Progress Software Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1058741 | &nbsp;&nbsp;&nbsp;&nbsp; 44340 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Klaviyo Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2524542 | &nbsp;&nbsp;&nbsp;&nbsp; 43952 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LiveRamp Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1595287 | &nbsp;&nbsp;&nbsp;&nbsp; 43344 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;nCino Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2572072 | &nbsp;&nbsp;&nbsp;&nbsp; 41513 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Onestream Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1671662 | &nbsp;&nbsp;&nbsp;&nbsp; 39435 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Freshworks Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4699384 | &nbsp;&nbsp;&nbsp;&nbsp; 36749 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Braze Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1810213 | &nbsp;&nbsp;&nbsp;&nbsp; 34376 |
|  | &nbsp;&nbsp;&nbsp;A10 Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1780272 | &nbsp;&nbsp;&nbsp;&nbsp; 34288 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AvePoint Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3003802 | &nbsp;&nbsp;&nbsp;&nbsp; 32381 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intapp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1395697 | &nbsp;&nbsp;&nbsp;&nbsp; 31306 |

---

------

Information Technology Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Five9 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1715687 | &nbsp;&nbsp;&nbsp;&nbsp; 29922 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alkami Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1776349 | &nbsp;&nbsp;&nbsp;&nbsp; 29390 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;NextNav Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1793542 | &nbsp;&nbsp;&nbsp;&nbsp; 28858 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vertex Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1803655 | &nbsp;&nbsp;&nbsp;&nbsp; 26117 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NCR Voyix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3223542 | &nbsp;&nbsp;&nbsp;&nbsp; 24628 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;C3.ai Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3062391 | &nbsp;&nbsp;&nbsp;&nbsp; 24346 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Appian Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796971 | &nbsp;&nbsp;&nbsp;&nbsp; 21255 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sprinklr Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2986405 | &nbsp;&nbsp;&nbsp;&nbsp; 17381 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Daily Journal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32277 | &nbsp;&nbsp;&nbsp;&nbsp; 16445 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mitek Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1125857 | &nbsp;&nbsp;&nbsp;&nbsp; 16415 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PAR Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997596 | &nbsp;&nbsp;&nbsp;&nbsp; 16351 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amplitude Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2189874 | &nbsp;&nbsp;&nbsp;&nbsp; 15986 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PagerDuty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2156916 | &nbsp;&nbsp;&nbsp;&nbsp; 15228 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Asana Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2110057 | &nbsp;&nbsp;&nbsp;&nbsp; 14981 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Yext Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2562599 | &nbsp;&nbsp;&nbsp;&nbsp; 14556 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468095 | &nbsp;&nbsp;&nbsp;&nbsp; 14080 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Porch Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1652483 | &nbsp;&nbsp;&nbsp;&nbsp; 13567 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Pagaya Technologies Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1164855 | &nbsp;&nbsp;&nbsp;&nbsp; 13035 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SEMrush Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1102182 | &nbsp;&nbsp;&nbsp;&nbsp; 13028 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;I3 Verticals Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559639 | &nbsp;&nbsp;&nbsp;&nbsp; 12525 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Red Violet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275892 | &nbsp;&nbsp;&nbsp;&nbsp; 11949 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Netskope Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1059341 | &nbsp;&nbsp;&nbsp;&nbsp; 11441 |
|  | &nbsp;&nbsp;&nbsp;OneSpan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898246 | &nbsp;&nbsp;&nbsp;&nbsp; 9917 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Digital Turbine Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2406615 | &nbsp;&nbsp;&nbsp;&nbsp; 9771 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rapid7 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1424460 | &nbsp;&nbsp;&nbsp;&nbsp; 8860 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Blend Labs Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5047833 | &nbsp;&nbsp;&nbsp;&nbsp; 8480 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sprout Social Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1278156 | &nbsp;&nbsp;&nbsp;&nbsp; 8244 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;N-able Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1868659 | &nbsp;&nbsp;&nbsp;&nbsp; 8222 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cerence Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1015396 | &nbsp;&nbsp;&nbsp;&nbsp; 8032 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Weave Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1481594 | &nbsp;&nbsp;&nbsp;&nbsp; 7467 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;8x8 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3023763 | &nbsp;&nbsp;&nbsp;&nbsp; 6471 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Xperi Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1044225 | &nbsp;&nbsp;&nbsp;&nbsp; 6401 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rimini Street Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1263159 | &nbsp;&nbsp;&nbsp;&nbsp; 4699 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Domo Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818518 | &nbsp;&nbsp;&nbsp;&nbsp; 2939 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CS Disco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597639 | &nbsp;&nbsp;&nbsp;&nbsp; 1942 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Expensify Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1617834 | &nbsp;&nbsp;&nbsp;&nbsp; 1537 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Digimarc Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326455 | &nbsp;&nbsp;&nbsp;&nbsp; 1438 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Exodus Movement Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96383 | &nbsp;&nbsp;&nbsp;&nbsp; 983 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IREN Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10112 | &nbsp;&nbsp;&nbsp;&nbsp; 414 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ServiceTitan Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3982 | &nbsp;&nbsp;&nbsp;&nbsp; 288 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bit Digital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141965 | &nbsp;&nbsp;&nbsp;&nbsp; 237 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Veritone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80125 | &nbsp;&nbsp;&nbsp;&nbsp; 226 |
|  | &nbsp;&nbsp;&nbsp;BitMine Immersion Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11919 | &nbsp;&nbsp;&nbsp;&nbsp; 226 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **33052326** |
| **Technology Hardware, Storage & Peripherals (18.8%)** | **Technology Hardware, Storage & Peripherals (18.8%)** | **Technology Hardware, Storage & Peripherals (18.8%)** | **Technology Hardware, Storage & Peripherals (18.8%)** |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 76064266 | &nbsp;&nbsp;&nbsp;&nbsp; 20094658 |
|  | &nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2479955 | &nbsp;&nbsp;&nbsp;&nbsp; 693643 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sandisk Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1034752 | &nbsp;&nbsp;&nbsp;&nbsp; 657440 |
|  | &nbsp;&nbsp;&nbsp;Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;1595747 | &nbsp;&nbsp;&nbsp;&nbsp; 650810 |
|  | &nbsp;&nbsp;&nbsp;Dell Technologies Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;2685440 | &nbsp;&nbsp;&nbsp;&nbsp; 397660 |
|  | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 12400466 | &nbsp;&nbsp;&nbsp;&nbsp; 266238 |
|  | &nbsp;&nbsp;&nbsp;NetApp Inc. (XNGS) | &nbsp;&nbsp;&nbsp;&nbsp;2092670 | &nbsp;&nbsp;&nbsp;&nbsp; 207237 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pure Storage Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2992260 | &nbsp;&nbsp;&nbsp;&nbsp; 192163 |
|  | &nbsp;&nbsp;&nbsp;HP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9570225 | &nbsp;&nbsp;&nbsp;&nbsp; 181739 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Super Micro Computer Inc. (XNGS) | &nbsp;&nbsp;&nbsp;&nbsp;5154860 | &nbsp;&nbsp;&nbsp;&nbsp; 166966 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;IonQ Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3329778 | &nbsp;&nbsp;&nbsp;&nbsp; 127764 |
|  | &nbsp;&nbsp;&nbsp;GPGI Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3779305 | &nbsp;&nbsp;&nbsp;&nbsp; 84845 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Quantum Computing Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4964143 | &nbsp;&nbsp;&nbsp;&nbsp; 41748 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Diebold Nixdorf Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361537 | &nbsp;&nbsp;&nbsp;&nbsp; 28923 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Eastman Kodak Co. | &nbsp;&nbsp;&nbsp;&nbsp;1299214 | &nbsp;&nbsp;&nbsp;&nbsp; 9510 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corsair Gaming Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1175643 | &nbsp;&nbsp;&nbsp;&nbsp; 6454 |
|  | &nbsp;&nbsp;&nbsp;Xerox Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2945676 | &nbsp;&nbsp;&nbsp;&nbsp; 5302 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CPI Card Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155741 | &nbsp;&nbsp;&nbsp;&nbsp; 1910 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **23815010** |
| **Total Common Stocks (Cost $85,153,169)** | **Total Common Stocks (Cost $85,153,169)** | **Total Common Stocks (Cost $85,153,169)** | &nbsp;&nbsp;&nbsp;&nbsp;**126412627** |

