# EDGAR Filing Document

**Accession Number:** 0000891190
**File Stem:** 0001104659-25-103795
**Filing Date:** 2025-10
**Character Count:** 874568
**Document Hash:** 646d48595478416f6284c45936825f27
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-103795.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0001104659-25-103795

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**EFFECTIVENESS DATE**: 20251029

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD ADMIRAL FUNDS
- **CENTRAL INDEX KEY:** 0000891190

**ORGANIZATION NAME:**
- **EIN:** 232696041
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07043
- **FILM NUMBER:** 251430964

**BUSINESS ADDRESS:**
- **STREET 1:** P.O. BOX 2600, V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482
- **BUSINESS PHONE:** 6106691000

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 2600  V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD ADMIRAL FUNDS INC
- **DATE OF NAME CHANGE:** 19920908

## Series and Classes Contracts Data

### Vanguard S&P 500 Growth Index Fund (Series ID: S000030012)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000092034 | ETF Shares           | VOOG            |
| C000092035 | Institutional Shares | VSPGX           |

### Vanguard S&P 500 Value Index Fund (Series ID: S000030013)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000092036 | ETF Shares           | VOOV            |
| C000092037 | Institutional Shares | VSPVX           |

### Vanguard S&P Mid-Cap 400 Index Fund (Series ID: S000030014)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000092038 | ETF Shares           | IVOO            |
| C000092039 | Institutional Shares | VSPMX           |

### Vanguard S&P Mid-Cap 400 Value Index Fund (Series ID: S000030015)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000092040 | ETF Shares           | IVOV            |
| C000092041 | Institutional Shares | VMFVX           |

### Vanguard S&P Mid-Cap 400 Growth Index Fund (Series ID: S000030016)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000092042 | Institutional Shares | VMFGX           |
| C000092043 | ETF Shares           | IVOG            |

### Vanguard S&P Small-Cap 600 Index Fund (Series ID: S000030017)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000092044 | ETF Shares           | VIOO            |
| C000092045 | Institutional Shares | VSMSX           |

### Vanguard S&P Small-Cap 600 Growth Index Fund (Series ID: S000030018)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000092046 | ETF Shares   | VIOG            |

### Vanguard S&P Small-Cap 600 Value Index Fund (Series ID: S000030019)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000092048 | ETF Shares           | VIOV            |
| C000092049 | Institutional Shares | VSMVX           |

?xml version='1.0' encoding='ASCII'? 2b0ca1bb-1f28-45a5-8162-11e631118172

**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**: 811-07043**

---

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

---

---

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

---

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

Date of fiscal year end: August 31

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

---

| | |
|:---|:---|
| **Item 1:** | **Reports to Shareholders.** |

---

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Vanguard S&P 500 Value Index Fund](#classname53927327-8c00-43ac-9919-433347aab93c)<br> **[ETF Shares - VOOV](#classname53927327-8c00-43ac-9919-433347aab93c)**  |
|  [Vanguard S&P 500 Value Index Fund](#classname25841901-ac64-49d2-883a-ece1d02cea5e)<br> **[Institutional Shares - VSPVX](#classname25841901-ac64-49d2-883a-ece1d02cea5e)**  |
|  [Vanguard S&P 500 Growth Index Fund](#classname6160b293-2171-4738-9338-e02692803ce1)<br> **[ETF Shares - VOOG](#classname6160b293-2171-4738-9338-e02692803ce1)**  |
|  [Vanguard S&P 500 Growth Index Fund](#classname10869244-0839-440a-b0a2-fdd87a4f5d57)<br> **[Institutional Shares - VSPGX](#classname10869244-0839-440a-b0a2-fdd87a4f5d57)**  |
|  [Vanguard S&P Mid-Cap 400 Index Fund](#classname61dd41cc-18e2-4735-b321-08777b5388b5)<br> **[ETF Shares - IVOO](#classname61dd41cc-18e2-4735-b321-08777b5388b5)**  |
|  [Vanguard S&P Mid-Cap 400 Index Fund](#classname10979d1d-0f42-4c5a-a07f-ea83e166f09f)<br> **[Institutional Shares - VSPMX](#classname10979d1d-0f42-4c5a-a07f-ea83e166f09f)**  |
|  [Vanguard S&P Mid-Cap 400 Value Index Fund](#classname0d04e83f-96eb-4678-9b70-aabee7821cab)<br> **[ETF Shares - IVOV](#classname0d04e83f-96eb-4678-9b70-aabee7821cab)**  |
|  [Vanguard S&P Mid-Cap 400 Value Index Fund](#classname1d47559e-8cfe-4b8c-b3e1-45332b306991)<br> **[Institutional Shares - VMFVX](#classname1d47559e-8cfe-4b8c-b3e1-45332b306991)**  |
|  [Vanguard S&P Mid-Cap 400 Growth Index Fund](#classname65d5fc2c-68a9-4160-b290-25812f83ad16)<br> **[ETF Shares - IVOG](#classname65d5fc2c-68a9-4160-b290-25812f83ad16)**  |
|  [Vanguard S&P Mid-Cap 400 Growth Index Fund](#classnamebb00cf45-662b-41bc-bf2e-76552f21e5ad)<br> **[Institutional Shares - VMFGX](#classnamebb00cf45-662b-41bc-bf2e-76552f21e5ad)**  |
|  [Vanguard S&P Small-Cap 600 Index Fund](#classname17023b47-7d70-408c-9c60-31cd9bca8587)<br> **[ETF Shares - VIOO](#classname17023b47-7d70-408c-9c60-31cd9bca8587)**  |
|  [Vanguard S&P Small-Cap 600 Index Fund](#classnameb502476d-e6f2-4017-820e-4e9d18045224)<br> **[Institutional Shares - VSMSX](#classnameb502476d-e6f2-4017-820e-4e9d18045224)**  |
|  [Vanguard S&P Small-Cap 600 Value Index Fund](#classname735acfbf-0c89-4462-9698-24710310380f)<br> **[ETF Shares - VIOV](#classname735acfbf-0c89-4462-9698-24710310380f)**  |
|  [Vanguard S&P Small-Cap 600 Value Index Fund](#classname3de6e8f2-3ba9-4dc2-a6bb-a5d41eacef64)<br> **[Institutional Shares - VSMVX](#classname3de6e8f2-3ba9-4dc2-a6bb-a5d41eacef64)**  |
|  [Vanguard S&P Small-Cap 600 Growth Index Fund](#classnamee4fda924-61dd-4eb4-84a3-930b7f908573)<br> **[ETF Shares - VIOG](#classnamee4fda924-61dd-4eb4-84a3-930b7f908573)**  |

---

![Logo](tm2525835d2_tsrimg016.jpg)

#### Vanguard S&P 500 Value Index Fund

#### ETF Shares (VOOV) NYSE Arca
Annual Shareholder Report \| August 31, 2025

------

This annual shareholder report contains important information about Vanguard S&P 500 Value Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at 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 year?
*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $8 | 0.08% |

---

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

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

* Large-capitalization stocks outperformed their small- and mid-cap counterparts for the period. Value and growth stocks both posted positive returns, but growth generally outperformed value.

* Ten of the benchmark's 11 industry sectors posted positive returns for the 12-month period. Financials, communication services, and industrials posted double-digit gains. Health care was the top detractor.

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

#### Cumulative Performance: August 31, 2015, Through August 31, 2025
Initial Investment of $10,000

![Fund Performance - Growth of 10K](tm2525835d2_tsrimg008.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** |  |  |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| ETF Shares Net Asset Value | 6.01% | 14.26% | 11.40% |
| ETF Shares Market Price | 5.97% | 14.24% | 11.39% |
| S&P 500 Value Index | 6.08% | 14.37% | 11.53% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of August 31, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$5848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Advisory Fees <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$117 |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of August 31, 2025)** |  |
| Communication Services | 3.9% |
| Consumer Discretionary | 8.7% |
| Consumer Staples | 7.5% |
| Energy | 6.1% |
| Financials | 16.7% |
| Health Care | 13.8% |
| Industrials | 8.5% |
| Information Technology | 24.3% |
| Materials | 3.5% |
| Real Estate | 3.0% |
| Utilities | 3.8% |
| Other Assets and Liabilities—Net | 0.2% |
| **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** | **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** |

---

#### How has the Fund changed?
The Fund's principal investment strategy disclosure was modified to add that the Fund may become nondiversified, as defined under the Investment Company Act of 1940, solely as a result of an index rebalance or market movement. The Fund added nondiversification risk and index concentration risk as principal risks. During the reporting period, the expense ratio for the ETF Share class was reduced.

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at 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>®</sup>**</sup> • vanguard.com

![Logo](tm2525835d2_tsrimg016.jpg)

 **Fund Information** • 800-662-7447

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

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR3340

![Logo](tm2525835d2_tsrimg016.jpg)

#### Vanguard S&P 500 Value Index Fund

#### Institutional Shares (VSPVX)
Annual Shareholder Report \| August 31, 2025

------

This annual shareholder report contains important information about Vanguard S&P 500 Value Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at 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 year?
*(based on a hypothetical $10,000 investment)*

---

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

---

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

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

* Large-capitalization stocks outperformed their small- and mid-cap counterparts for the period. Value and growth stocks both posted positive returns, but growth generally outperformed value.

* Ten of the benchmark's 11 industry sectors posted positive returns for the 12-month period. Financials, communication services, and industrials posted double-digit gains. Health care was the top detractor.

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

#### Cumulative Performance: August 31, 2015, Through August 31, 2025
Initial Investment of $5,000,000

![Fund Performance - Growth of 10K](tm2525835d2_tsrimg001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** |  |  |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 6.03% | 14.29% | 11.45% |
| S&P 500 Value Index | 6.08% | 14.37% | 11.53% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of August 31, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$5848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Advisory Fees <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$117 |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of August 31, 2025)** |  |
| Communication Services | 3.9% |
| Consumer Discretionary | 8.7% |
| Consumer Staples | 7.5% |
| Energy | 6.1% |
| Financials | 16.7% |
| Health Care | 13.8% |
| Industrials | 8.5% |
| Information Technology | 24.3% |
| Materials | 3.5% |
| Real Estate | 3.0% |
| Utilities | 3.8% |
| Other Assets and Liabilities—Net | 0.2% |
| **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** | **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** |

---

#### How has the Fund changed?
The Fund's principal investment strategy disclosure was modified to add that the Fund may become nondiversified, as defined under the Investment Company Act of 1940, solely as a result of an index rebalance or market movement. The Fund added nondiversification risk and index concentration risk as principal risks. During the reporting period, the expense ratio for the Institutional Share class was reduced.

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at 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>®</sup>**</sup> • vanguard.com

![Logo](tm2525835d2_tsrimg016.jpg)

 **Fund Information** • 800-662-7447

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

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR1840

![Logo](tm2525835d2_tsrimg016.jpg)

#### Vanguard S&P 500 Growth Index Fund

#### ETF Shares (VOOG) NYSE Arca
Annual Shareholder Report \| August 31, 2025

------

This annual shareholder report contains important information about Vanguard S&P 500 Growth Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. 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 year?
*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $9 | 0.08% |

---

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

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

* Large-capitalization stocks outperformed their small- and mid-cap counterparts for the period. Value and growth stocks both posted positive returns, but growth outperformed value significantly.

* For the Fund's benchmark, eight of the 11 industry sectors posted positive results for the 12-month period. Information technology contributed by far the most to performance. Communication services and consumer discretionary were also top performers. Health care, energy, and materials stocks detracted.

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

#### Cumulative Performance: August 31, 2015, Through August 31, 2025
Initial Investment of $10,000

![Fund Performance - Growth of 10K](tm2525835d2_tsrimg002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** |  |  |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| ETF Shares Net Asset Value | 23.84% | 14.46% | 16.62% |
| ETF Shares Market Price | 23.92% | 14.45% | 16.61% |
| S&P 500 Growth Index | 23.95% | 14.58% | 16.76% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of August 31, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$19382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Advisory Fees <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$336 |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of August 31, 2025)** |  |
| Communication Services | 15.4% |
| Consumer Discretionary | 12.1% |
| Consumer Staples | 3.2% |
| Energy | 0.4% |
| Financials | 11.5% |
| Health Care | 4.9% |
| Industrials | 8.3% |
| Information Technology | 41.4% |
| Materials | 0.5% |
| Real Estate | 1.1% |
| Utilities | 1.1% |
| Other Assets and Liabilities—Net | 0.1% |
| **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** | **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** |

---

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

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at 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>®</sup>**</sup> • vanguard.com

![Logo](tm2525835d2_tsrimg016.jpg)

 **Fund Information** • 800-662-7447

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

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR3341

![Logo](tm2525835d2_tsrimg016.jpg)

#### Vanguard S&P 500 Growth Index Fund

#### Institutional Shares (VSPGX)
Annual Shareholder Report \| August 31, 2025

------

This annual shareholder report contains important information about Vanguard S&P 500 Growth Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. 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 year?
*(based on a hypothetical $10,000 investment)*

---

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

---

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

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

* Large-capitalization stocks outperformed their small- and mid-cap counterparts for the period. Value and growth stocks both posted positive returns, but growth outperformed value significantly.

* For the Fund's benchmark, eight of the 11 industry sectors posted positive results for the 12-month period. Information technology contributed by far the most to performance. Communication services and consumer discretionary were also top performers. Health care, energy, and materials stocks detracted.

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

#### Cumulative Performance: April 5, 2019, Through August 31, 2025
Initial Investment of $5,000,000

![Fund Performance - Growth of 10K](tm2525835d2_tsrimg015.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** |  |  |  |
|  | **1 Year** | **5 Years** | **Since Inception<br>(4/5/2019)** |
| Institutional Shares | 23.86% | 14.49% | 17.36% |
| S&P 500 Growth Index | 23.95% | 14.58% | 17.46% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 14.41% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of August 31, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$19382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Advisory Fees <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$336 |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of August 31, 2025)** |  |
| Communication Services | 15.4% |
| Consumer Discretionary | 12.1% |
| Consumer Staples | 3.2% |
| Energy | 0.4% |
| Financials | 11.5% |
| Health Care | 4.9% |
| Industrials | 8.3% |
| Information Technology | 41.4% |
| Materials | 0.5% |
| Real Estate | 1.1% |
| Utilities | 1.1% |
| Other Assets and Liabilities—Net | 0.1% |
| **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** | **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** |

---

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

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at 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>®</sup>**</sup> • vanguard.com

![Logo](tm2525835d2_tsrimg016.jpg)

 **Fund Information** • 800-662-7447

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

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR1841

![Logo](tm2525835d2_tsrimg016.jpg)

#### Vanguard S&P Mid-Cap 400 Index Fund

#### ETF Shares (IVOO) NYSE Arca
Annual Shareholder Report \| August 31, 2025

------

This annual shareholder report contains important information about Vanguard S&P Mid-Cap 400 Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. 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 year?
*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $8 | 0.08% |

---

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

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

* Growth stocks generally outpaced value stocks. The performance of mid-capitalization stocks, however, lagged that of large-cap stocks significantly.

* Eight of the benchmark's 11 industry sectors contributed positively to results for the 12-month period. Industrials and financials contributed the most to performance. Health care was the biggest detractor.

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

#### Cumulative Performance: August 31, 2015, Through August 31, 2025
Initial Investment of $10,000

![Fund Performance - Growth of 10K](tm2525835d2_tsrimg006.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** |  |  |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| ETF Shares Net Asset Value | 6.79% | 12.66% | 10.30% |
| ETF Shares Market Price | 6.80% | 12.66% | 10.30% |
| S&P MidCap 400 Index | 6.86% | 12.76% | 10.41% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of August 31, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$4546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Advisory Fees <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$80 |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of August 31, 2025)** |  |
| Communication Services | 1.4% |
| Consumer Discretionary | 13.1% |
| Consumer Staples | 5.0% |
| Energy | 3.5% |
| Financials | 17.4% |
| Health Care | 8.5% |
| Industrials | 23.4% |
| Information Technology | 12.1% |
| Materials | 5.3% |
| Real Estate | 6.8% |
| Utilities | 3.4% |
| Other Assets and Liabilities—Net | 0.1% |
| **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** | **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** |

---

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

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at 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>®</sup>**</sup> • vanguard.com

![Logo](tm2525835d2_tsrimg016.jpg)

 **Fund Information** • 800-662-7447

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

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR3342

![Logo](tm2525835d2_tsrimg016.jpg)

#### Vanguard S&P Mid-Cap 400 Index Fund

#### Institutional Shares (VSPMX)
Annual Shareholder Report \| August 31, 2025

------

This annual shareholder report contains important information about Vanguard S&P Mid-Cap 400 Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. 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 year?
*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $5 | 0.05% |

---

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

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

* Growth stocks generally outpaced value stocks. The performance of mid-capitalization stocks, however, lagged that of large-cap stocks significantly.

* Eight of the benchmark's 11 industry sectors contributed positively to results for the 12-month period. Industrials and financials contributed the most to performance. Health care was the biggest detractor.

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

#### Cumulative Performance: August 31, 2015, Through August 31, 2025
Initial Investment of $5,000,000

![Fund Performance - Growth of 10K](tm2525835d2_tsrimg007.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** |  |  |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 6.82% | 12.70% | 10.35% |
| S&P MidCap 400 Index | 6.86% | 12.76% | 10.41% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of August 31, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$4546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Advisory Fees <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$80 |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of August 31, 2025)** |  |
| Communication Services | 1.4% |
| Consumer Discretionary | 13.1% |
| Consumer Staples | 5.0% |
| Energy | 3.5% |
| Financials | 17.4% |
| Health Care | 8.5% |
| Industrials | 23.4% |
| Information Technology | 12.1% |
| Materials | 5.3% |
| Real Estate | 6.8% |
| Utilities | 3.4% |
| Other Assets and Liabilities—Net | 0.1% |
| **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** | **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** |

---

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

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at 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>®</sup>**</sup> • vanguard.com

![Logo](tm2525835d2_tsrimg016.jpg)

 **Fund Information** • 800-662-7447

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

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR1842

![Logo](tm2525835d2_tsrimg016.jpg)

#### Vanguard S&P Mid-Cap 400 Value Index Fund

#### ETF Shares (IVOV) NYSE Arca
Annual Shareholder Report \| August 31, 2025

------

This annual shareholder report contains important information about Vanguard S&P Mid-Cap 400 Value Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at 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 year?
*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $12 | 0.12% |

---

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

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

* Growth stocks generally outpaced value stocks. The performance of mid-capitalization stocks, however, lagged that of large-cap stocks significantly.

* Ten of the benchmark's 11 industry sectors contributed positively to results for the 12-month period. Financials, industrials, and information technology contributed the most to performance. Health care detracted.

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

#### Cumulative Performance: August 31, 2015, Through August 31, 2025
Initial Investment of $10,000

![Fund Performance - Growth of 10K](tm2525835d2_tsrimg014.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** |  |  |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| ETF Shares Net Asset Value | 8.31% | 15.14% | 10.15% |
| ETF Shares Market Price | 8.36% | 15.12% | 10.15% |
| S&P MidCap 400 Value Index | 8.43% | 15.28% | 10.30% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of August 31, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$1176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Advisory Fees <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$21 |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of August 31, 2025)** |  |
| Communication Services | 2.0% |
| Consumer Discretionary | 11.9% |
| Consumer Staples | 5.7% |
| Energy | 4.1% |
| Financials | 20.9% |
| Health Care | 6.6% |
| Industrials | 17.2% |
| Information Technology | 8.6% |
| Materials | 6.8% |
| Real Estate | 9.4% |
| Utilities | 6.7% |
| Other Assets and Liabilities—Net | 0.1% |
| **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** | **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** |

---

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

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at 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>®</sup>**</sup> • vanguard.com

![Logo](tm2525835d2_tsrimg016.jpg)

 **Fund Information** • 800-662-7447

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

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR3344

![Logo](tm2525835d2_tsrimg016.jpg)

#### Vanguard S&P Mid-Cap 400 Value Index Fund

#### Institutional Shares (VMFVX)
Annual Shareholder Report \| August 31, 2025

------

This annual shareholder report contains important information about Vanguard S&P Mid-Cap 400 Value Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at 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 year?
*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $5 | 0.05% |

---

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

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

* Growth stocks generally outpaced value stocks. The performance of mid-capitalization stocks, however, lagged that of large-cap stocks significantly.

* Ten of the benchmark's 11 industry sectors contributed positively to results for the 12-month period. Financials, industrials, and information technology contributed the most to performance. Health care detracted.

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

#### Cumulative Performance: August 31, 2015, Through August 31, 2025
Initial Investment of $5,000,000

![Fund Performance - Growth of 10K](tm2525835d2_tsrimg004.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** |  |  |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 8.38% | 15.23% | 10.25% |
| S&P MidCap 400 Value Index | 8.43% | 15.28% | 10.30% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of August 31, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$1176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Advisory Fees <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$21 |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of August 31, 2025)** |  |
| Communication Services | 2.0% |
| Consumer Discretionary | 11.9% |
| Consumer Staples | 5.7% |
| Energy | 4.1% |
| Financials | 20.9% |
| Health Care | 6.6% |
| Industrials | 17.2% |
| Information Technology | 8.6% |
| Materials | 6.8% |
| Real Estate | 9.4% |
| Utilities | 6.7% |
| Other Assets and Liabilities—Net | 0.1% |
| **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** | **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** |

---

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

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at 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>®</sup>**</sup> • vanguard.com

![Logo](tm2525835d2_tsrimg016.jpg)

 **Fund Information** • 800-662-7447

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

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR1844

![Logo](tm2525835d2_tsrimg016.jpg)

#### Vanguard S&P Mid-Cap 400 Growth Index Fund

#### ETF Shares (IVOG) NYSE Arca
Annual Shareholder Report \| August 31, 2025

------

This annual shareholder report contains important information about Vanguard S&P Mid-Cap 400 Growth Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. 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 year?
*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $12 | 0.12% |

---

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

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

* Growth stocks generally outpaced value stocks. The performance of mid-capitalization stocks, however, lagged that of large-cap stocks significantly.

* Eight of the benchmark's 11 industry sectors posted positive results for the 12-month period. Industrials and financials contributed the most to performance. Health care, real estate, and consumer discretionary stocks detracted.

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

#### Cumulative Performance: August 31, 2015, Through August 31, 2025
Initial Investment of $10,000

![Fund Performance - Growth of 10K](tm2525835d2_tsrimg003.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** |  |  |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| ETF Shares Net Asset Value | 5.30% | 10.12% | 10.04% |
| ETF Shares Market Price | 5.07% | 10.08% | 10.02% |
| S&P MidCap 400 Growth Index | 5.41% | 10.26% | 10.20% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of August 31, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$1308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Advisory Fees <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$26 |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of August 31, 2025)** |  |
| Communication Services | 0.8% |
| Consumer Discretionary | 14.1% |
| Consumer Staples | 4.3% |
| Energy | 2.9% |
| Financials | 14.2% |
| Health Care | 10.2% |
| Industrials | 29.1% |
| Information Technology | 15.5% |
| Materials | 3.9% |
| Real Estate | 4.4% |
| Utilities | 0.3% |
| Other Assets and Liabilities—Net | 0.3% |
| **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** | **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** |

---

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

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at 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>®</sup>**</sup> • vanguard.com

![Logo](tm2525835d2_tsrimg016.jpg)

 **Fund Information** • 800-662-7447

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

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR3343

![Logo](tm2525835d2_tsrimg016.jpg)

#### Vanguard S&P Mid-Cap 400 Growth Index Fund

#### Institutional Shares (VMFGX)
Annual Shareholder Report \| August 31, 2025

------

This annual shareholder report contains important information about Vanguard S&P Mid-Cap 400 Growth Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. 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 year?
*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $5 | 0.05% |

---

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

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

* Growth stocks generally outpaced value stocks. The performance of mid-capitalization stocks, however, lagged that of large-cap stocks significantly.

* Eight of the benchmark's 11 industry sectors posted positive results for the 12-month period. Industrials and financials contributed the most to performance. Health care, real estate, and consumer discretionary stocks detracted.

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

#### Cumulative Performance: August 31, 2015, Through August 31, 2025
Initial Investment of $5,000,000

![Fund Performance - Growth of 10K](tm2525835d2_tsrimg005.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** |  |  |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 5.37% | 10.20% | 10.13% |
| S&P MidCap 400 Growth Index | 5.41% | 10.26% | 10.20% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of August 31, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$1308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Advisory Fees <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$26 |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of August 31, 2025)** |  |
| Communication Services | 0.8% |
| Consumer Discretionary | 14.1% |
| Consumer Staples | 4.3% |
| Energy | 2.9% |
| Financials | 14.2% |
| Health Care | 10.2% |
| Industrials | 29.1% |
| Information Technology | 15.5% |
| Materials | 3.9% |
| Real Estate | 4.4% |
| Utilities | 0.3% |
| Other Assets and Liabilities—Net | 0.3% |
| **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** | **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** |

---

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

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at 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>®</sup>**</sup> • vanguard.com

![Logo](tm2525835d2_tsrimg016.jpg)

 **Fund Information** • 800-662-7447

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

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR1843

![Logo](tm2525835d2_tsrimg016.jpg)

#### Vanguard S&P Small-Cap 600 Index Fund

#### ETF Shares (VIOO) NYSE Arca
Annual Shareholder Report \| August 31, 2025

------

This annual shareholder report contains important information about Vanguard S&P Small-Cap 600 Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. 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 year?
*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $8 | 0.08% |

---

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

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

* For the broad stock market, growth stocks generally outpaced value stocks. The performance of small-capitalization stocks lagged that of large- and mid-caps.

* Six of the benchmark's 11 industry sectors contributed positively to results; industrials and financials contributed the most. Health care and energy were the biggest detractors.

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

#### Cumulative Performance: August 31, 2015, Through August 31, 2025
Initial Investment of $10,000

![Fund Performance - Growth of 10K](tm2525835d2_tsrimg012.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** |  |  |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| ETF Shares Net Asset Value | 3.46% | 11.55% | 9.48% |
| ETF Shares Market Price | 3.45% | 11.54% | 9.48% |
| S&P SmallCap 600 Index | 3.51% | 11.64% | 9.53% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of August 31, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$4697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Advisory Fees <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$89 |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of August 31, 2025)** |  |
| Communication Services | 2.9% |
| Consumer Discretionary | 13.6% |
| Consumer Staples | 2.9% |
| Energy | 4.1% |
| Financials | 19.5% |
| Health Care | 10.3% |
| Industrials | 19.0% |
| Information Technology | 12.7% |
| Materials | 5.2% |
| Real Estate | 7.6% |
| Utilities | 2.1% |
| Other Assets and Liabilities—Net | 0.1% |
| **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** | **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** |

---

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

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at 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>®</sup>**</sup> • vanguard.com

![Logo](tm2525835d2_tsrimg016.jpg)

 **Fund Information** • 800-662-7447

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

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR3345

![Logo](tm2525835d2_tsrimg016.jpg)

#### Vanguard S&P Small-Cap 600 Index Fund

#### Institutional Shares (VSMSX)
Annual Shareholder Report \| August 31, 2025

------

This annual shareholder report contains important information about Vanguard S&P Small-Cap 600 Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. 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 year?
*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $5 | 0.05% |

---

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

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

* For the broad stock market, growth stocks generally outpaced value stocks. The performance of small-capitalization stocks lagged that of large- and mid-caps.

* Six of the benchmark's 11 industry sectors contributed positively to results; industrials and financials contributed the most. Health care and energy were the biggest detractors.

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

#### Cumulative Performance: August 31, 2015, Through August 31, 2025
Initial Investment of $5,000,000

![Fund Performance - Growth of 10K](tm2525835d2_tsrimg013.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** |  |  |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 3.49% | 11.58% | 9.52% |
| S&P SmallCap 600 Index | 3.51% | 11.64% | 9.53% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of August 31, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$4697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Advisory Fees <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$89 |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of August 31, 2025)** |  |
| Communication Services | 2.9% |
| Consumer Discretionary | 13.6% |
| Consumer Staples | 2.9% |
| Energy | 4.1% |
| Financials | 19.5% |
| Health Care | 10.3% |
| Industrials | 19.0% |
| Information Technology | 12.7% |
| Materials | 5.2% |
| Real Estate | 7.6% |
| Utilities | 2.1% |
| Other Assets and Liabilities—Net | 0.1% |
| **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** | **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** |

---

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

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at 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>®</sup>**</sup> • vanguard.com

![Logo](tm2525835d2_tsrimg016.jpg)

 **Fund Information** • 800-662-7447

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

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR1845

![Logo](tm2525835d2_tsrimg016.jpg)

#### Vanguard S&P Small-Cap 600 Value Index Fund

#### ETF Shares (VIOV) NYSE Arca
Annual Shareholder Report \| August 31, 2025

------

This annual shareholder report contains important information about Vanguard S&P Small-Cap 600 Value Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at 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 year?
*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $12 | 0.12% |

---

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

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

* For the broad stock market, growth stocks generally outpaced value stocks. The performance of small-capitalization stocks lagged that of large- and mid-caps.

* Eight of the benchmark's 11 industry sectors contributed positively to results; financials and industrials contributed the most. Health care and energy detracted the most.

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

#### Cumulative Performance: August 31, 2015, Through August 31, 2025
Initial Investment of $10,000

![Fund Performance - Growth of 10K](tm2525835d2_tsrimg009.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** |  |  |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| ETF Shares Net Asset Value | 4.07% | 12.90% | 8.99% |
| ETF Shares Market Price | 3.94% | 12.88% | 8.99% |
| S&P SmallCap 600 Value Index | 4.14% | 13.03% | 9.09% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of August 31, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$1428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Advisory Fees <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$28 |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of August 31, 2025)** |  |
| Communication Services | 3.1% |
| Consumer Discretionary | 14.9% |
| Consumer Staples | 3.2% |
| Energy | 3.9% |
| Financials | 23.4% |
| Health Care | 6.9% |
| Industrials | 15.5% |
| Information Technology | 11.5% |
| Materials | 6.6% |
| Real Estate | 7.1% |
| 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.** | **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** |

---

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

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at 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>®</sup>**</sup> • vanguard.com

![Logo](tm2525835d2_tsrimg016.jpg)

 **Fund Information** • 800-662-7447

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

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR3346

![Logo](tm2525835d2_tsrimg016.jpg)

#### Vanguard S&P Small-Cap 600 Value Index Fund

#### Institutional Shares (VSMVX)
Annual Shareholder Report \| August 31, 2025

------

This annual shareholder report contains important information about Vanguard S&P Small-Cap 600 Value Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at 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 year?
*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $5 | 0.05% |

---

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

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

* For the broad stock market, growth stocks generally outpaced value stocks. The performance of small-capitalization stocks lagged that of large- and mid-caps.

* Eight of the benchmark's 11 industry sectors contributed positively to results; financials and industrials contributed the most. Health care and energy detracted the most.

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

#### Cumulative Performance: August 31, 2015, Through August 31, 2025
Initial Investment of $5,000,000

![Fund Performance - Growth of 10K](tm2525835d2_tsrimg010.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** |  |  |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 4.14% | 12.99% | 9.10% |
| S&P SmallCap 600 Value Index | 4.14% | 13.03% | 9.09% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of August 31, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$1428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Advisory Fees <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$28 |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of August 31, 2025)** |  |
| Communication Services | 3.1% |
| Consumer Discretionary | 14.9% |
| Consumer Staples | 3.2% |
| Energy | 3.9% |
| Financials | 23.4% |
| Health Care | 6.9% |
| Industrials | 15.5% |
| Information Technology | 11.5% |
| Materials | 6.6% |
| Real Estate | 7.1% |
| 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.** | **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** |

---

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

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at 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>®</sup>**</sup> • vanguard.com

![Logo](tm2525835d2_tsrimg016.jpg)

 **Fund Information** • 800-662-7447

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

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR1846

![Logo](tm2525835d2_tsrimg016.jpg)

#### Vanguard S&P Small-Cap 600 Growth Index Fund

#### ETF Shares (VIOG) NYSE Arca
Annual Shareholder Report \| August 31, 2025

------

This annual shareholder report contains important information about Vanguard S&P Small-Cap 600 Growth Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. 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 year?
*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $12 | 0.12% |

---

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

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

* For the broad stock market, growth stocks generally outpaced value stocks. The performance of small-capitalization stocks lagged that of large- and mid-caps.

* Only five of the benchmark's 11 industry sectors contributed positively to results; industrials, financials, and consumer discretionary contributed the most. Energy, health care, and communication services were the biggest detractors.

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

#### Cumulative Performance: August 31, 2015, Through August 31, 2025
Initial Investment of $10,000

![Fund Performance - Growth of 10K](tm2525835d2_tsrimg011.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** |  |  |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| ETF Shares Net Asset Value | 2.66% | 9.94% | 9.64% |
| ETF Shares Market Price | 2.81% | 9.91% | 9.63% |
| S&P SmallCap 600 Growth Index | 2.77% | 10.10% | 9.80% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of August 31, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Advisory Fees <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$19 |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of August 31, 2025)** |  |
| Communication Services | 2.7% |
| Consumer Discretionary | 12.1% |
| Consumer Staples | 2.6% |
| Energy | 4.3% |
| Financials | 15.4% |
| Health Care | 13.6% |
| Industrials | 22.2% |
| Information Technology | 13.7% |
| Materials | 4.0% |
| Real Estate | 8.1% |
| Utilities | 1.0% |
| Other Assets and Liabilities—Net | 0.3% |
| **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** | **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** |

---

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

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at 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>®</sup>**</sup> • vanguard.com

![Logo](tm2525835d2_tsrimg016.jpg)

 **Fund Information** • 800-662-7447

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

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR3347

**Item 2: Code of Ethics.** 

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

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended <br> August 31, 2025 | Fiscal Year Ended <br> August 31, 2024 |
| (a) Audit Fees. | $242000 | $278000 |
| (b) Audit-Related Fees. | 0 | 0 |
| (c) Tax Fees. | 0 | 0 |
| (d) All Other Fees. | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total. | $242000 | $278000 |

---

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

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

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

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

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

---

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

---

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

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

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

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

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

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

![](tm2525835d2sp500valgridfi001.jpg)

#### Financial Statements

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

#### Vanguard S&P 500 Value and Growth Index Funds
Vanguard S&P 500 Value Index Fund <br> Vanguard S&P 500 Growth Index Fund

------

Contents

---

| | |
|:---|:---|
| S&P 500 Value Index Fund<br>| 1 |
| S&P 500 Growth Index Fund<br>| 17 |
| Report of Independent Registered<br>Public Accounting Firm<br>| 31 |
| Tax information<br>| 32 |

---

------

S&P 500 Value Index Fund

Financial Statements

#### Schedule of Investments
As of August 31, 2025

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Common Stocks (99.8%)** | **Common Stocks (99.8%)** | **Common Stocks (99.8%)** | **Common Stocks (99.8%)** |
| **Communication Services (3.9%)** | **Communication Services (3.9%)** | **Communication Services (3.9%)** | **Communication Services (3.9%)** |
|  | Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;412450 | &nbsp;&nbsp;&nbsp;&nbsp;48826 |
|  | AT&T Inc. | &nbsp;&nbsp;1650922 | &nbsp;&nbsp;&nbsp;&nbsp;48355 |
|  | Verizon Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;967482 | &nbsp;&nbsp;&nbsp;&nbsp;42792 |
|  | Comcast Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;854697 | &nbsp;&nbsp;&nbsp;&nbsp;29034 |
|  | T-Mobile US Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51371 | &nbsp;&nbsp;&nbsp;&nbsp;12945 |
| <sup>\*</sup> | Take-Two Interactive Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9053 |
| <sup>\*</sup> | Warner Bros Discovery Inc. | &nbsp;&nbsp;&nbsp;&nbsp;516906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6017 |
| <sup>\*</sup> | Charter Communications Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5798 |
|  | Electronic Arts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5403 |
|  | Omnicom Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3512 |
|  | Fox Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2950 |
|  | News Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2532 |
|  | Interpublic Group of Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280 |
|  | Match Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2104 |
|  | Fox Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636 |
| <sup>\*</sup> | Paramount Skydance Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044 |
|  | News Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 |
|  |  |  | &nbsp;&nbsp;**225156** |
| **Consumer Discretionary (8.7%)** | **Consumer Discretionary (8.7%)** | **Consumer Discretionary (8.7%)** | **Consumer Discretionary (8.7%)** |
| <sup>\*</sup> | Amazon.com Inc. | &nbsp;&nbsp;&nbsp;&nbsp;910465 | &nbsp;&nbsp;208497 |
|  | Home Depot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127704 | &nbsp;&nbsp;&nbsp;&nbsp;51946 |
|  | McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;164054 | &nbsp;&nbsp;&nbsp;&nbsp;51437 |
|  | Lowe's Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;128437 | &nbsp;&nbsp;&nbsp;&nbsp;33144 |
|  | Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;260541 | &nbsp;&nbsp;&nbsp;&nbsp;22977 |
|  | NIKE Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;270113 | &nbsp;&nbsp;&nbsp;&nbsp;20899 |
|  | TJX Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105083 | &nbsp;&nbsp;&nbsp;&nbsp;14355 |
|  | General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;220433 | &nbsp;&nbsp;&nbsp;&nbsp;12915 |
|  | Ross Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75360 | &nbsp;&nbsp;&nbsp;&nbsp;11090 |
|  | DR Horton Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63519 | &nbsp;&nbsp;&nbsp;&nbsp;10765 |
|  | Ford Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;895682 | &nbsp;&nbsp;&nbsp;&nbsp;10542 |
|  | Lennar Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7081 |
|  | Yum! Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5531 |
| <sup>\*</sup> | Ulta Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5105 |
|  | Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4433 |
| <sup>\*</sup> | Aptiv plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3974 |
|  | Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3461 |
|  | Best Buy Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3260 |
|  | Darden Restaurants Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3174 |
|  | eBay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3170 |
| <sup>\*</sup> | Lululemon Athletica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2774 |
|  | Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2683 |
|  | Hasbro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2461 |
| <sup>\*</sup> | CarMax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2147 |
|  | Domino's Pizza Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2092 |
| <sup>\*</sup> | NVR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2046 |
|  | LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935 |
| <sup>\*</sup> | MGM Resorts International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1887 |
| <sup>\*</sup> | Mohawk Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573 |
| <sup>\*</sup> | Caesars Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280 |
|  |  |  | &nbsp;&nbsp;**508634** |
| **Consumer Staples (7.5%)** | **Consumer Staples (7.5%)** | **Consumer Staples (7.5%)** | **Consumer Staples (7.5%)** |
|  | Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;537929 | &nbsp;&nbsp;&nbsp;&nbsp;84476 |
|  | Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;888715 | &nbsp;&nbsp;&nbsp;&nbsp;61312 |
|  | PepsiCo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;314616 | &nbsp;&nbsp;&nbsp;&nbsp;46768 |
|  | Walmart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;327133 | &nbsp;&nbsp;&nbsp;&nbsp;31725 |
|  | Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;164321 | &nbsp;&nbsp;&nbsp;&nbsp;27463 |
|  | Mondelez International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;296994 | &nbsp;&nbsp;&nbsp;&nbsp;18247 |
|  | Altria Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;208474 | &nbsp;&nbsp;&nbsp;&nbsp;14012 |
|  | Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;104086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9990 |