---

------

Information Technology 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>4,5</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 3.693% **(Cost $436,523)** | &nbsp;&nbsp;&nbsp;&nbsp;4365935 | &nbsp;&nbsp;&nbsp;&nbsp; **436550** |
| **Total Investments (100.3%) (Cost $85,589,692)** | **Total Investments (100.3%) (Cost $85,589,692)** | **Total Investments (100.3%) (Cost $85,589,692)** | &nbsp;&nbsp;&nbsp;&nbsp;**126849177** |
| **Other Assets and Liabilities—Net (-0.3%)** | **Other Assets and Liabilities—Net (-0.3%)** | **Other Assets and Liabilities—Net (-0.3%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(340634)** |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;**126508543** |
| 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 $374,505. |
| 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 $425,305 was received for securities on loan, of which $425,256 is held in Vanguard Market Liquidity Fund and $49 is held in cash. |

---

------

#### 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 | March 2026 | 155 | 77515 | &nbsp;&nbsp;14 |

---

&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) |
| NetApp Inc. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;5985 | &nbsp;&nbsp;&nbsp;(4.310) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(168) |
| Strategy Inc. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;18313 | &nbsp;&nbsp;&nbsp;(3.630) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(832) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1000) |

---

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 February 28, 2026

---

| | |
|:---|:---|
| ($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 $85,153,169) | 126412627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $436,523) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436550 |
| Total Investments in Securities | 126849177 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3011 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2872 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3534 |
| Cash Collateral Pledged—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;1467984 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56715 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9268 |
| **Total Assets** | **128393031** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;1438364 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425305 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15549 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4123 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 |
| Unrealized Depreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**1884488** |
| **Net Assets** | **126508543** |
| 1 Includes $374,505 of securities on loan. |  |
| **At February 28, 2026, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;85316680 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;41191863 |
| **Net Assets** | **126508543** |
| **ETF Shares—Net Assets<sup>2</sup>** |  |
| **Applicable to 1,204,988,118 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **109426017** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$90.81** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 45,922,163 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**17082526** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$371.99** |
| 2 Shares outstanding and Net Asset Value Per Share adjusted to reflect an 8-for-1 share split. See Notes to Financial Statements for further details. |  |

---

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

------

Information Technology Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> February 28, 2026 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;316317 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3672 |
| Total Income | &nbsp;&nbsp;&nbsp;321769 |
| **Expenses** |  |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;45760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 |
| Shareholders' Reports—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707 |
| Shareholders' Reports—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;57639 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;**264130** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | 3702810 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4412 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(16576) |
| **Realized Net Gain (Loss)** | **3690646** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | 1129648 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(994) |
| **Change in Unrealized Appreciation (Depreciation)** | **1129057** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **5083833** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $603. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $1,671, $27, and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $4,632,026 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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> February 28,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496193 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;3690646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5810773 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;1129057 | &nbsp;&nbsp;&nbsp;&nbsp;14142063 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;5083833 | &nbsp;&nbsp;&nbsp;&nbsp;20449029 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(238028) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(426890) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38488) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72703) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(276516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(499593) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;4827382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7921965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174967) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533456 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;4652415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8455421 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;9459732 | &nbsp;&nbsp;&nbsp;&nbsp;28404857 |
| **Net Assets** |  |  |
| **Beginning of Period** | **117048811** | &nbsp;&nbsp;&nbsp;&nbsp;**88643954** |
| **End of Period** | **126508543** | &nbsp;&nbsp;&nbsp;**117048811** |

---

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<sup>1</sup> | Six Months<br> Ended<br> February 28,<br> 2026 | &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<sup>1</sup> | Six Months<br> Ended<br> February 28,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$87.08** | &nbsp;&nbsp;&nbsp;**$71.73** | &nbsp;&nbsp;&nbsp;**$55.60** | &nbsp;&nbsp;&nbsp;**$43.65** | &nbsp;&nbsp;&nbsp;**$53.31** | &nbsp;&nbsp;&nbsp;**$41.07** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.329 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;3.740 | &nbsp;&nbsp;&nbsp;&nbsp;15.357 | &nbsp;&nbsp;&nbsp;&nbsp;16.212 | &nbsp;&nbsp;&nbsp;&nbsp;11.949 | &nbsp;&nbsp;&nbsp;&nbsp;(9.662) | &nbsp;&nbsp;&nbsp;&nbsp;12.238 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;3.932 | &nbsp;&nbsp;&nbsp;&nbsp;15.741 | &nbsp;&nbsp;&nbsp;&nbsp;16.592 | &nbsp;&nbsp;&nbsp;&nbsp;12.335 | &nbsp;&nbsp;&nbsp;&nbsp;(9.287) | &nbsp;&nbsp;&nbsp;&nbsp;12.567 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.202) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.391) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.373) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.327) |
| 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;(.202) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.391) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.373) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.327) |
| **Net Asset Value, End of Period** | **$90.81** | &nbsp;&nbsp;&nbsp;**$87.08** | &nbsp;&nbsp;&nbsp;**$71.73** | &nbsp;&nbsp;&nbsp;**$55.60** | &nbsp;&nbsp;&nbsp;**$43.65** | &nbsp;&nbsp;&nbsp;**$53.31** |
| **Total Return** | **4.52%** | &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) | $109426 | &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 | 0.09% | &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 | 0.41% | &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>4</sup> | 5% | &nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;4% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Adjusted to reflect an 8-for-1 share split. See Notes to Financial Statements for further details. |
| 2 | Calculated based on average shares outstanding. |
| 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

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> February 28,<br> 2026 | &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 | Six Months<br> Ended<br> February 28,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$356.70** | &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;.783 | &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;15.334 | &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;16.117 | &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;(.827) | &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;(.827) | &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** | **$371.99** | &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>** | **4.52%** | &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) | $17083 | &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 | 0.09% | &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 | 0.41% | &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> | 5% | &nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;4% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 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. In February 2026, the board of trustees approved an 8-for-1 share split of the fund's ETF share class, which occurred after the close of trading on April 20, 2026. Each ETF shareholder who owns shares as of the close of trading on that date received seven additional shares for every share held. Effective April 21, 2026, the ETF shares began trading at the new split-adjusted price. The share split had no effect on fund net assets, but decreased the net asset value per share. Additionally, the share split had no effect on total return.

**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 six months ended February 28, 2026, 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 six months ended February 28, 2026, 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.

------

Information Technology Index Fund

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, 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 six months ended February 28, 2026, 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) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

**B.** Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Portfolio Management, LLC.

**C.** 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 February 28, 2026, the fund had contributed to Vanguard capital in the amount of $3,011,000, representing less than 0.01% of the fund's net assets and 1.20% 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.).

------

Information Technology Index Fund

**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 February 28, 2026, 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 | 126412627 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;126412627 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436550 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436550 |
| Total | 126849177 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;126849177 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Liabilities |  |  |  |  |
| Swap Contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1000) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1000) |

---

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.** As of February 28, 2026, 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;85748938 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;45602473 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(4502220) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;41100253 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at August 31, 2025, the fund had available capital losses totaling $3,669,512,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending August 31, 2026; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**F.** During the six months ended February 28, 2026, the fund purchased $6,123,144,000 of investment securities and sold $6,025,555,000 of investment securities, other than temporary cash investments. In addition, the
fund purchased and sold investment securities of $11,252,379,000 and $6,673,762,000, 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 six months ended February 28, 2026, such purchases were $60,267,000 and sales were $436,000, resulting in net realized gain of $38,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

**G.** Capital share transactions for each class of shares were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> February 28, 2026 | Six Months Ended<br> February 28, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares<sup>1</sup>** |  |  |  |  |
| Issued | 11482345 | &nbsp;&nbsp;&nbsp;121607 | &nbsp;&nbsp;&nbsp;17520596 | &nbsp;&nbsp;&nbsp;&nbsp;223464 |
| 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;— |
| Redeemed | (6654963) | &nbsp;&nbsp;(70800) | &nbsp;&nbsp;(9598631) | &nbsp;&nbsp;(121200) |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;4827382 | &nbsp;&nbsp;&nbsp;&nbsp;50807 | &nbsp;&nbsp;&nbsp;&nbsp;7921965 | &nbsp;&nbsp;&nbsp;&nbsp;102264 |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;1683730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4379 | &nbsp;&nbsp;&nbsp;&nbsp;3320979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10548 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 |
| Redeemed | (1893677) | &nbsp;&nbsp;&nbsp;&nbsp;(4933) | &nbsp;&nbsp;(2853694) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9259) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;(174967) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(461) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502 |

---

1 Shares adjusted to reflect an 8-for-1 share split.

------

Information Technology Index Fund

**H.** 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.

**I.** 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.

**J.** Management has determined that no other subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure
in these financial statements.