---

------

S&P 500 Value Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9819 |
|  | Kroger Co. | &nbsp;&nbsp;&nbsp;&nbsp;140451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9528 |
|  | Kenvue Inc. | &nbsp;&nbsp;&nbsp;&nbsp;440906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9131 |
|  | Keurig Dr Pepper Inc. | &nbsp;&nbsp;&nbsp;&nbsp;311193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9053 |
|  | Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;111176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8946 |
|  | Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;104115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8753 |
|  | Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;110346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6912 |
|  | Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6248 |
|  | General Mills Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6199 |
|  | Constellation Brands Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5698 |
| <sup>\*</sup> | Monster Beverage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5632 |
|  | Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;198299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5546 |
|  | Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5490 |
|  | Church & Dwight Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5267 |
| <sup>\*</sup> | Dollar Tree Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4945 |
|  | Estee Lauder Cos. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4924 |
|  | Kellanova | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4916 |
|  | McCormick & Co. Inc. (Non-Voting) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4060 |
|  | Tyson Foods Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3731 |
|  | Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3354 |
|  | J M Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 |
|  | Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2602 |
|  | Conagra Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;109584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096 |
|  | Molson Coors Beverage Co. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1983 |
|  | Lamb Weston Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866 |
|  | Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 |
|  | Campbell's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1443 |
|  | Brown-Forman Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252 |
|  |  |  | &nbsp;&nbsp;**437787** |
| **Energy (6.1%)** | **Energy (6.1%)** | **Energy (6.1%)** | **Energy (6.1%)** |
|  | Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;988862 | &nbsp;&nbsp;113017 |
|  | Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;440007 | &nbsp;&nbsp;&nbsp;&nbsp;70665 |
|  | ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;289762 | &nbsp;&nbsp;&nbsp;&nbsp;28678 |
|  | EOG Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125182 | &nbsp;&nbsp;&nbsp;&nbsp;15625 |
|  | Schlumberger NV | &nbsp;&nbsp;&nbsp;&nbsp;344513 | &nbsp;&nbsp;&nbsp;&nbsp;12692 |
|  | Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70457 | &nbsp;&nbsp;&nbsp;&nbsp;12662 |
|  | Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93426 | &nbsp;&nbsp;&nbsp;&nbsp;12480 |
|  | Kinder Morgan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;443326 | &nbsp;&nbsp;&nbsp;&nbsp;11961 |
|  | Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71764 | &nbsp;&nbsp;&nbsp;&nbsp;10909 |
|  | Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;227465 | &nbsp;&nbsp;&nbsp;&nbsp;10327 |
|  | Williams Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7768 |
|  | Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;162756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7749 |
|  | EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;137527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7129 |
|  | Diamondback Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6391 |
|  | Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;147391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5321 |
|  | ONEOK Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4821 |
|  | Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4794 |
|  | Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;197227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4483 |
|  | Coterra Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;175165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4281 |
|  | APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925 |
|  |  |  | &nbsp;&nbsp;**353678** |
| **Financials (16.7%)** | **Financials (16.7%)** | **Financials (16.7%)** | **Financials (16.7%)** |
| <sup>\*</sup> | Berkshire Hathaway Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;214574 | &nbsp;&nbsp;107926 |
|  | JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;274191 | &nbsp;&nbsp;&nbsp;&nbsp;82647 |
|  | Bank of America Corp. | &nbsp;&nbsp;1503672 | &nbsp;&nbsp;&nbsp;&nbsp;76296 |
|  | Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;746710 | &nbsp;&nbsp;&nbsp;&nbsp;61365 |
|  | Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70409 | &nbsp;&nbsp;&nbsp;&nbsp;52472 |
|  | Citigroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;428599 | &nbsp;&nbsp;&nbsp;&nbsp;41390 |
|  | Blackrock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33417 | &nbsp;&nbsp;&nbsp;&nbsp;37666 |
|  | Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;391858 | &nbsp;&nbsp;&nbsp;&nbsp;37556 |
|  | Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;146771 | &nbsp;&nbsp;&nbsp;&nbsp;33349 |
|  | Blackstone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;167441 | &nbsp;&nbsp;&nbsp;&nbsp;28699 |
|  | Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85548 | &nbsp;&nbsp;&nbsp;&nbsp;23532 |
|  | Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;155818 | &nbsp;&nbsp;&nbsp;&nbsp;23448 |
|  | CME Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82733 | &nbsp;&nbsp;&nbsp;&nbsp;22049 |
|  | S&P Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38151 | &nbsp;&nbsp;&nbsp;&nbsp;20924 |
|  | PNC Financial Services Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90684 | &nbsp;&nbsp;&nbsp;&nbsp;18812 |
|  | US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;358105 | &nbsp;&nbsp;&nbsp;&nbsp;17486 |
|  | Travelers Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51937 | &nbsp;&nbsp;&nbsp;&nbsp;14101 |

---

------

S&P 500 Value Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;300307 | &nbsp;&nbsp;&nbsp;&nbsp;14060 |
|  | Marsh & McLennan Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63246 | &nbsp;&nbsp;&nbsp;&nbsp;13017 |
|  | Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60706 | &nbsp;&nbsp;&nbsp;&nbsp;12351 |
|  | KKR & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86897 | &nbsp;&nbsp;&nbsp;&nbsp;12121 |
|  | Aflac Inc. | &nbsp;&nbsp;&nbsp;&nbsp;111558 | &nbsp;&nbsp;&nbsp;&nbsp;11921 |
|  | Intercontinental Exchange Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63135 | &nbsp;&nbsp;&nbsp;&nbsp;11150 |
|  | American International Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;132145 | &nbsp;&nbsp;&nbsp;&nbsp;10746 |
|  | MetLife Inc. | &nbsp;&nbsp;&nbsp;&nbsp;129361 | &nbsp;&nbsp;&nbsp;&nbsp;10525 |
|  | Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9779 |
|  | Prudential Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8907 |
|  | Aon plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8897 |
|  | Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8698 |
|  | Fidelity National Information Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;120369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8403 |
|  | Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7974 |
| <sup>\*</sup> | Coinbase Global Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7533 |
|  | State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7531 |
|  | M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7414 |
|  | Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;152783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6993 |
| <sup>\*</sup> | Block Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6407 |
|  | Huntington Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;334300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5954 |
|  | Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5844 |
|  | Cboe Global Markets Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5672 |
|  | Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;206300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5651 |
|  | T. Rowe Price Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5453 |
|  | Nasdaq Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5297 |
|  | Citizens Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5202 |
| <sup>\*</sup> | PayPal Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5172 |
|  | Global Payments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4971 |
|  | KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp;225104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4358 |
|  | Hartford Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3886 |
|  | Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3873 |
|  | Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3866 |
|  | Principal Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3826 |
|  | Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3334 |
|  | Raymond James Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2685 |
|  | Globe Life Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2654 |
|  | Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2593 |
|  | Assurant Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2512 |
|  | Invesco Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;102861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2252 |
|  | W R Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2224 |
|  | Franklin Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826 |
|  | FactSet Research Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1794 |
|  | Jack Henry & Associates Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1639 |
|  | MarketAxess Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579 |
|  |  |  | &nbsp;&nbsp;**978262** |
| **Health Care (13.8%)** | **Health Care (13.8%)** | **Health Care (13.8%)** | **Health Care (13.8%)** |
|  | Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;552033 | &nbsp;&nbsp;&nbsp;&nbsp;97804 |
|  | UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;208136 | &nbsp;&nbsp;&nbsp;&nbsp;64495 |
|  | Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;399156 | &nbsp;&nbsp;&nbsp;&nbsp;52952 |
|  | AbbVie Inc. | &nbsp;&nbsp;&nbsp;&nbsp;235064 | &nbsp;&nbsp;&nbsp;&nbsp;49457 |
|  | Merck & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;576186 | &nbsp;&nbsp;&nbsp;&nbsp;48469 |
|  | Thermo Fisher Scientific Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86646 | &nbsp;&nbsp;&nbsp;&nbsp;42692 |
|  | Pfizer Inc. | &nbsp;&nbsp;1304847 | &nbsp;&nbsp;&nbsp;&nbsp;32308 |
|  | Gilead Sciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;285435 | &nbsp;&nbsp;&nbsp;&nbsp;32246 |
|  | Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;146226 | &nbsp;&nbsp;&nbsp;&nbsp;30096 |
|  | Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp;294374 | &nbsp;&nbsp;&nbsp;&nbsp;27321 |
|  | Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;466613 | &nbsp;&nbsp;&nbsp;&nbsp;22015 |
|  | CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;290138 | &nbsp;&nbsp;&nbsp;&nbsp;21224 |
|  | Amgen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70276 | &nbsp;&nbsp;&nbsp;&nbsp;20219 |
|  | McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28702 | &nbsp;&nbsp;&nbsp;&nbsp;19708 |
|  | Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61305 | &nbsp;&nbsp;&nbsp;&nbsp;18445 |
|  | Elevance Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51824 | &nbsp;&nbsp;&nbsp;&nbsp;16514 |
|  | Zoetis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102108 | &nbsp;&nbsp;&nbsp;&nbsp;15970 |
|  | Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37124 | &nbsp;&nbsp;&nbsp;&nbsp;14531 |
|  | Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23835 | &nbsp;&nbsp;&nbsp;&nbsp;13841 |
|  | Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65684 | &nbsp;&nbsp;&nbsp;&nbsp;12676 |
| <sup>\*</sup> | IDEXX Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18442 | &nbsp;&nbsp;&nbsp;&nbsp;11934 |
|  | Cencora Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39540 | &nbsp;&nbsp;&nbsp;&nbsp;11530 |
| <sup>\*</sup> | Edwards Lifesciences Corp. | &nbsp;&nbsp;&nbsp;&nbsp;134501 | &nbsp;&nbsp;&nbsp;&nbsp;10940 |

---

------

S&P 500 Value Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Humana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8407 |
|  | Agilent Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8199 |
|  | Cardinal Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8162 |
|  | GE HealthCare Technologies Inc. | &nbsp;&nbsp;105056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7746 |
| <sup>\*</sup> | IQVIA Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7193 |
|  | HCA Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6597 |
|  | STERIS plc | &nbsp;&nbsp;&nbsp;&nbsp;22480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5509 |
|  | Labcorp Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5337 |
|  | Zimmer Biomet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4815 |
|  | Quest Diagnostics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4654 |
| <sup>\*</sup> | Biogen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4443 |
|  | West Pharmaceutical Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4067 |
| <sup>\*</sup> | Dexcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3865 |
| <sup>\*</sup> | Mettler-Toledo International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3653 |
| <sup>\*</sup> | Hologic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3437 |
| <sup>\*</sup> | Centene Corp. | &nbsp;&nbsp;113813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3305 |
| <sup>\*</sup> | Cooper Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3097 |
|  | Baxter International Inc. | &nbsp;&nbsp;117929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2912 |
|  | Viatris Inc. | &nbsp;&nbsp;269731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2846 |
| <sup>\*</sup> | Solventum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;33678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2461 |
|  | Revvity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2440 |
|  | Universal Health Services Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;13137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2385 |
| <sup>\*</sup> | Molina Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2253 |
| <sup>\*</sup> | Align Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2221 |
| <sup>\*</sup> | Waters Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2209 |
|  | Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;36020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968 |
| <sup>\*</sup> | Henry Schein Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1946 |
| <sup>\*</sup> | Moderna Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1885 |
| <sup>\*</sup> | Charles River Laboratories International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1842 |
| <sup>\*</sup> | Incyte Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249 |
|  |  |  | &nbsp;&nbsp;**808490** |
| **Industrials (8.5%)** | **Industrials (8.5%)** | **Industrials (8.5%)** | **Industrials (8.5%)** |
| <sup>\*</sup> | Boeing Co. | &nbsp;&nbsp;173000 | &nbsp;&nbsp;&nbsp;&nbsp;40600 |
|  | GE Aerospace | &nbsp;&nbsp;144352 | &nbsp;&nbsp;&nbsp;&nbsp;39726 |
|  | Honeywell International Inc. | &nbsp;&nbsp;147498 | &nbsp;&nbsp;&nbsp;&nbsp;32376 |
|  | Union Pacific Corp. | &nbsp;&nbsp;137137 | &nbsp;&nbsp;&nbsp;&nbsp;30660 |
|  | Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47856 | &nbsp;&nbsp;&nbsp;&nbsp;21805 |
|  | RTX Corp. | &nbsp;&nbsp;131843 | &nbsp;&nbsp;&nbsp;&nbsp;20910 |
|  | 3M Co. | &nbsp;&nbsp;123381 | &nbsp;&nbsp;&nbsp;&nbsp;19189 |
|  | General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;57770 | &nbsp;&nbsp;&nbsp;&nbsp;18750 |
|  | Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31053 | &nbsp;&nbsp;&nbsp;&nbsp;18322 |
|  | Johnson Controls International plc | &nbsp;&nbsp;150874 | &nbsp;&nbsp;&nbsp;&nbsp;16127 |
|  | Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;32455 | &nbsp;&nbsp;&nbsp;&nbsp;15534 |
|  | United Parcel Service Inc. Class B | &nbsp;&nbsp;168214 | &nbsp;&nbsp;&nbsp;&nbsp;14709 |
|  | Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;51678 | &nbsp;&nbsp;&nbsp;&nbsp;14469 |
|  | Automatic Data Processing Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39993 | &nbsp;&nbsp;&nbsp;&nbsp;12160 |
|  | L3Harris Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42874 | &nbsp;&nbsp;&nbsp;&nbsp;11903 |
|  | FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;50555 | &nbsp;&nbsp;&nbsp;&nbsp;11682 |
|  | Illinois Tool Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9534 |
|  | Waste Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8924 |
|  | Rockwell Automation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8869 |
|  | Xylem Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7906 |
|  | Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;90582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7824 |
|  | CSX Corp. | &nbsp;&nbsp;233088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7578 |
|  | Equifax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7030 |
|  | Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;94869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6185 |
|  | Fastenal Co. | &nbsp;&nbsp;113291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5626 |
|  | Paychex Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5441 |
|  | PACCAR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5419 |
|  | AMETEK Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5187 |
|  | Verisk Analytics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4824 |
|  | Southwest Airlines Co. | &nbsp;&nbsp;130800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4303 |
|  | Jacobs Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4028 |
|  | Snap-on Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3902 |
|  | Broadridge Financial Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3863 |
|  | Expeditors International of Washington Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3787 |
|  | Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;77761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3722 |
|  | CH Robinson Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3508 |
|  | Old Dominion Freight Line Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3479 |

---

------

S&P 500 Value Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Textron Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3321 |
|  | Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3143 |
|  | Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3099 |
|  | IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2833 |
|  | Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2774 |
|  | Stanley Black & Decker Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2645 |
|  | JB Hunt Transport Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612 |
|  | Leidos Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2567 |
|  | Huntington Ingalls Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2440 |
|  | Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2092 |
|  | A O Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1903 |
| <sup>\*</sup> | Builders FirstSource Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690 |
|  | Allegion plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1577 |
|  | Rollins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531 |
|  | Pentair plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422 |
| <sup>\*</sup> | Generac Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962 |
|  | Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**497167** |
| **Information Technology (24.3%)** | **Information Technology (24.3%)** | **Information Technology (24.3%)** | **Information Technology (24.3%)** |
|  | Apple Inc. | &nbsp;&nbsp;1850442 | &nbsp;&nbsp;&nbsp;&nbsp;429562 |
|  | Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;818520 | &nbsp;&nbsp;&nbsp;&nbsp;414736 |
|  | Cisco Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;912699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63058 |
| <sup>\*</sup> | Advanced Micro Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;372016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60501 |
|  | Texas Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;208452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42207 |
|  | QUALCOMM Inc. | &nbsp;&nbsp;&nbsp;&nbsp;251757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40465 |
|  | Accenture plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;143647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37344 |
|  | Micron Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;256442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30519 |
|  | Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;293515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29395 |
|  | Analog Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28604 |
| <sup>\*</sup> | Intel Corp. | &nbsp;&nbsp;1000278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24357 |
| <sup>\*</sup> | Adobe Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20216 |
|  | Applied Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17386 |
|  | TE Connectivity plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14056 |
|  | Roper Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12971 |
| <sup>\*</sup> | Synopsys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12303 |
|  | Corning Inc. | &nbsp;&nbsp;&nbsp;&nbsp;176824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11852 |
| <sup>\*</sup> | Cadence Design Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9876 |
|  | Cognizant Technology Solutions Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;113188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8178 |
|  | Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8154 |
|  | NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8148 |
|  | Microchip Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;123423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8022 |
|  | Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;301774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6811 |
| <sup>\*</sup> | Keysight Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6460 |
|  | Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6431 |
|  | HP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;216358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6175 |
| <sup>\*</sup> | Workday Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6082 |
| <sup>\*</sup> | Teledyne Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5792 |
|  | VeriSign Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5259 |
|  | Jabil Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5057 |
|  | CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4960 |
| <sup>\*</sup> | ON Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4759 |
|  | Dell Technologies Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4450 |
|  | Teradyne Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4349 |
| <sup>\*</sup> | PTC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3117 |
|  | NetApp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2790 |
| <sup>\*</sup> | Akamai Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2658 |
|  | Skyworks Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2587 |
| <sup>\*</sup> | Trimble Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2480 |
| <sup>\*</sup> | EPAM Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2296 |
| <sup>\*</sup> | First Solar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2254 |
| <sup>\*</sup> | F5 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230 |
| <sup>\*</sup> | Zebra Technologies Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040 |
|  | Gen Digital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593 |
| <sup>\*</sup> | Enphase Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135 |
|  |  |  | &nbsp;&nbsp;**1423675** |
| **Materials (3.5%)** | **Materials (3.5%)** | **Materials (3.5%)** | **Materials (3.5%)** |
|  | Linde plc | &nbsp;&nbsp;&nbsp;&nbsp;108038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51673 |
|  | Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;255479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19008 |
|  | Air Products and Chemicals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15036 |

---

------

S&P 500 Value Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Freeport-McMoRan Inc. | &nbsp;&nbsp;329281 | &nbsp;&nbsp;&nbsp;&nbsp;14620 |
|  | Corteva Inc. | &nbsp;&nbsp;156294 | &nbsp;&nbsp;&nbsp;&nbsp;11595 |
|  | Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;22722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8312 |
|  | Ecolab Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8193 |
|  | Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7877 |
|  | DuPont de Nemours Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7390 |
|  | International Paper Co. | &nbsp;&nbsp;121314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6027 |
|  | PPG Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5774 |
|  | Smurfit WestRock plc | &nbsp;&nbsp;113784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5389 |
|  | Amcor plc | &nbsp;&nbsp;527156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4549 |
|  | Steel Dynamics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4150 |
|  | Martin Marietta Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4073 |
|  | Dow Inc. | &nbsp;&nbsp;161438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3976 |
|  | International Flavors & Fragrances Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3944 |
|  | Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;11518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3354 |
|  | Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;63678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3352 |
|  | LyondellBasell Industries NV Class A | &nbsp;&nbsp;&nbsp;&nbsp;59071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3329 |
|  | CF Industries Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3222 |
|  | Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3085 |
|  | Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;72930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2436 |
|  | Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2293 |
|  | Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;10235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2231 |
|  | Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;26434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1859 |
|  |  |  | &nbsp;&nbsp;**206747** |
| **Real Estate (3.0%)** | **Real Estate (3.0%)** | **Real Estate (3.0%)** | **Real Estate (3.0%)** |
|  | Prologis Inc. | &nbsp;&nbsp;213045 | &nbsp;&nbsp;&nbsp;&nbsp;24240 |
|  | American Tower Corp. | &nbsp;&nbsp;107475 | &nbsp;&nbsp;&nbsp;&nbsp;21909 |
|  | Digital Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72571 | &nbsp;&nbsp;&nbsp;&nbsp;12166 |
|  | Realty Income Corp. | &nbsp;&nbsp;207012 | &nbsp;&nbsp;&nbsp;&nbsp;12164 |
|  | Welltower Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65593 | &nbsp;&nbsp;&nbsp;&nbsp;11038 |
|  | Crown Castle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9895 |
|  | Equinix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9350 |
| <sup>\*</sup> | CoStar Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8661 |
|  | VICI Properties Inc. Class A | &nbsp;&nbsp;242861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8204 |
|  | Ventas Inc. | &nbsp;&nbsp;103600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7053 |
|  | Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;78524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5192 |
|  | SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5038 |
|  | Weyerhaeuser Co. | &nbsp;&nbsp;165864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4291 |
|  | Invitation Homes Inc. | &nbsp;&nbsp;131214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4106 |
|  | Extra Space Storage Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3830 |
|  | AvalonBay Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3579 |
|  | Kimco Realty Corp. | &nbsp;&nbsp;155279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3492 |
|  | Alexandria Real Estate Equities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2916 |
|  | Healthpeak Properties Inc. | &nbsp;&nbsp;159485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2861 |
|  | Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;37493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2718 |
|  | BXP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2422 |
|  | Mid-America Apartment Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2309 |
|  | Essex Property Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075 |
|  | Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;17857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795 |
|  | UDR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505 |
|  | Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;11998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343 |
|  | Host Hotels & Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008 |
|  |  |  | &nbsp;&nbsp;**175160** |
| **Utilities (3.8%)** | **Utilities (3.8%)** | **Utilities (3.8%)** | **Utilities (3.8%)** |
|  | Southern Co. | &nbsp;&nbsp;252126 | &nbsp;&nbsp;&nbsp;&nbsp;23271 |
|  | Duke Energy Corp. | &nbsp;&nbsp;178321 | &nbsp;&nbsp;&nbsp;&nbsp;21843 |
|  | American Electric Power Co. Inc. | &nbsp;&nbsp;122685 | &nbsp;&nbsp;&nbsp;&nbsp;13620 |
|  | Sempra | &nbsp;&nbsp;149549 | &nbsp;&nbsp;&nbsp;&nbsp;12347 |
|  | Dominion Energy Inc. | &nbsp;&nbsp;195444 | &nbsp;&nbsp;&nbsp;&nbsp;11707 |
|  | NextEra Energy Inc. | &nbsp;&nbsp;155767 | &nbsp;&nbsp;&nbsp;&nbsp;11223 |
|  | Exelon Corp. | &nbsp;&nbsp;231326 | &nbsp;&nbsp;&nbsp;&nbsp;10104 |
|  | Xcel Energy Inc. | &nbsp;&nbsp;132120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9564 |
|  | Entergy Corp. | &nbsp;&nbsp;102545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9033 |
|  | Consolidated Edison Inc. | &nbsp;&nbsp;&nbsp;&nbsp;82667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8120 |
|  | WEC Energy Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7781 |
|  | PG&E Corp. | &nbsp;&nbsp;504813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7714 |
|  | DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;47640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6510 |
|  | American Water Works Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6426 |
|  | Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;62160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6202 |

---

------

S&P 500 Value Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;36483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6061 |
|  | CenterPoint Energy Inc. | &nbsp;&nbsp;149851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5651 |
|  | Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;84340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5404 |
|  | FirstEnergy Corp. | &nbsp;&nbsp;117915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5143 |
|  | Public Service Enterprise Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5001 |
|  | Edison International | &nbsp;&nbsp;&nbsp;&nbsp;88287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4956 |
|  | CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;68661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4914 |
|  | NiSource Inc. | &nbsp;&nbsp;107551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4546 |
|  | Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;58960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3837 |
|  | Evergy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3762 |
|  | PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;81362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2967 |
|  | Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2454 |
|  | AES Corp. | &nbsp;&nbsp;163206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2210 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**222371** |
| **Total Common Stocks (Cost $5,110,637)** | **Total Common Stocks (Cost $5,110,637)** | **Total Common Stocks (Cost $5,110,637)** | **5837127** |
| **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>1</sup> | Vanguard Market Liquidity Fund, 4.362% **(Cost $5,185)** | &nbsp;&nbsp;&nbsp;&nbsp;51856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5185** |
| **Total Investments (99.9%) (Cost $5,115,822)** | **Total Investments (99.9%) (Cost $5,115,822)** |  | &nbsp;&nbsp;**5842312** |
| **Other Assets and Liabilities—Net (0.1%)** | **Other Assets and Liabilities—Net (0.1%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5871** |
| **Net Assets (100%)** | **Net Assets (100%)** |  | &nbsp;&nbsp;**5848183** |

---

Cost is in $000.

• See Note A in Notes to Financial Statements.

\* 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 | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts |
| E-mini S&P 500 Index | September 2025 | 20 | 6473 | &nbsp;&nbsp;(2) |

---

&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 | Counterparty | Notional<br> Amount<br> ($000) | Floating<br> Interest<br> Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | Value and<br> Unrealized<br> Appreciation<br> ($000) | Value and<br> Unrealized<br> (Depreciation) ($000) |
| Emerson Electric Co. | 8/31/2026 | BANA | 4752 | (4.337) |  |  |

---

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.

------

S&P 500 Value Index Fund

Statement of Assets and Liabilities

As of August 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;Unaffiliated Issuers (Cost $5,110,637) | 5837127 |
| &nbsp;&nbsp;Affiliated Issuers (Cost $5,185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5185 |
| Total Investments in Securities | 5842312 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 |
| Cash Collateral Pledged—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9556 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total Assets** | **5853294** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4809 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5111** |
| **Net Assets** | **5848183** |
| **<br>At August 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 5577942 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;270241 |
| **Net Assets** | **5848183** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 28,640,000 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **5639944** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**$196.93** |
| **Institutional Shares—Net Assets** |  |
| **Applicable to 482,143 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;**208239** |
| **Net Asset Value Per Share—Institutional Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**$431.90** |

---

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

------

S&P 500 Value Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113630 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113954 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| Shareholders' Reports and Proxy Fees—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 |
| Shareholders' Reports and Proxy Fees—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4566 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**109388** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387408 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**389233** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156748) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(156822)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**341799** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $16. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $297, ($2), and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $490,681 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

S&P 500 Value Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;109388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95462 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;389233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334396 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;(156822) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552989 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;341799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982847 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;(107769) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83826) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5733) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4329) |
| Total Distributions | &nbsp;&nbsp;&nbsp;(113502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88155) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;218175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;(71394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56951 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;146781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840752 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;375078 | &nbsp;&nbsp;&nbsp;1735444 |
| **Net Assets** |  |  |
| **Beginning of Period** | **5473105** | &nbsp;&nbsp;&nbsp;**3737661** |
| **End of Period** | **5848183** | &nbsp;&nbsp;&nbsp;**5473105** |

---

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

------

S&P 500 Value Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ETF Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$189.59** | &nbsp;&nbsp;&nbsp;**$156.61** | &nbsp;&nbsp;&nbsp;**$136.61** | &nbsp;&nbsp;&nbsp;**$146.23** | &nbsp;&nbsp;&nbsp;**$112.29** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.897 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.703) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.786 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.674) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.683 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.821) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.362) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.946) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.743) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.821) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.362) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.946) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.743) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$196.93** | &nbsp;&nbsp;&nbsp;**$189.59** | &nbsp;&nbsp;&nbsp;**$156.61** | &nbsp;&nbsp;&nbsp;**$136.61** | &nbsp;&nbsp;&nbsp;**$146.23** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**6.01%** | &nbsp;&nbsp;&nbsp;**23.51%** | &nbsp;&nbsp;&nbsp;**17.15%** | &nbsp;&nbsp;&nbsp;**-4.63%** | &nbsp;&nbsp;&nbsp;**33.10%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$5640 | &nbsp;&nbsp;&nbsp;$5195 | &nbsp;&nbsp;&nbsp;$3559 | &nbsp;&nbsp;&nbsp;$2801 | &nbsp;&nbsp;&nbsp;$2351 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;2.13% | &nbsp;&nbsp;&nbsp;2.05% | &nbsp;&nbsp;&nbsp;2.10% | &nbsp;&nbsp;&nbsp;2.19% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;18% |

---

---

| | |
|:---|:---|
| 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.

------

S&P 500 Value Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$415.81** | &nbsp;&nbsp;&nbsp;**$343.49** | &nbsp;&nbsp;&nbsp;**$299.63** | &nbsp;&nbsp;&nbsp;**$320.71** | &nbsp;&nbsp;&nbsp;**$246.27** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.402 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.912 | &nbsp;&nbsp;&nbsp;&nbsp;(21.295) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.102 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79.775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.536 | &nbsp;&nbsp;&nbsp;&nbsp;(14.564) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.504 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.459) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.064) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.459) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.064) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$431.90** | &nbsp;&nbsp;&nbsp;**$415.81** | &nbsp;&nbsp;&nbsp;**$343.49** | &nbsp;&nbsp;&nbsp;**$299.63** | &nbsp;&nbsp;&nbsp;**$320.71** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**6.03%** | &nbsp;&nbsp;&nbsp;**23.53%** | &nbsp;&nbsp;&nbsp;**17.19%** | &nbsp;&nbsp;&nbsp;**-4.60%** | &nbsp;&nbsp;&nbsp;**33.14%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$208 | &nbsp;&nbsp;&nbsp;$278 | &nbsp;&nbsp;&nbsp;$179 | &nbsp;&nbsp;&nbsp;$168 | &nbsp;&nbsp;&nbsp;$175 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.97% | &nbsp;&nbsp;&nbsp;2.13% | &nbsp;&nbsp;&nbsp;2.08% | &nbsp;&nbsp;&nbsp;2.12% | &nbsp;&nbsp;&nbsp;2.22% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;18% |

---

---

| | |
|:---|:---|
| 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 0.08%. |
| 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.

------

S&P 500 Value Index Fund

Notes to Financial Statements

Vanguard S&P 500 Value Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.

The fund offers two classes of shares: ETF Shares and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker.

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

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.

Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

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

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

During the year ended August 31, 2025, the fund's average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

3. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund's target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.

A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund's maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty's default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.

The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.

During the year ended August 31, 2025, the fund's average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.

4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

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.

------

S&P 500 Value Index Fund

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

7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the year ended August 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

8. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

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

B. In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At August 31, 2025, the fund had contributed to Vanguard capital in the amount of $146,000, representing less than 0.01% of the fund's net assets and 0.06% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

C. Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

#### Level 1 —Quoted prices in active markets for identical securities.

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.**

------

S&P 500 Value Index Fund

The following table summarizes the market value of the fund's investments and derivatives as of August 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 5837127 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;5837127 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5185 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5185 |
| Total | 5842312 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;5842312 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

D. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.

Permanent differences were reclassified between the following accounts:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;491707 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(491707) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17989 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp;722319 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;(470067) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;270241 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;113502 | &nbsp;&nbsp;&nbsp;88155 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;113502 | &nbsp;&nbsp;&nbsp;88155 |

---

\* Includes short-term capital gains, if any.

------

S&P 500 Value Index Fund

As of August 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;5119993 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992720 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(270401) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722319 |

---

E. During the year ended August 31, 2025, the fund purchased $1,791,711,000 of investment securities and sold $1,843,751,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $1,551,163,000 and $1,350,738,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended August 31, 2025, such purchases were $1,333,076,000 and sales were $543,673,000, resulting in net realized gain of $9,839,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;1566929 | &nbsp;&nbsp;&nbsp;&nbsp;8480 | &nbsp;&nbsp;&nbsp;&nbsp;1977161 | &nbsp;&nbsp;&nbsp;11825 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (1348754) | &nbsp;&nbsp;&nbsp;(7240) | &nbsp;&nbsp;&nbsp;(1193360) | &nbsp;&nbsp;&nbsp;(7150) |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;218175 | &nbsp;&nbsp;&nbsp;&nbsp;1240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783801 | &nbsp;&nbsp;&nbsp;&nbsp;4675 |
| **Institutional Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| Redeemed | &nbsp;&nbsp;&nbsp;(145484) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(369) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37909) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98) |
| Net Increase (Decrease)—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;(71394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 |

---

G. Significant market disruptions, such as those caused by pandemics, natural or environmental ‎disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and global ‎markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

H. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

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

------

S&P 500 Growth Index Fund

Financial Statements

#### Schedule of Investments
As of August 31, 2025

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Common Stocks (99.9%)** | **Common Stocks (99.9%)** | **Common Stocks (99.9%)** | **Common Stocks (99.9%)** |
| **Communication Services (15.4%)** | **Communication Services (15.4%)** | **Communication Services (15.4%)** | **Communication Services (15.4%)** |
|  | Meta Platforms Inc. Class A | &nbsp;&nbsp;1433685 | &nbsp;&nbsp;1059063 |
|  | Alphabet Inc. Class A | &nbsp;&nbsp;3843109 | &nbsp;&nbsp;&nbsp;&nbsp;818236 |
|  | Alphabet Inc. Class C | &nbsp;&nbsp;3100087 | &nbsp;&nbsp;&nbsp;&nbsp;661962 |
| <sup>\*</sup> | Netflix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;281005 | &nbsp;&nbsp;&nbsp;&nbsp;339524 |
|  | T-Mobile US Inc. | &nbsp;&nbsp;&nbsp;&nbsp;166899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42057 |
| <sup>\*,1</sup> | Live Nation Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17319 |
| <sup>\*</sup> | Trade Desk Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;295946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16176 |
|  | Electronic Arts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10391 |
|  | TKO Group Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8410 |
|  |  |  | **2973138** |
| **Consumer Discretionary (12.1%)** | **Consumer Discretionary (12.1%)** | **Consumer Discretionary (12.1%)** | **Consumer Discretionary (12.1%)** |
| <sup>\*</sup> | Amazon.com Inc. | &nbsp;&nbsp;3618751 | &nbsp;&nbsp;&nbsp;&nbsp;828694 |
| <sup>\*</sup> | Tesla Inc. | &nbsp;&nbsp;1850393 | &nbsp;&nbsp;&nbsp;&nbsp;617791 |
|  | Booking Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21479 | &nbsp;&nbsp;&nbsp;&nbsp;120262 |
|  | Home Depot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;288775 | &nbsp;&nbsp;&nbsp;&nbsp;117465 |
|  | Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;165001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59932 |
|  | TJX Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;434944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59418 |
| <sup>\*</sup> | O'Reilly Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;564462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58523 |
| <sup>\*</sup> | DoorDash Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;226421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55530 |
| <sup>\*</sup> | AutoZone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46448 |
|  | Hilton Worldwide Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;157010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43344 |
|  | Marriott International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;150154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40220 |
| <sup>\*</sup> | Chipotle Mexican Grill Inc. | &nbsp;&nbsp;&nbsp;&nbsp;889762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37495 |
| <sup>\*</sup> | Airbnb Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;285025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37204 |
|  | Garmin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;101681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24588 |
| <sup>\*</sup> | Carnival Corp. | &nbsp;&nbsp;&nbsp;&nbsp;693331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22110 |
|  | eBay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;203791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18465 |
|  | PulteGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;131970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17423 |
|  | Expedia Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17230 |
|  | Williams-Sonoma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15286 |
|  | Tapestry Inc. | &nbsp;&nbsp;&nbsp;&nbsp;136966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13946 |
|  | Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;223557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12884 |
| <sup>\*</sup> | Deckers Outdoor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11974 |
|  | Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;189345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11694 |
|  | Yum! Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11041 |
| <sup>\*</sup> | NVR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10058 |
|  | Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800 |
|  | Wynn Resorts Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7384 |
| <sup>\*</sup> | Norwegian Cruise Line Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;295717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7346 |
|  | Darden Restaurants Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6868 |
| <sup>\*</sup> | Lululemon Athletica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6795 |
|  | Domino's Pizza Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4348 |
|  |  |  | **2349566** |
| **Consumer Staples (3.2%)** | **Consumer Staples (3.2%)** | **Consumer Staples (3.2%)** | **Consumer Staples (3.2%)** |
|  | Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;292969 | &nbsp;&nbsp;&nbsp;&nbsp;276363 |
|  | Walmart Inc. | &nbsp;&nbsp;1911446 | &nbsp;&nbsp;&nbsp;&nbsp;185372 |
|  | Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;555045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92765 |
|  | Altria Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;511247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34361 |
|  | Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;235633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19810 |
| <sup>\*</sup> | Monster Beverage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;203702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12713 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**621384** |
| **Energy (0.4%)** | **Energy (0.4%)** | **Energy (0.4%)** | **Energy (0.4%)** |
|  | Williams Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;419078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24256 |
|  | Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;143326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24044 |
|  | ONEOK Inc. | &nbsp;&nbsp;&nbsp;&nbsp;230800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17629 |
|  | Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11613 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**77542** |

---

------

S&P 500 Growth Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Market<br> Value•  ($000)** |
| **Financials (11.5%)** | **Financials (11.5%)** | **Financials (11.5%)** | **Financials (11.5%)** |
|  | Visa Inc. Class A | &nbsp;&nbsp;1129825 | &nbsp;&nbsp;&nbsp;&nbsp;397450 |
|  | Mastercard Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;535616 | &nbsp;&nbsp;&nbsp;&nbsp;318847 |
|  | JPMorgan Chase & Co. | &nbsp;&nbsp;1046049 | &nbsp;&nbsp;&nbsp;&nbsp;315300 |
| <sup>\*</sup> | Berkshire Hathaway Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;593346 | &nbsp;&nbsp;&nbsp;&nbsp;298441 |
|  | American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;365489 | &nbsp;&nbsp;&nbsp;&nbsp;121079 |
|  | Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;387090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95634 |
|  | Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;367175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55252 |
|  | S&P Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53445 |
| <sup>\*</sup> | Fiserv Inc. | &nbsp;&nbsp;&nbsp;&nbsp;366169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50597 |
|  | Apollo Global Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;299773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40838 |
|  | Intercontinental Exchange Inc. | &nbsp;&nbsp;&nbsp;&nbsp;196983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34787 |
|  | Ameriprise Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32358 |
| <sup>\*</sup> | PayPal Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;430027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30184 |
|  | Marsh & McLennan Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;143242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29481 |
|  | MSCI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28989 |
|  | KKR & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;196695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27437 |
|  | Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27096 |
|  | Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;255251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26955 |
|  | Aon plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26674 |
|  | Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23032 |
|  | Arch Capital Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;246495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22562 |
| <sup>\*</sup> | Coinbase Global Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20825 |
|  | Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;251261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19181 |
|  | Brown & Brown Inc. | &nbsp;&nbsp;&nbsp;&nbsp;184917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17928 |
|  | Interactive Brokers Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;287500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17894 |
| <sup>\*</sup> | Corpay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15151 |
|  | Hartford Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13618 |
|  | Raymond James Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12577 |
| <sup>\*</sup> | Block Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;135448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10787 |
|  | Nasdaq Inc. | &nbsp;&nbsp;&nbsp;&nbsp;111856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10597 |
|  | Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10278 |
|  | Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8411 |
|  | W R Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;109193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7828 |
|  | Erie Indemnity Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5848 |
|  | FactSet Research Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4216 |
|  | Jack Henry & Associates Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3128 |
|  |  |  | **2234705** |
| **Health Care (4.9%)** | **Health Care (4.9%)** | **Health Care (4.9%)** | **Health Care (4.9%)** |
|  | Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;519411 | &nbsp;&nbsp;&nbsp;&nbsp;380510 |
| <sup>\*</sup> | Intuitive Surgical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;236663 | &nbsp;&nbsp;&nbsp;&nbsp;112011 |
|  | AbbVie Inc. | &nbsp;&nbsp;&nbsp;&nbsp;489878 | &nbsp;&nbsp;&nbsp;&nbsp;103070 |
| <sup>\*</sup> | Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;976931 | &nbsp;&nbsp;&nbsp;&nbsp;103066 |
| <sup>\*</sup> | Vertex Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;169566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66304 |
|  | Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;120361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47111 |
|  | Amgen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;152650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43919 |
|  | HCA Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27281 |
|  | ResMed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26571 |
| <sup>\*</sup> | Insulet Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15782 |
| <sup>\*</sup> | Dexcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;111073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8368 |
| <sup>\*</sup> | Mettler-Toledo International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7311 |
| <sup>\*</sup> | Waters Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5449 |
| <sup>\*</sup> | Incyte Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5398 |
| <sup>\*</sup> | DaVita Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3790 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**955941** |
| **Industrials (8.3%)** | **Industrials (8.3%)** | **Industrials (8.3%)** | **Industrials (8.3%)** |
|  | Caterpillar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;310583 | &nbsp;&nbsp;&nbsp;&nbsp;130147 |
| <sup>\*</sup> | Uber Technologies Inc. | &nbsp;&nbsp;1380896 | &nbsp;&nbsp;&nbsp;&nbsp;129459 |
|  | GE Vernova Inc. | &nbsp;&nbsp;&nbsp;&nbsp;180226 | &nbsp;&nbsp;&nbsp;&nbsp;110473 |
|  | Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;258419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90224 |
|  | RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;502827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79748 |
|  | GE Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;288728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79458 |
|  | Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64076 |
|  | Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;147257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61200 |
|  | TransDigm Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51890 |
|  | Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;226614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47596 |
|  | Automatic Data Processing Inc. | &nbsp;&nbsp;&nbsp;&nbsp;152778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46452 |
|  | Howmet Aerospace Inc. | &nbsp;&nbsp;&nbsp;&nbsp;266561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46408 |
|  | United Rentals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41035 |

---

------

S&P 500 Growth Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Quanta Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36991 |
| <sup>\*</sup> | Axon Enterprise Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36499 |
|  | Cummins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36216 |
|  | Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35072 |
|  | Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33345 |
|  | Republic Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31401 |
|  | WW Grainger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29243 |
|  | Waste Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29039 |
| <sup>\*</sup> | Copart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28333 |
|  | Delta Air Lines Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26651 |
| <sup>\*</sup> | United Airlines Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22635 |
|  | Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21855 |
|  | Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21432 |
|  | Ingersoll Rand Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21157 |
|  | Illinois Tool Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19115 |
|  | PACCAR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19068 |
|  | CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18549 |
|  | Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16467 |
|  | Hubbell Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15168 |
|  | Paychex Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13866 |
|  | AMETEK Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13255 |
|  | Lennox International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11779 |
|  | Verisk Analytics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10874 |
|  | Broadridge Financial Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8704 |
|  | Old Dominion Freight Line Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8504 |
|  | Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8314 |
|  | Leidos Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8016 |
|  | Pentair plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7599 |
| <sup>\*</sup> | Dayforce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7381 |
|  | Paycom Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7330 |
|  | Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7296 |
|  | Rollins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6094 |
| <sup>\*</sup> | Builders FirstSource Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5272 |
|  | Allegion plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5118 |
| <sup>\*</sup> | Generac Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4448 |
|  | Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 |
|  |  |  | **1614452** |
| **Information Technology (41.4%)** | **Information Technology (41.4%)** | **Information Technology (41.4%)** | **Information Technology (41.4%)** |
|  | NVIDIA Corp. | &nbsp;&nbsp;16103797 | &nbsp;&nbsp;2804961 |
|  | Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2552100 | &nbsp;&nbsp;1293124 |
|  | Apple Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4536781 | &nbsp;&nbsp;1053168 |
|  | Broadcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3104833 | &nbsp;&nbsp;&nbsp;&nbsp;923346 |
|  | Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1074008 | &nbsp;&nbsp;&nbsp;&nbsp;242865 |
| <sup>\*</sup> | Palantir Technologies Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1404614 | &nbsp;&nbsp;&nbsp;&nbsp;220117 |
|  | Salesforce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633554 | &nbsp;&nbsp;&nbsp;&nbsp;162348 |
|  | International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613721 | &nbsp;&nbsp;&nbsp;&nbsp;149435 |
| <sup>\*</sup> | ServiceNow Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136687 | &nbsp;&nbsp;&nbsp;&nbsp;125405 |
|  | Intuit Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184600 | &nbsp;&nbsp;&nbsp;&nbsp;123128 |
| <sup>\*</sup> | Arista Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92860 |
|  | Amphenol Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86952 |
| <sup>\*</sup> | Palo Alto Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83294 |
|  | KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76127 |
| <sup>\*</sup> | Crowdstrike Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69686 |
|  | Motorola Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52069 |
| <sup>\*</sup> | Autodesk Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44455 |
| <sup>\*</sup> | Adobe Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42168 |
| <sup>\*</sup> | Synopsys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38322 |
|  | Applied Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36217 |
| <sup>\*</sup> | Cadence Design Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34759 |
| <sup>\*</sup> | Fortinet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33045 |
| <sup>\*</sup> | Datadog Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28838 |
|  | Monolithic Power Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26463 |
| <sup>\*</sup> | Fair Isaac Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24456 |
| <sup>\*</sup> | Tyler Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16010 |
|  | NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15667 |
| <sup>\*</sup> | Workday Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15513 |
| <sup>\*</sup> | Super Micro Computer Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14068 |
| <sup>\*</sup> | GoDaddy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13943 |
| <sup>\*</sup> | Gartner Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12773 |

---

------

S&P 500 Growth Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Dell Technologies Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;93178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11382 |
| <sup>\*</sup> | PTC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7950 |
| <sup>\*</sup> | First Solar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7346 |
|  | NetApp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7111 |
|  | Gen Digital Inc. | &nbsp;&nbsp;209489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6327 |
| <sup>\*</sup> | Trimble Inc. | &nbsp;&nbsp;&nbsp;&nbsp;69524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5619 |
| <sup>\*</sup> | F5 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5453 |
| <sup>\*</sup> | Zebra Technologies Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;15062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4776 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**8011546** |
| **Materials (0.5%)** | **Materials (0.5%)** | **Materials (0.5%)** | **Materials (0.5%)** |
|  | Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;86814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31759 |
|  | Ecolab Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22613 |
|  | Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;54023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15729 |
|  | Martin Marietta Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12749 |
|  | Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;29474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6424 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**89274** |
| **Real Estate (1.1%)** | **Real Estate (1.1%)** | **Real Estate (1.1%)** | **Real Estate (1.1%)** |
|  | Welltower Inc. | &nbsp;&nbsp;221428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37262 |
|  | Simon Property Group Inc. | &nbsp;&nbsp;202612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36604 |
| <sup>\*</sup> | CBRE Group Inc. Class A | &nbsp;&nbsp;193961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31445 |
|  | Public Storage | &nbsp;&nbsp;104182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30691 |
|  | Equinix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23866 |
|  | Iron Mountain Inc. | &nbsp;&nbsp;194765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17983 |
|  | Extra Space Storage Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9074 |
|  | AvalonBay Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8081 |
|  | Essex Property Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5518 |
|  | Host Hotels & Resorts Inc. | &nbsp;&nbsp;289163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4976 |
|  | Mid-America Apartment Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4623 |
|  | Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;36112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4044 |
|  | UDR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3563 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**217730** |
| **Utilities (1.1%)** | **Utilities (1.1%)** | **Utilities (1.1%)** | **Utilities (1.1%)** |
|  | NextEra Energy Inc. | &nbsp;&nbsp;910762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65620 |
|  | Constellation Energy Corp. | &nbsp;&nbsp;206977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63745 |
|  | Vistra Corp. | &nbsp;&nbsp;224086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42377 |
|  | NRG Energy Inc. | &nbsp;&nbsp;129086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18790 |
|  | Public Service Enterprise Group Inc. | &nbsp;&nbsp;154638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12731 |
|  | PPL Corp. | &nbsp;&nbsp;254431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9279 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**212542** |
| **Total Common Stocks (Cost $12,919,440)** | **Total Common Stocks (Cost $12,919,440)** | **Total Common Stocks (Cost $12,919,440)** | **19357820** |
| **Rights (0.0%)** | **Rights (0.0%)** | **Rights (0.0%)** | **Rights (0.0%)** |
| <sup>\*,2</sup> | ABIOMED Inc. CVR **(Cost $—)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **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>3,4</sup> | Vanguard Market Liquidity Fund, 4.362% **(Cost $16,456)** | &nbsp;&nbsp;164583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16457** |
| **Total Investments (100.0%) (Cost $12,935,896)** | **Total Investments (100.0%) (Cost $12,935,896)** |  | &nbsp;&nbsp;**19374277** |
| **Other Assets and Liabilities—Net (0.0%)** | **Other Assets and Liabilities—Net (0.0%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7645** |
| **Net Assets (100%)** | **Net Assets (100%)** |  | &nbsp;&nbsp;**19381922** |

---

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 $1,598. |
| 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 $1,632 was received for securities on loan. |

---

CVR—Contingent Value Rights.