Q54872 042026

------

![](tm268191d7commserindfundi001.jpg)

#### Financial Statements

#### For the six-months ended February 28, 2026

#### Vanguard Communication Services Index Fund

------

#### Contents
Financial Statements 1 <br>

------

Communication Services Index Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of February 28, 2026

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 (11.2%)** | **Diversified Telecommunication Services (11.2%)** | **Diversified Telecommunication Services (11.2%)** | **Diversified Telecommunication Services (11.2%)** |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 5627000 | &nbsp;&nbsp;&nbsp;&nbsp; 282138 |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 9600113 | &nbsp;&nbsp;&nbsp;&nbsp; 268899 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AST SpaceMobile Inc. | &nbsp;&nbsp;&nbsp;&nbsp;807856 | &nbsp;&nbsp;&nbsp;&nbsp; 63974 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lumen Technologies Inc. | 3780456 | &nbsp;&nbsp;&nbsp;&nbsp; 26879 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Globalstar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;196839 | &nbsp;&nbsp;&nbsp;&nbsp; 12257 |
|  | &nbsp;&nbsp;&nbsp;Iridium Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;365587 | &nbsp;&nbsp;&nbsp;&nbsp; 8756 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Global Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;641114 | &nbsp;&nbsp;&nbsp;&nbsp; 8168 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Global Ltd. Class C | &nbsp;&nbsp;&nbsp;&nbsp;523487 | &nbsp;&nbsp;&nbsp;&nbsp; 6439 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GCI Liberty Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;131061 | &nbsp;&nbsp;&nbsp;&nbsp; 5157 |
|  | &nbsp;&nbsp;&nbsp;Uniti Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600619 | &nbsp;&nbsp;&nbsp;&nbsp; 4397 |
|  | &nbsp;&nbsp;&nbsp;IDT Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;81711 | &nbsp;&nbsp;&nbsp;&nbsp; 4163 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Latin America Ltd. Class C | &nbsp;&nbsp;&nbsp;&nbsp;522141 | &nbsp;&nbsp;&nbsp;&nbsp; 4146 |
|  | &nbsp;&nbsp;&nbsp;Cogent Communications Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;191221 | &nbsp;&nbsp;&nbsp;&nbsp; 3587 |
|  | &nbsp;&nbsp;&nbsp;Shenandoah Telecommunications Co. | &nbsp;&nbsp;&nbsp;&nbsp;181683 | &nbsp;&nbsp;&nbsp;&nbsp; 2476 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bandwidth Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;110697 | &nbsp;&nbsp;&nbsp;&nbsp; 1641 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Anterix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40079 | &nbsp;&nbsp;&nbsp;&nbsp; 1479 |
|  | &nbsp;&nbsp;&nbsp;ATN International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38615 | &nbsp;&nbsp;&nbsp;&nbsp; 1113 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Latin America Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;112877 | &nbsp;&nbsp;&nbsp;&nbsp; 885 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GCI Liberty Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;12967 | &nbsp;&nbsp;&nbsp;&nbsp; 515 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **707069** |
| **Entertainment (24.7%)** | **Entertainment (24.7%)** | **Entertainment (24.7%)** | **Entertainment (24.7%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Netflix Inc. | 3575626 | &nbsp;&nbsp;&nbsp;&nbsp; 344118 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 2506517 | &nbsp;&nbsp;&nbsp;&nbsp; 265791 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Warner Bros Discovery Inc. | 6543967 | &nbsp;&nbsp;&nbsp;&nbsp; 184344 |
|  | &nbsp;&nbsp;&nbsp;Electronic Arts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;639905 | &nbsp;&nbsp;&nbsp;&nbsp; 128346 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Roblox Corp. Class A | 1868319 | &nbsp;&nbsp;&nbsp;&nbsp; 128279 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600584 | &nbsp;&nbsp;&nbsp;&nbsp; 127012 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Live Nation Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;630690 | &nbsp;&nbsp;&nbsp;&nbsp; 102260 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One Class C | &nbsp;&nbsp;&nbsp;&nbsp;824305 | &nbsp;&nbsp;&nbsp;&nbsp; 75498 |
|  | &nbsp;&nbsp;&nbsp;TKO Group Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;260287 | &nbsp;&nbsp;&nbsp;&nbsp; 58270 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Roku Inc. | &nbsp;&nbsp;&nbsp;&nbsp;507482 | &nbsp;&nbsp;&nbsp;&nbsp; 49941 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Madison Square Garden Sports Corp. | &nbsp;&nbsp;&nbsp;&nbsp;60620 | &nbsp;&nbsp;&nbsp;&nbsp; 20105 |
|  | &nbsp;&nbsp;&nbsp;Warner Music Group Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;513311 | &nbsp;&nbsp;&nbsp;&nbsp; 14681 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sphere Entertainment Co. | &nbsp;&nbsp;&nbsp;&nbsp;99329 | &nbsp;&nbsp;&nbsp;&nbsp; 11821 |
|  | &nbsp;&nbsp;&nbsp;Cinemark Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;410115 | &nbsp;&nbsp;&nbsp;&nbsp; 11582 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Madison Square Garden Entertainment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;148752 | &nbsp;&nbsp;&nbsp;&nbsp; 9392 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;181439 | &nbsp;&nbsp;&nbsp;&nbsp; 7931 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IMAX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;177251 | &nbsp;&nbsp;&nbsp;&nbsp; 7592 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lionsgate Studios Corp. | &nbsp;&nbsp;&nbsp;&nbsp;785673 | &nbsp;&nbsp;&nbsp;&nbsp; 7071 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;AMC Entertainment Holdings Inc. Class A | 1996859 | &nbsp;&nbsp;&nbsp;&nbsp; 2316 |
|  | &nbsp;&nbsp;&nbsp;Marcus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;89973 | &nbsp;&nbsp;&nbsp;&nbsp; 1514 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Eventbrite Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;304728 | &nbsp;&nbsp;&nbsp;&nbsp; 1347 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;24937 | &nbsp;&nbsp;&nbsp;&nbsp; 1207 |
|  | &nbsp;&nbsp;&nbsp;Playtika Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;292871 | &nbsp;&nbsp;&nbsp;&nbsp; 905 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Playstudios Inc. | &nbsp;&nbsp;&nbsp;&nbsp;360399 | &nbsp;&nbsp;&nbsp;&nbsp; 184 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Vivid Seats Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;13296 | &nbsp;&nbsp;&nbsp;&nbsp; 79 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1561586** |
| **Interactive Media & Services (47.8%)** | **Interactive Media & Services (47.8%)** | **Interactive Media & Services (47.8%)** | **Interactive Media & Services (47.8%)** |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | 2153350 | &nbsp;&nbsp;&nbsp;&nbsp;1395758 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | 2734881 | &nbsp;&nbsp;&nbsp;&nbsp; 852626 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class C | 1818342 | &nbsp;&nbsp;&nbsp;&nbsp; 566286 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reddit Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;392063 | &nbsp;&nbsp;&nbsp;&nbsp; 57167 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pinterest Inc. Class A | 2311729 | &nbsp;&nbsp;&nbsp;&nbsp; 39600 |
|  | &nbsp;&nbsp;&nbsp;Match Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;870031 | &nbsp;&nbsp;&nbsp;&nbsp; 27493 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Snap Inc. Class A | 4177404 | &nbsp;&nbsp;&nbsp;&nbsp; 21764 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IAC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;263926 | &nbsp;&nbsp;&nbsp;&nbsp; 10114 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cargurus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;315078 | &nbsp;&nbsp;&nbsp;&nbsp; 9673 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Trump Media & Technology Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;642949 | &nbsp;&nbsp;&nbsp;&nbsp; 6886 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ZoomInfo Technologies Inc. | 1026180 | &nbsp;&nbsp;&nbsp;&nbsp; 6373 |