------

S&P 500 Growth Index Fund

------

#### 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 | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts |
| E-mini NASDAQ 100 Index | September 2025 | 43 | 20177 | &nbsp;&nbsp;(33) |
| E-mini S&P 500 Index | September 2025 | 10 | &nbsp;&nbsp;&nbsp;3236 | &nbsp;&nbsp;&nbsp;21 |
|  |  |  |  | &nbsp;&nbsp;(12) |

---

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

------

S&P 500 Growth Index Fund

Statement of Assets and Liabilities

As of August 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;Unaffiliated Issuers (Cost $12,919,440) | 19357820 |
| &nbsp;&nbsp;Affiliated Issuers (Cost $16,456) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16457 |
| Total Investments in Securities | 19374277 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8448 |
| **Total Assets** | **19384722** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1632 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2800** |
| **Net Assets** | **19381922** |
| 1 Includes $1,598 of securities on loan. |  |
| **<br>At August 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 14136605 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;5245317 |
| **Net Assets** | **19381922** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 46,730,972 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **19352631** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$414.13** |
| **Institutional Shares—Net Assets** |  |
| **Applicable to 31,092 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29291** |
| **Net Asset Value Per Share—Institutional Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$942.09** |

---

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

------

S&P 500 Growth Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103717 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104317 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Shareholders' Reports and Proxy Fees—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741 |
| Shareholders' Reports and Proxy Fees—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12663 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**91654** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544008 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3438 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1547465** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781430 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1781358** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3420477** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $48. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $551, ($1), and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $1,614,823 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

S&P 500 Growth Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72873 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;1547465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185813 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;1781358 | &nbsp;&nbsp;&nbsp;&nbsp;2385765 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;3420477 | &nbsp;&nbsp;&nbsp;&nbsp;2644451 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86932) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78794) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86990) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78862) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;3478879 | &nbsp;&nbsp;&nbsp;&nbsp;1809150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;3496949 | &nbsp;&nbsp;&nbsp;&nbsp;1809004 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;6830436 | &nbsp;&nbsp;&nbsp;&nbsp;4374593 |
| **Net Assets** |  |  |
| **Beginning of Period** | **12551486** | &nbsp;&nbsp;&nbsp;&nbsp;**8176893** |
| **End of Period** | **19381922** | &nbsp;&nbsp;&nbsp;**12551486** |

---

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

------

S&P 500 Growth Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ETF Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$336.34** | &nbsp;&nbsp;&nbsp;**$260.21** | &nbsp;&nbsp;&nbsp;**$232.26** | &nbsp;&nbsp;&nbsp;**$283.53** | &nbsp;&nbsp;&nbsp;**$219.32** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.751 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77.722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.743 | &nbsp;&nbsp;&nbsp;&nbsp;(51.406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.190 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79.884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78.527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.421 | &nbsp;&nbsp;&nbsp;&nbsp;(49.483) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.941 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.094) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.397) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.471) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.787) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.731) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.094) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.397) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.471) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.787) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.731) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$414.13** | &nbsp;&nbsp;&nbsp;**$336.34** | &nbsp;&nbsp;&nbsp;**$260.21** | &nbsp;&nbsp;&nbsp;**$232.26** | &nbsp;&nbsp;&nbsp;**$283.53** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**23.84%** | &nbsp;&nbsp;&nbsp;**30.39%** | &nbsp;&nbsp;&nbsp;**13.26%** | &nbsp;&nbsp;&nbsp;**-17.52%** | &nbsp;&nbsp;&nbsp;**30.26%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$19353 | &nbsp;&nbsp;&nbsp;$12542 | &nbsp;&nbsp;&nbsp;$8170 | &nbsp;&nbsp;&nbsp;$6839 | &nbsp;&nbsp;&nbsp;$6776 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.10%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.10% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;0.73% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;12% |

---

---

| | |
|:---|:---|
| 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.

------

S&P 500 Growth Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$765.10** | &nbsp;&nbsp;&nbsp;**$591.92** | &nbsp;&nbsp;&nbsp;**$528.34** | &nbsp;&nbsp;&nbsp;**$644.91** | &nbsp;&nbsp;&nbsp;**$498.89** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.959 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;176.798 | &nbsp;&nbsp;&nbsp;&nbsp;173.644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.118 | &nbsp;&nbsp;&nbsp;&nbsp;(116.631) | &nbsp;&nbsp;&nbsp;&nbsp;146.133 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;181.902 | &nbsp;&nbsp;&nbsp;&nbsp;178.748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69.303 | &nbsp;&nbsp;&nbsp;&nbsp;(112.428) | &nbsp;&nbsp;&nbsp;&nbsp;150.092 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.568) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.723) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.142) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.072) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.568) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.723) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.142) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.072) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$942.09** | &nbsp;&nbsp;&nbsp;**$765.10** | &nbsp;&nbsp;&nbsp;**$591.92** | &nbsp;&nbsp;&nbsp;**$528.34** | &nbsp;&nbsp;&nbsp;**$644.91** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**23.86%** | &nbsp;&nbsp;&nbsp;**30.41%** | &nbsp;&nbsp;&nbsp;**13.29%** | &nbsp;&nbsp;&nbsp;**-17.50%** | &nbsp;&nbsp;&nbsp;**30.29%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$29 | &nbsp;&nbsp;&nbsp;$9 | &nbsp;&nbsp;&nbsp;$7 | &nbsp;&nbsp;&nbsp;$6 | &nbsp;&nbsp;&nbsp;$28 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.08%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.08% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;0.71% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;12% |

---

---

| | |
|:---|:---|
| 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 0.08%. |
| 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.

------

S&P 500 Growth Index Fund

Notes to Financial Statements

Vanguard S&P 500 Growth Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.

The fund offers two classes of shares: ETF Shares and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker.

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

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.

Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

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

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

During the year ended August 31, 2025, the fund's average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

3. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund's target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.

A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund's maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty's default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.

The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.

During the year ended August 31, 2025, the fund's average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period. The fund had no open total return swap contracts at August 31, 2025.

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.

------

S&P 500 Growth Index Fund

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

7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the year ended August 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

8. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

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

B. In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At August 31, 2025, the fund had contributed to Vanguard capital in the amount of $487,000, representing less than 0.01% of the fund's net assets and 0.19% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

C. Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

#### Level 1 —Quoted prices in active markets for identical securities.

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.**

------

S&P 500 Growth Index Fund

The following table summarizes the market value of the fund's investments and derivatives as of August 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 19357820 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;19357820 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16457 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16457 |
| Total | 19374277 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;19374277 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

D. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.

Permanent differences were reclassified between the following accounts:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;1614575 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(1614575) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17177 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp;6436475 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;(1208335) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;5245317 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;86990 | &nbsp;&nbsp;&nbsp;78862 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;86990 | &nbsp;&nbsp;&nbsp;78862 |

---

\* Includes short-term capital gains, if any.

------

S&P 500 Growth Index Fund

As of August 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;12937802 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;6640831 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(204356) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;6436475 |

---

E. During the year ended August 31, 2025, the fund purchased $3,154,302,000 of investment securities and sold $3,129,060,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $6,495,146,000 and $3,026,643,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended August 31, 2025, such purchases were $548,872,000 and sales were $1,392,574,000, resulting in net realized loss of $31,913,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;6532704 | &nbsp;&nbsp;&nbsp;17760 | &nbsp;&nbsp;&nbsp;2692391 | &nbsp;&nbsp;&nbsp;&nbsp;8975 |
| 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;— |
| Redeemed | (3053825) | &nbsp;&nbsp;&nbsp;(8320) | &nbsp;&nbsp;&nbsp;(883241) | &nbsp;&nbsp;&nbsp;(3080) |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;3478879 | &nbsp;&nbsp;&nbsp;&nbsp;9440 | &nbsp;&nbsp;&nbsp;1809150 | &nbsp;&nbsp;&nbsp;&nbsp;5895 |
| **Institutional Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(635) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Increase (Decrease)—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

G. Significant market disruptions, such as those caused by pandemics, natural or environmental ‎disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and global ‎markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

H. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

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

------

#### Report of Independent Registered

#### Public Accounting Firm
To the Board of Trustees of Vanguard Admiral Funds and Shareholders of Vanguard S&P 500 Value Index Fund and Vanguard S&P 500 Growth Index Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Vanguard S&P 500 Value Index Fund and Vanguard S&P 500 Growth Index Fund (two of the funds constituting Vanguard Admiral Funds, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations for the year ended August 31, 2025, the statements of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025 and each of the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2025

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

------

Tax information (unaudited)

The following percentages, or if subsequently determined to be different, the maximum percentages allowable by law, of ordinary income (dividend income plus short-term gains, if any) for the fiscal year qualified for the dividends-received deduction for corporate shareholders.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Percentage |
| S&P 500 Value Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;90.9% |
| S&P 500 Growth Index Fund | &nbsp;&nbsp;&nbsp;100.0 |

---

The following amounts, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as qualified dividend income for purposes of the maximum rate under section 1(h)(11) for calendar year 2024. Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;($000) |
| S&P 500 Value Index Fund | &nbsp;&nbsp;&nbsp;106282 |
| S&P 500 Growth Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;67259 |

---

The following amounts for the fiscal year, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as interest earned from obligations of the U.S. government which is generally exempt from state income tax.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;($000) |
| S&P 500 Value Index Fund | &nbsp;&nbsp;&nbsp;166 |
| S&P 500 Growth Index Fund | &nbsp;&nbsp;&nbsp;282 |

---

The following amounts, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as qualified business income under section 199A for calendar year 2024. Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;($000) |
| S&P 500 Value Index Fund | &nbsp;&nbsp;&nbsp;4014 |
| S&P 500 Growth Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

Q18400 102025

------

![](tm2525835d2spmidcp400idfi001.jpg)

#### Financial Statements

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

#### Vanguard S&P Mid-Cap 400 Index Funds
Vanguard S&P Mid-Cap 400 Index Fund <br> Vanguard S&P Mid-Cap 400 Value Index Fund <br> Vanguard S&P Mid-Cap 400 Growth Index Fund

------

Contents

---

| | |
|:---|:---|
| S&P Mid-Cap 400 Index Fund<br>| 1 |
| S&P Mid-Cap 400 Value Index Fund<br>| 17 |
| S&P Mid-Cap 400 Growth Index Fund<br>| 32 |
| Report of Independent Registered<br>Public Accounting Firm<br>| 46 |
| Tax information<br>| 47 |

---

------

S&P Mid-Cap 400 Index Fund

Financial Statements

#### Schedule of Investments
As of August 31, 2025

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Common Stocks (99.9%)** | **Common Stocks (99.9%)** | **Common Stocks (99.9%)** | **Common Stocks (99.9%)** |
| **Communication Services (1.4%)** | **Communication Services (1.4%)** | **Communication Services (1.4%)** | **Communication Services (1.4%)** |
|  | New York Times Co. Class A | &nbsp;&nbsp;240273 | &nbsp;&nbsp;14378 |
| <sup>\*</sup> | EchoStar Corp. Class A | &nbsp;&nbsp;198694 | &nbsp;&nbsp;12277 |
| <sup>\*</sup> | Frontier Communications Parent Inc. | &nbsp;&nbsp;329757 | &nbsp;&nbsp;12227 |
|  | Nexstar Media Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;41960 | &nbsp;&nbsp;&nbsp;&nbsp;8582 |
|  | Warner Music Group Corp. Class A | &nbsp;&nbsp;216005 | &nbsp;&nbsp;&nbsp;&nbsp;7204 |
| <sup>\*</sup> | ZoomInfo Technologies Inc. Class A | &nbsp;&nbsp;385323 | &nbsp;&nbsp;&nbsp;&nbsp;4200 |
|  | Iridium Communications Inc. | &nbsp;&nbsp;160526 | &nbsp;&nbsp;&nbsp;&nbsp;3996 |
|  |  |  | &nbsp;&nbsp;**62864** |
| **Consumer Discretionary (13.1%)** | **Consumer Discretionary (13.1%)** | **Consumer Discretionary (13.1%)** | **Consumer Discretionary (13.1%)** |
| <sup>\*</sup> | Burlington Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;93271 | &nbsp;&nbsp;27112 |
|  | Somnigroup International Inc. | &nbsp;&nbsp;305772 | &nbsp;&nbsp;25670 |
|  | Toll Brothers Inc. | &nbsp;&nbsp;147239 | &nbsp;&nbsp;20466 |
|  | Dick's Sporting Goods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83639 | &nbsp;&nbsp;17798 |
| <sup>\*</sup> | TopBuild Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42079 | &nbsp;&nbsp;17705 |
| <sup>\*</sup> | Duolingo Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;58135 | &nbsp;&nbsp;17316 |
|  | Texas Roadhouse Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;98233 | &nbsp;&nbsp;16950 |
|  | Service Corp. International | &nbsp;&nbsp;210808 | &nbsp;&nbsp;16707 |
|  | Aramark | &nbsp;&nbsp;388053 | &nbsp;&nbsp;15177 |
|  | Wingstop Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41316 | &nbsp;&nbsp;13557 |
| <sup>\*,1</sup> | GameStop Corp. Class A | &nbsp;&nbsp;602725 | &nbsp;&nbsp;13507 |
| <sup>\*</sup> | Chewy Inc. Class A | &nbsp;&nbsp;324973 | &nbsp;&nbsp;13311 |
|  | Autoliv Inc. | &nbsp;&nbsp;105315 | &nbsp;&nbsp;13066 |
| <sup>\*</sup> | Floor & Decor Holdings Inc. Class A | &nbsp;&nbsp;159339 | &nbsp;&nbsp;13053 |
| <sup>\*</sup> | Planet Fitness Inc. Class A | &nbsp;&nbsp;124159 | &nbsp;&nbsp;13012 |
|  | Lithia Motors Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;38546 | &nbsp;&nbsp;12978 |
| <sup>\*</sup> | Skechers USA Inc. Class A | &nbsp;&nbsp;192923 | &nbsp;&nbsp;12170 |
| <sup>\*</sup> | Five Below Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81524 | &nbsp;&nbsp;11829 |
| <sup>\*</sup> | Light & Wonder Inc. | &nbsp;&nbsp;124941 | &nbsp;&nbsp;11553 |
| <sup>\*</sup> | Ollie's Bargain Outlet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90920 | &nbsp;&nbsp;11532 |
|  | Churchill Downs Inc. | &nbsp;&nbsp;106952 | &nbsp;&nbsp;11094 |
|  | Murphy USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26629 | &nbsp;&nbsp;10026 |
| <sup>\*</sup> | Taylor Morrison Home Corp. Class A | &nbsp;&nbsp;148621 | &nbsp;&nbsp;10013 |
|  | H&R Block Inc. | &nbsp;&nbsp;198248 | &nbsp;&nbsp;&nbsp;&nbsp;9982 |
|  | Wyndham Hotels & Resorts Inc. | &nbsp;&nbsp;114008 | &nbsp;&nbsp;&nbsp;&nbsp;9874 |
|  | Gentex Corp. | &nbsp;&nbsp;332894 | &nbsp;&nbsp;&nbsp;&nbsp;9324 |
|  | Bath & Body Works Inc. | &nbsp;&nbsp;315402 | &nbsp;&nbsp;&nbsp;&nbsp;9213 |
|  | Vail Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55283 | &nbsp;&nbsp;&nbsp;&nbsp;9055 |
|  | Hyatt Hotels Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;62104 | &nbsp;&nbsp;&nbsp;&nbsp;8960 |
| <sup>\*</sup> | Mattel Inc. | &nbsp;&nbsp;478102 | &nbsp;&nbsp;&nbsp;&nbsp;8749 |
|  | Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;79169 | &nbsp;&nbsp;&nbsp;&nbsp;8709 |
|  | Thor Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78801 | &nbsp;&nbsp;&nbsp;&nbsp;8637 |
| <sup>\*</sup> | Grand Canyon Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41426 | &nbsp;&nbsp;&nbsp;&nbsp;8350 |
| <sup>\*</sup> | Cava Group Inc. | &nbsp;&nbsp;121592 | &nbsp;&nbsp;&nbsp;&nbsp;8214 |
| <sup>\*</sup> | AutoNation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36847 | &nbsp;&nbsp;&nbsp;&nbsp;8072 |
|  | Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;90395 | &nbsp;&nbsp;&nbsp;&nbsp;7761 |
| <sup>1</sup> | Whirlpool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;82341 | &nbsp;&nbsp;&nbsp;&nbsp;7670 |
|  | VF Corp. | &nbsp;&nbsp;490322 | &nbsp;&nbsp;&nbsp;&nbsp;7419 |
| <sup>\*</sup> | Valvoline Inc. | &nbsp;&nbsp;188227 | &nbsp;&nbsp;&nbsp;&nbsp;7299 |
|  | Gap Inc. | &nbsp;&nbsp;329012 | &nbsp;&nbsp;&nbsp;&nbsp;7242 |
| <sup>\*</sup> | Crocs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83030 | &nbsp;&nbsp;&nbsp;&nbsp;7240 |
|  | KB Home | &nbsp;&nbsp;106214 | &nbsp;&nbsp;&nbsp;&nbsp;6750 |
| <sup>\*</sup> | Abercrombie & Fitch Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;70540 | &nbsp;&nbsp;&nbsp;&nbsp;6598 |
|  | Travel + Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;98330 | &nbsp;&nbsp;&nbsp;&nbsp;6215 |
|  | Brunswick Corp. | &nbsp;&nbsp;&nbsp;&nbsp;97245 | &nbsp;&nbsp;&nbsp;&nbsp;6184 |
|  | PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;71061 | &nbsp;&nbsp;&nbsp;&nbsp;5992 |
|  | Macy's Inc. | &nbsp;&nbsp;412449 | &nbsp;&nbsp;&nbsp;&nbsp;5457 |
|  | Graham Holdings Co. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5021 | &nbsp;&nbsp;&nbsp;&nbsp;5453 |
| <sup>\*</sup> | RH | &nbsp;&nbsp;&nbsp;&nbsp;22451 | &nbsp;&nbsp;&nbsp;&nbsp;5067 |
|  | Penske Automotive Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27416 | &nbsp;&nbsp;&nbsp;&nbsp;5056 |

---

------

S&P Mid-Cap 400 Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Visteon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 |
|  | Harley-Davidson Inc. | &nbsp;&nbsp;161506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4703 |
| <sup>\*</sup> | Hilton Grand Vacations Inc. | &nbsp;&nbsp;&nbsp;&nbsp;93814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4458 |
|  | Polaris Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4421 |
| <sup>\*</sup> | YETI Holdings Inc. | &nbsp;&nbsp;122876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4320 |
| <sup>1</sup> | Choice Hotels International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3926 |
|  | Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3676 |
| <sup>\*</sup> | Capri Holdings Ltd. | &nbsp;&nbsp;174598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3595 |
| <sup>\*</sup> | Goodyear Tire & Rubber Co. | &nbsp;&nbsp;423057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3588 |
|  | Wendy's Co. | &nbsp;&nbsp;239703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2543 |
|  | Columbia Sportswear Co. | &nbsp;&nbsp;&nbsp;&nbsp;45550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2538 |
| <sup>\*</sup> | Under Armour Inc. Class A | &nbsp;&nbsp;272460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1362 |
| <sup>\*</sup> | Under Armour Inc. Class C | &nbsp;&nbsp;194813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958 |
|  |  |  | &nbsp;&nbsp;**595232** |
| **Consumer Staples (5.0%)** | **Consumer Staples (5.0%)** | **Consumer Staples (5.0%)** | **Consumer Staples (5.0%)** |
|  | Casey's General Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54965 | &nbsp;&nbsp;&nbsp;&nbsp;27181 |
| <sup>\*</sup> | US Foods Holding Corp. | &nbsp;&nbsp;342579 | &nbsp;&nbsp;&nbsp;&nbsp;26584 |
| <sup>\*</sup> | Performance Food Group Co. | &nbsp;&nbsp;231137 | &nbsp;&nbsp;&nbsp;&nbsp;23437 |
| <sup>\*</sup> | Sprouts Farmers Market Inc. | &nbsp;&nbsp;144905 | &nbsp;&nbsp;&nbsp;&nbsp;20365 |
| <sup>\*</sup> | BJ's Wholesale Club Holdings Inc. | &nbsp;&nbsp;195535 | &nbsp;&nbsp;&nbsp;&nbsp;19100 |
| <sup>\*</sup> | Celsius Holdings Inc. | &nbsp;&nbsp;232799 | &nbsp;&nbsp;&nbsp;&nbsp;14638 |
|  | Ingredion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;95239 | &nbsp;&nbsp;&nbsp;&nbsp;12337 |
|  | Albertsons Cos. Inc. Class A | &nbsp;&nbsp;596767 | &nbsp;&nbsp;&nbsp;&nbsp;11613 |
| <sup>\*</sup> | Maplebear Inc. | &nbsp;&nbsp;243232 | &nbsp;&nbsp;&nbsp;&nbsp;10549 |
| <sup>\*</sup> | elf Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83511 | &nbsp;&nbsp;&nbsp;&nbsp;10439 |
|  | Coca-Cola Consolidated Inc. | &nbsp;&nbsp;&nbsp;&nbsp;86794 | &nbsp;&nbsp;&nbsp;&nbsp;10176 |
| <sup>\*</sup> | Darling Ingredients Inc. | &nbsp;&nbsp;234198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7953 |
| <sup>\*</sup> | BellRing Brands Inc. | &nbsp;&nbsp;188036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7719 |
| <sup>\*</sup> | Post Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7563 |
|  | Marzetti Co. | &nbsp;&nbsp;&nbsp;&nbsp;28563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5216 |
|  | Flowers Foods Inc. | &nbsp;&nbsp;290339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4367 |
| <sup>\*</sup> | Boston Beer Co. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;12240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2706 |
|  | Pilgrim's Pride Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2645 |
| <sup>\*</sup> | Coty Inc. Class A | &nbsp;&nbsp;543353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2326 |
|  |  |  | &nbsp;&nbsp;**226914** |
| **Energy (3.5%)** | **Energy (3.5%)** | **Energy (3.5%)** | **Energy (3.5%)** |
|  | Ovintiv Inc. | &nbsp;&nbsp;384709 | &nbsp;&nbsp;&nbsp;&nbsp;16204 |
|  | DT Midstream Inc. | &nbsp;&nbsp;150428 | &nbsp;&nbsp;&nbsp;&nbsp;15672 |
| <sup>\*</sup> | Antero Resources Corp. | &nbsp;&nbsp;432217 | &nbsp;&nbsp;&nbsp;&nbsp;13796 |
|  | Permian Resources Corp. | &nbsp;&nbsp;944287 | &nbsp;&nbsp;&nbsp;&nbsp;13494 |
|  | Range Resources Corp. | &nbsp;&nbsp;353851 | &nbsp;&nbsp;&nbsp;&nbsp;12127 |
|  | HF Sinclair Corp. | &nbsp;&nbsp;237136 | &nbsp;&nbsp;&nbsp;&nbsp;12066 |
|  | Viper Energy Inc. Class A | &nbsp;&nbsp;249819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9954 |
|  | Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;85518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9398 |
|  | Antero Midstream Corp. | &nbsp;&nbsp;496706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8836 |
|  | Matador Resources Co. | &nbsp;&nbsp;172407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8682 |
|  | NOV Inc. | &nbsp;&nbsp;556420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7395 |
|  | Weatherford International plc | &nbsp;&nbsp;107438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6844 |
| <sup>\*</sup> | CNX Resources Corp. | &nbsp;&nbsp;214293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6257 |
|  | Murphy Oil Corp. | &nbsp;&nbsp;198387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4932 |
| <sup>\*</sup> | Valaris Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;96741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4805 |
|  | Civitas Resources Inc. | &nbsp;&nbsp;126333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4647 |
|  | PBF Energy Inc. Class A | &nbsp;&nbsp;145732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3981 |
|  |  |  | &nbsp;&nbsp;**159090** |
| **Financials (17.4%)** | **Financials (17.4%)** | **Financials (17.4%)** | **Financials (17.4%)** |
|  | Equitable Holdings Inc. | &nbsp;&nbsp;449965 | &nbsp;&nbsp;&nbsp;&nbsp;23965 |
|  | Fidelity National Financial Inc. | &nbsp;&nbsp;386327 | &nbsp;&nbsp;&nbsp;&nbsp;23129 |
|  | East West Bancorp Inc. | &nbsp;&nbsp;204083 | &nbsp;&nbsp;&nbsp;&nbsp;21457 |
|  | Carlyle Group Inc. | &nbsp;&nbsp;315500 | &nbsp;&nbsp;&nbsp;&nbsp;20369 |
|  | Reinsurance Group of America Inc. | &nbsp;&nbsp;&nbsp;&nbsp;97856 | &nbsp;&nbsp;&nbsp;&nbsp;19061 |
|  | Annaly Capital Management Inc. | &nbsp;&nbsp;895867 | &nbsp;&nbsp;&nbsp;&nbsp;18983 |
|  | Stifel Financial Corp. | &nbsp;&nbsp;152113 | &nbsp;&nbsp;&nbsp;&nbsp;17537 |
|  | RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;72035 | &nbsp;&nbsp;&nbsp;&nbsp;17504 |
|  | Evercore Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;53237 | &nbsp;&nbsp;&nbsp;&nbsp;17118 |
|  | First Horizon Corp. | &nbsp;&nbsp;751061 | &nbsp;&nbsp;&nbsp;&nbsp;16974 |
|  | Ally Financial Inc. | &nbsp;&nbsp;409371 | &nbsp;&nbsp;&nbsp;&nbsp;16805 |
|  | Unum Group | &nbsp;&nbsp;237520 | &nbsp;&nbsp;&nbsp;&nbsp;16593 |
|  | Houlihan Lokey Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;79652 | &nbsp;&nbsp;&nbsp;&nbsp;15871 |

---

------

S&P Mid-Cap 400 Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Jefferies Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;241273 | &nbsp;&nbsp;&nbsp;&nbsp;15647 |
|  | Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;249103 | &nbsp;&nbsp;&nbsp;&nbsp;15499 |
|  | Kinsale Capital Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32791 | &nbsp;&nbsp;&nbsp;&nbsp;15000 |
|  | SouthState Corp. | &nbsp;&nbsp;&nbsp;&nbsp;145774 | &nbsp;&nbsp;&nbsp;&nbsp;14878 |
|  | Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;161405 | &nbsp;&nbsp;&nbsp;&nbsp;14454 |
|  | American Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;106351 | &nbsp;&nbsp;&nbsp;&nbsp;14449 |
|  | Comerica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;194580 | &nbsp;&nbsp;&nbsp;&nbsp;13733 |
|  | Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99110 | &nbsp;&nbsp;&nbsp;&nbsp;13607 |
|  | Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;336682 | &nbsp;&nbsp;&nbsp;&nbsp;13457 |
|  | Primerica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48654 | &nbsp;&nbsp;&nbsp;&nbsp;13104 |
|  | UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;105673 | &nbsp;&nbsp;&nbsp;&nbsp;12882 |
|  | Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;218505 | &nbsp;&nbsp;&nbsp;&nbsp;12675 |
|  | SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;140095 | &nbsp;&nbsp;&nbsp;&nbsp;12368 |
|  | Cullen/Frost Bankers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95193 | &nbsp;&nbsp;&nbsp;&nbsp;12283 |
|  | Columbia Banking System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;442599 | &nbsp;&nbsp;&nbsp;&nbsp;11848 |
|  | Commerce Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;179797 | &nbsp;&nbsp;&nbsp;&nbsp;11137 |
|  | Pinnacle Financial Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113829 | &nbsp;&nbsp;&nbsp;&nbsp;11066 |
|  | Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;482039 | &nbsp;&nbsp;&nbsp;&nbsp;11034 |
|  | Voya Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;142578 | &nbsp;&nbsp;&nbsp;&nbsp;10706 |
|  | Synovus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;205832 | &nbsp;&nbsp;&nbsp;&nbsp;10623 |
|  | Starwood Property Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;513379 | &nbsp;&nbsp;&nbsp;&nbsp;10406 |
|  | Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;275974 | &nbsp;&nbsp;&nbsp;&nbsp;10388 |
|  | Morningstar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39412 | &nbsp;&nbsp;&nbsp;&nbsp;10343 |
|  | First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;152361 | &nbsp;&nbsp;&nbsp;&nbsp;10056 |
|  | Hamilton Lane Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9904 |
|  | MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;351552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9784 |
|  | Prosperity Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;141088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9753 |
|  | SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;310748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9720 |
|  | Affiliated Managers Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9464 |
|  | Essent Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;150140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9420 |
|  | Hanover Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9226 |
| <sup>\*,1</sup> | Shift4 Payments Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9034 |
|  | Ryan Specialty Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;159392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9010 |
|  | FNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;532741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8891 |
| <sup>\*,1</sup> | WEX Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8688 |
|  | Glacier Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;175292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8616 |
|  | FirstCash Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8417 |
|  | RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;123657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8375 |
|  | Janus Henderson Group plc | &nbsp;&nbsp;&nbsp;&nbsp;186643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8272 |
|  | Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;156438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8208 |
|  | Home BancShares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;271944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8093 |
|  | United Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;209859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8046 |
|  | Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;126815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7979 |
|  | Valley National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;705198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7376 |
|  | First Financial Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;190656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7087 |
|  | Selective Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7040 |
|  | Associated Banc-Corp | &nbsp;&nbsp;&nbsp;&nbsp;241879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6524 |
|  | Federated Hermes Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;111727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5933 |
| <sup>\*</sup> | Texas Capital Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5885 |
|  | CNO Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;146794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5794 |
|  | Flagstar Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;448660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5752 |
|  | International Bancshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5662 |
| <sup>\*</sup> | Euronet Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5609 |
|  | Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4775 |
|  | Western Union Co. | &nbsp;&nbsp;&nbsp;&nbsp;490616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4254 |
| <sup>\*</sup> | Brighthouse Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4025 |
|  |  |  | &nbsp;&nbsp;**791625** |
| **Health Care (8.5%)** | **Health Care (8.5%)** | **Health Care (8.5%)** | **Health Care (8.5%)** |
| <sup>\*</sup> | Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;137539 | &nbsp;&nbsp;&nbsp;&nbsp;25353 |
| <sup>\*</sup> | Illumina Inc. | &nbsp;&nbsp;&nbsp;&nbsp;234392 | &nbsp;&nbsp;&nbsp;&nbsp;23430 |
| <sup>\*</sup> | Neurocrine Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;146543 | &nbsp;&nbsp;&nbsp;&nbsp;20457 |
| <sup>\*</sup> | United Therapeutics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66792 | &nbsp;&nbsp;&nbsp;&nbsp;20355 |
|  | Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;149263 | &nbsp;&nbsp;&nbsp;&nbsp;18174 |
| <sup>\*</sup> | Medpace Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34897 | &nbsp;&nbsp;&nbsp;&nbsp;16594 |
| <sup>\*</sup> | BioMarin Pharmaceutical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;283972 | &nbsp;&nbsp;&nbsp;&nbsp;16547 |
| <sup>\*</sup> | Penumbra Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57343 | &nbsp;&nbsp;&nbsp;&nbsp;15634 |
| <sup>\*</sup> | Exelixis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;403810 | &nbsp;&nbsp;&nbsp;&nbsp;15111 |
|  | Ensign Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84511 | &nbsp;&nbsp;&nbsp;&nbsp;14517 |
| <sup>\*</sup> | Avantor Inc. | &nbsp;&nbsp;1008968 | &nbsp;&nbsp;&nbsp;&nbsp;13591 |

---

------

S&P Mid-Cap 400 Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | Elanco Animal Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;734690 | &nbsp;&nbsp;&nbsp;&nbsp;13482 |
| <sup>\*</sup> | Doximity Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;197683 | &nbsp;&nbsp;&nbsp;&nbsp;13431 |
| <sup>\*</sup> | Halozyme Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;182456 | &nbsp;&nbsp;&nbsp;&nbsp;13347 |
| <sup>\*</sup> | Hims & Hers Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;290317 | &nbsp;&nbsp;&nbsp;&nbsp;12295 |
| <sup>\*</sup> | Jazz Pharmaceuticals plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91262 | &nbsp;&nbsp;&nbsp;&nbsp;11659 |
| <sup>\*</sup> | HealthEquity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;128284 | &nbsp;&nbsp;&nbsp;&nbsp;11460 |
| <sup>\*</sup> | Globus Medical Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;167250 | &nbsp;&nbsp;&nbsp;&nbsp;10247 |
|  | Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9921 |
| <sup>\*</sup> | Repligen Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9463 |
| <sup>\*</sup> | Masimo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9310 |
| <sup>\*</sup> | Bio-Rad Laboratories Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8203 |
| <sup>\*</sup> | Roivant Sciences Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;623433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7438 |
| <sup>\*</sup> | Option Care Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;242484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6954 |
| <sup>\*</sup> | Cytokinetics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;176838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6248 |
| <sup>\*</sup> | Lantheus Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5624 |
|  | Bruker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;163778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5565 |
| <sup>\*</sup> | Envista Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;250916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5314 |
|  | Perrigo Co. plc | &nbsp;&nbsp;&nbsp;&nbsp;203404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4829 |
| <sup>\*</sup> | LivaNova plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4546 |
|  | DENTSPLY SIRONA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;294470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4211 |
| <sup>\*</sup> | Haemonetics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4067 |
| <sup>\*</sup> | Sotera Health Co. | &nbsp;&nbsp;&nbsp;&nbsp;227369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3722 |
| <sup>\*</sup> | Acadia Healthcare Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;136103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3125 |
| <sup>\*</sup> | Sarepta Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
|  |  |  | &nbsp;&nbsp;**384225** |
| **Industrials (23.4%)** | **Industrials (23.4%)** | **Industrials (23.4%)** | **Industrials (23.4%)** |
|  | EMCOR Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66275 | &nbsp;&nbsp;&nbsp;&nbsp;41091 |
|  | Comfort Systems USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52115 | &nbsp;&nbsp;&nbsp;&nbsp;36657 |
|  | RB Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;274228 | &nbsp;&nbsp;&nbsp;&nbsp;31410 |
|  | Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55808 | &nbsp;&nbsp;&nbsp;&nbsp;26685 |
|  | Carlisle Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63899 | &nbsp;&nbsp;&nbsp;&nbsp;24658 |
|  | AECOM | &nbsp;&nbsp;&nbsp;&nbsp;195903 | &nbsp;&nbsp;&nbsp;&nbsp;24466 |
| <sup>\*</sup> | XPO Inc. | &nbsp;&nbsp;&nbsp;&nbsp;174438 | &nbsp;&nbsp;&nbsp;&nbsp;22625 |
|  | nVent Electric plc | &nbsp;&nbsp;&nbsp;&nbsp;243784 | &nbsp;&nbsp;&nbsp;&nbsp;22036 |
|  | BWX Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;135282 | &nbsp;&nbsp;&nbsp;&nbsp;21921 |
|  | Woodward Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88107 | &nbsp;&nbsp;&nbsp;&nbsp;21747 |
|  | Graco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;247489 | &nbsp;&nbsp;&nbsp;&nbsp;21133 |
|  | Watsco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51655 | &nbsp;&nbsp;&nbsp;&nbsp;20785 |
|  | Lincoln Electric Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82663 | &nbsp;&nbsp;&nbsp;&nbsp;20057 |
|  | ITT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116537 | &nbsp;&nbsp;&nbsp;&nbsp;19840 |
| <sup>\*</sup> | API Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;541108 | &nbsp;&nbsp;&nbsp;&nbsp;19307 |
|  | Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;125938 | &nbsp;&nbsp;&nbsp;&nbsp;18912 |
| <sup>\*</sup> | Core & Main Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;280465 | &nbsp;&nbsp;&nbsp;&nbsp;18152 |
| <sup>\*</sup> | RBC Bearings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46415 | &nbsp;&nbsp;&nbsp;&nbsp;18100 |
| <sup>\*</sup> | Clean Harbors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74581 | &nbsp;&nbsp;&nbsp;&nbsp;18064 |
| <sup>\*</sup> | MasTec Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90783 | &nbsp;&nbsp;&nbsp;&nbsp;16494 |
| <sup>\*</sup> | ATI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;208884 | &nbsp;&nbsp;&nbsp;&nbsp;16197 |
|  | Mueller Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;163843 | &nbsp;&nbsp;&nbsp;&nbsp;15719 |
| <sup>\*</sup> | CACI International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32562 | &nbsp;&nbsp;&nbsp;&nbsp;15621 |
|  | Advanced Drainage Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104543 | &nbsp;&nbsp;&nbsp;&nbsp;15051 |
|  | Applied Industrial Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56395 | &nbsp;&nbsp;&nbsp;&nbsp;14865 |
|  | CNH Industrial NV | &nbsp;&nbsp;1295007 | &nbsp;&nbsp;&nbsp;&nbsp;14828 |
|  | Acuity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45318 | &nbsp;&nbsp;&nbsp;&nbsp;14795 |
|  | Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98227 | &nbsp;&nbsp;&nbsp;&nbsp;14668 |
|  | WESCO International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65763 | &nbsp;&nbsp;&nbsp;&nbsp;14457 |
| <sup>\*</sup> | NEXTracker Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;212796 | &nbsp;&nbsp;&nbsp;&nbsp;14313 |
|  | Tetra Tech Inc. | &nbsp;&nbsp;&nbsp;&nbsp;390187 | &nbsp;&nbsp;&nbsp;&nbsp;14211 |
|  | Donaldson Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;176978 | &nbsp;&nbsp;&nbsp;&nbsp;14100 |
|  | Crane Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72370 | &nbsp;&nbsp;&nbsp;&nbsp;13410 |
|  | Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95318 | &nbsp;&nbsp;&nbsp;&nbsp;13284 |
| <sup>\*</sup> | Chart Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66536 | &nbsp;&nbsp;&nbsp;&nbsp;13265 |
| <sup>\*</sup> | American Airlines Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;976516 | &nbsp;&nbsp;&nbsp;&nbsp;13056 |
|  | Toro Co. | &nbsp;&nbsp;&nbsp;&nbsp;147805 | &nbsp;&nbsp;&nbsp;&nbsp;11981 |
|  | Simpson Manufacturing Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61937 | &nbsp;&nbsp;&nbsp;&nbsp;11837 |
| <sup>\*</sup> | Saia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39436 | &nbsp;&nbsp;&nbsp;&nbsp;11691 |
|  | Ryder System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61211 | &nbsp;&nbsp;&nbsp;&nbsp;11478 |
| <sup>\*</sup> | Paylocity Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63791 | &nbsp;&nbsp;&nbsp;&nbsp;11433 |
| <sup>\*</sup> | AeroVironment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47133 | &nbsp;&nbsp;&nbsp;&nbsp;11376 |
| <sup>\*</sup> | Alaska Air Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;179754 | &nbsp;&nbsp;&nbsp;&nbsp;11285 |