---

------

Communication Services Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Yelp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;226000 | &nbsp;&nbsp;&nbsp;&nbsp; 5038 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ziff Davis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;152671 | &nbsp;&nbsp;&nbsp;&nbsp; 4134 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TripAdvisor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;386840 | &nbsp;&nbsp;&nbsp;&nbsp; 3911 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QuinStreet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;209899 | &nbsp;&nbsp;&nbsp;&nbsp; 2460 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cars.com Inc. | &nbsp;&nbsp;&nbsp;&nbsp;221235 | &nbsp;&nbsp;&nbsp;&nbsp; 1889 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EverQuote Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;113359 | &nbsp;&nbsp;&nbsp;&nbsp; 1791 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Taboola.com Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;552853 | &nbsp;&nbsp;&nbsp;&nbsp; 1753 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Grindr Inc. | &nbsp;&nbsp;&nbsp;&nbsp;143852 | &nbsp;&nbsp;&nbsp;&nbsp; 1637 |
|  | &nbsp;&nbsp;&nbsp;Shutterstock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96818 | &nbsp;&nbsp;&nbsp;&nbsp; 1627 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Rumble Inc. | &nbsp;&nbsp;&nbsp;&nbsp;293514 | &nbsp;&nbsp;&nbsp;&nbsp; 1588 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;fuboTV Inc. Class A | 1334273 | &nbsp;&nbsp;&nbsp;&nbsp; 1561 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nextdoor Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;854866 | &nbsp;&nbsp;&nbsp;&nbsp; 1496 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mediaalpha Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;113779 | &nbsp;&nbsp;&nbsp;&nbsp; 1131 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Angi Inc. | &nbsp;&nbsp;&nbsp;&nbsp;142819 | &nbsp;&nbsp;&nbsp;&nbsp; 1111 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bumble Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;347070 | &nbsp;&nbsp;&nbsp;&nbsp; 1055 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ZipRecruiter Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;238234 | &nbsp;&nbsp;&nbsp;&nbsp; 431 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3026353** |
| **Media (12.7%)** | **Media (12.7%)** | **Media (12.7%)** | **Media (12.7%)** |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. Class A | 6114776 | &nbsp;&nbsp;&nbsp;&nbsp; 189314 |
|  | &nbsp;&nbsp;&nbsp;Omnicom Group Inc. | 1220649 | &nbsp;&nbsp;&nbsp;&nbsp; 104109 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Charter Communications Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;326369 | &nbsp;&nbsp;&nbsp;&nbsp; 76576 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EchoStar Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;546044 | &nbsp;&nbsp;&nbsp;&nbsp; 63085 |
|  | &nbsp;&nbsp;&nbsp;New York Times Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;597306 | &nbsp;&nbsp;&nbsp;&nbsp; 47659 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trade Desk Inc. Class A | 1708415 | &nbsp;&nbsp;&nbsp;&nbsp; 40694 |
|  | &nbsp;&nbsp;&nbsp;News Corp. Class A | 1456035 | &nbsp;&nbsp;&nbsp;&nbsp; 35367 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;605816 | &nbsp;&nbsp;&nbsp;&nbsp; 34132 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;591505 | &nbsp;&nbsp;&nbsp;&nbsp; 30599 |
|  | &nbsp;&nbsp;&nbsp;Nexstar Media Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;111771 | &nbsp;&nbsp;&nbsp;&nbsp; 28057 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Broadband Corp. Class C | &nbsp;&nbsp;&nbsp;&nbsp;454960 | &nbsp;&nbsp;&nbsp;&nbsp; 24845 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Versant Media Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;559295 | &nbsp;&nbsp;&nbsp;&nbsp; 18636 |
|  | &nbsp;&nbsp;&nbsp;Paramount Skydance Corp. Class B | 1248214 | &nbsp;&nbsp;&nbsp;&nbsp; 16863 |
|  | &nbsp;&nbsp;&nbsp;Sirius XM Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;718053 | &nbsp;&nbsp;&nbsp;&nbsp; 15768 |
|  | &nbsp;&nbsp;&nbsp;TEGNA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;624970 | &nbsp;&nbsp;&nbsp;&nbsp; 13093 |
|  | &nbsp;&nbsp;&nbsp;News Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;468896 | &nbsp;&nbsp;&nbsp;&nbsp; 12557 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Magnite Inc. | &nbsp;&nbsp;&nbsp;&nbsp;556849 | &nbsp;&nbsp;&nbsp;&nbsp; 7584 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DoubleVerify Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;538142 | &nbsp;&nbsp;&nbsp;&nbsp; 5672 |
|  | &nbsp;&nbsp;&nbsp;John Wiley & Sons Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;160930 | &nbsp;&nbsp;&nbsp;&nbsp; 4992 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Broadband Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;68932 | &nbsp;&nbsp;&nbsp;&nbsp; 3762 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;USA TODAY Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;544003 | &nbsp;&nbsp;&nbsp;&nbsp; 3237 |
|  | &nbsp;&nbsp;&nbsp;Scholastic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;81439 | &nbsp;&nbsp;&nbsp;&nbsp; 2832 |
|  | &nbsp;&nbsp;&nbsp;Sinclair Inc. | &nbsp;&nbsp;&nbsp;&nbsp;142980 | &nbsp;&nbsp;&nbsp;&nbsp; 2336 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;967955 | &nbsp;&nbsp;&nbsp;&nbsp; 2323 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stagwell Inc. | &nbsp;&nbsp;&nbsp;&nbsp;453193 | &nbsp;&nbsp;&nbsp;&nbsp; 2184 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cable One Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18647 | &nbsp;&nbsp;&nbsp;&nbsp; 1789 |
|  | &nbsp;&nbsp;&nbsp;Gray Media Inc. | &nbsp;&nbsp;&nbsp;&nbsp;342119 | &nbsp;&nbsp;&nbsp;&nbsp; 1776 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ibotta Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;59009 | &nbsp;&nbsp;&nbsp;&nbsp; 1474 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Optimum Communications Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;941245 | &nbsp;&nbsp;&nbsp;&nbsp; 1355 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;iHeartMedia Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;401651 | &nbsp;&nbsp;&nbsp;&nbsp; 1313 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boston Omaha Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;96161 | &nbsp;&nbsp;&nbsp;&nbsp; 1188 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PubMatic Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;141152 | &nbsp;&nbsp;&nbsp;&nbsp; 1143 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AMC Networks Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;124506 | &nbsp;&nbsp;&nbsp;&nbsp; 1017 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EW Scripps Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;238335 | &nbsp;&nbsp;&nbsp;&nbsp; 989 |
|  | &nbsp;&nbsp;&nbsp;National CineMedia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;255760 | &nbsp;&nbsp;&nbsp;&nbsp; 911 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MNTN Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;43247 | &nbsp;&nbsp;&nbsp;&nbsp; 422 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TechTarget Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113427 | &nbsp;&nbsp;&nbsp;&nbsp; 398 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Thryv Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;161256 | &nbsp;&nbsp;&nbsp;&nbsp; 374 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Advantage Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;389634 | &nbsp;&nbsp;&nbsp;&nbsp; 204 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cardlytics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;176672 | &nbsp;&nbsp;&nbsp;&nbsp; 153 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **800782** |
| **Wireless Telecommunication Services (3.3%)** | **Wireless Telecommunication Services (3.3%)** | **Wireless Telecommunication Services (3.3%)** | **Wireless Telecommunication Services (3.3%)** |
|  | &nbsp;&nbsp;&nbsp;T-Mobile US Inc. | &nbsp;&nbsp;&nbsp;&nbsp;860214 | &nbsp;&nbsp;&nbsp;&nbsp; 186744 |
|  | &nbsp;&nbsp;&nbsp;Telephone & Data Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;398069 | &nbsp;&nbsp;&nbsp;&nbsp; 17813 |
|  | &nbsp;&nbsp;&nbsp;Array Digital Infrastructure Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62360 | &nbsp;&nbsp;&nbsp;&nbsp; 3039 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gogo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;286629 | &nbsp;&nbsp;&nbsp;&nbsp; 1212 |
|  | &nbsp;&nbsp;&nbsp;Spok Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80204 | &nbsp;&nbsp;&nbsp;&nbsp; 974 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **209782** |
| **Total Common Stocks (Cost $5,398,188)** | **Total Common Stocks (Cost $5,398,188)** | **Total Common Stocks (Cost $5,398,188)** | &nbsp;&nbsp;&nbsp;&nbsp;**6305572** |

---

------

Communication Services 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, 3.693% **(Cost $23,503)** | &nbsp;&nbsp;&nbsp;&nbsp;235067 | &nbsp;&nbsp;&nbsp;&nbsp; **23505** |
| **Total Investments (100.1%) (Cost $5,421,691)** | **Total Investments (100.1%) (Cost $5,421,691)** | **Total Investments (100.1%) (Cost $5,421,691)** | &nbsp;&nbsp;&nbsp;&nbsp;**6329077** |
| **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;**(6127)** |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;**6322950** |
| 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 $8,229. |
| 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 $9,908 was received for securities on loan, of which $9,509 is held in Vanguard Market Liquidity Fund and $399 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. | &nbsp;&nbsp;&nbsp;2/1/2027 | &nbsp;&nbsp;&nbsp;GSI | &nbsp;&nbsp;&nbsp;5397 | &nbsp;&nbsp;&nbsp;(3.630) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(255) |
| Fox Corp. Class A | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;11095 | &nbsp;&nbsp;&nbsp;(3.630) | &nbsp;&nbsp;&nbsp;454 | &nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;454 | &nbsp;&nbsp;&nbsp;(255) |