---

------

S&P Mid-Cap 400 Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Watts Water Technologies Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;40606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11244 |
|  | Valmont Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10910 |
| <sup>\*</sup> | Middleby Corp. | &nbsp;&nbsp;&nbsp;&nbsp;79191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10837 |
|  | Genpact Ltd. | &nbsp;&nbsp;238229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10801 |
| <sup>\*</sup> | ExlService Holdings Inc. | &nbsp;&nbsp;240912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10547 |
|  | Knight-Swift Transportation Holdings Inc. Class A | &nbsp;&nbsp;239934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10533 |
|  | Fortune Brands Innovations Inc. | &nbsp;&nbsp;178068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10421 |
|  | Flowserve Corp. | &nbsp;&nbsp;193569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10387 |
| <sup>\*</sup> | Fluor Corp. | &nbsp;&nbsp;243818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10001 |
|  | MSA Safety Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9930 |
|  | AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;91662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9917 |
| <sup>\*</sup> | Trex Co. Inc. | &nbsp;&nbsp;158773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9785 |
|  | Esab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;84381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9735 |
|  | KBR Inc. | &nbsp;&nbsp;192107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9694 |
|  | UFP Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9030 |
| <sup>\*</sup> | GXO Logistics Inc. | &nbsp;&nbsp;169419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8920 |
|  | GATX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8898 |
| <sup>\*</sup> | FTI Consulting Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8409 |
|  | AAON Inc. | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8295 |
|  | Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;69841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8220 |
| <sup>\*</sup> | Kirby Corp. | &nbsp;&nbsp;&nbsp;&nbsp;83066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8074 |
|  | Hexcel Corp. | &nbsp;&nbsp;119069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7519 |
|  | Maximus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7336 |
|  | Timken Co. | &nbsp;&nbsp;&nbsp;&nbsp;94271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7281 |
|  | Sensata Technologies Holding plc | &nbsp;&nbsp;216619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7049 |
|  | Brink's Co. | &nbsp;&nbsp;&nbsp;&nbsp;62191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6968 |
|  | Landstar System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6846 |
|  | EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;58381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5993 |
|  | MSC Industrial Direct Co. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;66010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5956 |
| <sup>\*</sup> | Parsons Corp. | &nbsp;&nbsp;&nbsp;&nbsp;69617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5576 |
|  | Exponent Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5362 |
|  | Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;97091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4849 |
| <sup>\*</sup> | Avis Budget Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3964 |
|  | Concentrix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;68107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3593 |
|  | ManpowerGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2917 |
|  | Insperity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2911 |
|  |  |  | &nbsp;&nbsp;**1065769** |
| **Information Technology (12.1%)** | **Information Technology (12.1%)** | **Information Technology (12.1%)** | **Information Technology (12.1%)** |
| <sup>\*</sup> | Pure Storage Inc. Class A | &nbsp;&nbsp;460190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35715 |
| <sup>\*</sup> | Flex Ltd. | &nbsp;&nbsp;567285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30418 |
| <sup>\*</sup> | Guidewire Software Inc. | &nbsp;&nbsp;124205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26955 |
| <sup>\*</sup> | Twilio Inc. Class A | &nbsp;&nbsp;226068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23875 |
| <sup>\*</sup> | Docusign Inc. | &nbsp;&nbsp;299848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22986 |
| <sup>\*</sup> | Okta Inc. | &nbsp;&nbsp;247519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22962 |
| <sup>\*</sup> | Dynatrace Inc. | &nbsp;&nbsp;443936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22463 |
| <sup>\*</sup> | Coherent Corp. | &nbsp;&nbsp;230168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20823 |
| <sup>\*</sup> | Ciena Corp. | &nbsp;&nbsp;210482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19779 |
| <sup>\*</sup> | Manhattan Associates Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19369 |
|  | Entegris Inc. | &nbsp;&nbsp;224176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18772 |
| <sup>\*</sup> | Fabrinet | &nbsp;&nbsp;&nbsp;&nbsp;53057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17577 |
|  | TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;93102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13786 |
| <sup>\*</sup> | Lumentum Holdings Inc. | &nbsp;&nbsp;102762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13648 |
| <sup>\*</sup> | Lattice Semiconductor Corp. | &nbsp;&nbsp;203609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13516 |
| <sup>\*</sup> | Commvault Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12195 |
| <sup>\*</sup> | Rambus Inc. | &nbsp;&nbsp;159048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11733 |
| <sup>\*</sup> | MACOM Technology Solutions Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11293 |
| <sup>\*</sup> | Kyndryl Holdings Inc. | &nbsp;&nbsp;344557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10953 |
|  | Cognex Corp. | &nbsp;&nbsp;248574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10922 |
|  | MKS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10263 |
| <sup>\*</sup> | Arrow Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9705 |
|  | Littelfuse Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9510 |
| <sup>\*</sup> | Appfolio Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;34127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9466 |
|  | Vontier Corp. | &nbsp;&nbsp;219025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9398 |
|  | Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp;65445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9070 |
| <sup>\*</sup> | Cirrus Logic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8986 |
| <sup>\*</sup> | Dropbox Inc. Class A | &nbsp;&nbsp;290509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8442 |
| <sup>\*</sup> | Onto Innovation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7671 |
|  | Belden Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7616 |
| <sup>\*</sup> | Qualys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7305 |

---

------

S&P Mid-Cap 400 Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Pegasystems Inc. | &nbsp;&nbsp;131791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7144 |
|  | Avnet Inc. | &nbsp;&nbsp;124189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6777 |
|  | Dolby Laboratories Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;90924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6517 |
| <sup>\*</sup> | BILL Holdings Inc. | &nbsp;&nbsp;140347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6515 |
| <sup>\*</sup> | Silicon Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6480 |
| <sup>\*</sup> | Novanta Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6201 |
| <sup>\*</sup> | Allegro MicroSystems Inc. | &nbsp;&nbsp;193569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5972 |
|  | Crane NXT Co. | &nbsp;&nbsp;&nbsp;&nbsp;72915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4355 |
|  | Amkor Technology Inc. | &nbsp;&nbsp;167913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4062 |
| <sup>\*</sup> | Synaptics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3994 |
|  | Power Integrations Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3768 |
| <sup>\*</sup> | Blackbaud Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3726 |
| <sup>\*</sup> | ASGN Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3517 |
| <sup>\*</sup> | IPG Photonics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3186 |
|  |  |  | &nbsp;&nbsp;**549386** |
| **Materials (5.3%)** | **Materials (5.3%)** | **Materials (5.3%)** | **Materials (5.3%)** |
|  | RPM International Inc. | &nbsp;&nbsp;190153 | &nbsp;&nbsp;&nbsp;&nbsp;23828 |
|  | Reliance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77868 | &nbsp;&nbsp;&nbsp;&nbsp;23023 |
|  | Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;73709 | &nbsp;&nbsp;&nbsp;&nbsp;17755 |
|  | Royal Gold Inc. | &nbsp;&nbsp;&nbsp;&nbsp;97453 | &nbsp;&nbsp;&nbsp;&nbsp;17501 |
|  | Crown Holdings Inc. | &nbsp;&nbsp;170359 | &nbsp;&nbsp;&nbsp;&nbsp;16930 |
|  | AptarGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;97783 | &nbsp;&nbsp;&nbsp;&nbsp;13618 |
|  | Alcoa Corp. | &nbsp;&nbsp;383328 | &nbsp;&nbsp;&nbsp;&nbsp;12339 |
|  | Eagle Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49290 | &nbsp;&nbsp;&nbsp;&nbsp;11381 |
| <sup>\*</sup> | Axalta Coating Systems Ltd. | &nbsp;&nbsp;323594 | &nbsp;&nbsp;&nbsp;&nbsp;10116 |
|  | Graphic Packaging Holding Co. | &nbsp;&nbsp;446754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9949 |
|  | Commercial Metals Co. | &nbsp;&nbsp;167325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9650 |
|  | NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9241 |
|  | Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;91706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8722 |
| <sup>\*</sup> | Cleveland-Cliffs Inc. | &nbsp;&nbsp;717805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7716 |
|  | Sonoco Products Co. | &nbsp;&nbsp;146009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6899 |
| <sup>\*</sup> | Knife River Corp. | &nbsp;&nbsp;&nbsp;&nbsp;83888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6795 |
|  | Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;79540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6487 |
|  | Silgan Holdings Inc. | &nbsp;&nbsp;120378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5648 |
|  | Avient Corp. | &nbsp;&nbsp;135477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5067 |
|  | Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;49301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4330 |
|  | Olin Corp. | &nbsp;&nbsp;170684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4038 |
|  | Scotts Miracle-Gro Co. | &nbsp;&nbsp;&nbsp;&nbsp;64225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3932 |
|  | Ashland Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3799 |
|  | Greif Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;38815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2535 |
|  |  |  | &nbsp;&nbsp;**241299** |
| **Real Estate (6.8%)** | **Real Estate (6.8%)** | **Real Estate (6.8%)** | **Real Estate (6.8%)** |
|  | WP Carey Inc. | &nbsp;&nbsp;324262 | &nbsp;&nbsp;&nbsp;&nbsp;21758 |
| <sup>\*</sup> | Jones Lang LaSalle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70300 | &nbsp;&nbsp;&nbsp;&nbsp;21482 |
|  | Gaming & Leisure Properties Inc. | &nbsp;&nbsp;406968 | &nbsp;&nbsp;&nbsp;&nbsp;19539 |
|  | Omega Healthcare Investors Inc. | &nbsp;&nbsp;428526 | &nbsp;&nbsp;&nbsp;&nbsp;18242 |
|  | Equity LifeStyle Properties Inc. | &nbsp;&nbsp;283113 | &nbsp;&nbsp;&nbsp;&nbsp;17069 |
|  | American Homes 4 Rent Class A | &nbsp;&nbsp;470609 | &nbsp;&nbsp;&nbsp;&nbsp;16857 |
|  | Lamar Advertising Co. Class A | &nbsp;&nbsp;130262 | &nbsp;&nbsp;&nbsp;&nbsp;16576 |
|  | Rexford Industrial Realty Inc. | &nbsp;&nbsp;349653 | &nbsp;&nbsp;&nbsp;&nbsp;14479 |
|  | CubeSmart | &nbsp;&nbsp;337551 | &nbsp;&nbsp;&nbsp;&nbsp;13813 |
|  | EastGroup Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77660 | &nbsp;&nbsp;&nbsp;&nbsp;13168 |
|  | Brixmor Property Group Inc. | &nbsp;&nbsp;453223 | &nbsp;&nbsp;&nbsp;&nbsp;12686 |
|  | NNN REIT Inc. | &nbsp;&nbsp;278323 | &nbsp;&nbsp;&nbsp;&nbsp;11943 |
|  | Agree Realty Corp. | &nbsp;&nbsp;162608 | &nbsp;&nbsp;&nbsp;&nbsp;11828 |
|  | First Industrial Realty Trust Inc. | &nbsp;&nbsp;196067 | &nbsp;&nbsp;&nbsp;&nbsp;10313 |
|  | STAG Industrial Inc. | &nbsp;&nbsp;276363 | &nbsp;&nbsp;&nbsp;&nbsp;10184 |
|  | Vornado Realty Trust | &nbsp;&nbsp;247288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9404 |
|  | Healthcare Realty Trust Inc. Class A | &nbsp;&nbsp;520391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9044 |
|  | Kite Realty Group Trust | &nbsp;&nbsp;325543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7429 |
|  | Cousins Properties Inc. | &nbsp;&nbsp;248677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7333 |
|  | Sabra Health Care REIT Inc. | &nbsp;&nbsp;352333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6733 |
|  | Kilroy Realty Corp. | &nbsp;&nbsp;157640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6556 |
|  | Independence Realty Trust Inc. | &nbsp;&nbsp;345668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6260 |
|  | EPR Properties | &nbsp;&nbsp;112644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6111 |
|  | Rayonier Inc. | &nbsp;&nbsp;207561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5455 |
|  | COPT Defense Properties | &nbsp;&nbsp;166603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4795 |
|  | PotlatchDeltic Corp. | &nbsp;&nbsp;105710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4443 |
|  | Park Hotels & Resorts Inc. | &nbsp;&nbsp;295840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3479 |

---

------

S&P Mid-Cap 400 Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | National Storage Affiliates Trust | &nbsp;&nbsp;104087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3355 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**310334** |
| **Utilities (3.4%)** | **Utilities (3.4%)** | **Utilities (3.4%)** | **Utilities (3.4%)** |
| <sup>\*</sup> | Talen Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;67388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25535 |
|  | Essential Utilities Inc. | &nbsp;&nbsp;381911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15089 |
|  | OGE Energy Corp. | &nbsp;&nbsp;298120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13314 |
|  | National Fuel Gas Co. | &nbsp;&nbsp;133793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11605 |
|  | UGI Corp. | &nbsp;&nbsp;317533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10999 |
|  | IDACORP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10007 |
|  | Ormat Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7841 |
|  | TXNM Energy Inc. | &nbsp;&nbsp;137202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7771 |
|  | Southwest Gas Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7146 |
|  | New Jersey Resources Corp. | &nbsp;&nbsp;148629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7029 |
|  | Portland General Electric Co. | &nbsp;&nbsp;162144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6937 |
|  | ONE Gas Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6789 |
|  | Spire Inc. | &nbsp;&nbsp;&nbsp;&nbsp;87393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6694 |
|  | Black Hills Corp. | &nbsp;&nbsp;107360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6421 |
|  | ALLETE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5499 |
|  | Northwestern Energy Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5225 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**153901** |
| **Total Common Stocks (Cost $3,494,196)** | **Total Common Stocks (Cost $3,494,196)** | **Total Common Stocks (Cost $3,494,196)** | **4540639** |
| **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> | Vanguard Market Liquidity Fund, 4.362% **(Cost $5,813)** | &nbsp;&nbsp;&nbsp;&nbsp;58139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5813** |
| **Total Investments (100.0%) (Cost $3,500,009)** | **Total Investments (100.0%) (Cost $3,500,009)** |  | &nbsp;&nbsp;**4546452** |
| **Other Assets and Liabilities—Net (0.0%)** | **Other Assets and Liabilities—Net (0.0%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(332)** |
| **Net Assets (100%)** | **Net Assets (100%)** |  | &nbsp;&nbsp;**4546120** |

---

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 $5,573. |
| 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 $5,802 was received for securities on loan. |

---

REIT—Real Estate Investment Trust.

------

#### 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 | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts |
| E-mini S&P Mid-Cap 400 Index | September 2025 | 9 | 2933 | &nbsp;&nbsp;— |

---

&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 | Counterparty | Notional<br> Amount<br> ($000) | Floating<br> Interest<br> Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | Value and<br> Unrealized<br> Appreciation<br> ($000) | Value and<br> Unrealized<br> (Depreciation) ($000) |
| TD SYNNEX Corp. | 8/31/2026 | BANA | 2591 | (4.337) |  |  |

---

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.

------

S&P Mid-Cap 400 Index Fund

Statement of Assets and Liabilities

As of August 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;Unaffiliated Issuers (Cost $3,494,196) | 4540639 |
| &nbsp;&nbsp;Affiliated Issuers (Cost $5,813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5813 |
| Total Investments in Securities | 4546452 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20568 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2954 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total Assets** | **4570355** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17085 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5802 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24235** |
| **Net Assets** | **4546120** |
| 1 Includes $5,573 of securities on loan. |  |
| **<br>At August 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 4039831 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;506289 |
| **Net Assets** | **4546120** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 25,617,315 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **2825392** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**$110.29** |
| **Institutional Shares—Net Assets** |  |
| **Applicable to 3,910,760 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **1720728** |
| **Net Asset Value Per Share—Institutional Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**$440.00** |

---

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

------

S&P Mid-Cap 400 Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60196 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60563 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| Shareholders' Reports and Proxy Fees—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 |
| Shareholders' Reports and Proxy Fees—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;17 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2848 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**57715** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123580 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**125035** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118110 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**117822** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**300572** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $69. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $262, $1, and ($1), respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $188,763 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

S&P Mid-Cap 400 Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47810 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;125035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75337 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;117822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447884 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;300572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571031 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;(34194) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25118) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;(22537) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20024) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(56731) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45142) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;455229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;153471 | &nbsp;&nbsp;&nbsp;&nbsp;(233458) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;608700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29454 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;852541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555343 |
| **Net Assets** |  |  |
| **Beginning of Period** | **3693579** | &nbsp;&nbsp;&nbsp;**3138236** |
| **End of Period** | **4546120** | &nbsp;&nbsp;&nbsp;**3693579** |

---

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

------

S&P Mid-Cap 400 Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ETF Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023<sup>1</sup> | &nbsp;&nbsp;&nbsp;2022<sup>1</sup> | &nbsp;&nbsp;&nbsp;2021<sup>1</sup> |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$104.74** | &nbsp;&nbsp;&nbsp;&nbsp;**$89.50** | &nbsp;&nbsp;&nbsp;**$82.25** | &nbsp;&nbsp;&nbsp;**$93.08** | &nbsp;&nbsp;&nbsp;**$65.16** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.998 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.301 | &nbsp;&nbsp;&nbsp;&nbsp;(10.928) | &nbsp;&nbsp;&nbsp;&nbsp;27.898 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.568 | &nbsp;&nbsp;&nbsp;&nbsp;(9.681) | &nbsp;&nbsp;&nbsp;&nbsp;28.896 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.467) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.296) | &nbsp;&nbsp;&nbsp;&nbsp;(1.318) | &nbsp;&nbsp;&nbsp;&nbsp;(1.149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.976) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.467) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.296) | &nbsp;&nbsp;&nbsp;&nbsp;(1.318) | &nbsp;&nbsp;&nbsp;&nbsp;(1.149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.976) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$110.29** | &nbsp;&nbsp;&nbsp;**$104.74** | &nbsp;&nbsp;&nbsp;**$89.50** | &nbsp;&nbsp;&nbsp;**$82.25** | &nbsp;&nbsp;&nbsp;**$93.08** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**6.79%** | &nbsp;&nbsp;&nbsp;**18.65%** | &nbsp;&nbsp;&nbsp;**10.60%** | &nbsp;&nbsp;&nbsp;**-10.47%** | &nbsp;&nbsp;&nbsp;**44.65%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$2825 | &nbsp;&nbsp;&nbsp;$2214 | &nbsp;&nbsp;&nbsp;$1647 | &nbsp;&nbsp;&nbsp;$1411 | &nbsp;&nbsp;&nbsp;$1476 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.10%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.10% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;1.21% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;16% |

---

---

| | |
|:---|:---|
| 1 | Adjusted to reflect a 2-for-1 share split effective March 13, 2023. |
| 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.

------

S&P Mid-Cap 400 Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$417.85** | &nbsp;&nbsp;&nbsp;**$357.01** | &nbsp;&nbsp;&nbsp;**$328.11** | &nbsp;&nbsp;&nbsp;**$371.30** | &nbsp;&nbsp;&nbsp;**$259.90** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.038 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.113 | &nbsp;&nbsp;&nbsp;&nbsp;(43.574) | &nbsp;&nbsp;&nbsp;&nbsp;111.307 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.221 | &nbsp;&nbsp;&nbsp;&nbsp;(38.537) | &nbsp;&nbsp;&nbsp;&nbsp;115.345 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.963) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.321) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.653) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.945) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.963) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.321) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.653) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.945) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$440.00** | &nbsp;&nbsp;&nbsp;**$417.85** | &nbsp;&nbsp;&nbsp;**$357.01** | &nbsp;&nbsp;&nbsp;**$328.11** | &nbsp;&nbsp;&nbsp;**$371.30** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**6.82%** | &nbsp;&nbsp;&nbsp;**18.68%** | &nbsp;&nbsp;&nbsp;**10.64%** | &nbsp;&nbsp;&nbsp;**-10.43%** | &nbsp;&nbsp;&nbsp;**44.69%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$1721 | &nbsp;&nbsp;&nbsp;$1480 | &nbsp;&nbsp;&nbsp;$1491 | &nbsp;&nbsp;&nbsp;$1325 | &nbsp;&nbsp;&nbsp;$1396 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.08%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.08% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;1.24% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;16% |

---

---

| | |
|:---|:---|
| 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 0.08%. |
| 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.

------

S&P Mid-Cap 400 Index Fund

Notes to Financial Statements

Vanguard S&P Mid-Cap 400 Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.

The fund offers two classes of shares: ETF Shares and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker.

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

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.

Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

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

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

During the year ended August 31, 2025, the fund's average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

3. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund's target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.

A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund's maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty's default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.

The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.

During the year ended August 31, 2025, the fund's average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.

4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

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.

------

S&P Mid-Cap 400 Index Fund

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

7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the year ended August 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

8. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

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

B. In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At August 31, 2025, the fund had contributed to Vanguard capital in the amount of $112,000, representing less than 0.01% of the fund's net assets and 0.04% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

C. Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

#### Level 1 —Quoted prices in active markets for identical securities.

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.**

------

S&P Mid-Cap 400 Index Fund

The following table summarizes the market value of the fund's investments and derivatives as of August 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 4540639 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4540639 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5813 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5813 |
| Total | 4546452 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4546452 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

D. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.

Permanent differences were reclassified between the following accounts:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;188659 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(188659) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8773 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;1037053 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(539537) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506289 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;56731 | &nbsp;&nbsp;&nbsp;45142 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;56731 | &nbsp;&nbsp;&nbsp;45142 |

---

\* Includes short-term capital gains, if any.

------

S&P Mid-Cap 400 Index Fund

As of August 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;3509399 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;1264553 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(227500) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;1037053 |

---

E. During the year ended August 31, 2025, the fund purchased $807,038,000 of investment securities and sold $610,505,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $849,649,000 and $420,017,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended August 31, 2025, such purchases were $132,937,000 and sales were $83,892,000, resulting in net realized loss of $41,892,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;881718 | &nbsp;&nbsp;&nbsp;&nbsp;8600 | &nbsp;&nbsp;&nbsp;&nbsp;614699 | &nbsp;&nbsp;&nbsp;&nbsp;6460 |
| 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;— |
| Redeemed | (426489) | &nbsp;&nbsp;&nbsp;(4120) | &nbsp;&nbsp;&nbsp;(351787) | &nbsp;&nbsp;&nbsp;(3725) |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;455229 | &nbsp;&nbsp;&nbsp;&nbsp;4480 | &nbsp;&nbsp;&nbsp;&nbsp;262912 | &nbsp;&nbsp;&nbsp;&nbsp;2735 |
| **Institutional Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;361397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864 | &nbsp;&nbsp;&nbsp;&nbsp;200638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;18924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 |
| Redeemed | (226850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(539) | &nbsp;&nbsp;&nbsp;(452400) | &nbsp;&nbsp;&nbsp;(1199) |
| Net Increase (Decrease)—Institutional Shares | &nbsp;&nbsp;153471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;(233458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(636) |

---

G. Significant market disruptions, such as those caused by pandemics, natural or environmental ‎disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and global ‎markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

H. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

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

------

S&P Mid-Cap 400 Value Index Fund

Financial Statements

#### Schedule of Investments
As of August 31, 2025

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Common Stocks (99.9%)** | **Common Stocks (99.9%)** | **Common Stocks (99.9%)** | **Common Stocks (99.9%)** |
| **Communication Services (2.0%)** | **Communication Services (2.0%)** | **Communication Services (2.0%)** | **Communication Services (2.0%)** |
| <sup>\*</sup> | Frontier Communications Parent Inc. | &nbsp;&nbsp;177404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6578 |
|  | Nexstar Media Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;22574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4617 |
|  | New York Times Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;59456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3558 |
| <sup>\*</sup> | EchoStar Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;54511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3368 |
| <sup>\*</sup> | ZoomInfo Technologies Inc. Class A | &nbsp;&nbsp;206971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2256 |
|  | Warner Music Group Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;60426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015 |
|  | Iridium Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**23486** |
| **Consumer Discretionary (11.9%)** | **Consumer Discretionary (11.9%)** | **Consumer Discretionary (11.9%)** | **Consumer Discretionary (11.9%)** |
|  | Aramark | &nbsp;&nbsp;208749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8164 |
|  | Autoliv Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7029 |
|  | Lithia Motors Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;20735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6981 |
| <sup>\*</sup> | Skechers USA Inc. Class A | &nbsp;&nbsp;103780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6546 |
| <sup>\*</sup> | Five Below Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6363 |
|  | Somnigroup International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5661 |
| <sup>\*</sup> | Taylor Morrison Home Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;79947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5386 |
| <sup>\*</sup> | Mattel Inc. | &nbsp;&nbsp;257201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4707 |
|  | Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4684 |
|  | Thor Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4645 |
| <sup>\*</sup> | AutoNation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4342 |
| <sup>1</sup> | Whirlpool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;44295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4126 |
| <sup>\*</sup> | GameStop Corp. Class A | &nbsp;&nbsp;181566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4069 |
|  | VF Corp. | &nbsp;&nbsp;263762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3991 |
|  | Gap Inc. | &nbsp;&nbsp;176987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3895 |
|  | Dick's Sporting Goods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3830 |
|  | Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;44223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3505 |
|  | Brunswick Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3327 |
|  | PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3223 |
| <sup>\*</sup> | Floor & Decor Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;37713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3089 |
|  | Gentex Corp. | &nbsp;&nbsp;105647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2959 |
|  | Graham Holdings Co. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2938 |
|  | Macy's Inc. | &nbsp;&nbsp;221894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2936 |
|  | Penske Automotive Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2721 |
|  | Visteon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2691 |
| <sup>\*</sup> | Ollie's Bargain Outlet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2544 |
|  | Harley-Davidson Inc. | &nbsp;&nbsp;&nbsp;&nbsp;87093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2536 |
|  | Bath & Body Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2428 |
|  | Polaris Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381 |
|  | Vail Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2290 |
|  | Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1978 |
| <sup>\*</sup> | Capri Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;93919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1934 |
| <sup>\*</sup> | Goodyear Tire & Rubber Co. | &nbsp;&nbsp;227573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930 |
|  | KB Home | &nbsp;&nbsp;&nbsp;&nbsp;27427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1743 |
|  | Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628 |
| <sup>\*</sup> | RH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364 |
|  | Columbia Sportswear Co. | &nbsp;&nbsp;&nbsp;&nbsp;24419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361 |
| <sup>\*</sup> | YETI Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345 |
| <sup>\*</sup> | Cava Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972 |
| <sup>\*</sup> | Under Armour Inc. Class A | &nbsp;&nbsp;150396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752 |
|  | Wendy's Co. | &nbsp;&nbsp;&nbsp;&nbsp;70665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 |
| <sup>\*</sup> | Under Armour Inc. Class C | &nbsp;&nbsp;102031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502 |
|  |  |  | &nbsp;&nbsp;**140246** |
| **Consumer Staples (5.7%)** | **Consumer Staples (5.7%)** | **Consumer Staples (5.7%)** | **Consumer Staples (5.7%)** |
| <sup>\*</sup> | US Foods Holding Corp. | &nbsp;&nbsp;184278 | &nbsp;&nbsp;&nbsp;&nbsp;14300 |
| <sup>\*</sup> | Performance Food Group Co. | &nbsp;&nbsp;124332 | &nbsp;&nbsp;&nbsp;&nbsp;12607 |
|  | Albertsons Cos. Inc. Class A | &nbsp;&nbsp;321024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6247 |
| <sup>\*</sup> | BJ's Wholesale Club Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5446 |
|  | Casey's General Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4533 |
| <sup>\*</sup> | Darling Ingredients Inc. | &nbsp;&nbsp;125979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4278 |

---

------

S&P Mid-Cap 400 Value Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Ingredion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29199 | &nbsp;&nbsp;&nbsp;&nbsp;3782 |
| <sup>\*</sup> | Maplebear Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70654 | &nbsp;&nbsp;&nbsp;&nbsp;3064 |
| <sup>\*</sup> | Celsius Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45084 | &nbsp;&nbsp;&nbsp;&nbsp;2835 |
|  | Flowers Foods Inc. | &nbsp;&nbsp;156406 | &nbsp;&nbsp;&nbsp;&nbsp;2352 |
| <sup>\*</sup> | BellRing Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54625 | &nbsp;&nbsp;&nbsp;&nbsp;2242 |
| <sup>\*</sup> | Post Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15818 | &nbsp;&nbsp;&nbsp;&nbsp;1790 |
| <sup>\*</sup> | Boston Beer Co. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6557 | &nbsp;&nbsp;&nbsp;&nbsp;1450 |
|  | Marzetti Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7840 | &nbsp;&nbsp;&nbsp;&nbsp;1432 |
| <sup>\*</sup> | Coty Inc. Class A | &nbsp;&nbsp;291820 | &nbsp;&nbsp;&nbsp;&nbsp;1249 |
|  |  |  | &nbsp;&nbsp;**67607** |
| **Energy (4.1%)** | **Energy (4.1%)** | **Energy (4.1%)** | **Energy (4.1%)** |
|  | Ovintiv Inc. | &nbsp;&nbsp;206952 | &nbsp;&nbsp;&nbsp;&nbsp;8717 |
| <sup>\*</sup> | Antero Resources Corp. | &nbsp;&nbsp;232505 | &nbsp;&nbsp;&nbsp;&nbsp;7422 |
|  | HF Sinclair Corp. | &nbsp;&nbsp;127564 | &nbsp;&nbsp;&nbsp;&nbsp;6490 |
|  | Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;46004 | &nbsp;&nbsp;&nbsp;&nbsp;5055 |
|  | NOV Inc. | &nbsp;&nbsp;299289 | &nbsp;&nbsp;&nbsp;&nbsp;3978 |
|  | Range Resources Corp. | &nbsp;&nbsp;102790 | &nbsp;&nbsp;&nbsp;&nbsp;3523 |
|  | Murphy Oil Corp. | &nbsp;&nbsp;106858 | &nbsp;&nbsp;&nbsp;&nbsp;2656 |
|  | Civitas Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67844 | &nbsp;&nbsp;&nbsp;&nbsp;2495 |
|  | Antero Midstream Corp. | &nbsp;&nbsp;133600 | &nbsp;&nbsp;&nbsp;&nbsp;2377 |
|  | PBF Energy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;78299 | &nbsp;&nbsp;&nbsp;&nbsp;2139 |
|  | Weatherford International plc | &nbsp;&nbsp;&nbsp;&nbsp;30053 | &nbsp;&nbsp;&nbsp;&nbsp;1915 |
|  | Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;33389 | &nbsp;&nbsp;&nbsp;&nbsp;1681 |
|  |  |  | &nbsp;&nbsp;**48448** |
| **Financials (20.9%)** | **Financials (20.9%)** | **Financials (20.9%)** | **Financials (20.9%)** |
|  | Fidelity National Financial Inc. | &nbsp;&nbsp;207822 | &nbsp;&nbsp;12442 |
|  | Reinsurance Group of America Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52640 | &nbsp;&nbsp;10254 |
|  | Annaly Capital Management Inc. | &nbsp;&nbsp;481975 | &nbsp;&nbsp;10213 |
|  | First Horizon Corp. | &nbsp;&nbsp;404029 | &nbsp;&nbsp;&nbsp;&nbsp;9131 |
|  | Ally Financial Inc. | &nbsp;&nbsp;220208 | &nbsp;&nbsp;&nbsp;&nbsp;9040 |
|  | Unum Group | &nbsp;&nbsp;127775 | &nbsp;&nbsp;&nbsp;&nbsp;8926 |
|  | Webster Financial Corp. | &nbsp;&nbsp;134000 | &nbsp;&nbsp;&nbsp;&nbsp;8337 |
|  | SouthState Corp. | &nbsp;&nbsp;&nbsp;&nbsp;78417 | &nbsp;&nbsp;&nbsp;&nbsp;8003 |
|  | Comerica Inc. | &nbsp;&nbsp;104675 | &nbsp;&nbsp;&nbsp;&nbsp;7388 |
|  | Old Republic International Corp. | &nbsp;&nbsp;181125 | &nbsp;&nbsp;&nbsp;&nbsp;7240 |
|  | Carlyle Group Inc. | &nbsp;&nbsp;106922 | &nbsp;&nbsp;&nbsp;&nbsp;6903 |
|  | Columbia Banking System Inc. | &nbsp;&nbsp;238172 | &nbsp;&nbsp;&nbsp;&nbsp;6376 |
|  | Old National Bancorp | &nbsp;&nbsp;259302 | &nbsp;&nbsp;&nbsp;&nbsp;5935 |
|  | Starwood Property Trust Inc. | &nbsp;&nbsp;276165 | &nbsp;&nbsp;&nbsp;&nbsp;5598 |
|  | Cadence Bank | &nbsp;&nbsp;148457 | &nbsp;&nbsp;&nbsp;&nbsp;5588 |
|  | First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;81963 | &nbsp;&nbsp;&nbsp;&nbsp;5410 |
|  | Prosperity Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75896 | &nbsp;&nbsp;&nbsp;&nbsp;5247 |
|  | Essent Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;80770 | &nbsp;&nbsp;&nbsp;&nbsp;5067 |
|  | Hanover Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28608 | &nbsp;&nbsp;&nbsp;&nbsp;4963 |
|  | FNB Corp. | &nbsp;&nbsp;286598 | &nbsp;&nbsp;&nbsp;&nbsp;4783 |
|  | Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;84155 | &nbsp;&nbsp;&nbsp;&nbsp;4416 |
|  | American Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32038 | &nbsp;&nbsp;&nbsp;&nbsp;4353 |
|  | United Bankshares Inc. | &nbsp;&nbsp;112886 | &nbsp;&nbsp;&nbsp;&nbsp;4328 |
|  | Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;68218 | &nbsp;&nbsp;&nbsp;&nbsp;4292 |
|  | Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;70527 | &nbsp;&nbsp;&nbsp;&nbsp;4091 |
|  | Valley National Bancorp | &nbsp;&nbsp;379382 | &nbsp;&nbsp;&nbsp;&nbsp;3968 |
|  | Jefferies Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61001 | &nbsp;&nbsp;&nbsp;&nbsp;3956 |
|  | Selective Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48409 | &nbsp;&nbsp;&nbsp;&nbsp;3787 |
|  | Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25590 | &nbsp;&nbsp;&nbsp;&nbsp;3513 |
|  | Associated Banc-Corp | &nbsp;&nbsp;130105 | &nbsp;&nbsp;&nbsp;&nbsp;3509 |
| <sup>\*</sup> | Texas Capital Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36563 | &nbsp;&nbsp;&nbsp;&nbsp;3165 |
|  | CNO Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78969 | &nbsp;&nbsp;&nbsp;&nbsp;3117 |
|  | Flagstar Financial Inc. | &nbsp;&nbsp;241357 | &nbsp;&nbsp;&nbsp;&nbsp;3094 |
|  | Affiliated Managers Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13360 | &nbsp;&nbsp;&nbsp;&nbsp;3004 |
|  | Synovus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;56472 | &nbsp;&nbsp;&nbsp;&nbsp;2914 |
|  | UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23874 | &nbsp;&nbsp;&nbsp;&nbsp;2910 |
|  | Voya Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36817 | &nbsp;&nbsp;&nbsp;&nbsp;2765 |
|  | MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;98346 | &nbsp;&nbsp;&nbsp;&nbsp;2737 |
|  | Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23729 | &nbsp;&nbsp;&nbsp;&nbsp;2736 |
|  | Home BancShares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90692 | &nbsp;&nbsp;&nbsp;&nbsp;2699 |
|  | Janus Henderson Group plc | &nbsp;&nbsp;&nbsp;&nbsp;60240 | &nbsp;&nbsp;&nbsp;&nbsp;2670 |
|  | SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;29391 | &nbsp;&nbsp;&nbsp;&nbsp;2595 |
|  | Commerce Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41587 | &nbsp;&nbsp;&nbsp;&nbsp;2576 |
|  | Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47916 | &nbsp;&nbsp;&nbsp;&nbsp;2571 |

---

------

S&P Mid-Cap 400 Value Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Glacier Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2549 |
|  | Western Union Co. | &nbsp;&nbsp;263275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2283 |
| <sup>\*</sup> | Brighthouse Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2161 |
|  | Pinnacle Financial Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2143 |
|  | Cullen/Frost Bankers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1982 |
|  | First Financial Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677 |
|  | FirstCash Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630 |
| <sup>\*,1</sup> | WEX Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402 |
|  | Federated Hermes Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;23441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245 |
| <sup>\*</sup> | Euronet Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237 |
|  | International Bancshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883 |
|  |  |  | &nbsp;&nbsp;**245802** |
| **Health Care (6.6%)** | **Health Care (6.6%)** | **Health Care (6.6%)** | **Health Care (6.6%)** |
| <sup>\*</sup> | BioMarin Pharmaceutical Inc. | &nbsp;&nbsp;152756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8901 |
| <sup>\*</sup> | Avantor Inc. | &nbsp;&nbsp;542783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7311 |
| <sup>\*</sup> | Elanco Animal Health Inc. | &nbsp;&nbsp;395597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7259 |
| <sup>\*</sup> | Jazz Pharmaceuticals plc | &nbsp;&nbsp;&nbsp;&nbsp;49093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6272 |
| <sup>\*</sup> | Illumina Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6050 |
| <sup>\*</sup> | Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;28855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5319 |
| <sup>\*</sup> | Bio-Rad Laboratories Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;14815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4413 |
| <sup>\*</sup> | Option Care Health Inc. | &nbsp;&nbsp;130430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3741 |
| <sup>\*</sup> | Repligen Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2953 |
| <sup>\*</sup> | Penumbra Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2943 |
|  | Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2881 |
| <sup>\*</sup> | Envista Holdings Corp. | &nbsp;&nbsp;135002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2859 |
|  | Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2835 |
|  | Perrigo Co. plc | &nbsp;&nbsp;109505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 |
|  | DENTSPLY SIRONA Inc. | &nbsp;&nbsp;158744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2270 |
| <sup>\*</sup> | Acadia Healthcare Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685 |
| <sup>\*</sup> | Cytokinetics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680 |
|  | Bruker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1617 |
| <sup>\*</sup> | LivaNova plc | &nbsp;&nbsp;&nbsp;&nbsp;25625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445 |
| <sup>\*</sup> | Sotera Health Co. | &nbsp;&nbsp;&nbsp;&nbsp;65931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079 |
| <sup>\*</sup> | Haemonetics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**77030** |
| **Industrials (17.2%)** | **Industrials (17.2%)** | **Industrials (17.2%)** | **Industrials (17.2%)** |
|  | CNH Industrial NV | &nbsp;&nbsp;696652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7977 |
|  | Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7890 |
|  | WESCO International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7777 |
| <sup>\*</sup> | NEXTracker Inc. Class A | &nbsp;&nbsp;114470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7699 |
|  | Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;51275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7146 |
| <sup>\*</sup> | XPO Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6207 |
|  | AECOM | &nbsp;&nbsp;&nbsp;&nbsp;49530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6186 |
| <sup>\*</sup> | Middleby Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5830 |
|  | Graco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5798 |
|  | Knight-Swift Transportation Holdings Inc. Class A | &nbsp;&nbsp;129079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5667 |
|  | Fortune Brands Innovations Inc. | &nbsp;&nbsp;&nbsp;&nbsp;95792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5606 |
| <sup>\*</sup> | Fluor Corp. | &nbsp;&nbsp;131161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5380 |
|  | AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;49308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5335 |
|  | UFP Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4857 |
| <sup>\*</sup> | GXO Logistics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;91139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4798 |
|  | Lincoln Electric Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4639 |
| <sup>\*</sup> | FTI Consulting Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4524 |
|  | Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;37570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4422 |
| <sup>\*</sup> | API Group Corp. | &nbsp;&nbsp;119342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4258 |
|  | Watsco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4249 |
|  | Advanced Drainage Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4210 |
|  | Maximus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3946 |
|  | Timken Co. | &nbsp;&nbsp;&nbsp;&nbsp;50712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3916 |
|  | Sensata Technologies Holding plc | &nbsp;&nbsp;116525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3792 |
|  | Toro Co. | &nbsp;&nbsp;&nbsp;&nbsp;46116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3738 |
| <sup>\*</sup> | Core & Main Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;57330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3710 |
|  | Landstar System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3684 |
|  | Crane Co. | &nbsp;&nbsp;&nbsp;&nbsp;18297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3390 |
| <sup>\*</sup> | CACI International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3361 |
|  | Donaldson Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3261 |
|  | EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;31406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3224 |
|  | MSC Industrial Direct Co. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;35508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3204 |
|  | ITT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3095 |

---

------

S&P Mid-Cap 400 Value Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | KBR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3024 |
|  | Watts Water Technologies Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;10703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2964 |
|  | Ryder System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2902 |
|  | Genpact Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;60230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2731 |
| <sup>\*</sup> | Trex Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2685 |
|  | MSA Safety Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2671 |
|  | Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2610 |
|  | Simpson Manufacturing Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2165 |
| <sup>\*</sup> | Avis Budget Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2129 |
|  | Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;32025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 |
|  | Concentrix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;36637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1933 |
|  | Brink's Co. | &nbsp;&nbsp;&nbsp;&nbsp;16727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874 |
|  | GATX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1819 |
|  | Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1676 |
|  | Valmont Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585 |
|  | Insperity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572 |
|  | ManpowerGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563 |
|  | Exponent Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154 |
|  |  |  | &nbsp;&nbsp;**201855** |
| **Information Technology (8.6%)** | **Information Technology (8.6%)** | **Information Technology (8.6%)** | **Information Technology (8.6%)** |
| <sup>\*</sup> | Flex Ltd. | &nbsp;&nbsp;305155 | &nbsp;&nbsp;&nbsp;&nbsp;16362 |
|  | TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8809 |
| <sup>\*</sup> | Arrow Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5220 |
|  | Littelfuse Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5115 |
|  | Entegris Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4847 |
| <sup>\*</sup> | Ciena Corp. | &nbsp;&nbsp;&nbsp;&nbsp;45290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4256 |
| <sup>\*</sup> | Lattice Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;55860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3708 |
|  | Avnet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3645 |
|  | Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;80226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3525 |
|  | Dolby Laboratories Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;48912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3506 |
| <sup>\*</sup> | BILL Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3505 |
|  | MKS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3257 |
|  | Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;68328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2932 |
| <sup>\*</sup> | Lumentum Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2716 |
|  | Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2635 |
| <sup>\*</sup> | Kyndryl Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2593 |
|  | Amkor Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2190 |
| <sup>\*</sup> | Synaptics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2145 |
| <sup>\*</sup> | Allegro MicroSystems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992 |
| <sup>\*</sup> | Silicon Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1987 |
| <sup>\*</sup> | ASGN Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1893 |
| <sup>\*</sup> | Cirrus Logic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1885 |
| <sup>\*</sup> | Onto Innovation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816 |
| <sup>\*</sup> | Dropbox Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;60954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771 |
| <sup>\*</sup> | IPG Photonics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719 |
| <sup>\*</sup> | Qualys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650 |
|  | Crane NXT Co. | &nbsp;&nbsp;&nbsp;&nbsp;23578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408 |
|  | Power Integrations Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335 |
| <sup>\*</sup> | Novanta Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301 |
| <sup>\*</sup> | Blackbaud Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021 |
|  |  |  | &nbsp;&nbsp;**100744** |
| **Materials (6.8%)** | **Materials (6.8%)** | **Materials (6.8%)** | **Materials (6.8%)** |
|  | Reliance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41888 | &nbsp;&nbsp;&nbsp;&nbsp;12385 |
|  | Crown Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;91651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9108 |
|  | Alcoa Corp. | &nbsp;&nbsp;206211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6638 |
|  | RPM International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5512 |
|  | Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;90009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5191 |
|  | Royal Gold Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5178 |
| <sup>\*</sup> | Cleveland-Cliffs Inc. | &nbsp;&nbsp;386131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4151 |
|  | Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;78561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3712 |
|  | AptarGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3443 |
|  | Graphic Packaging Holding Co. | &nbsp;&nbsp;146618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3265 |
|  | Silgan Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3039 |
|  | NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2784 |
|  | Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;72909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2727 |
| <sup>\*</sup> | Axalta Coating Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;80081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2503 |
|  | Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332 |
|  | Olin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;91710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2170 |
|  | Ashland Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2044 |

---

------

S&P Mid-Cap 400 Value Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536 |
|  | Greif Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;20794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358 |
|  | Scotts Miracle-Gro Co. | &nbsp;&nbsp;&nbsp;&nbsp;21722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**80406** |
| **Real Estate (9.4%)** | **Real Estate (9.4%)** | **Real Estate (9.4%)** | **Real Estate (9.4%)** |
|  | WP Carey Inc. | &nbsp;&nbsp;174422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11704 |
|  | Rexford Industrial Realty Inc. | &nbsp;&nbsp;188082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7788 |
|  | NNN REIT Inc. | &nbsp;&nbsp;149710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6424 |
|  | Gaming & Leisure Properties Inc. | &nbsp;&nbsp;124781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5991 |
|  | Omega Healthcare Investors Inc. | &nbsp;&nbsp;138308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5888 |
|  | American Homes 4 Rent Class A | &nbsp;&nbsp;156942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5621 |
|  | STAG Industrial Inc. | &nbsp;&nbsp;148648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5478 |
| <sup>\*</sup> | Jones Lang LaSalle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5431 |
|  | Healthcare Realty Trust Inc. Class A | &nbsp;&nbsp;279921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4865 |
|  | Equity LifeStyle Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4591 |
|  | Cousins Properties Inc. | &nbsp;&nbsp;133748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3944 |
|  | EastGroup Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3754 |
|  | Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;51604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3754 |
|  | Sabra Health Care REIT Inc. | &nbsp;&nbsp;189524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3622 |
|  | Kilroy Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;84793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3526 |
|  | CubeSmart | &nbsp;&nbsp;&nbsp;&nbsp;83524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3418 |
|  | Lamar Advertising Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;25926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3299 |
|  | EPR Properties | &nbsp;&nbsp;&nbsp;&nbsp;60592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3287 |
|  | Brixmor Property Group Inc. | &nbsp;&nbsp;112142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3139 |
|  | Rayonier Inc. | &nbsp;&nbsp;111674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2935 |
|  | First Industrial Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2552 |
|  | PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;56970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2394 |
|  | Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;99800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2277 |
|  | Vornado Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;35915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1366 |
|  | Independence Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347 |
|  | COPT Defense Properties | &nbsp;&nbsp;&nbsp;&nbsp;43069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239 |
|  | Park Hotels & Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**110589** |
| **Utilities (6.7%)** | **Utilities (6.7%)** | **Utilities (6.7%)** | **Utilities (6.7%)** |
| <sup>\*</sup> | Talen Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;36250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13736 |
|  | Essential Utilities Inc. | &nbsp;&nbsp;205435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8117 |
|  | OGE Energy Corp. | &nbsp;&nbsp;160366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7162 |
|  | National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;71969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6242 |
|  | UGI Corp. | &nbsp;&nbsp;170810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5917 |
|  | TXNM Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4180 |
|  | Southwest Gas Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3843 |
|  | New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;79950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3781 |
|  | Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;87232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3732 |
|  | ONE Gas Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3652 |
|  | Spire Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3601 |
|  | Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;57756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3454 |
|  | IDACORP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3176 |
|  | ALLETE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2959 |
|  | Northwestern Energy Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2812 |
|  | Ormat Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2320 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**78684** |
| **Total Common Stocks (Cost $1,050,062)** | **Total Common Stocks (Cost $1,050,062)** | **Total Common Stocks (Cost $1,050,062)** | **1174897** |
| **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> | Vanguard Market Liquidity Fund, 4.362% **(Cost $1,266)** | &nbsp;&nbsp;&nbsp;&nbsp;12660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1266** |
| **Total Investments (100.0%) (Cost $1,051,328)** | **Total Investments (100.0%) (Cost $1,051,328)** |  | &nbsp;&nbsp;**1176163** |
| **Other Assets and Liabilities—Net (0.0%)** | **Other Assets and Liabilities—Net (0.0%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**168** |
| **Net Assets (100%)** | **Net Assets (100%)** |  | &nbsp;&nbsp;**1176331** |

---

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 $864. |
| 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 $891 was received for securities on loan. |

---

REIT—Real Estate Investment Trust.

------

S&P Mid-Cap 400 Value Index Fund

------

#### 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 | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts |
| E-mini S&P Mid-Cap 400 Index | September 2025 | 4 | 1303 | &nbsp;&nbsp;51 |

---

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

------

S&P Mid-Cap 400 Value Index Fund

Statement of Assets and Liabilities

As of August 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;Unaffiliated Issuers (Cost $1,050,062) | 1174897 |
| &nbsp;&nbsp;Affiliated Issuers (Cost $1,266) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266 |
| Total Investments in Securities | 1176163 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9032 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 |
| **Total Assets** | **1186510** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9233 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10179** |
| **Net Assets** | **1176331** |
| 1 Includes $864 of securities on loan. |  |
| **<br>At August 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 1345740 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(169409) |
| **Net Assets** | **1176331** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 10,605,000 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **1069313** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**$100.83** |
| **Institutional Shares—Net Assets** |  |
| **Applicable to 264,488 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;**107018** |
| **Net Asset Value Per Share—Institutional Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**$404.62** |

---

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

------

S&P Mid-Cap 400 Value Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21432 |
| Interest<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21521 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| Shareholders' Reports and Proxy Fees—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 |
| Shareholders' Reports and Proxy Fees—Institutional Shares | &nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;1 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20338** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94106 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**94569** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24765) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(24930)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**89977** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $63, ($1), and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 2 | Includes $109,185 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

S&P Mid-Cap 400 Value Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17567 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20796 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(24930) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113479 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151842 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;(15858) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13008) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1689) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(17992) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14697) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14499) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;(23160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8975 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5524) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;133650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131621 |
| **Net Assets** |  |  |
| **Beginning of Period** | **1042681** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**911060** |
| **End of Period** | **1176331** | &nbsp;&nbsp;&nbsp;**1042681** |

---

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

------

S&P Mid-Cap 400 Value Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ETF Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023<sup>1</sup> | &nbsp;&nbsp;&nbsp;2022<sup>1</sup> | &nbsp;&nbsp;&nbsp;2021<sup>1</sup> |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;&nbsp;**$94.72** | &nbsp;&nbsp;&nbsp;**$82.68** | &nbsp;&nbsp;&nbsp;**$76.82** | &nbsp;&nbsp;&nbsp;**$82.65** | &nbsp;&nbsp;&nbsp;**$54.80** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.244 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.914 | &nbsp;&nbsp;&nbsp;&nbsp;11.794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.987 | &nbsp;&nbsp;&nbsp;&nbsp;(5.769) | &nbsp;&nbsp;&nbsp;&nbsp;28.198 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.775 | &nbsp;&nbsp;&nbsp;&nbsp;13.369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.370 | &nbsp;&nbsp;&nbsp;&nbsp;(4.327) | &nbsp;&nbsp;&nbsp;&nbsp;29.442 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.665) | &nbsp;&nbsp;&nbsp;&nbsp;(1.329) | &nbsp;&nbsp;&nbsp;&nbsp;(1.510) | &nbsp;&nbsp;&nbsp;&nbsp;(1.503) | &nbsp;&nbsp;&nbsp;&nbsp;(1.592) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.665) | &nbsp;&nbsp;&nbsp;&nbsp;(1.329) | &nbsp;&nbsp;&nbsp;&nbsp;(1.510) | &nbsp;&nbsp;&nbsp;&nbsp;(1.503) | &nbsp;&nbsp;&nbsp;&nbsp;(1.592) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$100.83** | &nbsp;&nbsp;&nbsp;**$94.72** | &nbsp;&nbsp;&nbsp;**$82.68** | &nbsp;&nbsp;&nbsp;**$76.82** | &nbsp;&nbsp;&nbsp;**$82.65** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**8.31%** | &nbsp;&nbsp;&nbsp;**16.34%** | &nbsp;&nbsp;&nbsp;**9.79%** | &nbsp;&nbsp;&nbsp;**-5.34%** | &nbsp;&nbsp;&nbsp;**54.51%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$1069 | &nbsp;&nbsp;&nbsp;$919 | &nbsp;&nbsp;&nbsp;$812 | &nbsp;&nbsp;&nbsp;$807 | &nbsp;&nbsp;&nbsp;$822 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;0.15% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;1.72% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;36% |

---

1 Adjusted to reflect a 2-for-1 share split effective March 13, 2023. <br> 2 Calculated based on average shares outstanding. <br> 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.

------

S&P Mid-Cap 400 Value Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$380.08** | &nbsp;&nbsp;&nbsp;**$331.78** | &nbsp;&nbsp;&nbsp;**$308.23** | &nbsp;&nbsp;&nbsp;**$331.49** | &nbsp;&nbsp;&nbsp;**$219.78** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.090 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.063 | &nbsp;&nbsp;&nbsp;&nbsp;(23.292) | &nbsp;&nbsp;&nbsp;&nbsp;113.153 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.825 | &nbsp;&nbsp;&nbsp;&nbsp;(17.145) | &nbsp;&nbsp;&nbsp;&nbsp;118.243 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.935) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.115) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.533) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.935) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.115) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.533) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$404.62** | &nbsp;&nbsp;&nbsp;**$380.08** | &nbsp;&nbsp;&nbsp;**$331.78** | &nbsp;&nbsp;&nbsp;**$308.23** | &nbsp;&nbsp;&nbsp;**$331.49** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**8.38%** | &nbsp;&nbsp;&nbsp;**16.39%** | &nbsp;&nbsp;&nbsp;**9.88%** | &nbsp;&nbsp;&nbsp;**-5.23%** | &nbsp;&nbsp;&nbsp;**54.62%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$107 | &nbsp;&nbsp;&nbsp;$123 | &nbsp;&nbsp;&nbsp;$99 | &nbsp;&nbsp;&nbsp;$79 | &nbsp;&nbsp;&nbsp;$162 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.03% | &nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;1.81% | &nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;1.79% |
| Portfolio Turnover Rate<sup>2</sup> | &nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;36% |

---

1 Calculated based on average shares outstanding. <br> 2 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.

------

S&P Mid-Cap 400 Value Index Fund

Notes to Financial Statements

Vanguard S&P Mid-Cap 400 Value Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker.

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

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.

Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

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

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

During the year ended August 31, 2025, the fund's average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

3. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund's target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.

A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund's maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty's default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.

The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.

During the year ended August 31, 2025, the fund's average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period. The fund had no open total return swap contracts at August 31, 2025.

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.

------

S&P Mid-Cap 400 Value Index Fund

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

7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the year ended August 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

8. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

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

B. In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At August 31, 2025, the fund had contributed to Vanguard capital in the amount of $26,000, representing less than 0.01% of the fund's net assets and 0.01% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

C. Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

#### Level 1 —Quoted prices in active markets for identical securities.

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.**

At August 31, 2025, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

D. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.

------

S&P Mid-Cap 400 Value Index Fund

Permanent differences were reclassified between the following accounts:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;109241 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(109241) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12279 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp;123332 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;(305020) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;(169409) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;17992 | &nbsp;&nbsp;&nbsp;14697 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;17992 | &nbsp;&nbsp;&nbsp;14697 |

---

\* Includes short-term capital gains, if any.

As of August 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;1052831 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195898 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72566) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123332 |

---

E. During the year ended August 31, 2025, the fund purchased $401,813,000 of investment securities and sold $405,096,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $376,960,000 and $304,770,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended August 31, 2025, such purchases were $263,018,000 and sales were $146,327,000, resulting in net realized loss of $4,654,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

------

S&P Mid-Cap 400 Value Index Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;390519 | &nbsp;&nbsp;&nbsp;&nbsp;4060 | &nbsp;&nbsp;&nbsp;&nbsp;230105 | &nbsp;&nbsp;&nbsp;&nbsp;2705 |
| 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;— |
| Redeemed | (305694) | &nbsp;&nbsp;&nbsp;(3160) | &nbsp;&nbsp;&nbsp;(244604) | &nbsp;&nbsp;&nbsp;(2825) |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;84825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;(14499) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120) |
| **Institutional Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;12202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Redeemed | &nbsp;&nbsp;(37196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97) | &nbsp;&nbsp;&nbsp;&nbsp;(14893) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) |
| Net Increase (Decrease)—Institutional Shares | &nbsp;&nbsp;(23160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |

---

G. Significant market disruptions, such as those caused by pandemics, natural or environmental ‎disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and global ‎markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

H. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

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

------

S&P Mid-Cap 400 Growth Index Fund

Financial Statements

#### Schedule of Investments
As of August 31, 2025

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Common Stocks (99.7%)** | **Common Stocks (99.7%)** | **Common Stocks (99.7%)** | **Common Stocks (99.7%)** |
| **Communication Services (0.8%)** | **Communication Services (0.8%)** | **Communication Services (0.8%)** | **Communication Services (0.8%)** |
|  | New York Times Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;71884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4301 |
| <sup>\*</sup> | EchoStar Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;53942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3333 |
|  | Warner Music Group Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;57443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1916 |
|  | Iridium Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**10632** |
| **Consumer Discretionary (14.1%)** | **Consumer Discretionary (14.1%)** | **Consumer Discretionary (14.1%)** | **Consumer Discretionary (14.1%)** |
| <sup>\*</sup> | Burlington Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51674 | &nbsp;&nbsp;&nbsp;&nbsp;15021 |
|  | Toll Brothers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81573 | &nbsp;&nbsp;&nbsp;&nbsp;11339 |
| <sup>\*</sup> | TopBuild Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9809 |
| <sup>\*</sup> | Duolingo Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;32208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9593 |
|  | Texas Roadhouse Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;54423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9391 |
|  | Somnigroup International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8391 |
|  | Wingstop Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7511 |
| <sup>\*</sup> | Chewy Inc. Class A | &nbsp;&nbsp;180036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7374 |
| <sup>\*</sup> | Planet Fitness Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;68787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7209 |
| <sup>\*</sup> | Light & Wonder Inc. | &nbsp;&nbsp;&nbsp;&nbsp;69220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6401 |
|  | Churchill Downs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6146 |
|  | Dick's Sporting Goods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5916 |
|  | Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;71237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5645 |
|  | Murphy USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5554 |
|  | H&R Block Inc. | &nbsp;&nbsp;109827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5530 |
|  | Wyndham Hotels & Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5471 |
|  | Hyatt Hotels Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;34408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4964 |
| <sup>\*</sup> | Grand Canyon Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4625 |
| <sup>\*</sup> | Floor & Decor Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;49433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4050 |
| <sup>\*</sup> | Valvoline Inc. | &nbsp;&nbsp;104278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4044 |
| <sup>\*</sup> | Ollie's Bargain Outlet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3770 |
| <sup>\*</sup> | Abercrombie & Fitch Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;39084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3655 |
| <sup>\*</sup> | Cava Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3550 |
|  | Travel + Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;54485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3444 |
| <sup>\*</sup> | GameStop Corp. Class A | &nbsp;&nbsp;146926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3293 |
| <sup>\*</sup> | Crocs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3139 |
|  | Vail Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2659 |
|  | Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2623 |
|  | Bath & Body Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2604 |
| <sup>\*</sup> | Hilton Grand Vacations Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476 |
|  | Choice Hotels International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2168 |
|  | Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;75617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2118 |
|  | KB Home | &nbsp;&nbsp;&nbsp;&nbsp;30596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944 |
| <sup>\*</sup> | RH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404 |
| <sup>\*</sup> | YETI Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003 |
|  | Wendy's Co. | &nbsp;&nbsp;&nbsp;&nbsp;59546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632 |
|  |  |  | &nbsp;&nbsp;**184466** |
| **Consumer Staples (4.3%)** | **Consumer Staples (4.3%)** | **Consumer Staples (4.3%)** | **Consumer Staples (4.3%)** |
| <sup>\*</sup> | Sprouts Farmers Market Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80278 | &nbsp;&nbsp;&nbsp;&nbsp;11282 |
|  | Casey's General Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21011 | &nbsp;&nbsp;&nbsp;&nbsp;10390 |
| <sup>\*</sup> | elf Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5783 |
|  | Coca-Cola Consolidated Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5638 |
| <sup>\*</sup> | Celsius Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;82545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5191 |
| <sup>\*</sup> | BJ's Wholesale Club Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4973 |
|  | Ingredion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2939 |
| <sup>\*</sup> | Maplebear Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2688 |
| <sup>\*</sup> | Post Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2346 |
| <sup>\*</sup> | BellRing Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1967 |
|  | Marzetti Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1417 |
|  | Pilgrim's Pride Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**55773** |

---

------

S&P Mid-Cap 400 Growth Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Market<br> Value•  ($000)** |
| **Energy (2.9%)** | **Energy (2.9%)** | **Energy (2.9%)** | **Energy (2.9%)** |
|  | DT Midstream Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8682 |
|  | Permian Resources Corp. | &nbsp;&nbsp;523167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7476 |
|  | Viper Energy Inc. Class A | &nbsp;&nbsp;138407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5515 |
| <sup>\*</sup> | CNX Resources Corp. | &nbsp;&nbsp;118722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3467 |
|  | Range Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;90181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3090 |
|  | Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;61135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3079 |
| <sup>\*</sup> | Valaris Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;53636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2664 |
|  | Antero Midstream Corp. | &nbsp;&nbsp;137594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2448 |
|  | Weatherford International plc | &nbsp;&nbsp;&nbsp;&nbsp;28572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**38241** |
| **Financials (14.2%)** | **Financials (14.2%)** | **Financials (14.2%)** | **Financials (14.2%)** |
|  | Equitable Holdings Inc. | &nbsp;&nbsp;249300 | &nbsp;&nbsp;&nbsp;&nbsp;13278 |
|  | East West Bancorp Inc. | &nbsp;&nbsp;113063 | &nbsp;&nbsp;&nbsp;&nbsp;11887 |
|  | RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;39910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9698 |
|  | Evercore Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;29494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9484 |
|  | Houlihan Lokey Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;44127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8792 |
|  | Kinsale Capital Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8310 |
|  | Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;89420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8008 |
|  | Primerica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7260 |
|  | Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6898 |
|  | Morningstar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5730 |
|  | Hamilton Lane Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;35551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5487 |
|  | SLM Corp. | &nbsp;&nbsp;172155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5385 |
| <sup>\*,1</sup> | Shift4 Payments Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;55350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5005 |
|  | Ryan Specialty Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;88308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4992 |
|  | Cullen/Frost Bankers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4764 |
|  | RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;68509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4640 |
|  | Jefferies Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4594 |
|  | SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;47344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4180 |
|  | Carlyle Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4175 |
|  | UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;33953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4139 |
|  | Pinnacle Financial Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3924 |
|  | Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;28553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3920 |
|  | American Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3522 |
|  | Commerce Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3517 |
| <sup>\*,1</sup> | WEX Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3370 |
|  | Voya Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3084 |
|  | FirstCash Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2984 |
|  | Synovus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;55883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2884 |
|  | Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;48422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2809 |
|  | MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;93493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2602 |
|  | International Bancshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2227 |
|  | First Financial Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2198 |
|  | Affiliated Managers Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150 |
|  | Glacier Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2148 |
|  | Federated Hermes Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;37758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005 |
| <sup>\*</sup> | Euronet Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1834 |
|  | Janus Henderson Group plc | &nbsp;&nbsp;&nbsp;&nbsp;41365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1833 |
|  | Home BancShares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704 |
|  |  |  | &nbsp;&nbsp;**185421** |
| **Health Care (10.2%)** | **Health Care (10.2%)** | **Health Care (10.2%)** | **Health Care (10.2%)** |
| <sup>\*</sup> | Neurocrine Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81187 | &nbsp;&nbsp;&nbsp;&nbsp;11334 |
| <sup>\*</sup> | United Therapeutics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;37004 | &nbsp;&nbsp;&nbsp;&nbsp;11277 |
| <sup>\*</sup> | Medpace Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9194 |
| <sup>\*</sup> | Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;46481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8568 |
| <sup>\*</sup> | Exelixis Inc. | &nbsp;&nbsp;223717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8371 |
|  | Ensign Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8042 |
| <sup>\*</sup> | Doximity Inc. Class A | &nbsp;&nbsp;109518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7441 |
| <sup>\*</sup> | Halozyme Therapeutics Inc. | &nbsp;&nbsp;101084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7394 |
|  | Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;58708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7148 |
| <sup>\*</sup> | Hims & Hers Health Inc. | &nbsp;&nbsp;160841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6812 |
| <sup>\*</sup> | Illumina Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6750 |
| <sup>\*</sup> | HealthEquity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6348 |
| <sup>\*</sup> | Globus Medical Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;92656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5677 |
| <sup>\*</sup> | Penumbra Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5630 |
| <sup>\*</sup> | Masimo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;36917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5158 |
| <sup>\*</sup> | Roivant Sciences Ltd. | &nbsp;&nbsp;345366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4120 |
| <sup>\*</sup> | Lantheus Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3116 |

---

------

S&P Mid-Cap 400 Growth Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2529 |
| <sup>\*</sup> | Repligen Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2202 |
| <sup>\*</sup> | Cytokinetics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731 |
|  | Bruker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418 |
| <sup>\*</sup> | Haemonetics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304 |
| <sup>\*</sup> | LivaNova plc | &nbsp;&nbsp;&nbsp;&nbsp;18343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034 |
| <sup>\*</sup> | Sotera Health Co. | &nbsp;&nbsp;&nbsp;&nbsp;57843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947 |
|  |  |  | &nbsp;&nbsp;**133545** |
| **Industrials (29.1%)** | **Industrials (29.1%)** | **Industrials (29.1%)** | **Industrials (29.1%)** |
|  | EMCOR Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36717 | &nbsp;&nbsp;&nbsp;&nbsp;22764 |
|  | Comfort Systems USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28873 | &nbsp;&nbsp;&nbsp;&nbsp;20309 |
|  | RB Global Inc. | &nbsp;&nbsp;151922 | &nbsp;&nbsp;&nbsp;&nbsp;17401 |
|  | Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30918 | &nbsp;&nbsp;&nbsp;&nbsp;14783 |
|  | Carlisle Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35401 | &nbsp;&nbsp;&nbsp;&nbsp;13661 |
|  | nVent Electric plc | &nbsp;&nbsp;135059 | &nbsp;&nbsp;&nbsp;&nbsp;12208 |
|  | BWX Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74948 | &nbsp;&nbsp;&nbsp;&nbsp;12145 |
|  | Woodward Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48812 | &nbsp;&nbsp;&nbsp;&nbsp;12048 |
|  | Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;69773 | &nbsp;&nbsp;&nbsp;&nbsp;10478 |
| <sup>\*</sup> | RBC Bearings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25714 | &nbsp;&nbsp;&nbsp;&nbsp;10027 |
| <sup>\*</sup> | Clean Harbors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41316 | &nbsp;&nbsp;&nbsp;&nbsp;10007 |
| <sup>\*</sup> | MasTec Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9138 |
| <sup>\*</sup> | ATI Inc. | &nbsp;&nbsp;115725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8973 |
|  | Mueller Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8709 |
|  | Applied Industrial Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8235 |
|  | Acuity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8197 |
|  | Tetra Tech Inc. | &nbsp;&nbsp;216162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7873 |
|  | ITT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7804 |
| <sup>\*</sup> | Chart Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7349 |
| <sup>\*</sup> | American Airlines Group Inc. | &nbsp;&nbsp;541029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7234 |
|  | AECOM | &nbsp;&nbsp;&nbsp;&nbsp;57522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7184 |
|  | Watsco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7139 |
| <sup>\*</sup> | Saia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6477 |
|  | Lincoln Electric Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6334 |
| <sup>\*</sup> | Paylocity Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;35340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6334 |
| <sup>\*</sup> | API Group Corp. | &nbsp;&nbsp;176870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6311 |
| <sup>\*</sup> | AeroVironment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6302 |
| <sup>\*</sup> | Core & Main Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;96335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6235 |
| <sup>\*</sup> | XPO Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6142 |
| <sup>\*</sup> | ExlService Holdings Inc. | &nbsp;&nbsp;133463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5843 |
|  | Graco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5737 |
|  | Esab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;46748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5393 |
| <sup>\*</sup> | CACI International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;10824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5192 |
| <sup>\*</sup> | Alaska Air Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4620 |
|  | AAON Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4595 |
| <sup>\*</sup> | Kirby Corp. | &nbsp;&nbsp;&nbsp;&nbsp;46022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4473 |
|  | Donaldson Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4452 |
|  | Valmont Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4413 |
|  | Simpson Manufacturing Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4328 |
|  | Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;75072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4028 |
|  | Advanced Drainage Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4002 |
|  | Crane Co. | &nbsp;&nbsp;&nbsp;&nbsp;21251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3938 |
|  | Ryder System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3371 |
|  | Watts Water Technologies Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;11473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3177 |
|  | Genpact Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;69956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3172 |
| <sup>\*</sup> | Parsons Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3090 |
|  | GATX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3056 |
|  | Toro Co. | &nbsp;&nbsp;&nbsp;&nbsp;34391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2788 |
|  | MSA Safety Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2751 |
| <sup>\*</sup> | Trex Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2657 |
|  | KBR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2256 |
|  | Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;32985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2083 |
|  | Brink's Co. | &nbsp;&nbsp;&nbsp;&nbsp;17232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1931 |
|  | Exponent Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1783 |
|  |  |  | &nbsp;&nbsp;**380930** |
| **Information Technology (15.5%)** | **Information Technology (15.5%)** | **Information Technology (15.5%)** | **Information Technology (15.5%)** |
| <sup>\*</sup> | Pure Storage Inc. Class A | &nbsp;&nbsp;254954 | &nbsp;&nbsp;&nbsp;&nbsp;19787 |
| <sup>\*</sup> | Guidewire Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68812 | &nbsp;&nbsp;&nbsp;&nbsp;14934 |
| <sup>\*</sup> | Twilio Inc. Class A | &nbsp;&nbsp;125246 | &nbsp;&nbsp;&nbsp;&nbsp;13227 |
| <sup>\*</sup> | Docusign Inc. | &nbsp;&nbsp;166123 | &nbsp;&nbsp;&nbsp;&nbsp;12735 |

---

------

S&P Mid-Cap 400 Growth Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | Okta Inc. | &nbsp;&nbsp;137130 | &nbsp;&nbsp;&nbsp;&nbsp;12722 |
| <sup>\*</sup> | Dynatrace Inc. | &nbsp;&nbsp;245951 | &nbsp;&nbsp;&nbsp;&nbsp;12445 |
| <sup>\*</sup> | Coherent Corp. | &nbsp;&nbsp;127516 | &nbsp;&nbsp;&nbsp;&nbsp;11536 |
| <sup>\*</sup> | Manhattan Associates Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49807 | &nbsp;&nbsp;&nbsp;&nbsp;10731 |
| <sup>\*</sup> | Fabrinet | &nbsp;&nbsp;&nbsp;&nbsp;29394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9738 |
| <sup>\*</sup> | Commvault Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6756 |
| <sup>\*</sup> | Ciena Corp. | &nbsp;&nbsp;&nbsp;&nbsp;69966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6575 |
| <sup>\*</sup> | Rambus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 |
| <sup>\*</sup> | MACOM Technology Solutions Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6256 |
|  | Entegris Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5408 |
| <sup>\*</sup> | Appfolio Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;18906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5244 |
| <sup>\*</sup> | Lumentum Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4764 |
|  | Belden Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4219 |
|  | Pegasystems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3958 |
| <sup>\*</sup> | Lattice Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;55274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3669 |
| <sup>\*</sup> | Kyndryl Holdings Inc. | &nbsp;&nbsp;106898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3398 |
| <sup>\*</sup> | Cirrus Logic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3037 |
| <sup>\*</sup> | Dropbox Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;98191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2854 |
|  | Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;55084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420 |
| <sup>\*</sup> | Onto Innovation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380 |
| <sup>\*</sup> | Qualys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2348 |
|  | MKS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2331 |
|  | Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2312 |
|  | Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;50962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2187 |
| <sup>\*</sup> | Novanta Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2095 |
| <sup>\*</sup> | Silicon Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543 |
| <sup>\*</sup> | Allegro MicroSystems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257 |
| <sup>\*</sup> | Blackbaud Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011 |
|  | Crane NXT Co. | &nbsp;&nbsp;&nbsp;&nbsp;16191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967 |
|  | Power Integrations Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708 |
|  |  |  | &nbsp;&nbsp;**202052** |
| **Materials (3.9%)** | **Materials (3.9%)** | **Materials (3.9%)** | **Materials (3.9%)** |
|  | Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9837 |
|  | RPM International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7525 |
|  | Eagle Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6305 |
|  | Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;50807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4832 |
|  | Royal Gold Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4363 |
|  | AptarGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3999 |
| <sup>\*</sup> | Knife River Corp. | &nbsp;&nbsp;&nbsp;&nbsp;46478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3765 |
| <sup>\*</sup> | Axalta Coating Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;96819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3027 |
|  | NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2254 |
|  | Graphic Packaging Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;96546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150 |
|  | Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013 |
|  | Scotts Miracle-Gro Co. | &nbsp;&nbsp;&nbsp;&nbsp;13135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**50874** |
| **Real Estate (4.4%)** | **Real Estate (4.4%)** | **Real Estate (4.4%)** | **Real Estate (4.4%)** |
| <sup>\*</sup> | Jones Lang LaSalle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6307 |
|  | Lamar Advertising Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;45465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5785 |
|  | Equity LifeStyle Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4728 |
|  | Gaming & Leisure Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4654 |
|  | CubeSmart | &nbsp;&nbsp;100980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4132 |
|  | Omega Healthcare Investors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;94963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4043 |
|  | Vornado Realty Trust | &nbsp;&nbsp;100006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3803 |
|  | Brixmor Property Group Inc. | &nbsp;&nbsp;135580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3795 |
|  | American Homes 4 Rent Class A | &nbsp;&nbsp;&nbsp;&nbsp;99065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3549 |
|  | EastGroup Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3429 |
|  | First Industrial Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3085 |
|  | Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;36936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2687 |
|  | Independence Realty Trust Inc. | &nbsp;&nbsp;114881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080 |
|  | National Storage Affiliates Trust | &nbsp;&nbsp;&nbsp;&nbsp;57717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860 |
|  | Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;77539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1769 |
|  | COPT Defense Properties | &nbsp;&nbsp;&nbsp;&nbsp;48048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1383 |
|  | Park Hotels & Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**58034** |
| **Utilities (0.3%)** | **Utilities (0.3%)** | **Utilities (0.3%)** | **Utilities (0.3%)** |
|  | IDACORP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2273 |

---

------

S&P Mid-Cap 400 Growth Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Ormat Technologies Inc. | &nbsp;&nbsp;21276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4228** |
| **Total Common Stocks (Cost $1,023,417)** | **Total Common Stocks (Cost $1,023,417)** | **Total Common Stocks (Cost $1,023,417)** | **1304196** |
| **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> | Vanguard Market Liquidity Fund, 4.362% **(Cost $3,900)** | &nbsp;&nbsp;39002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3900** |
| **Total Investments (100.0%) (Cost $1,027,317)** | **Total Investments (100.0%) (Cost $1,027,317)** |  | &nbsp;&nbsp;**1308096** |
| **Other Assets and Liabilities—Net (0.0%)** | **Other Assets and Liabilities—Net (0.0%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(391)** |
| **Net Assets (100%)** | **Net Assets (100%)** |  | &nbsp;&nbsp;**1307705** |

---

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 $902. |
| 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 $922 was received for securities on loan. |

---

------

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts |
| E-mini S&P Mid-Cap 400 Index | September 2025 | 2 | 652 | &nbsp;&nbsp;(5) |

---

&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 | Counterparty | Notional<br> Amount<br> ($000) | Floating<br> Interest<br> Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | Value and<br> Unrealized<br> Appreciation<br> ($000) | Value and<br> Unrealized<br> (Depreciation) ($000) |
| Alaska Air Group Inc. | 8/31/2026 | BANA | 1632 | (4.337) |  |  |
| Crocs Inc. | 8/31/2026 | BANA | &nbsp;&nbsp;&nbsp;&nbsp;872 | (4.337) |  |  |
| Pilgrim's Pride Corp. | 8/31/2026 | BANA | &nbsp;&nbsp;&nbsp;&nbsp;311 | (4.337) |  |  |

---

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.

------

S&P Mid-Cap 400 Growth Index Fund

Statement of Assets and Liabilities

As of August 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;Unaffiliated Issuers (Cost $1,023,417) | 1304196 |
| &nbsp;&nbsp;Affiliated Issuers (Cost $3,900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 |
| Total Investments in Securities | 1308096 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total Assets** | **1310289** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1602 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2584** |
| **Net Assets** | **1307705** |
| 1 Includes $902 of securities on loan. |  |
| **<br>At August 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 1405293 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;(97588) |
| **Net Assets** | **1307705** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 9,700,000 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **1148434** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**$118.40** |
| **Institutional Shares—Net Assets** |  |
| **Applicable to 337,330 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;**159271** |
| **Net Asset Value Per Share—Institutional Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**$472.15** |

---

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

------

S&P Mid-Cap 400 Growth Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11368 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11471 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| Shareholders' Reports and Proxy Fees—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
| Shareholders' Reports and Proxy Fees—Institutional Shares | &nbsp;&nbsp;&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;&nbsp;&nbsp;1 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10058** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32630 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32976** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21812 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21756** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**64790** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $42. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $74, ($1), and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $73,854 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

S&P Mid-Cap 400 Growth Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10948 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78585 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112177 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201710 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8641) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9419) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1218) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2206) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9859) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11625) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;(18546) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40646) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78465 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268550 |
| **Net Assets** |  |  |
| **Beginning of Period** | **1231160** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**962610** |
| **End of Period** | **1307705** | &nbsp;&nbsp;&nbsp;**1231160** |

---

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

------

S&P Mid-Cap 400 Growth Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ETF Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023<sup>1</sup> | &nbsp;&nbsp;&nbsp;2022<sup>1</sup> | &nbsp;&nbsp;&nbsp;2021<sup>1</sup> |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$113.32** | &nbsp;&nbsp;&nbsp;&nbsp;**$94.90** | &nbsp;&nbsp;&nbsp;**$86.30** | &nbsp;&nbsp;&nbsp;**$102.72** | &nbsp;&nbsp;&nbsp;&nbsp;**$76.26** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.526 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500 | &nbsp;&nbsp;&nbsp;&nbsp;(16.729) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.594 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.488 | &nbsp;&nbsp;&nbsp;&nbsp;(15.920) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.120 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.127) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.888) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.660) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.127) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.888) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.660) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$118.40** | &nbsp;&nbsp;&nbsp;**$113.32** | &nbsp;&nbsp;&nbsp;**$94.90** | &nbsp;&nbsp;&nbsp;&nbsp;**$86.30** | &nbsp;&nbsp;&nbsp;**$102.72** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**5.30%** | &nbsp;&nbsp;&nbsp;**20.80%** | &nbsp;&nbsp;&nbsp;**11.12%** | &nbsp;&nbsp;&nbsp;**-15.57%** | &nbsp;&nbsp;&nbsp;**35.70%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$1148 | &nbsp;&nbsp;&nbsp;$1061 | &nbsp;&nbsp;&nbsp;$785 | &nbsp;&nbsp;&nbsp;$725 | &nbsp;&nbsp;&nbsp;$925 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;0.15% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;0.57% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;40% |

---

1 Adjusted to reflect a 2-for-1 share split effective March 13, 2023. <br> 2 Calculated based on average shares outstanding. <br> 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.

------

S&P Mid-Cap 400 Growth Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$451.83** | &nbsp;&nbsp;&nbsp;**$378.38** | &nbsp;&nbsp;&nbsp;**$344.11** | &nbsp;&nbsp;&nbsp;**$409.55** | &nbsp;&nbsp;&nbsp;**$303.97** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.347 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73.820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.855 | &nbsp;&nbsp;&nbsp;&nbsp;(66.731) | &nbsp;&nbsp;&nbsp;&nbsp;106.033 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78.201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.063 | &nbsp;&nbsp;&nbsp;&nbsp;(63.198) | &nbsp;&nbsp;&nbsp;&nbsp;108.380 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.766) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.793) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.242) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.800) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.766) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.793) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.242) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.800) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$472.15** | &nbsp;&nbsp;&nbsp;**$451.83** | &nbsp;&nbsp;&nbsp;**$378.38** | &nbsp;&nbsp;&nbsp;**$344.11** | &nbsp;&nbsp;&nbsp;**$409.55** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**5.37%** | &nbsp;&nbsp;&nbsp;**20.86%** | &nbsp;&nbsp;&nbsp;**11.21%** | &nbsp;&nbsp;&nbsp;**-15.50%** | &nbsp;&nbsp;&nbsp;**35.80%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$159 | &nbsp;&nbsp;&nbsp;$170 | &nbsp;&nbsp;&nbsp;$177 | &nbsp;&nbsp;&nbsp;$125 | &nbsp;&nbsp;&nbsp;$151 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;0.65% |
| Portfolio Turnover Rate<sup>2</sup> | &nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;40% |

---

1 Calculated based on average shares outstanding. <br> 2 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.

------

S&P Mid-Cap 400 Growth Index Fund

Notes to Financial Statements

Vanguard S&P Mid-Cap 400 Growth Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker.

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

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.

Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

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

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

During the year ended August 31, 2025, the fund's average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

3. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund's target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.

A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund's maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty's default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.

The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.