---

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 February 28, 2026, the counterparties had deposited in segregated accounts securities with a value of $579 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 February 28, 2026

---

| | |
|:---|:---|
| ($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 $5,398,188) | 6305572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $23,503) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23505 |
| Total Investments in Securities | 6329077 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;236208 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454 |
| **Total Assets** | **6567706** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;233847 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9908 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 |
| Unrealized Depreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**244756** |
| **Net Assets** | **6322950** |
| 1 Includes $8,229 of securities on loan. |  |
| **At February 28, 2026, net assets consisted of:** |  |
| Paid-in Capital | 5843360 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;479590 |
| **Net Assets** | **6322950** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 31,177,674 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **5990165** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**$192.13** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 3,399,024 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;**332785** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$97.91** |

---

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

------

Communication Services Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> February 28, 2026 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends | &nbsp;&nbsp;31522 |
| Interest<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 |
| Total Income | &nbsp;&nbsp;31880 |
| **Expenses** |  |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;2349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| Shareholders' Reports—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| Shareholders' Reports—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;2810 |
| **Net Investment Income** | &nbsp;&nbsp;**29070** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1,2</sup> | 493386 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835 |
| **Realized Net Gain (Loss)** | **494221** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | (74075) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 |
| **Change in Unrealized Appreciation (Depreciation)** | **(73928)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **449363** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $291, ($2), and $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 2 | Includes $615,627 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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> February 28,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53283 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;494221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451391 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(73928) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790057 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;449363 | &nbsp;&nbsp;&nbsp;1294731 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;(34356) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51314) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1932) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2850) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(36288) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54164) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3931) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39228 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409423 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;469736 | &nbsp;&nbsp;&nbsp;1649990 |
| **Net Assets** |  |  |
| **Beginning of Period** | **5853214** | &nbsp;&nbsp;&nbsp;**4203224** |
| **End of Period** | **6322950** | &nbsp;&nbsp;&nbsp;**5853214** |

---

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 | Six Months<br> Ended<br> February 28,<br> 2026 | &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 | Six Months<br> Ended<br> February 28,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$180.12** | &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;.874 | &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;12.215 | &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;13.089 | &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;(1.079) | &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;(1.079) | &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** | **$192.13** | &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** | **7.28%** | &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) | $5990 | &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 | 0.09% | &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 | 0.92% | &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> | 11% | &nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;15% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 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 | Six Months<br> Ended<br> February 28,<br> 2026 | &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 | Six Months<br> Ended<br> February 28,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$91.79** | &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;.444 | &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;6.226 | &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;6.670 | &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;(.550) | &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;(.550) | &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** | **$97.91** | &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>** | **7.28%** | &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) | $333 | &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 | 0.09% | &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 | 0.92% | &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> | 11% | &nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;15% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 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 six months ended February 28, 2026, 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 six months ended February 28, 2026, 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) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

**B.** Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Portfolio Management, LLC.

**C.** 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 February 28, 2026, the fund had contributed to Vanguard capital in the amount of $154,000, 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.

**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 February 28, 2026, 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 | 6305572 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;6305572 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23505 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23505 |
| Total | 6329077 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;6329077 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;454 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;454 |
| Liabilities |  |  |  |  |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;(255) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(255) |

---

------

Communication Services Index Fund

**E.** As of February 28, 2026, 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;5441793 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;1331740 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(444456) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887284 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at August 31, 2025, the fund had available capital losses totaling $895,790,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending August 31, 2026; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**F.** During the six months ended February 28, 2026, the fund purchased $764,278,000 of investment securities and sold $720,516,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $1,246,436,000 and $1,241,264,000, 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 six months ended February 28, 2026, such purchases were $0 and sales were $13,000, resulting in net realized loss of $2,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

**G.** Capital share transactions for each class of shares were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> February 28, 2026 | Six Months Ended<br> February 28, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;1253747 | &nbsp;&nbsp;&nbsp;&nbsp;6786 | &nbsp;&nbsp;&nbsp;&nbsp;1776091 | &nbsp;&nbsp;&nbsp;10886 |
| 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 | (1193155) | &nbsp;&nbsp;(6350) | &nbsp;&nbsp;(1405896) | &nbsp;&nbsp;(8800) |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370195 | &nbsp;&nbsp;&nbsp;&nbsp;2086 |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148447 | &nbsp;&nbsp;&nbsp;&nbsp;1819 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(84625) | &nbsp;&nbsp;&nbsp;&nbsp;(877) | &nbsp;&nbsp;&nbsp;&nbsp;(111524) | &nbsp;&nbsp;(1406) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3931) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 |

---

**H.** 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.

**I.** 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.

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Communication Services Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;J.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.

Q54882 042026

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![](tm268191d7utilindfundi001.jpg)

#### Financial Statements

#### For the six-months ended February 28, 2026

#### Vanguard Utilities Index Fund

------

#### Contents
Financial Statements 1 <br>

------

Utilities Index Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of February 28, 2026