During the year ended August 31, 2025, the fund's average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.

4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

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.

------

S&P Mid-Cap 400 Growth Index Fund

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

7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the year ended August 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

8. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

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

B. In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At August 31, 2025, the fund had contributed to Vanguard capital in the amount of $33,000, representing less than 0.01% of the fund's net assets and 0.01% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

C. Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

#### Level 1 —Quoted prices in active markets for identical securities.

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.**

------

S&P Mid-Cap 400 Growth Index Fund

The following table summarizes the market value of the fund's investments and derivatives as of August 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 1304196 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1304196 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 |
| Total | 1308096 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1308096 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

D. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.

Permanent differences were reclassified between the following accounts:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;74129 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(74129) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5952 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp;279780 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;(383320) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;(97588) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;9859 | &nbsp;&nbsp;&nbsp;11625 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;9859 | &nbsp;&nbsp;&nbsp;11625 |

---

\* Includes short-term capital gains, if any.

------

S&P Mid-Cap 400 Growth Index Fund

As of August 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;1028316 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327154 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47374) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279780 |

---

E. During the year ended August 31, 2025, the fund purchased $485,051,000 of investment securities and sold $471,730,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $191,242,000 and $183,509,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended August 31, 2025, such purchases were $135,905,000 and sales were $227,472,000, resulting in net realized loss of $26,932,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;232018 | &nbsp;&nbsp;&nbsp;&nbsp;2040 | &nbsp;&nbsp;&nbsp;&nbsp;283173 | &nbsp;&nbsp;&nbsp;&nbsp;2645 |
| 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;— |
| Redeemed | (191858) | &nbsp;&nbsp;&nbsp;(1700) | &nbsp;&nbsp;&nbsp;(164062) | &nbsp;&nbsp;&nbsp;(1560) |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;40160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp;119111 | &nbsp;&nbsp;&nbsp;&nbsp;1085 |
| **Institutional Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;16731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Redeemed | &nbsp;&nbsp;(36495) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81) | &nbsp;&nbsp;&nbsp;&nbsp;(72892) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(166) |
| Net Increase (Decrease)—Institutional Shares | &nbsp;&nbsp;(18546) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) | &nbsp;&nbsp;&nbsp;&nbsp;(40646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92) |

---

G. Significant market disruptions, such as those caused by pandemics, natural or environmental ‎disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and global ‎markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

At August 31, 2025, one shareholder was the record or beneficial owner of 28% of the fund's net assets. If this shareholder were to redeem its investment in the fund, the redemption might result in an increase in the fund's expense ratio, cause the fund to incur higher transaction costs, or lead to the realization of taxable capital gains.

H. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

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

------

#### Report of Independent Registered

#### Public Accounting Firm
To the Board of Trustees of Vanguard Admiral Funds and Shareholders of Vanguard S&P Mid-Cap 400 Index Fund, Vanguard S&P Mid-Cap 400 Value Index Fund and Vanguard S&P Mid-Cap 400 Growth Index Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Vanguard S&P Mid-Cap 400 Index Fund, Vanguard S&P Mid-Cap 400 Value Index Fund and Vanguard S&P Mid-Cap 400 Growth Index Fund (three of the funds constituting Vanguard Admiral Funds, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations for the year ended August 31, 2025, the statements of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025 and each of the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2025

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

------

Tax information (unaudited)

The following percentages, or if subsequently determined to be different, the maximum percentages allowable by law, of ordinary income (dividend income plus short-term gains, if any) for the fiscal year qualified for the dividends-received deduction for corporate shareholders.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Percentage |
| S&P Mid-Cap 400 Index Fund | &nbsp;&nbsp;&nbsp;79.1% |
| S&P Mid-Cap 400 Value Index Fund | &nbsp;&nbsp;&nbsp;87.2 |
| S&P Mid-Cap 400 Growth Index Fund | &nbsp;&nbsp;&nbsp;90.4 |

---

The following amounts, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as qualified dividend income for purposes of the maximum rate under section 1(h)(11) for calendar year 2024. Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;($000) |
| S&P Mid-Cap 400 Index Fund | &nbsp;&nbsp;&nbsp;40938 |
| S&P Mid-Cap 400 Value Index Fund | &nbsp;&nbsp;&nbsp;15387 |
| S&P Mid-Cap 400 Growth Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;9574 |

---

The following amounts for the fiscal year, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as interest earned from obligations of the U.S. government which is generally exempt from state income tax.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;($000) |
| S&P Mid-Cap 400 Index Fund | &nbsp;&nbsp;&nbsp;145 |
| S&P Mid-Cap 400 Value Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;35 |
| S&P Mid-Cap 400 Growth Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;38 |

---

The following amounts, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as qualified business income under section 199A for calendar year 2024. Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;($000) |
| S&P Mid-Cap 400 Index Fund | &nbsp;&nbsp;&nbsp;8095 |
| S&P Mid-Cap 400 Value Index Fund | &nbsp;&nbsp;&nbsp;2605 |
| S&P Mid-Cap 400 Growth Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 |

---

Q18420 102025

------

![](tm2525835d2spsmcp600idfni001.jpg)

#### Financial Statements

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

#### Vanguard S&P Small-Cap 600 Index Funds
Vanguard S&P Small-Cap 600 Index Fund <br> Vanguard S&P Small-Cap 600 Value Index Fund <br> Vanguard S&P Small-Cap 600 Growth Index Fund

------

Contents

---

| | |
|:---|:---|
| S&P Small-Cap 600 Index Fund<br>| 1 |
| S&P Small-Cap 600 Value Index Fund<br>| 20 |
| S&P Small-Cap 600 Growth Index Fund<br>| 37 |
| Report of Independent Registered<br>Public Accounting Firm<br>| 52 |
| Tax information<br>| 53 |

---

------

S&P Small-Cap 600 Index Fund

Financial Statements

#### Schedule of Investments
As of August 31, 2025

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Common Stocks (99.9%)** | **Common Stocks (99.9%)** | **Common Stocks (99.9%)** | **Common Stocks (99.9%)** |
| **Communication Services (2.9%)** | **Communication Services (2.9%)** | **Communication Services (2.9%)** | **Communication Services (2.9%)** |
| <sup>\*</sup> | Lumen Technologies Inc. | &nbsp;&nbsp;3361656 | &nbsp;&nbsp;&nbsp;&nbsp;16707 |
|  | Telephone & Data Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;323473 | &nbsp;&nbsp;&nbsp;&nbsp;12968 |
|  | TEGNA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;526404 | &nbsp;&nbsp;&nbsp;&nbsp;11160 |
| <sup>\*</sup> | Madison Square Garden Sports Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54890 | &nbsp;&nbsp;&nbsp;&nbsp;10860 |
| <sup>\*</sup> | Cargurus Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;277117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9588 |
| <sup>1</sup> | Cinemark Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;331074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8542 |
| <sup>\*</sup> | IAC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;213707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7826 |
| <sup>\*</sup> | DoubleVerify Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;442328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7197 |
| <sup>\*</sup> | TripAdvisor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;387302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6747 |
| <sup>\*</sup> | Yelp Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;209373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6620 |
|  | John Wiley & Sons Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;133978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5437 |
|  | Cogent Communications Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;139139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5319 |
| <sup>\*</sup> | Ziff Davis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;138024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5274 |
|  | Uniti Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;485305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3057 |
| <sup>\*</sup> | QuinStreet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;186753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2928 |
| <sup>\*</sup> | Cars.com Inc. | &nbsp;&nbsp;&nbsp;&nbsp;189712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476 |
| <sup>\*</sup> | Angi Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;138669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2457 |
|  | Cable One Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2444 |
| <sup>\*</sup> | Gogo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;196156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2154 |
|  | Shenandoah Telecommunications Co. | &nbsp;&nbsp;&nbsp;&nbsp;150592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995 |
|  | Scholastic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980 |
| <sup>\*</sup> | Thryv Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735 |
|  | Shutterstock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672 |
| <sup>\*</sup> | TechTarget Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528 |
|  |  |  | &nbsp;&nbsp;**137671** |
| **Consumer Discretionary (13.6%)** | **Consumer Discretionary (13.6%)** | **Consumer Discretionary (13.6%)** | **Consumer Discretionary (13.6%)** |
|  | BorgWarner Inc. | &nbsp;&nbsp;&nbsp;&nbsp;720618 | &nbsp;&nbsp;&nbsp;&nbsp;30814 |
| <sup>\*</sup> | Stride Inc. | &nbsp;&nbsp;&nbsp;&nbsp;140678 | &nbsp;&nbsp;&nbsp;&nbsp;22957 |
| <sup>\*</sup> | Brinker International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;145687 | &nbsp;&nbsp;&nbsp;&nbsp;22724 |
|  | Installed Building Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74667 | &nbsp;&nbsp;&nbsp;&nbsp;19549 |
|  | Group 1 Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41526 | &nbsp;&nbsp;&nbsp;&nbsp;19300 |
|  | Meritage Homes Corp. | &nbsp;&nbsp;&nbsp;&nbsp;235329 | &nbsp;&nbsp;&nbsp;&nbsp;18283 |
| <sup>\*</sup> | Etsy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;341687 | &nbsp;&nbsp;&nbsp;&nbsp;18113 |
| <sup>\*</sup> | Boot Barn Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100238 | &nbsp;&nbsp;&nbsp;&nbsp;17819 |
| <sup>\*</sup> | Asbury Automotive Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64396 | &nbsp;&nbsp;&nbsp;&nbsp;16198 |
| <sup>\*</sup> | Adtalem Global Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;117718 | &nbsp;&nbsp;&nbsp;&nbsp;15415 |
| <sup>\*</sup> | Frontdoor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;241099 | &nbsp;&nbsp;&nbsp;&nbsp;14647 |
| <sup>\*</sup> | Dorman Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88963 | &nbsp;&nbsp;&nbsp;&nbsp;14393 |
| <sup>\*</sup> | Shake Shack Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;131777 | &nbsp;&nbsp;&nbsp;&nbsp;13968 |
| <sup>\*</sup> | Cavco Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26253 | &nbsp;&nbsp;&nbsp;&nbsp;13927 |
| <sup>\*</sup> | Champion Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;172622 | &nbsp;&nbsp;&nbsp;&nbsp;13026 |
| <sup>\*</sup> | M/I Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87733 | &nbsp;&nbsp;&nbsp;&nbsp;12920 |
|  | Kontoor Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;163795 | &nbsp;&nbsp;&nbsp;&nbsp;12653 |
| <sup>\*</sup> | Urban Outfitters Inc. | &nbsp;&nbsp;&nbsp;&nbsp;185167 | &nbsp;&nbsp;&nbsp;&nbsp;12421 |
|  | Signet Jewelers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;140687 | &nbsp;&nbsp;&nbsp;&nbsp;12387 |
|  | Patrick Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;109469 | &nbsp;&nbsp;&nbsp;&nbsp;12244 |
|  | Advance Auto Parts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;196234 | &nbsp;&nbsp;&nbsp;&nbsp;11968 |
|  | Academy Sports & Outdoors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;218191 | &nbsp;&nbsp;&nbsp;&nbsp;11684 |
| <sup>\*</sup> | Tri Pointe Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;296954 | &nbsp;&nbsp;&nbsp;&nbsp;10491 |
| <sup>\*</sup> | Penn Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;477174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9653 |
|  | Cheesecake Factory Inc. | &nbsp;&nbsp;&nbsp;&nbsp;149442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9185 |
|  | LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8707 |
|  | Dana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;425385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8576 |
|  | Wolverine World Wide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;265799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8490 |
|  | Newell Brands Inc. | &nbsp;&nbsp;1369901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8110 |
|  | Phinia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7634 |
| <sup>\*</sup> | Hanesbrands Inc. | &nbsp;&nbsp;1159851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7319 |
| <sup>\*</sup> | Six Flags Entertainment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;308356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6997 |
| <sup>\*</sup> | Green Brick Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6942 |

---

------

S&P Small-Cap 600 Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Steven Madden Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;238184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6917 |
| <sup>\*</sup> | Adient plc | &nbsp;&nbsp;&nbsp;&nbsp;275521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6833 |
| <sup>\*</sup> | Foot Locker Inc. | &nbsp;&nbsp;&nbsp;&nbsp;272668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6735 |
|  | American Eagle Outfitters Inc. | &nbsp;&nbsp;&nbsp;&nbsp;517099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6691 |
|  | Acushnet Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6648 |
|  | Perdoceo Education Corp. | &nbsp;&nbsp;&nbsp;&nbsp;202034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6615 |
|  | Strategic Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6381 |
| <sup>\*</sup> | Victoria's Secret & Co. | &nbsp;&nbsp;&nbsp;&nbsp;261844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6028 |
| <sup>\*</sup> | National Vision Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;259275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5948 |
|  | Century Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5808 |
|  | Buckle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5625 |
| <sup>1</sup> | Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;365087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5498 |
| <sup>\*</sup> | Sonos Inc. | &nbsp;&nbsp;&nbsp;&nbsp;393838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5482 |
|  | Papa John's International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;107371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5230 |
|  | La-Z-Boy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;135409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5006 |
| <sup>\*</sup> | Sally Beauty Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;330902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4586 |
| <sup>\*</sup> | Topgolf Callaway Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;463996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4436 |
|  | Cracker Barrel Old Country Store Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4368 |
|  | Monarch Casino & Resort Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4360 |
|  | Upbound Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;168767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4288 |
|  | Leggett & Platt Inc. | &nbsp;&nbsp;&nbsp;&nbsp;443225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4259 |
| <sup>\*</sup> | LGI Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4182 |
| <sup>\*</sup> | Fox Factory Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;136776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3957 |
|  | Sonic Automotive Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3902 |
| <sup>\*</sup> | Gentherm Inc. | &nbsp;&nbsp;&nbsp;&nbsp;101185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3721 |
|  | Carter's Inc. | &nbsp;&nbsp;&nbsp;&nbsp;119505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3413 |
| <sup>\*</sup> | G-III Apparel Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;124944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3373 |
|  | Winnebago Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3306 |
| <sup>\*</sup> | XPEL Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2764 |
|  | Standard Motor Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2647 |
| <sup>\*</sup> | Pursuit Attractions & Hospitality Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2626 |
| <sup>\*</sup> | Dream Finders Homes Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2602 |
|  | Matthews International Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;101675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2498 |
| <sup>\*</sup> | BJ's Restaurants Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2434 |
| <sup>\*</sup> | Dave & Buster's Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2327 |
| <sup>\*</sup> | Sabre Corp. | &nbsp;&nbsp;1271776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2276 |
| <sup>\*</sup> | American Axle & Manufacturing Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;389240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2265 |
|  | Ethan Allen Interiors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2190 |
|  | Oxford Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 |
|  | Sturm Ruger & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1884 |
| <sup>\*</sup> | Helen of Troy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1847 |
|  | Bloomin' Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;248254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825 |
| <sup>\*</sup> | Mister Car Wash Inc. | &nbsp;&nbsp;&nbsp;&nbsp;309207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1766 |
|  | Caleres Inc. | &nbsp;&nbsp;&nbsp;&nbsp;111791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677 |
| <sup>\*</sup> | MarineMax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1637 |
|  | Monro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628 |
|  | Golden Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608 |
|  | Guess? Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512 |
|  | Shoe Carnival Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210 |
|  | Jack in the Box Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192 |
|  |  |  | &nbsp;&nbsp;**637545** |
| **Consumer Staples (2.9%)** | **Consumer Staples (2.9%)** | **Consumer Staples (2.9%)** | **Consumer Staples (2.9%)** |
|  | Cal-Maine Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;141426 | &nbsp;&nbsp;&nbsp;&nbsp;16354 |
|  | WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9582 |
| <sup>\*</sup> | Freshpet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;159975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8930 |
|  | PriceSmart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8740 |
| <sup>\*</sup> | Simply Good Foods Co. | &nbsp;&nbsp;&nbsp;&nbsp;300980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8617 |
| <sup>\*</sup> | Chefs' Warehouse Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7330 |
|  | Interparfums Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6781 |
|  | Energizer Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;215457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5938 |
| <sup>\*</sup> | Grocery Outlet Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;321527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5823 |
|  | J & J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5695 |
| <sup>\*</sup> | United Natural Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;198498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5613 |
| <sup>\*</sup> | Central Garden & Pet Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;162387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5364 |
|  | WK Kellogg Co. | &nbsp;&nbsp;&nbsp;&nbsp;217854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4993 |
|  | Universal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4535 |
|  | Andersons Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4325 |
|  | Fresh Del Monte Produce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;110037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3992 |
|  | Edgewell Personal Care Co. | &nbsp;&nbsp;&nbsp;&nbsp;154238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3705 |

---

------

S&P Small-Cap 600 Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | National Beverage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3228 |
|  | SpartanNash Co. | &nbsp;&nbsp;&nbsp;&nbsp;111004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2975 |
| <sup>\*</sup> | TreeHouse Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;149051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2734 |
|  | Tootsie Roll Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2205 |
|  | John B Sanfilippo & Son Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1941 |
|  | MGP Ingredients Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323 |
|  | B&G Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;262663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185 |
| <sup>\*</sup> | USANA Health Sciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133 |
| <sup>\*</sup> | Central Garden & Pet Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995 |
|  |  |  | &nbsp;&nbsp;**134036** |
| **Energy (4.1%)** | **Energy (4.1%)** | **Energy (4.1%)** | **Energy (4.1%)** |
|  | Magnolia Oil & Gas Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;612127 | &nbsp;&nbsp;&nbsp;&nbsp;15230 |
|  | Archrock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;579234 | &nbsp;&nbsp;&nbsp;&nbsp;14342 |
|  | Core Natural Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;163868 | &nbsp;&nbsp;&nbsp;&nbsp;12169 |
|  | California Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;228119 | &nbsp;&nbsp;&nbsp;&nbsp;11333 |
|  | SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;375385 | &nbsp;&nbsp;&nbsp;&nbsp;10717 |
|  | Cactus Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;224498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9418 |
| <sup>\*</sup> | Tidewater Inc. | &nbsp;&nbsp;&nbsp;&nbsp;149278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8986 |
|  | Northern Oil & Gas Inc. | &nbsp;&nbsp;&nbsp;&nbsp;322151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8427 |
| <sup>\*</sup> | Oceaneering International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;329845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8048 |
|  | Peabody Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;398807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6939 |
|  | Helmerich & Payne Inc. | &nbsp;&nbsp;&nbsp;&nbsp;325991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6810 |
|  | Patterson-UTI Energy Inc. | &nbsp;&nbsp;1151582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6691 |
|  | International Seaways Inc. | &nbsp;&nbsp;&nbsp;&nbsp;132682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6026 |
|  | Liberty Energy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;531074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5975 |
| <sup>\*</sup> | Par Pacific Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;169159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5860 |
|  | Crescent Energy Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;602612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5749 |
|  | Kinetik Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;125823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5263 |
|  | World Kinect Corp. | &nbsp;&nbsp;&nbsp;&nbsp;185706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4979 |
| <sup>\*</sup> | Comstock Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;297812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4804 |
|  | Kodiak Gas Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;129648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4640 |
| <sup>\*</sup> | Talos Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;403748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3989 |
|  | Dorian LPG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;119320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3816 |
| <sup>\*</sup> | CVR Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3418 |
| <sup>\*</sup> | Bristow Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3124 |
| <sup>\*</sup> | Helix Energy Solutions Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;466923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3077 |
| <sup>\*</sup> | REX American Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3003 |
| <sup>1</sup> | Atlas Energy Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;239073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2799 |
| <sup>\*</sup> | Innovex International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;126928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2191 |
|  | Core Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;153306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765 |
| <sup>\*</sup> | Vital Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 |
| <sup>\*</sup> | ProPetro Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;260002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326 |
|  | RPC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;274787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311 |
|  |  |  | &nbsp;&nbsp;**193805** |
| **Financials (19.5%)** | **Financials (19.5%)** | **Financials (19.5%)** | **Financials (19.5%)** |
| <sup>\*</sup> | Mr. Cooper Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;209711 | &nbsp;&nbsp;&nbsp;&nbsp;39537 |
|  | Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;559474 | &nbsp;&nbsp;&nbsp;&nbsp;24018 |
|  | Jackson Financial Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;234095 | &nbsp;&nbsp;&nbsp;&nbsp;23129 |
|  | Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53836 | &nbsp;&nbsp;&nbsp;&nbsp;17970 |
|  | Moelis & Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;243080 | &nbsp;&nbsp;&nbsp;&nbsp;17528 |
|  | Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;466582 | &nbsp;&nbsp;&nbsp;&nbsp;16671 |
| <sup>\*</sup> | Axos Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;175482 | &nbsp;&nbsp;&nbsp;&nbsp;16006 |
|  | Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;211406 | &nbsp;&nbsp;&nbsp;&nbsp;15492 |
|  | Radian Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;440068 | &nbsp;&nbsp;&nbsp;&nbsp;15350 |
| <sup>\*</sup> | StoneX Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;142645 | &nbsp;&nbsp;&nbsp;&nbsp;14574 |
|  | ServisFirst Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;164608 | &nbsp;&nbsp;&nbsp;&nbsp;14510 |
|  | PJT Partners Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80049 | &nbsp;&nbsp;&nbsp;&nbsp;14329 |
|  | StepStone Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;216416 | &nbsp;&nbsp;&nbsp;&nbsp;13431 |
|  | United Community Banks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;397958 | &nbsp;&nbsp;&nbsp;&nbsp;13292 |
|  | Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;151100 | &nbsp;&nbsp;&nbsp;&nbsp;12420 |
|  | BGC Group Inc. Class A | &nbsp;&nbsp;1240619 | &nbsp;&nbsp;&nbsp;&nbsp;12170 |
|  | Renasant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;301867 | &nbsp;&nbsp;&nbsp;&nbsp;11812 |
|  | Fulton Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;595336 | &nbsp;&nbsp;&nbsp;&nbsp;11704 |
|  | First Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;525601 | &nbsp;&nbsp;&nbsp;&nbsp;11684 |
| <sup>\*</sup> | Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;153199 | &nbsp;&nbsp;&nbsp;&nbsp;11680 |
| <sup>\*</sup> | Genworth Financial Inc. Class A | &nbsp;&nbsp;1357415 | &nbsp;&nbsp;&nbsp;&nbsp;11633 |
|  | Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;229644 | &nbsp;&nbsp;&nbsp;&nbsp;11461 |
|  | Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;158869 | &nbsp;&nbsp;&nbsp;&nbsp;11361 |
|  | HA Sustainable Infrastructure Capital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;396089 | &nbsp;&nbsp;&nbsp;&nbsp;11186 |

---

------

S&P Small-Cap 600 Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Virtu Financial Inc. Class A | &nbsp;&nbsp;264519 | &nbsp;&nbsp;11089 |
|  | Victory Capital Holdings Inc. Class A | &nbsp;&nbsp;154151 | &nbsp;&nbsp;10988 |
|  | Blackstone Mortgage Trust Inc. Class A | &nbsp;&nbsp;554177 | &nbsp;&nbsp;10840 |
|  | WSFS Financial Corp. | &nbsp;&nbsp;185968 | &nbsp;&nbsp;10840 |
|  | Artisan Partners Asset Management Inc. Class A | &nbsp;&nbsp;230992 | &nbsp;&nbsp;10808 |
| <sup>\*</sup> | Palomar Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;87707 | &nbsp;&nbsp;10790 |
|  | First Hawaiian Inc. | &nbsp;&nbsp;411757 | &nbsp;&nbsp;10685 |
|  | Community Financial System Inc. | &nbsp;&nbsp;173093 | &nbsp;&nbsp;10367 |
| <sup>\*</sup> | Enova International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83193 | &nbsp;&nbsp;10091 |
|  | Bread Financial Holdings Inc. | &nbsp;&nbsp;152410 | &nbsp;&nbsp;10088 |
| <sup>\*</sup> | NMI Holdings Inc. Class A | &nbsp;&nbsp;255853 | &nbsp;&nbsp;10068 |
|  | Simmons First National Corp. Class A | &nbsp;&nbsp;465576 | &nbsp;&nbsp;&nbsp;&nbsp;9675 |
|  | BankUnited Inc. | &nbsp;&nbsp;246682 | &nbsp;&nbsp;&nbsp;&nbsp;9667 |
| <sup>\*</sup> | NCR Atleos Corp. | &nbsp;&nbsp;240908 | &nbsp;&nbsp;&nbsp;&nbsp;9545 |
|  | Walker & Dunlop Inc. | &nbsp;&nbsp;105687 | &nbsp;&nbsp;&nbsp;&nbsp;8989 |
|  | Bank of Hawaii Corp. | &nbsp;&nbsp;130102 | &nbsp;&nbsp;&nbsp;&nbsp;8863 |
|  | BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;65421 | &nbsp;&nbsp;&nbsp;&nbsp;8699 |
|  | Seacoast Banking Corp. of Florida | &nbsp;&nbsp;278870 | &nbsp;&nbsp;&nbsp;&nbsp;8676 |
|  | CVB Financial Corp. | &nbsp;&nbsp;424853 | &nbsp;&nbsp;&nbsp;&nbsp;8552 |
|  | Provident Financial Services Inc. | &nbsp;&nbsp;428505 | &nbsp;&nbsp;&nbsp;&nbsp;8501 |
|  | First Financial Bancorp | &nbsp;&nbsp;313974 | &nbsp;&nbsp;&nbsp;&nbsp;8314 |
|  | WaFd Inc. | &nbsp;&nbsp;262901 | &nbsp;&nbsp;&nbsp;&nbsp;8268 |
|  | Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47793 | &nbsp;&nbsp;&nbsp;&nbsp;8209 |
|  | Trustmark Corp. | &nbsp;&nbsp;197990 | &nbsp;&nbsp;&nbsp;&nbsp;7973 |
|  | Banner Corp. | &nbsp;&nbsp;113414 | &nbsp;&nbsp;&nbsp;&nbsp;7602 |
|  | NBT Bancorp Inc. | &nbsp;&nbsp;171599 | &nbsp;&nbsp;&nbsp;&nbsp;7597 |
| <sup>1</sup> | Arbor Realty Trust Inc. | &nbsp;&nbsp;628966 | &nbsp;&nbsp;&nbsp;&nbsp;7510 |
|  | EVERTEC Inc. | &nbsp;&nbsp;208638 | &nbsp;&nbsp;&nbsp;&nbsp;7444 |
|  | First Bancorp (XNGS) | &nbsp;&nbsp;135853 | &nbsp;&nbsp;&nbsp;&nbsp;7416 |
|  | FB Financial Corp. | &nbsp;&nbsp;132568 | &nbsp;&nbsp;&nbsp;&nbsp;7116 |
|  | Banc of California Inc. | &nbsp;&nbsp;419831 | &nbsp;&nbsp;&nbsp;&nbsp;7104 |
|  | Goosehead Insurance Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;82183 | &nbsp;&nbsp;&nbsp;&nbsp;6962 |
| <sup>\*</sup> | Customers Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96350 | &nbsp;&nbsp;&nbsp;&nbsp;6907 |
|  | Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;87201 | &nbsp;&nbsp;&nbsp;&nbsp;6743 |
|  | Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;91567 | &nbsp;&nbsp;&nbsp;&nbsp;6670 |
|  | OFG Bancorp | &nbsp;&nbsp;147311 | &nbsp;&nbsp;&nbsp;&nbsp;6592 |
|  | Cohen & Steers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88618 | &nbsp;&nbsp;&nbsp;&nbsp;6545 |
|  | Horace Mann Educators Corp. | &nbsp;&nbsp;133746 | &nbsp;&nbsp;&nbsp;&nbsp;6150 |
|  | Pathward Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77277 | &nbsp;&nbsp;&nbsp;&nbsp;6141 |
|  | Veritex Holdings Inc. | &nbsp;&nbsp;178002 | &nbsp;&nbsp;&nbsp;&nbsp;6114 |
|  | City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;47505 | &nbsp;&nbsp;&nbsp;&nbsp;6103 |
|  | First Commonwealth Financial Corp. | &nbsp;&nbsp;343066 | &nbsp;&nbsp;&nbsp;&nbsp;6089 |
|  | Northwest Bancshares Inc. | &nbsp;&nbsp;473750 | &nbsp;&nbsp;&nbsp;&nbsp;5993 |
| <sup>\*</sup> | Payoneer Global Inc. | &nbsp;&nbsp;854586 | &nbsp;&nbsp;&nbsp;&nbsp;5939 |
|  | Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;83821 | &nbsp;&nbsp;&nbsp;&nbsp;5738 |
| <sup>\*</sup> | SiriusPoint Ltd. | &nbsp;&nbsp;302080 | &nbsp;&nbsp;&nbsp;&nbsp;5655 |
|  | Hilltop Holdings Inc. | &nbsp;&nbsp;149418 | &nbsp;&nbsp;&nbsp;&nbsp;5242 |
|  | WisdomTree Inc. | &nbsp;&nbsp;380077 | &nbsp;&nbsp;&nbsp;&nbsp;5173 |
| <sup>\*</sup> | Trupanion Inc. | &nbsp;&nbsp;110854 | &nbsp;&nbsp;&nbsp;&nbsp;5139 |
|  | HCI Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30526 | &nbsp;&nbsp;&nbsp;&nbsp;5089 |
|  | ARMOUR Residential REIT Inc. | &nbsp;&nbsp;328786 | &nbsp;&nbsp;&nbsp;&nbsp;5034 |
|  | S&T Bancorp Inc. | &nbsp;&nbsp;125703 | &nbsp;&nbsp;&nbsp;&nbsp;4966 |
|  | National Bank Holdings Corp. Class A | &nbsp;&nbsp;124929 | &nbsp;&nbsp;&nbsp;&nbsp;4900 |
| <sup>\*</sup> | Donnelley Financial Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83399 | &nbsp;&nbsp;&nbsp;&nbsp;4735 |
|  | PROG Holdings Inc. | &nbsp;&nbsp;132346 | &nbsp;&nbsp;&nbsp;&nbsp;4664 |
|  | Stellar Bancorp Inc. | &nbsp;&nbsp;150245 | &nbsp;&nbsp;&nbsp;&nbsp;4646 |
|  | Hope Bancorp Inc. | &nbsp;&nbsp;415706 | &nbsp;&nbsp;&nbsp;&nbsp;4627 |
|  | Acadian Asset Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88058 | &nbsp;&nbsp;&nbsp;&nbsp;4488 |
| <sup>\*</sup> | Triumph Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72840 | &nbsp;&nbsp;&nbsp;&nbsp;4479 |
|  | Apollo Commercial Real Estate Finance Inc. | &nbsp;&nbsp;419244 | &nbsp;&nbsp;&nbsp;&nbsp;4440 |
|  | Westamerica Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;85867 | &nbsp;&nbsp;&nbsp;&nbsp;4294 |
|  | Virtus Investment Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21304 | &nbsp;&nbsp;&nbsp;&nbsp;4291 |
|  | Ellington Financial Inc. | &nbsp;&nbsp;309975 | &nbsp;&nbsp;&nbsp;&nbsp;4228 |
| <sup>\*</sup> | ProAssurance Corp. | &nbsp;&nbsp;168240 | &nbsp;&nbsp;&nbsp;&nbsp;4006 |
|  | Dime Community Bancshares Inc. | &nbsp;&nbsp;129322 | &nbsp;&nbsp;&nbsp;&nbsp;3978 |
|  | Berkshire Hills Bancorp Inc. | &nbsp;&nbsp;149647 | &nbsp;&nbsp;&nbsp;&nbsp;3910 |
|  | Safety Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48844 | &nbsp;&nbsp;&nbsp;&nbsp;3615 |
|  | Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;37901 | &nbsp;&nbsp;&nbsp;&nbsp;3578 |
|  | Enact Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;93531 | &nbsp;&nbsp;&nbsp;&nbsp;3521 |
|  | PennyMac Mortgage Investment Trust | &nbsp;&nbsp;285345 | &nbsp;&nbsp;&nbsp;&nbsp;3513 |

---

------

S&P Small-Cap 600 Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Employers Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3411 |
|  | Two Harbors Investment Corp. | &nbsp;&nbsp;341091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3411 |
|  | Navient Corp. | &nbsp;&nbsp;238783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3274 |
| <sup>\*</sup> | Encore Capital Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3203 |
|  | Brookline Bancorp Inc. | &nbsp;&nbsp;292174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3199 |
|  | Franklin BSP Realty Trust Inc. | &nbsp;&nbsp;269594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3114 |
|  | Southside Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2899 |
|  | Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2888 |
|  | AMERISAFE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2883 |
| <sup>\*</sup> | EZCORP Inc. Class A | &nbsp;&nbsp;170673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2845 |
|  | Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;88188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2762 |
|  | Heritage Financial Corp. | &nbsp;&nbsp;111832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2733 |
|  | Redwood Trust Inc. | &nbsp;&nbsp;436414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2671 |
|  | Capitol Federal Financial Inc. | &nbsp;&nbsp;400644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2596 |
|  | TrustCo Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;62360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2481 |
|  | Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;98215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2471 |
|  | Ready Capital Corp. | &nbsp;&nbsp;558911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381 |
| <sup>\*</sup> | PRA Group Inc. | &nbsp;&nbsp;130278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2226 |
|  | United Fire Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2155 |
|  | New York Mortgage Trust Inc. | &nbsp;&nbsp;296082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2138 |
|  | Eagle Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;98974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1922 |
|  | KKR Real Estate Finance Trust Inc. | &nbsp;&nbsp;186813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799 |
| <sup>\*</sup> | World Acceptance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754 |
|  |  |  | &nbsp;&nbsp;**917435** |
| **Health Care (10.3%)** | **Health Care (10.3%)** | **Health Care (10.3%)** | **Health Care (10.3%)** |
| <sup>\*</sup> | Corcept Therapeutics Inc. | &nbsp;&nbsp;309272 | &nbsp;&nbsp;&nbsp;&nbsp;21562 |
|  | Teleflex Inc. | &nbsp;&nbsp;144792 | &nbsp;&nbsp;&nbsp;&nbsp;18303 |
| <sup>\*</sup> | Glaukos Corp. | &nbsp;&nbsp;187222 | &nbsp;&nbsp;&nbsp;&nbsp;17940 |
| <sup>\*</sup> | Merit Medical Systems Inc. | &nbsp;&nbsp;193670 | &nbsp;&nbsp;&nbsp;&nbsp;17535 |
| <sup>\*</sup> | RadNet Inc. | &nbsp;&nbsp;221702 | &nbsp;&nbsp;&nbsp;&nbsp;15909 |
| <sup>\*</sup> | ADMA Biologics Inc. | &nbsp;&nbsp;782117 | &nbsp;&nbsp;&nbsp;&nbsp;13499 |
| <sup>\*</sup> | Alkermes plc | &nbsp;&nbsp;464191 | &nbsp;&nbsp;&nbsp;&nbsp;13448 |
| <sup>\*</sup> | TG Therapeutics Inc. | &nbsp;&nbsp;444251 | &nbsp;&nbsp;&nbsp;&nbsp;13030 |
| <sup>\*</sup> | TransMedics Group Inc. | &nbsp;&nbsp;110839 | &nbsp;&nbsp;&nbsp;&nbsp;12742 |
| <sup>\*</sup> | Integer Holdings Corp. | &nbsp;&nbsp;114298 | &nbsp;&nbsp;&nbsp;&nbsp;12329 |
| <sup>\*</sup> | Krystal Biotech Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83408 | &nbsp;&nbsp;&nbsp;&nbsp;12319 |
| <sup>\*</sup> | Protagonist Therapeutics Inc. | &nbsp;&nbsp;203285 | &nbsp;&nbsp;&nbsp;&nbsp;12004 |
| <sup>\*</sup> | Prestige Consumer Healthcare Inc. | &nbsp;&nbsp;161829 | &nbsp;&nbsp;&nbsp;&nbsp;11011 |
| <sup>\*</sup> | ACADIA Pharmaceuticals Inc. | &nbsp;&nbsp;406192 | &nbsp;&nbsp;&nbsp;&nbsp;10557 |
| <sup>\*</sup> | ICU Medical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80722 | &nbsp;&nbsp;&nbsp;&nbsp;10305 |
| <sup>\*</sup> | Ligand Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63278 | &nbsp;&nbsp;&nbsp;&nbsp;10233 |
| <sup>\*</sup> | Arrowhead Pharmaceuticals Inc. | &nbsp;&nbsp;412158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9080 |
| <sup>\*</sup> | Inspire Medical Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9063 |
|  | Concentra Group Holdings Parent Inc. | &nbsp;&nbsp;356680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8489 |
| <sup>\*</sup> | Supernus Pharmaceuticals Inc. | &nbsp;&nbsp;183632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8285 |
|  | Organon & Co. | &nbsp;&nbsp;852595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8031 |
| <sup>\*</sup> | CorVel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;89109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7935 |
| <sup>\*</sup> | Privia Health Group Inc. | &nbsp;&nbsp;343881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7923 |
| <sup>\*</sup> | Veracyte Inc. | &nbsp;&nbsp;256849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7793 |
| <sup>\*</sup> | Catalyst Pharmaceuticals Inc. | &nbsp;&nbsp;376041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7743 |
|  | Premier Inc. Class A | &nbsp;&nbsp;269491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6980 |
| <sup>\*</sup> | Addus HomeCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6858 |
|  | LeMaitre Vascular Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6431 |
| <sup>\*</sup> | QuidelOrtho Corp. | &nbsp;&nbsp;217353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6236 |
| <sup>\*</sup> | Vericel Corp. | &nbsp;&nbsp;165107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6003 |
| <sup>\*</sup> | Sarepta Therapeutics Inc. | &nbsp;&nbsp;322505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5870 |
| <sup>\*</sup> | Progyny Inc. | &nbsp;&nbsp;244585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5789 |
| <sup>\*</sup> | Enovis Corp. | &nbsp;&nbsp;187334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5789 |
| <sup>\*</sup> | Artivion Inc. | &nbsp;&nbsp;126051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5537 |
|  | CONMED Corp. | &nbsp;&nbsp;101478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5516 |
| <sup>\*</sup> | ANI Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5218 |
| <sup>\*</sup> | UFP Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5047 |
| <sup>\*</sup> | Omnicell Inc. | &nbsp;&nbsp;153638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5007 |
| <sup>\*</sup> | Pediatrix Medical Group Inc. | &nbsp;&nbsp;276177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4753 |
| <sup>\*</sup> | Harmony Biosciences Holdings Inc. | &nbsp;&nbsp;126184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4655 |
|  | National HealthCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4606 |
| <sup>\*</sup> | Azenta Inc. | &nbsp;&nbsp;150146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4585 |
| <sup>\*</sup> | STAAR Surgical Co. | &nbsp;&nbsp;162382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4443 |
|  | Select Medical Holdings Corp. | &nbsp;&nbsp;341455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4442 |

---

------

S&P Small-Cap 600 Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | Astrana Health Inc. | &nbsp;&nbsp;136135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4351 |
|  | US Physical Therapy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4130 |
| <sup>\*</sup> | Collegium Pharmaceutical Inc. | &nbsp;&nbsp;105411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4090 |
| <sup>\*</sup> | Pacira BioSciences Inc. | &nbsp;&nbsp;151861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4050 |
| <sup>\*</sup> | Certara Inc. | &nbsp;&nbsp;361744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3921 |
| <sup>\*</sup> | Neogen Corp. | &nbsp;&nbsp;647712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3724 |
| <sup>\*</sup> | Dynavax Technologies Corp. | &nbsp;&nbsp;366253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3706 |
| <sup>\*</sup> | NeoGenomics Inc. | &nbsp;&nbsp;422060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3706 |
| <sup>\*</sup> | Innoviva Inc. | &nbsp;&nbsp;181181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3702 |
| <sup>\*</sup> | Amphastar Pharmaceuticals Inc. | &nbsp;&nbsp;120586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3692 |
| <sup>\*</sup> | Schrodinger Inc. | &nbsp;&nbsp;183180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3574 |
| <sup>\*</sup> | Integra LifeSciences Holdings Corp. | &nbsp;&nbsp;219168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3316 |
| <sup>\*</sup> | AdaptHealth Corp. Class A | &nbsp;&nbsp;346112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3285 |
| <sup>\*</sup> | BioLife Solutions Inc. | &nbsp;&nbsp;121671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3048 |
| <sup>\*</sup> | Fortrea Holdings Inc. | &nbsp;&nbsp;296796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2923 |
|  | Embecta Corp. | &nbsp;&nbsp;191679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2776 |
| <sup>\*</sup> | Tandem Diabetes Care Inc. | &nbsp;&nbsp;218445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2733 |
| <sup>\*</sup> | AMN Healthcare Services Inc. | &nbsp;&nbsp;125547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2609 |
|  | Phibro Animal Health Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;66795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476 |
| <sup>\*</sup> | Arcus Biosciences Inc. | &nbsp;&nbsp;222551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2357 |
|  | HealthStream Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2212 |
| <sup>\*</sup> | Myriad Genetics Inc. | &nbsp;&nbsp;302279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1926 |
| <sup>\*</sup> | Xencor Inc. | &nbsp;&nbsp;232012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1886 |
| <sup>\*</sup> | Avanos Medical Inc. | &nbsp;&nbsp;149904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790 |
| <sup>\*</sup> | Vir Biotechnology Inc. | &nbsp;&nbsp;301420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489 |
| <sup>\*</sup> | Cytek Biosciences Inc. | &nbsp;&nbsp;336475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393 |
|  | Mesa Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207 |
| <sup>\*</sup> | Owens & Minor Inc. | &nbsp;&nbsp;241310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182 |
| <sup>\*</sup> | Simulations Plus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 |
| <sup>\*,2</sup> | OmniAb Inc. 12.5 Earnout | &nbsp;&nbsp;&nbsp;&nbsp;27888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| <sup>\*,2</sup> | OmniAb Inc. 15 Earnout | &nbsp;&nbsp;&nbsp;&nbsp;27888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;**482847** |
| **Industrials (19.0%)** | **Industrials (19.0%)** | **Industrials (19.0%)** | **Industrials (19.0%)** |
| <sup>\*</sup> | Kratos Defense & Security Solutions Inc. | &nbsp;&nbsp;545472 | &nbsp;&nbsp;&nbsp;&nbsp;35914 |
| <sup>\*</sup> | SPX Technologies Inc. | &nbsp;&nbsp;161793 | &nbsp;&nbsp;&nbsp;&nbsp;30273 |
|  | Armstrong World Industries Inc. | &nbsp;&nbsp;142437 | &nbsp;&nbsp;&nbsp;&nbsp;27885 |
| <sup>\*</sup> | Sterling Infrastructure Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99671 | &nbsp;&nbsp;&nbsp;&nbsp;27761 |
|  | Federal Signal Corp. | &nbsp;&nbsp;199814 | &nbsp;&nbsp;&nbsp;&nbsp;24575 |
| <sup>\*</sup> | Dycom Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;94329 | &nbsp;&nbsp;&nbsp;&nbsp;23815 |
|  | JBT Marel Corp. | &nbsp;&nbsp;151576 | &nbsp;&nbsp;&nbsp;&nbsp;21719 |
|  | Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;463216 | &nbsp;&nbsp;&nbsp;&nbsp;21011 |
|  | Air Lease Corp. Class A | &nbsp;&nbsp;340642 | &nbsp;&nbsp;&nbsp;&nbsp;20510 |
| <sup>\*</sup> | Gates Industrial Corp. plc | &nbsp;&nbsp;751764 | &nbsp;&nbsp;&nbsp;&nbsp;19215 |
|  | Moog Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;92708 | &nbsp;&nbsp;&nbsp;&nbsp;18157 |
|  | ESCO Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;84625 | &nbsp;&nbsp;&nbsp;&nbsp;17002 |
| <sup>\*</sup> | Resideo Technologies Inc. | &nbsp;&nbsp;486613 | &nbsp;&nbsp;&nbsp;&nbsp;16569 |
| <sup>\*</sup> | SkyWest Inc. | &nbsp;&nbsp;132574 | &nbsp;&nbsp;&nbsp;&nbsp;16095 |
|  | Arcosa Inc. | &nbsp;&nbsp;159955 | &nbsp;&nbsp;&nbsp;&nbsp;15828 |
|  | Granite Construction Inc. | &nbsp;&nbsp;143321 | &nbsp;&nbsp;&nbsp;&nbsp;15443 |
|  | Enpro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68935 | &nbsp;&nbsp;&nbsp;&nbsp;15081 |
|  | CSW Industrials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54990 | &nbsp;&nbsp;&nbsp;&nbsp;15042 |
|  | WillScot Holdings Corp. | &nbsp;&nbsp;598199 | &nbsp;&nbsp;&nbsp;&nbsp;14500 |
| <sup>\*</sup> | GMS Inc. | &nbsp;&nbsp;125998 | &nbsp;&nbsp;&nbsp;&nbsp;13851 |
|  | Mueller Water Products Inc. Class A | &nbsp;&nbsp;513301 | &nbsp;&nbsp;&nbsp;&nbsp;13531 |
| <sup>\*</sup> | Everus Construction Group Inc. | &nbsp;&nbsp;167083 | &nbsp;&nbsp;&nbsp;&nbsp;13106 |
| <sup>\*</sup> | Verra Mobility Corp. Class A | &nbsp;&nbsp;522302 | &nbsp;&nbsp;&nbsp;&nbsp;12979 |
|  | Franklin Electric Co. Inc. | &nbsp;&nbsp;128434 | &nbsp;&nbsp;&nbsp;&nbsp;12569 |
|  | Korn Ferry | &nbsp;&nbsp;169174 | &nbsp;&nbsp;&nbsp;&nbsp;12543 |
|  | Kadant Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38569 | &nbsp;&nbsp;&nbsp;&nbsp;12469 |
| <sup>\*</sup> | Amentum Holdings Inc. | &nbsp;&nbsp;494787 | &nbsp;&nbsp;&nbsp;&nbsp;12345 |
|  | Robert Half Inc. | &nbsp;&nbsp;328832 | &nbsp;&nbsp;&nbsp;&nbsp;12272 |
| <sup>\*</sup> | Sunrun Inc. | &nbsp;&nbsp;748464 | &nbsp;&nbsp;&nbsp;&nbsp;11953 |
|  | Rush Enterprises Inc. Class A | &nbsp;&nbsp;200449 | &nbsp;&nbsp;&nbsp;&nbsp;11506 |
| <sup>\*</sup> | Mercury Systems Inc. | &nbsp;&nbsp;166579 | &nbsp;&nbsp;&nbsp;&nbsp;11252 |
|  | Brady Corp. Class A | &nbsp;&nbsp;143396 | &nbsp;&nbsp;&nbsp;&nbsp;11196 |
|  | Matson Inc. | &nbsp;&nbsp;106928 | &nbsp;&nbsp;&nbsp;&nbsp;11126 |
|  | AZZ Inc. | &nbsp;&nbsp;&nbsp;&nbsp;97978 | &nbsp;&nbsp;&nbsp;&nbsp;11061 |
|  | Boise Cascade Co. | &nbsp;&nbsp;123219 | &nbsp;&nbsp;&nbsp;&nbsp;10720 |
| <sup>\*</sup> | OPENLANE Inc. | &nbsp;&nbsp;352204 | &nbsp;&nbsp;&nbsp;&nbsp;10186 |

---

------

S&P Small-Cap 600 Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | ABM Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;203805 | &nbsp;&nbsp;&nbsp;&nbsp;10021 |
|  | Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;127822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9735 |
| <sup>\*</sup> | MYR Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9534 |
| <sup>\*</sup> | GEO Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;454474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9426 |
| <sup>\*</sup> | AAR Corp. | &nbsp;&nbsp;&nbsp;&nbsp;116313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800 |
|  | UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8738 |
|  | Powell Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8217 |
|  | Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8080 |
| <sup>\*</sup> | RXO Inc. | &nbsp;&nbsp;&nbsp;&nbsp;467705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7638 |
|  | Trinity Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;267662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7607 |
| <sup>\*</sup> | Hayward Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;468201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7529 |
|  | Enerpac Tool Group Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;177382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7510 |
|  | Hub Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;198928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7444 |
| <sup>\*</sup> | CoreCivic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;358021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7261 |
|  | Alamo Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7211 |
|  | HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;152694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6862 |
|  | Worthington Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;101509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6679 |
|  | Albany International Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6290 |
|  | Pitney Bowes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;517211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6269 |
| <sup>\*</sup> | Gibraltar Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6054 |
|  | Hillenbrand Inc. | &nbsp;&nbsp;&nbsp;&nbsp;231054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5866 |
|  | Werner Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;202548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5844 |
|  | CSG Systems International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5813 |
|  | ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5543 |
| <sup>\*</sup> | DNOW Inc. | &nbsp;&nbsp;&nbsp;&nbsp;346228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5540 |
|  | Kennametal Inc. | &nbsp;&nbsp;&nbsp;&nbsp;250026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5358 |
| <sup>\*</sup> | JetBlue Airways Corp. | &nbsp;&nbsp;&nbsp;&nbsp;999337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5346 |
| <sup>\*</sup> | Masterbrand Inc. | &nbsp;&nbsp;&nbsp;&nbsp;415654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5283 |
| <sup>\*</sup> | DXP Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5206 |
|  | Interface Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;192238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5137 |
|  | Tennant Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5019 |
|  | Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4891 |
|  | Greenbrier Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 |
|  | MillerKnoll Inc. | &nbsp;&nbsp;&nbsp;&nbsp;222188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4690 |
| <sup>\*</sup> | Proto Labs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3883 |
| <sup>\*</sup> | Vicor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3871 |
|  | Schneider National Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;154190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3812 |
| <sup>\*</sup> | Healthcare Services Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;239171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3733 |
|  | Astec Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3471 |
|  | Heidrick & Struggles International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3436 |
|  | Quanex Building Products Corp. | &nbsp;&nbsp;&nbsp;&nbsp;154049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3277 |
| <sup>\*</sup> | American Woodmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3141 |
|  | Apogee Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3111 |
| <sup>\*</sup> | Enviri Corp. | &nbsp;&nbsp;&nbsp;&nbsp;263983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2983 |
| <sup>\*</sup> | Allegiant Travel Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2973 |
|  | Deluxe Corp. | &nbsp;&nbsp;&nbsp;&nbsp;146723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2885 |
|  | Insteel Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2444 |
| <sup>\*</sup> | Hertz Global Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;405776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2325 |
|  | Marten Transport Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;189807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2247 |
| <sup>\*</sup> | Forward Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070 |
| <sup>\*</sup> | Liquidity Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989 |
|  | National Presto Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1762 |
|  | Vestis Corp. | &nbsp;&nbsp;&nbsp;&nbsp;374228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751 |
| <sup>\*</sup> | Sun Country Airlines Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;129458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715 |
| <sup>\*</sup> | Titan International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;157577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390 |
|  | Heartland Express Inc. | &nbsp;&nbsp;&nbsp;&nbsp;141535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216 |
|  |  |  | &nbsp;&nbsp;**891786** |
| **Information Technology (12.7%)** | **Information Technology (12.7%)** | **Information Technology (12.7%)** | **Information Technology (12.7%)** |
| <sup>\*</sup> | Qorvo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;306095 | &nbsp;&nbsp;&nbsp;&nbsp;27763 |
| <sup>\*</sup> | Sandisk Corp. | &nbsp;&nbsp;&nbsp;&nbsp;442840 | &nbsp;&nbsp;&nbsp;&nbsp;23236 |
|  | InterDigital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85012 | &nbsp;&nbsp;&nbsp;&nbsp;23099 |
| <sup>\*</sup> | Sanmina Corp. | &nbsp;&nbsp;&nbsp;&nbsp;175201 | &nbsp;&nbsp;&nbsp;&nbsp;20590 |
|  | Advanced Energy Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;123378 | &nbsp;&nbsp;&nbsp;&nbsp;18467 |
| <sup>\*,1</sup> | MARA Holdings Inc. | &nbsp;&nbsp;1153266 | &nbsp;&nbsp;&nbsp;&nbsp;18429 |
| <sup>\*</sup> | Itron Inc. | &nbsp;&nbsp;&nbsp;&nbsp;149398 | &nbsp;&nbsp;&nbsp;&nbsp;18367 |
|  | Badger Meter Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96518 | &nbsp;&nbsp;&nbsp;&nbsp;17655 |
| <sup>\*</sup> | ACI Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;343742 | &nbsp;&nbsp;&nbsp;&nbsp;16964 |
| <sup>\*</sup> | SiTime Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68441 | &nbsp;&nbsp;&nbsp;&nbsp;16540 |
| <sup>\*</sup> | Semtech Corp. | &nbsp;&nbsp;&nbsp;&nbsp;283849 | &nbsp;&nbsp;&nbsp;&nbsp;16489 |

---

------

S&P Small-Cap 600 Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | Ralliant Corp. | &nbsp;&nbsp;371190 | &nbsp;&nbsp;&nbsp;&nbsp;15519 |
| <sup>\*</sup> | Box Inc. Class A | &nbsp;&nbsp;474520 | &nbsp;&nbsp;&nbsp;&nbsp;15484 |
| <sup>\*</sup> | TTM Technologies Inc. | &nbsp;&nbsp;332999 | &nbsp;&nbsp;&nbsp;&nbsp;14842 |
| <sup>\*</sup> | Impinj Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76915 | &nbsp;&nbsp;&nbsp;&nbsp;14419 |
| <sup>\*</sup> | SPS Commerce Inc. | &nbsp;&nbsp;124415 | &nbsp;&nbsp;&nbsp;&nbsp;13723 |
| <sup>\*</sup> | Plexus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;88737 | &nbsp;&nbsp;&nbsp;&nbsp;12158 |
| <sup>\*</sup> | OSI Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51208 | &nbsp;&nbsp;&nbsp;&nbsp;11780 |
| <sup>\*</sup> | Insight Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89938 | &nbsp;&nbsp;&nbsp;&nbsp;11706 |
| <sup>\*</sup> | Calix Inc. | &nbsp;&nbsp;189207 | &nbsp;&nbsp;&nbsp;&nbsp;11248 |
|  | Clear Secure Inc. Class A | &nbsp;&nbsp;302612 | &nbsp;&nbsp;&nbsp;&nbsp;10988 |
| <sup>\*</sup> | Alarm.com Holdings Inc. | &nbsp;&nbsp;163142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9565 |
| <sup>\*</sup> | Extreme Networks Inc. | &nbsp;&nbsp;436736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9337 |
| <sup>\*</sup> | BlackLine Inc. | &nbsp;&nbsp;169371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9209 |
| <sup>\*</sup> | Viasat Inc. | &nbsp;&nbsp;279496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9036 |
| <sup>\*</sup> | Cleanspark Inc. | &nbsp;&nbsp;912208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8639 |
| <sup>\*</sup> | DXC Technology Co. | &nbsp;&nbsp;593494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8576 |
| <sup>\*</sup> | Axcelis Technologies Inc. | &nbsp;&nbsp;105369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8434 |
| <sup>\*</sup> | Diodes Inc. | &nbsp;&nbsp;152166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8283 |
| <sup>\*</sup> | Viavi Solutions Inc. | &nbsp;&nbsp;730852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8244 |
| <sup>\*</sup> | Agilysys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8034 |
| <sup>\*</sup> | FormFactor Inc. | &nbsp;&nbsp;252756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7378 |
| <sup>\*</sup> | DigitalOcean Holdings Inc. | &nbsp;&nbsp;206018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6720 |
| <sup>\*</sup> | Teradata Corp. | &nbsp;&nbsp;313544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6578 |
| <sup>\*,1</sup> | SolarEdge Technologies Inc. | &nbsp;&nbsp;193646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6549 |
| <sup>\*</sup> | Progress Software Corp. | &nbsp;&nbsp;141118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6532 |
|  | Kulicke & Soffa Industries Inc. | &nbsp;&nbsp;173023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6488 |
|  | ePlus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;86388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6252 |
| <sup>\*</sup> | Knowles Corp. | &nbsp;&nbsp;285225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6090 |
| <sup>\*</sup> | LiveRamp Holdings Inc. | &nbsp;&nbsp;215673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6022 |
| <sup>\*</sup> | NCR Voyix Corp. | &nbsp;&nbsp;451772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5954 |
| <sup>\*</sup> | Arlo Technologies Inc. | &nbsp;&nbsp;339112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5904 |
| <sup>\*</sup> | NetScout Systems Inc. | &nbsp;&nbsp;233931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5823 |
|  | Vishay Intertechnology Inc. | &nbsp;&nbsp;368425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5696 |
|  | Adeia Inc. | &nbsp;&nbsp;355845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5352 |
| <sup>\*</sup> | Veeco Instruments Inc. | &nbsp;&nbsp;196513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4819 |
|  | Benchmark Electronics Inc. | &nbsp;&nbsp;118356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4804 |
| <sup>\*</sup> | Photronics Inc. | &nbsp;&nbsp;208404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4725 |
| <sup>\*</sup> | Rogers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;55281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4337 |
| <sup>\*</sup> | Digi International Inc. | &nbsp;&nbsp;121554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4220 |
|  | A10 Networks Inc. | &nbsp;&nbsp;236393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4187 |
| <sup>\*</sup> | Penguin Solutions Inc. | &nbsp;&nbsp;172989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4174 |
|  | CTS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;97856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4158 |
| <sup>\*</sup> | MaxLinear Inc. Class A | &nbsp;&nbsp;257761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4052 |
| <sup>\*</sup> | Harmonic Inc. | &nbsp;&nbsp;370892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3568 |
| <sup>\*</sup> | Ultra Clean Holdings Inc. | &nbsp;&nbsp;148032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3556 |
| <sup>\*</sup> | Sprinklr Inc. Class A | &nbsp;&nbsp;376443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3252 |
| <sup>\*</sup> | Cohu Inc. | &nbsp;&nbsp;152448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3034 |
| <sup>\*</sup> | ScanSource Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2975 |
|  | PC Connection Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2513 |
| <sup>\*</sup> | Alpha & Omega Semiconductor Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;79743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2294 |
| <sup>\*</sup> | PDF Solutions Inc. | &nbsp;&nbsp;102340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093 |
| <sup>\*</sup> | N-able Inc. | &nbsp;&nbsp;234562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891 |
| <sup>\*</sup> | Ichor Holdings Ltd. | &nbsp;&nbsp;111890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1885 |
| <sup>\*</sup> | CEVA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742 |
| <sup>\*</sup> | Grid Dynamics Holdings Inc. | &nbsp;&nbsp;203974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1691 |
|  | Xerox Holdings Corp. | &nbsp;&nbsp;382188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521 |
| <sup>\*</sup> | Corsair Gaming Inc. | &nbsp;&nbsp;148495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326 |
|  |  |  | &nbsp;&nbsp;**596978** |
| **Materials (5.2%)** | **Materials (5.2%)** | **Materials (5.2%)** | **Materials (5.2%)** |
| <sup>\*,1</sup> | MP Materials Corp. | &nbsp;&nbsp;436579 | &nbsp;&nbsp;&nbsp;&nbsp;31058 |
|  | Element Solutions Inc. | &nbsp;&nbsp;731012 | &nbsp;&nbsp;&nbsp;&nbsp;18802 |
|  | Balchem Corp. | &nbsp;&nbsp;106887 | &nbsp;&nbsp;&nbsp;&nbsp;17325 |
|  | Celanese Corp. | &nbsp;&nbsp;358466 | &nbsp;&nbsp;&nbsp;&nbsp;17074 |
|  | FMC Corp. | &nbsp;&nbsp;409253 | &nbsp;&nbsp;&nbsp;&nbsp;16002 |
|  | Sensient Technologies Corp. | &nbsp;&nbsp;139127 | &nbsp;&nbsp;&nbsp;&nbsp;15785 |
|  | Sealed Air Corp. | &nbsp;&nbsp;481746 | &nbsp;&nbsp;&nbsp;&nbsp;15642 |
|  | HB Fuller Co. | &nbsp;&nbsp;177411 | &nbsp;&nbsp;&nbsp;&nbsp;10831 |
|  | Warrior Met Coal Inc. | &nbsp;&nbsp;172379 | &nbsp;&nbsp;&nbsp;&nbsp;10539 |
|  | Hawkins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62079 | &nbsp;&nbsp;&nbsp;&nbsp;10388 |

---

------

S&P Small-Cap 600 Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7564 |
|  | Chemours Co. | &nbsp;&nbsp;&nbsp;&nbsp;490863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7559 |
|  | Innospec Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7170 |
| <sup>\*</sup> | Ingevity Corp. | &nbsp;&nbsp;&nbsp;&nbsp;119591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6982 |
|  | Minerals Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6811 |
| <sup>\*</sup> | O-I Glass Inc. | &nbsp;&nbsp;&nbsp;&nbsp;507306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6590 |
|  | Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6477 |
| <sup>\*</sup> | Alpha Metallurgical Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5365 |
|  | Sylvamo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;112185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5175 |
|  | Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4087 |
| <sup>\*</sup> | Century Aluminum Co. | &nbsp;&nbsp;&nbsp;&nbsp;171363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3826 |
|  | Worthington Steel Inc. | &nbsp;&nbsp;&nbsp;&nbsp;114821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3824 |
|  | Stepan Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3481 |
|  | SunCoke Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;277568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2143 |
| <sup>\*</sup> | Metallus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;121260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992 |
|  | Koppers Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1892 |
|  | AdvanSix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1886 |
|  |  |  | &nbsp;&nbsp;**246270** |
| **Real Estate (7.6%)** | **Real Estate (7.6%)** | **Real Estate (7.6%)** | **Real Estate (7.6%)** |
|  | CareTrust REIT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;694300 | &nbsp;&nbsp;&nbsp;&nbsp;23891 |
|  | Essential Properties Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;647323 | &nbsp;&nbsp;&nbsp;&nbsp;20274 |
|  | Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;338595 | &nbsp;&nbsp;&nbsp;&nbsp;19561 |
|  | Ryman Hospitality Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;196634 | &nbsp;&nbsp;&nbsp;&nbsp;19425 |
|  | Macerich Co. | &nbsp;&nbsp;&nbsp;&nbsp;827580 | &nbsp;&nbsp;&nbsp;&nbsp;15227 |
|  | Phillips Edison & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;410836 | &nbsp;&nbsp;&nbsp;&nbsp;14457 |
|  | Millrose Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;394009 | &nbsp;&nbsp;&nbsp;&nbsp;13912 |
|  | SL Green Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;232596 | &nbsp;&nbsp;&nbsp;&nbsp;13232 |
|  | Tanger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;370728 | &nbsp;&nbsp;&nbsp;&nbsp;12672 |
| <sup>\*</sup> | Cushman & Wakefield plc | &nbsp;&nbsp;&nbsp;&nbsp;757614 | &nbsp;&nbsp;&nbsp;&nbsp;11948 |
|  | Highwoods Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;353560 | &nbsp;&nbsp;&nbsp;&nbsp;11148 |
|  | Apple Hospitality REIT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;725577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9476 |
|  | Douglas Emmett Inc. | &nbsp;&nbsp;&nbsp;&nbsp;549118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8901 |
| <sup>1</sup> | Medical Properties Trust Inc. | &nbsp;&nbsp;1970354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8867 |
|  | LXP Industrial Trust | &nbsp;&nbsp;&nbsp;&nbsp;969942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8807 |
|  | Acadia Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;429476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8594 |
|  | Urban Edge Properties | &nbsp;&nbsp;&nbsp;&nbsp;412384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8532 |
|  | Four Corners Property Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;328920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8516 |
|  | Outfront Media Inc. | &nbsp;&nbsp;&nbsp;&nbsp;454774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8495 |
|  | Curbline Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;310552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6997 |
|  | St. Joe Co. | &nbsp;&nbsp;&nbsp;&nbsp;124118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6263 |
|  | Sunstone Hotel Investors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;652111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6182 |
|  | DiamondRock Hospitality Co. | &nbsp;&nbsp;&nbsp;&nbsp;676544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5791 |
|  | LTC Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;150628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5498 |
|  | Innovative Industrial Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5205 |
|  | JBG SMITH Properties | &nbsp;&nbsp;&nbsp;&nbsp;239565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5136 |
|  | Global Net Lease Inc. | &nbsp;&nbsp;&nbsp;&nbsp;628511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4946 |
|  | Elme Communities | &nbsp;&nbsp;&nbsp;&nbsp;289082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4938 |
|  | Getty Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;167256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4782 |
|  | Alexander & Baldwin Inc. | &nbsp;&nbsp;&nbsp;&nbsp;238436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4611 |
|  | Xenia Hotels & Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;323643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4573 |
|  | Pebblebrook Hotel Trust | &nbsp;&nbsp;&nbsp;&nbsp;389169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4335 |
|  | Veris Residential Inc. | &nbsp;&nbsp;&nbsp;&nbsp;265962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4184 |
|  | Kennedy-Wilson Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;389952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3432 |
|  | Centerspace | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3264 |
|  | American Assets Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;154785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3235 |
|  | Easterly Government Properties Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;138291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3166 |
|  | eXp World Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;281708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3051 |
|  | Marcus & Millichap Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2582 |
|  | NexPoint Residential Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2480 |
|  | Safehold Inc. | &nbsp;&nbsp;&nbsp;&nbsp;150495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2477 |
|  | Brandywine Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;566834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2415 |
|  | Summit Hotel Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;356658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955 |
|  | Whitestone REIT | &nbsp;&nbsp;&nbsp;&nbsp;146535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1928 |
|  | Armada Hoffler Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;261837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1906 |
|  | SITE Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;154826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1901 |
|  | Universal Health Realty Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696 |
|  | Saul Centers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355 |
|  |  |  | &nbsp;&nbsp;**356219** |

---

------

S&P Small-Cap 600 Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Market<br> Value•  ($000)** |
| **Utilities (2.1%)** | **Utilities (2.1%)** | **Utilities (2.1%)** | **Utilities (2.1%)** |
|  | Otter Tail Corp. | &nbsp;&nbsp;137258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11528 |
|  | MDU Resources Group Inc. | &nbsp;&nbsp;670148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10917 |
|  | MGE Energy Inc. | &nbsp;&nbsp;119840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10204 |
|  | Avista Corp. | &nbsp;&nbsp;263825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9640 |
|  | Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;76385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9440 |
|  | American States Water Co. | &nbsp;&nbsp;126111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9399 |
|  | California Water Service Group | &nbsp;&nbsp;195074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9155 |
|  | Clearway Energy Inc. Class C | &nbsp;&nbsp;272414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8121 |
|  | Northwest Natural Holding Co. | &nbsp;&nbsp;132194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5490 |
|  | H2O America | &nbsp;&nbsp;102022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5139 |
|  | Clearway Energy Inc. Class A | &nbsp;&nbsp;114220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3220 |
|  | Middlesex Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;58779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3147 |
|  | Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;53285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2502 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**97902** |
| **Total Common Stocks (Cost $3,881,515)** | **Total Common Stocks (Cost $3,881,515)** | **Total Common Stocks (Cost $3,881,515)** | **4692494** |
| **Temporary Cash Investments (0.8%)** | **Temporary Cash Investments (0.8%)** | **Temporary Cash Investments (0.8%)** | **Temporary Cash Investments (0.8%)** |
| **Money Market Fund (0.8%)** | **Money Market Fund (0.8%)** | **Money Market Fund (0.8%)** | **Money Market Fund (0.8%)** |
| <sup>3,4</sup> | Vanguard Market Liquidity Fund, 4.362% **(Cost $39,995)** | &nbsp;&nbsp;400032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**39999** |
| **Total Investments (100.7%) (Cost $3,921,510)** | **Total Investments (100.7%) (Cost $3,921,510)** |  | &nbsp;&nbsp;**4732493** |
| **Other Assets and Liabilities—Net (-0.7%)** | **Other Assets and Liabilities—Net (-0.7%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(35064)** |
| **Net Assets (100%)** | **Net Assets (100%)** |  | &nbsp;&nbsp;**4697429** |

---

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 $36,213. |
| 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 $38,290 was received for securities on loan. |

---

REIT—Real Estate Investment Trust.

------

#### 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 | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts |
| E-mini Russell 2000 Index | September 2025 | 20 | 2370 | &nbsp;&nbsp;53 |

---

&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 | Counterparty | Notional<br> Amount<br> ($000) | Floating<br> Interest<br> Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | Value and<br> Unrealized<br> Appreciation<br> ($000) | Value and<br> Unrealized<br> (Depreciation) ($000) |
| Alkermes plc | 8/31/2026 | BANA | 2202 | (4.337) |  |  |

---

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.

------

S&P Small-Cap 600 Index Fund

Statement of Assets and Liabilities

As of August 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;Unaffiliated Issuers (Cost $3,881,515) | 4692494 |
| &nbsp;&nbsp;Affiliated Issuers (Cost $39,995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39999 |
| Total Investments in Securities | 4732493 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10758 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4208 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total Assets** | **4748004** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11144 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38290 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**50575** |
| **Net Assets** | **4697429** |
| 1 Includes $36,213 of securities on loan. |  |
| **<br>At August 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 4722366 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;(24937) |
| **Net Assets** | **4697429** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 27,600,429 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **3021056** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**$109.46** |
| **Institutional Shares—Net Assets** |  |
| **Applicable to 3,806,070 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **1676373** |
| **Net Asset Value Per Share—Institutional Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**$440.45** |

---

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

------

S&P Small-Cap 600 Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60860 |
| Non-Cash Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7349 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69028 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| Shareholders' Reports and Proxy Fees—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 |
| Shareholders' Reports and Proxy Fees—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;18 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3326 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65702** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96783 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1116) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1923) |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**93744** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5149) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685 |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4419)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**155027** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $83. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $186, ($5), and ($1), respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $222,526 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

S&P Small-Cap 600 Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74598 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55903) |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699116 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;155027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717811 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;(45054) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36371) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;(25447) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31964) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(70501) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68335) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;(341996) | &nbsp;&nbsp;&nbsp;&nbsp;(224872) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;(284290) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53050 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;(199764) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702526 |
| **Net Assets** |  |  |
| **Beginning of Period** | **4897193** | &nbsp;&nbsp;&nbsp;**4194667** |
| **End of Period** | **4697429** | &nbsp;&nbsp;&nbsp;**4897193** |

---

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

------

S&P Small-Cap 600 Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ETF Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023<sup>1</sup> | &nbsp;&nbsp;&nbsp;2022<sup>1</sup> | &nbsp;&nbsp;&nbsp;2021<sup>1</sup> |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$107.36** | &nbsp;&nbsp;&nbsp;&nbsp;**$92.94** | &nbsp;&nbsp;&nbsp;**$89.49** | &nbsp;&nbsp;&nbsp;**$103.20** | &nbsp;&nbsp;&nbsp;&nbsp;**$67.80** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.143 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.266 | &nbsp;&nbsp;&nbsp;&nbsp;(13.765) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.170 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.761 | &nbsp;&nbsp;&nbsp;&nbsp;(12.492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.313 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.574) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.459) | &nbsp;&nbsp;&nbsp;&nbsp;(1.311) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.218) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.913) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.574) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.459) | &nbsp;&nbsp;&nbsp;&nbsp;(1.311) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.218) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.913) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$109.46** | &nbsp;&nbsp;&nbsp;**$107.36** | &nbsp;&nbsp;&nbsp;**$92.94** | &nbsp;&nbsp;&nbsp;&nbsp;**$89.49** | &nbsp;&nbsp;&nbsp;**$103.20** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**3.46%** | &nbsp;&nbsp;&nbsp;**17.25%** | &nbsp;&nbsp;&nbsp;**5.44%** | &nbsp;&nbsp;&nbsp;**-12.26%** | &nbsp;&nbsp;&nbsp;**53.88%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$3021 | &nbsp;&nbsp;&nbsp;$2915 | &nbsp;&nbsp;&nbsp;$2265 | &nbsp;&nbsp;&nbsp;$2027 | &nbsp;&nbsp;&nbsp;$1806 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.10% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;1.68% | &nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;1.25% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;18% |

---

---

| | |
|:---|:---|
| 1 | Adjusted to reflect a 2-for-1 share split effective March 13, 2023. |
| 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.

------

S&P Small-Cap 600 Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$431.91** | &nbsp;&nbsp;&nbsp;**$373.91** | &nbsp;&nbsp;&nbsp;**$360.00** | &nbsp;&nbsp;&nbsp;**$415.16** | &nbsp;&nbsp;&nbsp;**$272.71** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.566 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.135 | &nbsp;&nbsp;&nbsp;&nbsp;(55.426) | &nbsp;&nbsp;&nbsp;&nbsp;141.589 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.222 | &nbsp;&nbsp;&nbsp;&nbsp;(50.200) | &nbsp;&nbsp;&nbsp;&nbsp;146.155 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.939) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.312) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.705) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.939) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.312) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.705) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$440.45** | &nbsp;&nbsp;&nbsp;**$431.91** | &nbsp;&nbsp;&nbsp;**$373.91** | &nbsp;&nbsp;&nbsp;**$360.00** | &nbsp;&nbsp;&nbsp;**$415.16** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**3.49%** | &nbsp;&nbsp;&nbsp;**17.24%** | &nbsp;&nbsp;&nbsp;**5.46%** | &nbsp;&nbsp;&nbsp;**-12.21%** | &nbsp;&nbsp;&nbsp;**53.93%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$1676 | &nbsp;&nbsp;&nbsp;$1982 | &nbsp;&nbsp;&nbsp;$1929 | &nbsp;&nbsp;&nbsp;$1996 | &nbsp;&nbsp;&nbsp;$1852 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.08% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;1.70% | &nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;1.26% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;18% |

---

---

| | |
|:---|:---|
| 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 0.08%. |
| 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.

------

S&P Small-Cap 600 Index Fund

Notes to Financial Statements

Vanguard S&P Small-Cap 600 Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker.

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

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.

Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

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

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

During the year ended August 31, 2025, the fund's average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

3. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund's target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.

A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund's maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty's default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.

The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.

During the year ended August 31, 2025, the fund's average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.

4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

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.

------

S&P Small-Cap 600 Index Fund

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

7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the year ended August 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

8. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

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

B. In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At August 31, 2025, the fund had contributed to Vanguard capital in the amount of $111,000, representing less than 0.01% of the fund's net assets and 0.04% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

C. Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

#### Level 1 —Quoted prices in active markets for identical securities.

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.**

------

S&P Small-Cap 600 Index Fund

The following table summarizes the market value of the fund's investments and derivatives as of August 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 4692494 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4692494 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39999 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39999 |
| Total | 4732493 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4732493 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

D. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.

Permanent differences were reclassified between the following accounts:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;222333 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(222333) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36400 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp;796407 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;(857744) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;(24937) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;70501 | &nbsp;&nbsp;&nbsp;68335 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;70501 | &nbsp;&nbsp;&nbsp;68335 |

---

\* Includes short-term capital gains, if any.

------

S&P Small-Cap 600 Index Fund

As of August 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;3936086 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;1286718 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(490311) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796407 |

---

E. During the year ended August 31, 2025, the fund purchased $1,006,023,000 of investment securities and sold $1,291,315,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $582,407,000 and $569,460,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended August 31, 2025, such purchases were $245,296,000 and sales were $103,963,000, resulting in net realized loss of $1,775,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;636993 | &nbsp;&nbsp;&nbsp;&nbsp;6075 | &nbsp;&nbsp;&nbsp;&nbsp;717857 | &nbsp;&nbsp;&nbsp;&nbsp;7425 |
| 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;— |
| Redeemed | (579287) | &nbsp;&nbsp;&nbsp;(5625) | &nbsp;&nbsp;&nbsp;(439935) | &nbsp;&nbsp;&nbsp;(4650) |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;57706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;277922 | &nbsp;&nbsp;&nbsp;&nbsp;2775 |
| **Institutional Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;221062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534 | &nbsp;&nbsp;&nbsp;&nbsp;323028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;22434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |
| Redeemed | (585492) | &nbsp;&nbsp;&nbsp;(1370) | &nbsp;&nbsp;&nbsp;(575951) | &nbsp;&nbsp;&nbsp;(1488) |
| Net Increase (Decrease)—Institutional Shares | (341996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(784) | &nbsp;&nbsp;&nbsp;(224872) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(570) |

---

G. Significant market disruptions, such as those caused by pandemics, natural or environmental ‎disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and global ‎markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

H. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

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

------

S&P Small-Cap 600 Value Index Fund

Financial Statements

#### Schedule of Investments
As of August 31, 2025

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Common Stocks (99.3%)** | **Common Stocks (99.3%)** | **Common Stocks (99.3%)** | **Common Stocks (99.3%)** |
| **Communication Services (3.1%)** | **Communication Services (3.1%)** | **Communication Services (3.1%)** | **Communication Services (3.1%)** |
|  | Telephone & Data Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;199596 | &nbsp;&nbsp;&nbsp;&nbsp;8002 |
|  | TEGNA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;325252 | &nbsp;&nbsp;&nbsp;&nbsp;6895 |
| <sup>\*</sup> | Lumen Technologies Inc. | &nbsp;&nbsp;1017309 | &nbsp;&nbsp;&nbsp;&nbsp;5056 |
| <sup>\*</sup> | IAC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;131879 | &nbsp;&nbsp;&nbsp;&nbsp;4829 |
| <sup>\*</sup> | Ziff Davis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85176 | &nbsp;&nbsp;&nbsp;&nbsp;3255 |
| <sup>\*</sup> | DoubleVerify Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;120100 | &nbsp;&nbsp;&nbsp;&nbsp;1954 |
| <sup>\*</sup> | Yelp Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58143 | &nbsp;&nbsp;&nbsp;&nbsp;1839 |
| <sup>\*</sup> | Angi Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85461 | &nbsp;&nbsp;&nbsp;&nbsp;1514 |
|  | Cable One Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9339 | &nbsp;&nbsp;&nbsp;&nbsp;1508 |
|  | John Wiley & Sons Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33895 | &nbsp;&nbsp;&nbsp;&nbsp;1375 |
| <sup>\*</sup> | TripAdvisor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78866 | &nbsp;&nbsp;&nbsp;&nbsp;1374 |
|  | Shenandoah Telecommunications Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93255 | &nbsp;&nbsp;&nbsp;&nbsp;1236 |
|  | Scholastic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47619 | &nbsp;&nbsp;&nbsp;&nbsp;1222 |
|  | Shutterstock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49233 | &nbsp;&nbsp;&nbsp;&nbsp;1030 |
|  | Uniti Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;158724 | &nbsp;&nbsp;&nbsp;&nbsp;1000 |
| <sup>\*</sup> | Cars.com Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856 |
| <sup>\*</sup> | Gogo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718 |
| <sup>\*</sup> | Thryv Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674 |
| <sup>\*</sup> | TechTarget Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 |
|  |  |  | &nbsp;&nbsp;**44515** |
| **Consumer Discretionary (14.9%)** | **Consumer Discretionary (14.9%)** | **Consumer Discretionary (14.9%)** | **Consumer Discretionary (14.9%)** |
|  | BorgWarner Inc. | &nbsp;&nbsp;&nbsp;&nbsp;444643 | &nbsp;&nbsp;19013 |
|  | Meritage Homes Corp. | &nbsp;&nbsp;&nbsp;&nbsp;145359 | &nbsp;&nbsp;11293 |
| <sup>\*</sup> | Asbury Automotive Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39784 | &nbsp;&nbsp;10007 |
|  | Advance Auto Parts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;121083 | &nbsp;&nbsp;&nbsp;&nbsp;7385 |
|  | Academy Sports & Outdoors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134629 | &nbsp;&nbsp;&nbsp;&nbsp;7209 |
|  | Group 1 Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13080 | &nbsp;&nbsp;&nbsp;&nbsp;6079 |
|  | Signet Jewelers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68808 | &nbsp;&nbsp;&nbsp;&nbsp;6059 |
| <sup>\*</sup> | Penn Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;294439 | &nbsp;&nbsp;&nbsp;&nbsp;5957 |
| <sup>\*</sup> | Etsy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;107626 | &nbsp;&nbsp;&nbsp;&nbsp;5705 |
|  | LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51073 | &nbsp;&nbsp;&nbsp;&nbsp;5384 |
|  | Dana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;262487 | &nbsp;&nbsp;&nbsp;&nbsp;5292 |
|  | Newell Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;845293 | &nbsp;&nbsp;&nbsp;&nbsp;5004 |
| <sup>\*</sup> | Urban Outfitters Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62911 | &nbsp;&nbsp;&nbsp;&nbsp;4220 |
| <sup>\*</sup> | Adient plc | &nbsp;&nbsp;&nbsp;&nbsp;170024 | &nbsp;&nbsp;&nbsp;&nbsp;4217 |
| <sup>\*</sup> | Foot Locker Inc. | &nbsp;&nbsp;&nbsp;&nbsp;167742 | &nbsp;&nbsp;&nbsp;&nbsp;4143 |
|  | American Eagle Outfitters Inc. | &nbsp;&nbsp;&nbsp;&nbsp;319071 | &nbsp;&nbsp;&nbsp;&nbsp;4129 |
|  | Strategic Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48402 | &nbsp;&nbsp;&nbsp;&nbsp;3938 |
|  | Patrick Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35176 | &nbsp;&nbsp;&nbsp;&nbsp;3934 |
| <sup>\*</sup> | M/I Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25475 | &nbsp;&nbsp;&nbsp;&nbsp;3751 |
| <sup>\*</sup> | Victoria's Secret & Co. | &nbsp;&nbsp;&nbsp;&nbsp;161568 | &nbsp;&nbsp;&nbsp;&nbsp;3719 |
| <sup>\*</sup> | National Vision Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;159977 | &nbsp;&nbsp;&nbsp;&nbsp;3670 |
|  | Century Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54398 | &nbsp;&nbsp;&nbsp;&nbsp;3584 |
| <sup>1</sup> | Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;225282 | &nbsp;&nbsp;&nbsp;&nbsp;3393 |
| <sup>\*</sup> | Sonos Inc. | &nbsp;&nbsp;&nbsp;&nbsp;243019 | &nbsp;&nbsp;&nbsp;&nbsp;3383 |
|  | Papa John's International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66250 | &nbsp;&nbsp;&nbsp;&nbsp;3227 |
| <sup>\*</sup> | Tri Pointe Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89905 | &nbsp;&nbsp;&nbsp;&nbsp;3176 |
|  | La-Z-Boy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83553 | &nbsp;&nbsp;&nbsp;&nbsp;3089 |
| <sup>\*</sup> | Sally Beauty Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;204176 | &nbsp;&nbsp;&nbsp;&nbsp;2830 |
| <sup>\*</sup> | Topgolf Callaway Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;286335 | &nbsp;&nbsp;&nbsp;&nbsp;2737 |
|  | Cracker Barrel Old Country Store Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45052 | &nbsp;&nbsp;&nbsp;&nbsp;2695 |
|  | Upbound Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104147 | &nbsp;&nbsp;&nbsp;&nbsp;2646 |
|  | Leggett & Platt Inc. | &nbsp;&nbsp;&nbsp;&nbsp;273486 | &nbsp;&nbsp;&nbsp;&nbsp;2628 |
| <sup>\*</sup> | LGI Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41680 | &nbsp;&nbsp;&nbsp;&nbsp;2580 |
| <sup>\*</sup> | Fox Factory Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84413 | &nbsp;&nbsp;&nbsp;&nbsp;2442 |
|  | Sonic Automotive Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29293 | &nbsp;&nbsp;&nbsp;&nbsp;2408 |
|  | Phinia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39470 | &nbsp;&nbsp;&nbsp;&nbsp;2308 |
| <sup>\*</sup> | Gentherm Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62453 | &nbsp;&nbsp;&nbsp;&nbsp;2296 |
| <sup>\*</sup> | Hanesbrands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;336369 | &nbsp;&nbsp;&nbsp;&nbsp;2123 |