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%)** |
| **Electric Utilities (61.7%)** | **Electric Utilities (61.7%)** | **Electric Utilities (61.7%)** | **Electric Utilities (61.7%)** |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy Inc. | 14025351 | &nbsp;&nbsp;&nbsp;&nbsp; 1315157 |
|  | &nbsp;&nbsp;&nbsp;Southern Co. | 7212355 | &nbsp;&nbsp;&nbsp;&nbsp; 702339 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 5296450 | &nbsp;&nbsp;&nbsp;&nbsp; 693041 |
|  | &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 2097730 | &nbsp;&nbsp;&nbsp;&nbsp; 691999 |
|  | &nbsp;&nbsp;&nbsp;American Electric Power Co. Inc. | 3637586 | &nbsp;&nbsp;&nbsp;&nbsp; 486782 |
|  | &nbsp;&nbsp;&nbsp;Xcel Energy Inc. | 4028832 | &nbsp;&nbsp;&nbsp;&nbsp; 335843 |
|  | &nbsp;&nbsp;&nbsp;Entergy Corp. | 3041662 | &nbsp;&nbsp;&nbsp;&nbsp; 325792 |
|  | &nbsp;&nbsp;&nbsp;Exelon Corp. | 6280827 | &nbsp;&nbsp;&nbsp;&nbsp; 310713 |
|  | &nbsp;&nbsp;&nbsp;PG&E Corp. | 14969437 | &nbsp;&nbsp;&nbsp;&nbsp; 284419 |
|  | &nbsp;&nbsp;&nbsp;NRG Energy Inc. | 1305212 | &nbsp;&nbsp;&nbsp;&nbsp; 233581 |
|  | &nbsp;&nbsp;&nbsp;PPL Corp. | 5038180 | &nbsp;&nbsp;&nbsp;&nbsp; 196388 |
|  | &nbsp;&nbsp;&nbsp;Edison International | 2620689 | &nbsp;&nbsp;&nbsp;&nbsp; 195870 |
|  | &nbsp;&nbsp;&nbsp;Eversource Energy | 2555320 | &nbsp;&nbsp;&nbsp;&nbsp; 194741 |
|  | &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 3737610 | &nbsp;&nbsp;&nbsp;&nbsp; 191216 |
|  | &nbsp;&nbsp;&nbsp;Evergy Inc. | 1567929 | &nbsp;&nbsp;&nbsp;&nbsp; 131173 |
|  | &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 1750726 | &nbsp;&nbsp;&nbsp;&nbsp; 126648 |
|  | &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;815175 | &nbsp;&nbsp;&nbsp;&nbsp; 81762 |
|  | &nbsp;&nbsp;&nbsp;OGE Energy Corp. | 1403917 | &nbsp;&nbsp;&nbsp;&nbsp; 68989 |
|  | &nbsp;&nbsp;&nbsp;IDACORP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;368089 | &nbsp;&nbsp;&nbsp;&nbsp; 52994 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Oklo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;754002 | &nbsp;&nbsp;&nbsp;&nbsp; 47464 |
|  | &nbsp;&nbsp;&nbsp;Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;766128 | &nbsp;&nbsp;&nbsp;&nbsp; 41340 |
|  | &nbsp;&nbsp;&nbsp;TXNM Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;667644 | &nbsp;&nbsp;&nbsp;&nbsp; 39404 |
|  | &nbsp;&nbsp;&nbsp;Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;256863 | &nbsp;&nbsp;&nbsp;&nbsp; 21859 |
|  | &nbsp;&nbsp;&nbsp;MGE Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;248864 | &nbsp;&nbsp;&nbsp;&nbsp; 20412 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hawaiian Electric Industries Inc. | 1175687 | &nbsp;&nbsp;&nbsp;&nbsp; 18211 |
|  | &nbsp;&nbsp;&nbsp;Genie Energy Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94535 | &nbsp;&nbsp;&nbsp;&nbsp; 1374 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **6809511** |
| **Gas Utilities (4.8%)** | **Gas Utilities (4.8%)** | **Gas Utilities (4.8%)** | **Gas Utilities (4.8%)** |
|  | &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 1101620 | &nbsp;&nbsp;&nbsp;&nbsp; 205772 |
|  | &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;614776 | &nbsp;&nbsp;&nbsp;&nbsp; 55963 |
|  | &nbsp;&nbsp;&nbsp;UGI Corp. | 1462981 | &nbsp;&nbsp;&nbsp;&nbsp; 54730 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;686128 | &nbsp;&nbsp;&nbsp;&nbsp; 37216 |
|  | &nbsp;&nbsp;&nbsp;Southwest Gas Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;417874 | &nbsp;&nbsp;&nbsp;&nbsp; 36844 |
|  | &nbsp;&nbsp;&nbsp;Spire Inc. | &nbsp;&nbsp;&nbsp;&nbsp;402079 | &nbsp;&nbsp;&nbsp;&nbsp; 36834 |
|  | &nbsp;&nbsp;&nbsp;ONE Gas Inc. | &nbsp;&nbsp;&nbsp;&nbsp;408616 | &nbsp;&nbsp;&nbsp;&nbsp; 35729 |
|  | &nbsp;&nbsp;&nbsp;MDU Resources Group Inc. | 1322374 | &nbsp;&nbsp;&nbsp;&nbsp; 27347 |
|  | &nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;161073 | &nbsp;&nbsp;&nbsp;&nbsp; 21901 |
|  | &nbsp;&nbsp;&nbsp;Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;282913 | &nbsp;&nbsp;&nbsp;&nbsp; 15006 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **527342** |
| **Independent Power and Renewable Electricity Producers (6.0%)** | **Independent Power and Renewable Electricity Producers (6.0%)** | **Independent Power and Renewable Electricity Producers (6.0%)** | **Independent Power and Renewable Electricity Producers (6.0%)** |
|  | &nbsp;&nbsp;&nbsp;Vistra Corp. | 2307671 | &nbsp;&nbsp;&nbsp;&nbsp; 401281 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Talen Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;264498 | &nbsp;&nbsp;&nbsp;&nbsp; 98121 |
|  | &nbsp;&nbsp;&nbsp;AES Corp. | 4850136 | &nbsp;&nbsp;&nbsp;&nbsp; 83810 |
|  | &nbsp;&nbsp;&nbsp;Ormat Technologies Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;393283 | &nbsp;&nbsp;&nbsp;&nbsp; 40783 |
|  | &nbsp;&nbsp;&nbsp;Clearway Energy Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;577938 | &nbsp;&nbsp;&nbsp;&nbsp; 22141 |
|  | &nbsp;&nbsp;&nbsp;Clearway Energy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;235696 | &nbsp;&nbsp;&nbsp;&nbsp; 8490 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;XPLR Infrastructure LP | &nbsp;&nbsp;&nbsp;&nbsp;607743 | &nbsp;&nbsp;&nbsp;&nbsp; 6436 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hallador Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;239227 | &nbsp;&nbsp;&nbsp;&nbsp; 4349 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **665411** |
| **Multi-Utilities (24.0%)** | **Multi-Utilities (24.0%)** | **Multi-Utilities (24.0%)** | **Multi-Utilities (24.0%)** |
|  | &nbsp;&nbsp;&nbsp;Sempra | 4445267 | &nbsp;&nbsp;&nbsp;&nbsp; 427946 |
|  | &nbsp;&nbsp;&nbsp;Dominion Energy Inc. | 5815805 | &nbsp;&nbsp;&nbsp;&nbsp; 367210 |
|  | &nbsp;&nbsp;&nbsp;Public Service Enterprise Group Inc. | 3399625 | &nbsp;&nbsp;&nbsp;&nbsp; 292606 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Edison Inc. | 2458244 | &nbsp;&nbsp;&nbsp;&nbsp; 276601 |
|  | &nbsp;&nbsp;&nbsp;WEC Energy Group Inc. | 2215502 | &nbsp;&nbsp;&nbsp;&nbsp; 259125 |
|  | &nbsp;&nbsp;&nbsp;DTE Energy Co. | 1414477 | &nbsp;&nbsp;&nbsp;&nbsp; 209682 |
|  | &nbsp;&nbsp;&nbsp;Ameren Corp. | 1842276 | &nbsp;&nbsp;&nbsp;&nbsp; 208693 |
|  | &nbsp;&nbsp;&nbsp;CenterPoint Energy Inc. | 4446543 | &nbsp;&nbsp;&nbsp;&nbsp; 193425 |

---

------

Utilities Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 2072654 | &nbsp;&nbsp;&nbsp;&nbsp; 161812 |
|  | &nbsp;&nbsp;&nbsp;NiSource Inc. | 3250083 | &nbsp;&nbsp;&nbsp;&nbsp; 153729 |
|  | &nbsp;&nbsp;&nbsp;Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;514033 | &nbsp;&nbsp;&nbsp;&nbsp; 37864 |
|  | &nbsp;&nbsp;&nbsp;Northwestern Energy Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;418228 | &nbsp;&nbsp;&nbsp;&nbsp; 29259 |
|  | &nbsp;&nbsp;&nbsp;Avista Corp. | &nbsp;&nbsp;&nbsp;&nbsp;554188 | &nbsp;&nbsp;&nbsp;&nbsp; 22511 |
|  | &nbsp;&nbsp;&nbsp;Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;121848 | &nbsp;&nbsp;&nbsp;&nbsp; 6374 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2646837** |
| **Water Utilities (3.0%)** | **Water Utilities (3.0%)** | **Water Utilities (3.0%)** | **Water Utilities (3.0%)** |
|  | &nbsp;&nbsp;&nbsp;American Water Works Co. Inc. | 1329296 | &nbsp;&nbsp;&nbsp;&nbsp; 180824 |
|  | &nbsp;&nbsp;&nbsp;Essential Utilities Inc. | 1927983 | &nbsp;&nbsp;&nbsp;&nbsp; 77061 |
|  | &nbsp;&nbsp;&nbsp;American States Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;263662 | &nbsp;&nbsp;&nbsp;&nbsp; 19651 |
|  | &nbsp;&nbsp;&nbsp;California Water Service Group | &nbsp;&nbsp;&nbsp;&nbsp;406220 | &nbsp;&nbsp;&nbsp;&nbsp; 18312 |
|  | &nbsp;&nbsp;&nbsp;H2O America | &nbsp;&nbsp;&nbsp;&nbsp;231864 | &nbsp;&nbsp;&nbsp;&nbsp; 12472 |
|  | &nbsp;&nbsp;&nbsp;Middlesex Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;124702 | &nbsp;&nbsp;&nbsp;&nbsp; 6734 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Water Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;102932 | &nbsp;&nbsp;&nbsp;&nbsp; 3896 |
|  | &nbsp;&nbsp;&nbsp;York Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98103 | &nbsp;&nbsp;&nbsp;&nbsp; 3226 |
|  | &nbsp;&nbsp;&nbsp;Artesian Resources Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64194 | &nbsp;&nbsp;&nbsp;&nbsp; 2175 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **324351** |
| **Total Common Stocks (Cost $8,068,284)** | **Total Common Stocks (Cost $8,068,284)** | **Total Common Stocks (Cost $8,068,284)** | &nbsp;&nbsp;&nbsp;&nbsp;**10973452** |
| **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, 3.693% **(Cost $35,727)** | &nbsp;&nbsp;&nbsp;&nbsp;357285 | &nbsp;&nbsp;&nbsp;&nbsp; **35725** |
| **Total Investments (99.8%) (Cost $8,104,011)** | **Total Investments (99.8%) (Cost $8,104,011)** | **Total Investments (99.8%) (Cost $8,104,011)** | &nbsp;&nbsp;&nbsp;&nbsp;**11009177** |
| **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;**20284** |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;**11029461** |
| 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 $2,222. |
| 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 $2,506 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) |
| Exelon Corp. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;29220 | &nbsp;&nbsp;&nbsp;(3.630) | &nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp;&nbsp;— |
| Southern Co. | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;27529 | &nbsp;&nbsp;&nbsp;(3.630) | &nbsp;&nbsp;&nbsp;629 | &nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;1088 | &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 February 28, 2026, the counterparties had deposited in segregated accounts securities with a value of $416 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 February 28, 2026

---

| | |
|:---|:---|
| ($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 $8,068,284) | 10973452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $35,727) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35725 |
| Total Investments in Securities | 11009177 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20044 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41543 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9180 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088 |
| **Total Assets** | **11081265** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40188 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2506 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8763 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**51804** |
| **Net Assets** | **11029461** |
| 1 Includes $2,222 of securities on loan. |  |
| **At February 28, 2026, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;8428573 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;2600888 |
| **Net Assets** | **11029461** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 43,105,711 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**8873797** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$205.86** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 20,871,264 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**2155664** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$103.28** |

---

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

------

Utilities Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> February 28, 2026 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends | &nbsp;&nbsp;&nbsp;137994 |
| Interest<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| Total Income | &nbsp;&nbsp;&nbsp;138610 |
| **Expenses** |  |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| Shareholders' Reports—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 |
| Shareholders' Reports—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| 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;&nbsp;8 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4434 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;**134176** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;27946 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3709 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;**31655** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | 1178205 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088 |
| **Change in Unrealized Appreciation (Depreciation)** | **1179293** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **1345124** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $586, $1, and ($3), respectively. Purchases and sales are for temporary cash investment purposes. |
| 2 | Includes $39,307 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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> February 28,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243577 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136699 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;1179293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725920 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;1345124 | &nbsp;&nbsp;&nbsp;1106196 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;(107599) | &nbsp;&nbsp;&nbsp;&nbsp;(198238) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50576) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(134214) | &nbsp;&nbsp;&nbsp;&nbsp;(248814) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32519 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397349 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;1778272 | &nbsp;&nbsp;&nbsp;1254731 |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;&nbsp;**9251189** | &nbsp;&nbsp;&nbsp;**7996458** |
| **End of Period** | **11029461** | &nbsp;&nbsp;&nbsp;**9251189** |

---

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 | Six Months<br> Ended<br> February 28,<br> 2026 | &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 | Six Months<br> Ended<br> February 28,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$182.78** | &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;2.573 | &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;23.097 | &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;25.670 | &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;(2.590) | &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;(2.590) | &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** | **$205.86** | &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** | **14.20%** | &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) | $8874 | &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 | 0.09% | &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 | 2.72% | &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> | 2% | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;6% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 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 | Six Months<br> Ended<br> February 28,<br> 2026 | &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 | Six Months<br> Ended<br> February 28,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;**$91.70** | &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;1.286 | &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;11.593 | &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;12.879 | &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;(1.299) | &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;(1.299) | &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** | **$103.28** | &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>** | **14.20%** | &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) | $2156 | &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 | 0.09% | &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 | 2.71% | &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> | 2% | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;6% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 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 six months ended February 28, 2026, 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 six months ended February 28, 2026, 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) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

**B.** Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Portfolio Management, LLC.

**C.** 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 February 28, 2026, the fund had contributed to Vanguard capital in the amount of $232,000, 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.

**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 February 28, 2026, 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 | 10973452 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;10973452 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35725 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35725 |
| Total | 11009177 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;11009177 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;1088 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1088 |

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Utilities Index Fund

**E.** As of February 28, 2026, 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;8136980 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;3045474 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(173277) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;2872197 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at August 31, 2025, the fund had available capital losses totaling $351,368,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending August 31, 2026; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**F.** During the six months ended February 28, 2026, the fund purchased $319,700,000 of investment securities and sold $219,831,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $562,286,000 and $108,158,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

**G.** Capital share transactions for each class of shares were:

&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> February 28, 2026 | Six Months Ended<br> February 28, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;612092 | &nbsp;&nbsp;&nbsp;&nbsp;3207 | &nbsp;&nbsp;1003446 | &nbsp;&nbsp;&nbsp;&nbsp;5790 |
| 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;— |
| Redeemed | (108172) | &nbsp;&nbsp;&nbsp;&nbsp;(575) | &nbsp;&nbsp;&nbsp;(638616) | &nbsp;&nbsp;(3800) |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;503920 | &nbsp;&nbsp;&nbsp;&nbsp;2632 | &nbsp;&nbsp;&nbsp;&nbsp;364830 | &nbsp;&nbsp;&nbsp;&nbsp;1990 |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;270823 | &nbsp;&nbsp;&nbsp;&nbsp;2825 | &nbsp;&nbsp;&nbsp;&nbsp;413487 | &nbsp;&nbsp;&nbsp;&nbsp;4773 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;20115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454 |
| Redeemed | (227496) | &nbsp;&nbsp;(2382) | &nbsp;&nbsp;&nbsp;(419440) | &nbsp;&nbsp;(4882) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;63442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 |

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**H.** 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.

**I.** 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.

**J.** 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.

Q54892 042026

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**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.**

At a special meeting of shareholders on November 4, 2025, shareholders of Vanguard Financials Index Fund (the "Fund") approved the proposal to change the diversification status of the Fund from diversified to non-diversified and eliminate the related fundamental restrictions. Each vote reported below represents one dollar of the total combined net asset value of the Fund's shares held on the record date of August 26, 2025.

---

| | | | |
|:---|:---|:---|:---|
| Votes For | Votes Against | Abstained | Broker Non-Votes |
| 7171927825 | 138912318 | 271434060 | N/A |

---

At a special meeting of shareholders on January 6, 2026, shareholders of Vanguard Health Care Index Fund (the "Fund") approved the proposal to change the diversification status of the Fund from diversified to non-diversified and eliminate the related fundamental restrictions. Each vote reported below represents one dollar of the total combined net asset value of the Fund's shares held on the record date of August 26, 2025.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Votes For | &nbsp;&nbsp;Votes Against | &nbsp;&nbsp;Abstained | &nbsp;&nbsp;Broker Non-Votes |
| &nbsp;&nbsp;7,799,136,167 | &nbsp;&nbsp;729,677,195 | &nbsp;&nbsp;379,107,973 | &nbsp;&nbsp;N/A |

---

**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 Arrangement – FTSE Social Index Fund**

A majority of independent trustees of the board of Vanguard FTSE Social Index Fund (Trustees) has approved a restructuring of the fund's management structure whereby the Vanguard Group, Inc. (Vanguard) will now provide investment advisory services to the fund through its subsidiary, Vanguard Portfolio Management LLC (VPM). The trustees determined that approving the advisory arrangements was in the best interests of the fund and its shareholders.

The Trustees based their decision upon an evaluation of VPM's investment staff, portfolio management process, and performance. This evaluation included information provided by Vanguard's Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Trustees considered the factors discussed below, among others. However, no single factor determined whether to approve the arrangement. Rather, it was the totality of the circumstances that drove the Trustee's decisions.

**Nature, extent, and quality of services**

The Trustees considered the quality of the investment management services to be provided to the fund and took into account the organizational depth and stability of Vanguard and VPM. The Trustees considered that Vanguard has been managing investments for more than four decades. The Strategic Equity Index Management team (SE), now within VPM, adheres to the same sound, disciplined investment management process and has considerable experience, stability and depth. In its management of other Vanguard passive and active equity funds and portfolios, the team has a track record of consistent performance as a result of its disciplined investment processes. SE has specific expertise and experience managing U.S. style-box, sector, and smart-beta index strategies, effectively navigating index reconstitutions and mitigating transactions costs to deliver tight tracking error while opportunistically seeking to add excess returns through sophisticated trading strategies and superior access to corporate actions.

The Trustees concluded that VPM's experience, stability, depth, and performance, among other factors, warranted approval of the advisory arrangement.

**Investment performance**

The Trustees determined that VPM's Strategic Equity Index Management team, in its management of Vanguard funds, including the fund, has a track record of consistent performance and disciplined investment processes. The Trustees concluded that the performance was such that the advisory arrangement should be approved.

**Cost**

The Trustees concluded that the fund's expense ratio will remain below the average expense ratio charged by funds in its peer group and that the fund's advisory expenses will also continue to be below the peer-group average.

The Trustees do not conduct a profitability analysis of Vanguard in providing investment advisory services through VPM because of Vanguard's unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

**The benefit of economies of scale**

The Trustees concluded that the fund's arrangement with Vanguard, and services rendered through VPM, ensure that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.

The Trustees will consider whether to renew the advisory arrangement again after a one-year period.

**Trustees Approve Advisory Arrangements – U.S. Stock Index Funds**

A majority of independent trustees of the board of Vanguard Communications 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 (Trustees) have approved a restructuring of each fund's management structure whereby the Vanguard Group, Inc. (Vanguard) will now provide investment advisory services to the fund through its subsidiary, Vanguard Portfolio Management LLC (VPM). The trustees determined that approving the advisory arrangements was in the best interests of each fund and its shareholders.

The Trustees based their decisions upon an evaluation of VPM's investment staff, portfolio management process, and performance. This evaluation included information provided by Vanguard's Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Trustees considered the factors discussed below, among others. However, no single factor determined whether to approve the arrangement. Rather, it was the totality of the circumstances that drove the Trustee's decisions.

**Nature, extent, and quality of services**

The Trustees considered the quality of the investment management services to be provided to the funds and took into account the organizational depth and stability of Vanguard and VPM. The Trustees considered that Vanguard has been managing investments for more than four decades. The Strategic Equity Index Management team (SE), now within VPM, adheres to the same sound, disciplined investment management process and has considerable experience, stability and depth. In its management of other Vanguard passive and active equity funds and portfolios, the team has a track record of consistent performance as a result of its disciplined investment processes. SE has specific expertise and experience managing U.S. style-box, sector, and smart-beta index strategies, effectively navigating index reconstitutions and mitigating transactions costs to deliver tight tracking error while opportunistically seeking to add excess returns through sophisticated trading strategies and superior access to corporate actions.

The Trustees concluded that VPM's experience, stability, depth, and performance, among other factors, warranted approval of the advisory arrangements.

**Investment performance**

The Trustees determined that VPM's SE, in its management of Vanguard funds, including the funds, has a track record of consistent performance and disciplined investment processes. The Trustees concluded that the performance was such that the advisory arrangements should be approved.

**Cost**

The Trustees concluded that each fund's expense ratio will remain below the average expense ratio charged by funds in its peer group and that each fund's advisory expenses will also continue to be below the peer-group average.

The Trustees do not conduct a profitability analysis of Vanguard in providing investment advisory services through VPM because of Vanguard's unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

**The benefit of economies of scale**

The Trustees concluded that each fund's arrangement with Vanguard, and services rendered through VPM, ensure that each fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.

The Trustees will consider whether to renew the advisory arrangements again after a one-year period.

**Trustees Approve Advisory Arrangements – Mega Cap Index Funds**

A majority of independent trustees of the board of Vanguard Mega Cap Index Fund and Vanguard Mega Cap Value Index Fund (Trustees) have approved a restructuring of each fund's management structure whereby the Vanguard Group, Inc. (Vanguard) will now provide investment advisory services to the fund through its subsidiary, Vanguard Portfolio Management LLC (VPM). The trustees determined that approving the advisory arrangements was in the best interests of each fund and its shareholders.

The Trustees based their decisions upon an evaluation of VPM's investment staff, portfolio management process, and performance. This evaluation included information provided by Vanguard's Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Trustees considered the factors discussed below, among others. However, no single factor determined whether to approve the arrangement. Rather, it was the totality of the circumstances that drove the Trustee's decisions.

**Nature, extent, and quality of services**

The Trustees considered the quality of the investment management services to be provided to the funds and took into account the organizational depth and stability of Vanguard and VPM. The Trustees considered that Vanguard has been managing investments for more than four decades. The Strategic Equity Index Management team (SE), now within VPM, adheres to the same sound, disciplined investment management process and has considerable experience, stability and depth. In its management of other Vanguard passive and active equity funds and portfolios, the team has a track record of consistent performance as a result of its disciplined investment processes. SE has specific expertise and experience managing U.S. style-box, sector, and smart-beta index strategies, effectively navigating index reconstitutions and mitigating transactions costs to deliver tight tracking error while opportunistically seeking to add excess returns through sophisticated trading strategies and superior access to corporate actions.

The Trustees concluded that VPM's experience, stability, depth, and performance, among other factors, warranted approval of the advisory arrangements.

**Investment performance**

The Trustees determined that VPM's SE, in its management of Vanguard funds, including the funds, has a track record of consistent performance and disciplined investment processes. The Trustees concluded that the performance was such that the advisory arrangements should be approved.

**Cost**

The Trustees concluded that each fund's expense ratio will remain below the average expense ratio charged by funds in its peer group and that each fund's advisory expenses will also continue to be below the peer-group average.

The Trustees do not conduct a profitability analysis of Vanguard in providing investment advisory services through VPM because of Vanguard's unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

**The benefit of economies of scale**

The Trustees concluded that each fund's arrangement with Vanguard, and services rendered through VPM, ensure that each fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.

The Trustees will consider whether to renew the advisory arrangements again after a one-year period.

**Trustees Approve Advisory Arrangements – International Growth Fund**

A majority of independent trustees of 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 trustees determined that renewing the fund's advisory arrangements was in the best interests of the fund and its shareholders.

The trustees based their decisions upon an evaluation of each advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the trustees 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 trustees during the fiscal year that directed their focus to relevant information and topics.

The trustees also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For each advisor presentation, the trustees were 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 trustees 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 trustees approved the arrangements. Rather, it was the totality of the circumstances that drove the trustees' decisions.

**Nature, extent, and quality of services**

The trustees 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 trustees 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 trustees concluded that each advisor's experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangements.

**Investment performance**

The trustees 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 trustees concluded that the performance was such that each advisory arrangement should continue.

**Cost**

The trustees 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 trustees 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 trustees 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 trustees will consider whether to renew the advisory arrangements again after a one-year period.

**Trustees Approve Advisory Arrangements – U.S. Growth Fund**

A majority of independent trustees of 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 trustees determined that renewing the fund's advisory arrangements with these advisors was in the best interests of the fund and its shareholders.

The trustees based their decisions upon an evaluation of each advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the trustees 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 advisor and made presentations to the trustees during the fiscal year that directed their focus to relevant information and topics.

The trustees also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For each advisor presentation, the trustees were 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 trustees received periodic reports throughout the year, which included information about each 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 advisor.

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 trustees approved the arrangement. Rather, it was the totality of the circumstances that drove the trustees' decision.

**Nature, extent, and quality of services**

The trustees 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 trustees 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 trustees concluded that each advisor's experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangements.

**Investment performance**

The trustees 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 trustees concluded that the performance was such that each advisory arrangement should continue.

**Cost**

The trustees 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 trustees 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 trustees 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 trustees 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.**

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| | |
|:---|:---|
| (a)(1) | Not applicable. |
| [(a)(2)](tm268191d7_ex99-cert.htm) | [Certifications filed herewith.](tm268191d7_ex99-cert.htm) |
| [(a)(2)](tm268191d7_ex99-906cert.htm) | [Certifications filed herewith.](tm268191d7_ex99-906cert.htm) |

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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.

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| | |
|:---|:---|
|  | VANGUARD WORLD FUND |
| BY: | /s/ SALIM RAMJI\* |
|  | &nbsp;&nbsp;&nbsp;SALIM RAMJI |
|  | CHIEF EXECUTIVE OFFICER |

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Date: April 22, 2026

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.

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| | |
|:---|:---|
|  | VANGUARD WORLD FUND |
| BY: | /s/ SALIM RAMJI\* |
|  | &nbsp;&nbsp;&nbsp;SALIM RAMJI |
|  | CHIEF EXECUTIVE OFFICER |

---

Date: April 22, 2026

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| | |
|:---|:---|
|  | VANGUARD WORLD FUND |
| BY: | /s/ CHRISTINE BUCHANAN\* |
|  | &nbsp;&nbsp;&nbsp;CHRISTINE BUCHANAN |
|  | CHIEF FINANCIAL OFFICER |

---

Date: April 22, 2026

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| | |
|:---|:---|
| \* By: | /s/ Natalie Lamarque |

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Natalie Lamarque, pursuant to a [Power of Attorney](https://www.sec.gov/Archives/edgar/data/891190/000119312525325143/f43635d7.htm) filed on December 19, 2025 (see File Number 33-49023), and to a [Power of Attorney](https://www.sec.gov/Archives/edgar/data/1532203/000119312526077489/f44118d9.htm) filed on February 27, 2026 (see File Number 333-177613), Incorporated by Reference.

## 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: April 22, 2026

---

| |
|:---|
| /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: April 22, 2026

---

| |
|:---|
| /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: April 22, 2026

---

| |
|:---|
| /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: April 22, 2026

---

| |
|:---|
| /s/ Christine Buchanan |
| Christine Buchanan |
| Chief Financial Officer |

---