---

------

S&P Small-Cap 600 Value Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Carter's Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2106 |
| <sup>\*</sup> | G-III Apparel Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;77102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2082 |
|  | Winnebago Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040 |
|  | Cheesecake Factory Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1927 |
|  | Perdoceo Education Corp. | &nbsp;&nbsp;&nbsp;&nbsp;58588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1918 |
|  | Acushnet Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1805 |
|  | Buckle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735 |
|  | Wolverine World Wide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1676 |
|  | Standard Motor Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640 |
|  | Matthews International Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;62753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542 |
| <sup>\*</sup> | BJ's Restaurants Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502 |
|  | Steven Madden Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;49976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451 |
| <sup>\*</sup> | American Axle & Manufacturing Holdings Inc. | &nbsp;&nbsp;239468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394 |
|  | Ethan Allen Interiors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352 |
|  | Oxford Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246 |
|  | Sturm Ruger & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162 |
| <sup>\*</sup> | Helen of Troy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;46429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140 |
|  | Bloomin' Brands Inc. | &nbsp;&nbsp;153198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126 |
|  | Caleres Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035 |
| <sup>\*</sup> | MarineMax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008 |
|  | Monro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005 |
|  | Golden Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998 |
|  | Guess? Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938 |
|  | Shoe Carnival Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751 |
|  | Jack in the Box Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737 |
| <sup>\*</sup> | Mister Car Wash Inc. | &nbsp;&nbsp;101039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577 |
|  |  |  | &nbsp;&nbsp;**213546** |
| **Consumer Staples (3.2%)** | **Consumer Staples (3.2%)** | **Consumer Staples (3.2%)** | **Consumer Staples (3.2%)** |
|  | PriceSmart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5402 |
| <sup>\*</sup> | Grocery Outlet Holding Corp. | &nbsp;&nbsp;198390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3593 |
| <sup>\*</sup> | United Natural Foods Inc. | &nbsp;&nbsp;122481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3464 |
| <sup>\*</sup> | Central Garden & Pet Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;99865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3299 |
| <sup>\*</sup> | Simply Good Foods Co. | &nbsp;&nbsp;100456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2876 |
|  | Universal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;50017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2799 |
|  | Andersons Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2669 |
|  | Fresh Del Monte Produce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2463 |
|  | WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;10690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2310 |
|  | Edgewell Personal Care Co. | &nbsp;&nbsp;&nbsp;&nbsp;95175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2286 |
|  | Energizer Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125 |
|  | SpartanNash Co. | &nbsp;&nbsp;&nbsp;&nbsp;68485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835 |
| <sup>\*</sup> | TreeHouse Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;91978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1687 |
|  | J & J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1581 |
|  | John B Sanfilippo & Son Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203 |
|  | WK Kellogg Co. | &nbsp;&nbsp;&nbsp;&nbsp;51077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171 |
| <sup>\*</sup> | National Beverage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956 |
|  | MGP Ingredients Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815 |
|  | B&G Foods Inc. | &nbsp;&nbsp;161468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728 |
| <sup>\*</sup> | USANA Health Sciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698 |
| <sup>\*</sup> | Central Garden & Pet Co. | &nbsp;&nbsp;&nbsp;&nbsp;17168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 |
|  | Tootsie Roll Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**45170** |
| **Energy (3.9%)** | **Energy (3.9%)** | **Energy (3.9%)** | **Energy (3.9%)** |
|  | California Resources Corp. | &nbsp;&nbsp;140761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6993 |
|  | Peabody Energy Corp. | &nbsp;&nbsp;246080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4282 |
|  | Patterson-UTI Energy Inc. | &nbsp;&nbsp;710807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4130 |
| <sup>\*</sup> | Par Pacific Holdings Inc. | &nbsp;&nbsp;104379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3616 |
|  | Crescent Energy Co. Class A | &nbsp;&nbsp;371912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3548 |
|  | Magnolia Oil & Gas Corp. Class A | &nbsp;&nbsp;136194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3388 |
|  | SM Energy Co. | &nbsp;&nbsp;115817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3307 |
|  | World Kinect Corp. | &nbsp;&nbsp;114595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3072 |
| <sup>\*</sup> | Talos Energy Inc. | &nbsp;&nbsp;249188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2462 |
|  | Dorian LPG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;73629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355 |
| <sup>\*</sup> | CVR Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;69171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2109 |
| <sup>\*</sup> | Bristow Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;50080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1929 |
| <sup>\*</sup> | REX American Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;29591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1851 |
|  | Kinetik Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;42719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1787 |
|  | Helmerich & Payne Inc. | &nbsp;&nbsp;&nbsp;&nbsp;84496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765 |
|  | Liberty Energy Inc. Class A | &nbsp;&nbsp;147483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1659 |
|  | International Seaways Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599 |

---

------

S&P Small-Cap 600 Value Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | Comstock Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90042 | &nbsp;&nbsp;&nbsp;&nbsp;1452 |
| <sup>\*</sup> | Innovex International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78174 | &nbsp;&nbsp;&nbsp;&nbsp;1349 |
| <sup>\*</sup> | Vital Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 |
| <sup>\*</sup> | ProPetro Holding Corp. | &nbsp;&nbsp;161921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826 |
| <sup>\*</sup> | Helix Energy Solutions Group Inc. | &nbsp;&nbsp;123949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817 |
|  | Core Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568 |
|  | RPC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;82092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 |
|  |  |  | &nbsp;&nbsp;**56236** |
| **Financials (23.4%)** | **Financials (23.4%)** | **Financials (23.4%)** | **Financials (23.4%)** |
| <sup>\*</sup> | Mr. Cooper Group Inc. | &nbsp;&nbsp;103485 | &nbsp;&nbsp;19510 |
|  | Lincoln National Corp. | &nbsp;&nbsp;345511 | &nbsp;&nbsp;14833 |
|  | Jackson Financial Inc. Class A | &nbsp;&nbsp;144570 | &nbsp;&nbsp;14284 |
|  | Atlantic Union Bankshares Corp. | &nbsp;&nbsp;288301 | &nbsp;&nbsp;10301 |
|  | United Community Banks Inc. | &nbsp;&nbsp;245864 | &nbsp;&nbsp;&nbsp;&nbsp;8212 |
|  | Renasant Corp. | &nbsp;&nbsp;186497 | &nbsp;&nbsp;&nbsp;&nbsp;7298 |
| <sup>\*</sup> | Genworth Financial Inc. Class A | &nbsp;&nbsp;838718 | &nbsp;&nbsp;&nbsp;&nbsp;7188 |
|  | Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;98164 | &nbsp;&nbsp;&nbsp;&nbsp;7020 |
|  | Blackstone Mortgage Trust Inc. Class A | &nbsp;&nbsp;342385 | &nbsp;&nbsp;&nbsp;&nbsp;6697 |
|  | Bread Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;94198 | &nbsp;&nbsp;&nbsp;&nbsp;6235 |
|  | Simmons First National Corp. Class A | &nbsp;&nbsp;287680 | &nbsp;&nbsp;&nbsp;&nbsp;5978 |
|  | Walker & Dunlop Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65330 | &nbsp;&nbsp;&nbsp;&nbsp;5556 |
|  | Seacoast Banking Corp. of Florida | &nbsp;&nbsp;172056 | &nbsp;&nbsp;&nbsp;&nbsp;5353 |
|  | Moelis & Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;73560 | &nbsp;&nbsp;&nbsp;&nbsp;5304 |
|  | Provident Financial Services Inc. | &nbsp;&nbsp;264400 | &nbsp;&nbsp;&nbsp;&nbsp;5246 |
|  | Radian Group Inc. | &nbsp;&nbsp;149512 | &nbsp;&nbsp;&nbsp;&nbsp;5215 |
|  | WaFd Inc. | &nbsp;&nbsp;162205 | &nbsp;&nbsp;&nbsp;&nbsp;5101 |
|  | Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;67893 | &nbsp;&nbsp;&nbsp;&nbsp;4975 |
|  | Trustmark Corp. | &nbsp;&nbsp;122377 | &nbsp;&nbsp;&nbsp;&nbsp;4928 |
| <sup>1</sup> | Arbor Realty Trust Inc. | &nbsp;&nbsp;388874 | &nbsp;&nbsp;&nbsp;&nbsp;4643 |
|  | First Bancorp (XNGS) | &nbsp;&nbsp;&nbsp;&nbsp;83816 | &nbsp;&nbsp;&nbsp;&nbsp;4575 |
|  | Banc of California Inc. | &nbsp;&nbsp;259030 | &nbsp;&nbsp;&nbsp;&nbsp;4383 |
| <sup>\*</sup> | Customers Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59447 | &nbsp;&nbsp;&nbsp;&nbsp;4262 |
| <sup>\*</sup> | StoneX Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41408 | &nbsp;&nbsp;&nbsp;&nbsp;4231 |
|  | Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;56499 | &nbsp;&nbsp;&nbsp;&nbsp;4115 |
|  | Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;47603 | &nbsp;&nbsp;&nbsp;&nbsp;3913 |
|  | Fulton Financial Corp. | &nbsp;&nbsp;194953 | &nbsp;&nbsp;&nbsp;&nbsp;3833 |
|  | Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp;82521 | &nbsp;&nbsp;&nbsp;&nbsp;3794 |
|  | Veritex Holdings Inc. | &nbsp;&nbsp;109812 | &nbsp;&nbsp;&nbsp;&nbsp;3772 |
|  | First Hawaiian Inc. | &nbsp;&nbsp;144988 | &nbsp;&nbsp;&nbsp;&nbsp;3762 |
|  | Northwest Bancshares Inc. | &nbsp;&nbsp;292281 | &nbsp;&nbsp;&nbsp;&nbsp;3697 |
|  | WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;62038 | &nbsp;&nbsp;&nbsp;&nbsp;3616 |
|  | StepStone Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;57424 | &nbsp;&nbsp;&nbsp;&nbsp;3564 |
|  | Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;70930 | &nbsp;&nbsp;&nbsp;&nbsp;3540 |
| <sup>\*</sup> | SiriusPoint Ltd. | &nbsp;&nbsp;186392 | &nbsp;&nbsp;&nbsp;&nbsp;3489 |
|  | Artisan Partners Asset Management Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;74110 | &nbsp;&nbsp;&nbsp;&nbsp;3468 |
|  | BGC Group Inc. Class A | &nbsp;&nbsp;344886 | &nbsp;&nbsp;&nbsp;&nbsp;3383 |
| <sup>\*</sup> | NCR Atleos Corp. | &nbsp;&nbsp;&nbsp;&nbsp;83242 | &nbsp;&nbsp;&nbsp;&nbsp;3298 |
|  | Hilltop Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92166 | &nbsp;&nbsp;&nbsp;&nbsp;3233 |
|  | BankUnited Inc. | &nbsp;&nbsp;&nbsp;&nbsp;82178 | &nbsp;&nbsp;&nbsp;&nbsp;3221 |
|  | HA Sustainable Infrastructure Capital Inc. | &nbsp;&nbsp;112572 | &nbsp;&nbsp;&nbsp;&nbsp;3179 |
|  | CVB Financial Corp. | &nbsp;&nbsp;154645 | &nbsp;&nbsp;&nbsp;&nbsp;3113 |
|  | ARMOUR Residential REIT Inc. | &nbsp;&nbsp;202860 | &nbsp;&nbsp;&nbsp;&nbsp;3106 |
|  | Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;43412 | &nbsp;&nbsp;&nbsp;&nbsp;2957 |
|  | Stellar Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92697 | &nbsp;&nbsp;&nbsp;&nbsp;2866 |
|  | Hope Bancorp Inc. | &nbsp;&nbsp;256515 | &nbsp;&nbsp;&nbsp;&nbsp;2855 |
|  | First Bancorp | &nbsp;&nbsp;126620 | &nbsp;&nbsp;&nbsp;&nbsp;2815 |
|  | Apollo Commercial Real Estate Finance Inc. | &nbsp;&nbsp;258698 | &nbsp;&nbsp;&nbsp;&nbsp;2740 |
|  | First Financial Bancorp | &nbsp;&nbsp;102669 | &nbsp;&nbsp;&nbsp;&nbsp;2719 |
|  | NBT Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59289 | &nbsp;&nbsp;&nbsp;&nbsp;2625 |
|  | Ellington Financial Inc. | &nbsp;&nbsp;191257 | &nbsp;&nbsp;&nbsp;&nbsp;2609 |
| <sup>\*</sup> | ProAssurance Corp. | &nbsp;&nbsp;103793 | &nbsp;&nbsp;&nbsp;&nbsp;2471 |
|  | Dime Community Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79801 | &nbsp;&nbsp;&nbsp;&nbsp;2455 |
|  | Berkshire Hills Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92736 | &nbsp;&nbsp;&nbsp;&nbsp;2423 |
|  | FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;44980 | &nbsp;&nbsp;&nbsp;&nbsp;2415 |
|  | Community Financial System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38499 | &nbsp;&nbsp;&nbsp;&nbsp;2306 |
|  | Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34283 | &nbsp;&nbsp;&nbsp;&nbsp;2298 |
|  | Safety Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30140 | &nbsp;&nbsp;&nbsp;&nbsp;2231 |
|  | PennyMac Mortgage Investment Trust | &nbsp;&nbsp;176076 | &nbsp;&nbsp;&nbsp;&nbsp;2167 |
|  | Two Harbors Investment Corp. | &nbsp;&nbsp;210505 | &nbsp;&nbsp;&nbsp;&nbsp;2105 |

---

------

S&P Small-Cap 600 Value Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Navient Corp. | &nbsp;&nbsp;147367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 |
|  | First Commonwealth Financial Corp. | &nbsp;&nbsp;112166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991 |
| <sup>\*</sup> | Encore Capital Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977 |
|  | Brookline Bancorp Inc. | &nbsp;&nbsp;179867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970 |
|  | Franklin BSP Realty Trust Inc. | &nbsp;&nbsp;166386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1922 |
|  | Southside Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795 |
| <sup>\*</sup> | EZCORP Inc. Class A | &nbsp;&nbsp;105312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756 |
|  | Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1722 |
| <sup>\*</sup> | Donnelley Financial Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1694 |
|  | Heritage Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;69006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686 |
|  | Enact Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1673 |
|  | OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;37258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1667 |
|  | National Bank Holdings Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;42388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662 |
|  | Redwood Trust Inc. | &nbsp;&nbsp;269406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649 |
|  | Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628 |
|  | Virtus Investment Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615 |
|  | EVERTEC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608 |
|  | Capitol Federal Financial Inc. | &nbsp;&nbsp;247196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1602 |
|  | TrustCo Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531 |
|  | Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;60604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525 |
|  | Ready Capital Corp. | &nbsp;&nbsp;345067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470 |
|  | S&T Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440 |
|  | Victory Capital Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1426 |
| <sup>\*</sup> | PRA Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372 |
|  | United Fire Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330 |
|  | New York Mortgage Trust Inc. | &nbsp;&nbsp;182741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319 |
|  | Eagle Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194 |
|  | Westamerica Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;23834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192 |
|  | KKR Real Estate Finance Trust Inc. | &nbsp;&nbsp;115269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110 |
| <sup>\*</sup> | World Acceptance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082 |
| <sup>\*</sup> | Triumph Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078 |
|  | Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069 |
|  | Employers Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010 |
|  | AMERISAFE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978 |
|  | Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649 |
|  |  |  | &nbsp;&nbsp;**333893** |
| **Health Care (6.9%)** | **Health Care (6.9%)** | **Health Care (6.9%)** | **Health Care (6.9%)** |
|  | Teleflex Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89426 | &nbsp;&nbsp;&nbsp;&nbsp;11304 |
|  | Organon & Co. | &nbsp;&nbsp;526066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4955 |
|  | Premier Inc. Class A | &nbsp;&nbsp;166625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4316 |
| <sup>\*</sup> | QuidelOrtho Corp. | &nbsp;&nbsp;134119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3848 |
| <sup>\*</sup> | Enovis Corp. | &nbsp;&nbsp;115601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3572 |
| <sup>\*</sup> | Alkermes plc | &nbsp;&nbsp;120133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3480 |
| <sup>\*</sup> | Arrowhead Pharmaceuticals Inc. | &nbsp;&nbsp;155136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3418 |
|  | CONMED Corp. | &nbsp;&nbsp;&nbsp;&nbsp;62614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3404 |
|  | Concentra Group Holdings Parent Inc. | &nbsp;&nbsp;130079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3096 |
| <sup>\*</sup> | Omnicell Inc. | &nbsp;&nbsp;&nbsp;&nbsp;94800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3089 |
| <sup>\*</sup> | Pediatrix Medical Group Inc. | &nbsp;&nbsp;170412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2933 |
| <sup>\*</sup> | Ligand Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2841 |
|  | Select Medical Holdings Corp. | &nbsp;&nbsp;210697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2741 |
| <sup>\*</sup> | Prestige Consumer Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2722 |
| <sup>\*</sup> | Supernus Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505 |
| <sup>\*</sup> | Pacira BioSciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;93706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2499 |
| <sup>\*</sup> | Certara Inc. | &nbsp;&nbsp;223256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420 |
| <sup>\*</sup> | Neogen Corp. | &nbsp;&nbsp;399693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2298 |
| <sup>\*</sup> | Integra LifeSciences Holdings Corp. | &nbsp;&nbsp;135251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2046 |
| <sup>\*</sup> | AdaptHealth Corp. Class A | &nbsp;&nbsp;213574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2027 |
| <sup>\*</sup> | ACADIA Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019 |
| <sup>\*</sup> | Fortrea Holdings Inc. | &nbsp;&nbsp;183144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1804 |
| <sup>\*</sup> | Progyny Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786 |
|  | Embecta Corp. | &nbsp;&nbsp;118272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713 |
| <sup>\*</sup> | AMN Healthcare Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610 |
| <sup>\*</sup> | Addus HomeCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608 |
| <sup>\*</sup> | Privia Health Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1516 |
| <sup>\*</sup> | Azenta Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1443 |
| <sup>\*</sup> | Dynavax Technologies Corp. | &nbsp;&nbsp;133329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1349 |
|  | US Physical Therapy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 |
| <sup>\*</sup> | NeoGenomics Inc. | &nbsp;&nbsp;143243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258 |
| <sup>\*</sup> | Myriad Genetics Inc. | &nbsp;&nbsp;186540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188 |

---

------

S&P Small-Cap 600 Value Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | STAAR Surgical Co. | &nbsp;&nbsp;&nbsp;&nbsp;43083 | &nbsp;&nbsp;&nbsp;&nbsp;1179 |
| <sup>\*</sup> | Avanos Medical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;93594 | &nbsp;&nbsp;&nbsp;&nbsp;1117 |
| <sup>\*</sup> | Schrodinger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53137 | &nbsp;&nbsp;&nbsp;&nbsp;1037 |
| <sup>\*</sup> | Innoviva Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50302 | &nbsp;&nbsp;&nbsp;&nbsp;1028 |
|  | National HealthCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9017 | &nbsp;&nbsp;&nbsp;&nbsp;1023 |
| <sup>\*</sup> | Vir Biotechnology Inc. | &nbsp;&nbsp;187437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926 |
| <sup>\*</sup> | Cytek Biosciences Inc. | &nbsp;&nbsp;207618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859 |
| <sup>\*</sup> | Amphastar Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843 |
| <sup>\*</sup> | Owens & Minor Inc. | &nbsp;&nbsp;148613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728 |
| <sup>\*</sup> | Xencor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679 |
|  | HealthStream Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576 |
|  | Mesa Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246 |
| <sup>\*</sup> | Simulations Plus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 |
|  |  |  | &nbsp;&nbsp;**98559** |
| **Industrials (15.5%)** | **Industrials (15.5%)** | **Industrials (15.5%)** | **Industrials (15.5%)** |
|  | Air Lease Corp. Class A | &nbsp;&nbsp;210315 | &nbsp;&nbsp;12663 |
| <sup>\*</sup> | Resideo Technologies Inc. | &nbsp;&nbsp;300521 | &nbsp;&nbsp;10233 |
| <sup>\*</sup> | Kratos Defense & Security Solutions Inc. | &nbsp;&nbsp;141456 | &nbsp;&nbsp;&nbsp;&nbsp;9313 |
|  | JBT Marel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;54287 | &nbsp;&nbsp;&nbsp;&nbsp;7779 |
| <sup>\*</sup> | Amentum Holdings Inc. | &nbsp;&nbsp;305294 | &nbsp;&nbsp;&nbsp;&nbsp;7617 |
|  | Robert Half Inc. | &nbsp;&nbsp;203187 | &nbsp;&nbsp;&nbsp;&nbsp;7583 |
| <sup>\*</sup> | Sunrun Inc. | &nbsp;&nbsp;462385 | &nbsp;&nbsp;&nbsp;&nbsp;7384 |
| <sup>\*</sup> | Mercury Systems Inc. | &nbsp;&nbsp;102786 | &nbsp;&nbsp;&nbsp;&nbsp;6943 |
|  | Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;76135 | &nbsp;&nbsp;&nbsp;&nbsp;6624 |
|  | ABM Industries Inc. | &nbsp;&nbsp;125934 | &nbsp;&nbsp;&nbsp;&nbsp;6192 |
| <sup>\*</sup> | AAR Corp. | &nbsp;&nbsp;&nbsp;&nbsp;71776 | &nbsp;&nbsp;&nbsp;&nbsp;5431 |
| <sup>\*</sup> | Hayward Holdings Inc. | &nbsp;&nbsp;288853 | &nbsp;&nbsp;&nbsp;&nbsp;4645 |
|  | Hub Group Inc. Class A | &nbsp;&nbsp;122779 | &nbsp;&nbsp;&nbsp;&nbsp;4594 |
| <sup>\*</sup> | Everus Construction Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53668 | &nbsp;&nbsp;&nbsp;&nbsp;4210 |
|  | Worthington Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62628 | &nbsp;&nbsp;&nbsp;&nbsp;4121 |
| <sup>\*</sup> | Gates Industrial Corp. plc | &nbsp;&nbsp;157841 | &nbsp;&nbsp;&nbsp;&nbsp;4034 |
| <sup>\*</sup> | Gibraltar Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59673 | &nbsp;&nbsp;&nbsp;&nbsp;3735 |
|  | Hillenbrand Inc. | &nbsp;&nbsp;142576 | &nbsp;&nbsp;&nbsp;&nbsp;3620 |
|  | Werner Enterprises Inc. | &nbsp;&nbsp;124955 | &nbsp;&nbsp;&nbsp;&nbsp;3605 |
|  | Enpro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16181 | &nbsp;&nbsp;&nbsp;&nbsp;3540 |
|  | Arcosa Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35562 | &nbsp;&nbsp;&nbsp;&nbsp;3519 |
|  | ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;46363 | &nbsp;&nbsp;&nbsp;&nbsp;3420 |
|  | Kennametal Inc. | &nbsp;&nbsp;154257 | &nbsp;&nbsp;&nbsp;&nbsp;3306 |
| <sup>\*</sup> | JetBlue Airways Corp. | &nbsp;&nbsp;616685 | &nbsp;&nbsp;&nbsp;&nbsp;3299 |
| <sup>\*</sup> | Masterbrand Inc. | &nbsp;&nbsp;256462 | &nbsp;&nbsp;&nbsp;&nbsp;3260 |
|  | Tennant Co. | &nbsp;&nbsp;&nbsp;&nbsp;37747 | &nbsp;&nbsp;&nbsp;&nbsp;3097 |
| <sup>\*</sup> | GMS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28065 | &nbsp;&nbsp;&nbsp;&nbsp;3085 |
|  | Franklin Electric Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30945 | &nbsp;&nbsp;&nbsp;&nbsp;3028 |
|  | UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16703 | &nbsp;&nbsp;&nbsp;&nbsp;2970 |
|  | Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;39713 | &nbsp;&nbsp;&nbsp;&nbsp;2944 |
|  | MillerKnoll Inc. | &nbsp;&nbsp;137098 | &nbsp;&nbsp;&nbsp;&nbsp;2894 |
|  | Rush Enterprises Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;47035 | &nbsp;&nbsp;&nbsp;&nbsp;2700 |
|  | WillScot Holdings Corp. | &nbsp;&nbsp;111254 | &nbsp;&nbsp;&nbsp;&nbsp;2697 |
| <sup>\*</sup> | MYR Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13507 | &nbsp;&nbsp;&nbsp;&nbsp;2529 |
| <sup>\*</sup> | RXO Inc. | &nbsp;&nbsp;152953 | &nbsp;&nbsp;&nbsp;&nbsp;2498 |
|  | Alamo Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11781 | &nbsp;&nbsp;&nbsp;&nbsp;2491 |
|  | Brady Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;31893 | &nbsp;&nbsp;&nbsp;&nbsp;2490 |
|  | Matson Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23783 | &nbsp;&nbsp;&nbsp;&nbsp;2475 |
| <sup>\*</sup> | Proto Labs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48102 | &nbsp;&nbsp;&nbsp;&nbsp;2396 |
|  | Schneider National Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;95112 | &nbsp;&nbsp;&nbsp;&nbsp;2351 |
| <sup>\*</sup> | Healthcare Services Group Inc. | &nbsp;&nbsp;147562 | &nbsp;&nbsp;&nbsp;&nbsp;2303 |
|  | Astec Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46272 | &nbsp;&nbsp;&nbsp;&nbsp;2142 |
| <sup>\*</sup> | CoreCivic Inc. | &nbsp;&nbsp;103821 | &nbsp;&nbsp;&nbsp;&nbsp;2105 |
|  | Pitney Bowes Inc. | &nbsp;&nbsp;169122 | &nbsp;&nbsp;&nbsp;&nbsp;2050 |
|  | HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;45217 | &nbsp;&nbsp;&nbsp;&nbsp;2032 |
|  | Quanex Building Products Corp. | &nbsp;&nbsp;&nbsp;&nbsp;95056 | &nbsp;&nbsp;&nbsp;&nbsp;2022 |
|  | Albany International Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;30555 | &nbsp;&nbsp;&nbsp;&nbsp;1941 |
| <sup>\*</sup> | American Woodmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30016 | &nbsp;&nbsp;&nbsp;&nbsp;1938 |
| <sup>\*</sup> | Enviri Corp. | &nbsp;&nbsp;162903 | &nbsp;&nbsp;&nbsp;&nbsp;1841 |
| <sup>\*</sup> | Allegiant Travel Co. | &nbsp;&nbsp;&nbsp;&nbsp;29285 | &nbsp;&nbsp;&nbsp;&nbsp;1835 |
|  | Deluxe Corp. | &nbsp;&nbsp;&nbsp;&nbsp;90535 | &nbsp;&nbsp;&nbsp;&nbsp;1780 |
|  | CSG Systems International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27386 | &nbsp;&nbsp;&nbsp;&nbsp;1757 |
|  | Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8550 | &nbsp;&nbsp;&nbsp;&nbsp;1745 |
|  | Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12091 | &nbsp;&nbsp;&nbsp;&nbsp;1659 |

---

------

S&P Small-Cap 600 Value Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Insteel Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507 |
| <sup>\*</sup> | DNOW Inc. | &nbsp;&nbsp;&nbsp;&nbsp;91832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1469 |
| <sup>\*</sup> | Hertz Global Holdings Inc. | &nbsp;&nbsp;250376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435 |
|  | Marten Transport Ltd. | &nbsp;&nbsp;117068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386 |
|  | National Presto Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092 |
|  | Vestis Corp. | &nbsp;&nbsp;232015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086 |
| <sup>\*</sup> | Sun Country Airlines Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056 |
| <sup>\*</sup> | Vicor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051 |
|  | Heidrick & Struggles International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 |
| <sup>\*</sup> | Titan International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;97974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864 |
| <sup>\*</sup> | Forward Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778 |
|  | Heartland Express Inc. | &nbsp;&nbsp;&nbsp;&nbsp;87419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751 |
|  |  |  | &nbsp;&nbsp;**221915** |
| **Information Technology (11.5%)** | **Information Technology (11.5%)** | **Information Technology (11.5%)** | **Information Technology (11.5%)** |
| <sup>\*</sup> | Qorvo Inc. | &nbsp;&nbsp;189007 | &nbsp;&nbsp;&nbsp;&nbsp;17143 |
| <sup>\*</sup> | Sandisk Corp. | &nbsp;&nbsp;273458 | &nbsp;&nbsp;&nbsp;&nbsp;14348 |
| <sup>\*</sup> | Ralliant Corp. | &nbsp;&nbsp;229248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9585 |
| <sup>\*</sup> | Insight Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7232 |
| <sup>\*</sup> | Sanmina Corp. | &nbsp;&nbsp;&nbsp;&nbsp;56259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6612 |
|  | Advanced Energy Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5817 |
| <sup>\*</sup> | Viasat Inc. | &nbsp;&nbsp;172458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5576 |
| <sup>\*</sup> | DXC Technology Co. | &nbsp;&nbsp;366832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5301 |
| <sup>\*</sup> | Diodes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;93902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5112 |
| <sup>\*</sup> | TTM Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;98717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400 |
| <sup>\*</sup> | Calix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4164 |
|  | Kulicke & Soffa Industries Inc. | &nbsp;&nbsp;106788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4005 |
| <sup>\*</sup> | Knowles Corp. | &nbsp;&nbsp;176009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3758 |
| <sup>\*</sup> | NCR Voyix Corp. | &nbsp;&nbsp;278767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3674 |
| <sup>\*</sup> | NetScout Systems Inc. | &nbsp;&nbsp;144352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3593 |
|  | Vishay Intertechnology Inc. | &nbsp;&nbsp;227351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3515 |
| <sup>\*</sup> | Extreme Networks Inc. | &nbsp;&nbsp;140140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2996 |
| <sup>\*</sup> | Veeco Instruments Inc. | &nbsp;&nbsp;121291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2974 |
| <sup>\*</sup> | Viavi Solutions Inc. | &nbsp;&nbsp;257507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2905 |
| <sup>\*,1</sup> | SolarEdge Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2829 |
| <sup>\*</sup> | Rogers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2677 |
| <sup>\*</sup> | Teradata Corp. | &nbsp;&nbsp;125750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2638 |
| <sup>\*</sup> | Penguin Solutions Inc. | &nbsp;&nbsp;106763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2576 |
| <sup>\*</sup> | FormFactor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2504 |
| <sup>\*</sup> | MaxLinear Inc. Class A | &nbsp;&nbsp;159064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 |
| <sup>\*</sup> | Plexus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2403 |
| <sup>\*</sup> | Alarm.com Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2361 |
| <sup>\*</sup> | Ultra Clean Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;91370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195 |
| <sup>\*</sup> | Axcelis Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2134 |
|  | Adeia Inc. | &nbsp;&nbsp;138331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2081 |
|  | ePlus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2045 |
| <sup>\*</sup> | Cohu Inc. | &nbsp;&nbsp;&nbsp;&nbsp;94112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1873 |
| <sup>\*</sup> | ScanSource Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1836 |
| <sup>\*</sup> | LiveRamp Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1784 |
| <sup>\*</sup> | Photronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1691 |
| <sup>\*</sup> | Arlo Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566 |
|  | PC Connection Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1551 |
|  | Benchmark Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305 |
| <sup>\*</sup> | Sprinklr Inc. Class A | &nbsp;&nbsp;144028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244 |
| <sup>\*</sup> | Ichor Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;69050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163 |
| <sup>\*</sup> | Harmonic Inc. | &nbsp;&nbsp;112160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079 |
| <sup>\*</sup> | Digi International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068 |
|  | A10 Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033 |
|  | CTS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026 |
|  | Xerox Holdings Corp. | &nbsp;&nbsp;236728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942 |
| <sup>\*</sup> | Corsair Gaming Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822 |
| <sup>\*</sup> | Alpha & Omega Semiconductor Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;25682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739 |
| <sup>\*</sup> | N-able Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 |
| <sup>\*</sup> | CEVA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559 |
| <sup>\*</sup> | Grid Dynamics Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 |
|  |  |  | &nbsp;&nbsp;**163947** |
| **Materials (6.6%)** | **Materials (6.6%)** | **Materials (6.6%)** | **Materials (6.6%)** |
| <sup>\*,1</sup> | MP Materials Corp. | &nbsp;&nbsp;150960 | &nbsp;&nbsp;&nbsp;&nbsp;10739 |
|  | Celanese Corp. | &nbsp;&nbsp;221406 | &nbsp;&nbsp;&nbsp;&nbsp;10546 |
|  | FMC Corp. | &nbsp;&nbsp;252775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9883 |

---

------

S&P Small-Cap 600 Value Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | HB Fuller Co. | &nbsp;&nbsp;&nbsp;&nbsp;109670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6695 |
|  | Element Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;243806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6271 |
|  | Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;181524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5894 |
|  | Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4667 |
|  | Chemours Co. | &nbsp;&nbsp;&nbsp;&nbsp;302892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4664 |
|  | Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4582 |
|  | Minerals Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4203 |
| <sup>\*</sup> | O-I Glass Inc. | &nbsp;&nbsp;&nbsp;&nbsp;313024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4066 |
|  | Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3997 |
|  | Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2522 |
|  | Worthington Steel Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2359 |
|  | Innospec Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2212 |
|  | Stepan Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2149 |
| <sup>\*</sup> | Ingevity Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2111 |
|  | SunCoke Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;171287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1322 |
| <sup>\*</sup> | Metallus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230 |
| <sup>\*</sup> | Alpha Metallurgical Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225 |
|  | Koppers Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174 |
|  | AdvanSix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**93675** |
| **Real Estate (7.1%)** | **Real Estate (7.1%)** | **Real Estate (7.1%)** | **Real Estate (7.1%)** |
|  | Millrose Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;243377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8594 |
|  | CareTrust REIT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;218479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7518 |
| <sup>\*</sup> | Cushman & Wakefield plc | &nbsp;&nbsp;&nbsp;&nbsp;468056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7381 |
|  | Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;106641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6161 |
| <sup>1</sup> | Medical Properties Trust Inc. | &nbsp;&nbsp;1215832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5471 |
|  | LXP Industrial Trust | &nbsp;&nbsp;&nbsp;&nbsp;598508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5434 |
|  | Phillips Edison & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;142115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5001 |
|  | Macerich Co. | &nbsp;&nbsp;&nbsp;&nbsp;173845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3199 |
|  | JBG SMITH Properties | &nbsp;&nbsp;&nbsp;&nbsp;147834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3170 |
|  | Global Net Lease Inc. | &nbsp;&nbsp;&nbsp;&nbsp;387892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3053 |
|  | Apple Hospitality REIT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;228353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2982 |
|  | Alexander & Baldwin Inc. | &nbsp;&nbsp;&nbsp;&nbsp;147153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2846 |
|  | Highwoods Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2683 |
|  | Tanger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2583 |
|  | SL Green Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2453 |
|  | Four Corners Property Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2422 |
|  | Douglas Emmett Inc. | &nbsp;&nbsp;&nbsp;&nbsp;142323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2307 |
|  | Urban Edge Properties | &nbsp;&nbsp;&nbsp;&nbsp;101795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2106 |
|  | Easterly Government Properties Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954 |
|  | eXp World Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;173824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1882 |
|  | LTC Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1798 |
|  | Getty Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682 |
|  | Acadia Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1644 |
|  | Marcus & Millichap Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593 |
|  | Safehold Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1529 |
|  | Brandywine Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;349979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491 |
|  | Veris Residential Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472 |
|  | Pebblebrook Hotel Trust | &nbsp;&nbsp;&nbsp;&nbsp;120098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338 |
|  | Kennedy-Wilson Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;151627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334 |
|  | Elme Communities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249 |
|  | SITE Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173 |
|  | Innovative Industrial Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028 |
|  | Centerspace | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887 |
|  | American Assets Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819 |
|  | Summit Hotel Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618 |
|  | Whitestone REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596 |
|  | Universal Health Realty Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 |
|  | Armada Hoffler Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 |
|  | Saul Centers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394 |
|  |  |  | &nbsp;&nbsp;**100794** |
| **Utilities (3.2%)** | **Utilities (3.2%)** | **Utilities (3.2%)** | **Utilities (3.2%)** |
|  | MDU Resources Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;413495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6736 |
|  | Avista Corp. | &nbsp;&nbsp;&nbsp;&nbsp;163030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5957 |
|  | California Water Service Group | &nbsp;&nbsp;&nbsp;&nbsp;120554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5658 |
|  | Clearway Energy Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;168476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5022 |
|  | Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3917 |
|  | Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3388 |
|  | H2O America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3171 |

---

------

S&P Small-Cap 600 Value Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | American States Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;38967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2904 |
|  | Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2508 |
|  | MGE Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2393 |
|  | Clearway Energy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;70059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975 |
|  | Middlesex Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;18133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971 |
|  | Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**45542** |
| **Total Common Stocks (Cost $1,364,968)** | **Total Common Stocks (Cost $1,364,968)** | **Total Common Stocks (Cost $1,364,968)** | **1417792** |
| **Temporary Cash Investments (1.4%)** | **Temporary Cash Investments (1.4%)** | **Temporary Cash Investments (1.4%)** | **Temporary Cash Investments (1.4%)** |
| **Money Market Fund (1.4%)** | **Money Market Fund (1.4%)** | **Money Market Fund (1.4%)** | **Money Market Fund (1.4%)** |
| <sup>2,3</sup> | Vanguard Market Liquidity Fund, 4.362% **(Cost $20,510)** | &nbsp;&nbsp;205132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20511** |
| **Total Investments (100.7%) (Cost $1,385,478)** | **Total Investments (100.7%) (Cost $1,385,478)** |  | &nbsp;&nbsp;**1438303** |
| **Other Assets and Liabilities—Net (-0.7%)** | **Other Assets and Liabilities—Net (-0.7%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(10375)** |
| **Net Assets (100%)** | **Net Assets (100%)** |  | &nbsp;&nbsp;**1427928** |

---

Cost is in $000.

• See Note A in Notes to Financial Statements.

---

| | |
|:---|:---|
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $11,543. |
| 2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 3 | Collateral of $12,274 was received for securities on loan. |

---

REIT—Real Estate Investment Trust.

------

#### 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 | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts |
| E-mini Russell 2000 Index | September 2025 | 24 | 2844 | &nbsp;&nbsp;103 |

---

&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 | Counterparty | Notional<br> Amount<br> ($000) | Floating<br> Interest<br> Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | Value and<br> Unrealized<br> Appreciation<br> ($000) | Value and<br> Unrealized<br> (Depreciation) ($000) |
| Mr. Cooper Group Inc. | 8/31/2026 | BANA | 4902 | (4.337) |  |  |
| Signet Jewelers Ltd. | 8/31/2026 | BANA | 1585 | (4.337) |  |  |
| WillScot Holdings Corp. | 8/31/2026 | BANA | &nbsp;&nbsp;&nbsp;&nbsp;703 | (4.337) |  |  |

---

1 Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. <br> BANA—Bank of America, N.A.

At August 31, 2025, the counterparties had deposited in segregated accounts securities with a value of $861 in connection with open over-the-counter swap contracts.

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

------

S&P Small-Cap 600 Value Index Fund

Statement of Assets and Liabilities

As of August 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;Unaffiliated Issuers (Cost $1,364,968) | 1417792 |
| &nbsp;&nbsp;Affiliated Issuers (Cost $20,510) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20511 |
| Total Investments in Securities | 1438303 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5663 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total Assets** | **1445901** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5296 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12274 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17973** |
| **Net Assets** | **1427928** |
| 1 Includes $11,543 of securities on loan. |  |
| **<br>At August 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 1842101 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(414173) |
| **Net Assets** | **1427928** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 14,772,093 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **1393873** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$94.36** |
| **Institutional Shares—Net Assets** |  |
| **Applicable to 86,214 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34055** |
| **Net Asset Value Per Share—Institutional Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**$395.00** |

---

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

------

S&P Small-Cap 600 Value Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22516 |
| Non-Cash Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2259 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25224 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Institutional Shares | &nbsp;&nbsp;&nbsp;&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;&nbsp;64 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| Shareholders' Reports and Proxy Fees—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 |
| Shareholders' Reports and Proxy Fees—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1647 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23577** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83069 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2069 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**85192** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47479) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(47478)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**61291** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $14. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $141, $1, and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $147,967 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

S&P Small-Cap 600 Value Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27944 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34656 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(47478) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124072 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186672 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;(23412) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27662) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(725) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1235) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(24137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28897) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;(42664) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29348) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;(22389) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3562) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;(65053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32910) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(27899) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124865 |
| **Net Assets** |  |  |
| **Beginning of Period** | **1455827** | &nbsp;&nbsp;&nbsp;**1330962** |
| **End of Period** | **1427928** | &nbsp;&nbsp;&nbsp;**1455827** |

---

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

------

S&P Small-Cap 600 Value Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ETF Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023<sup>1</sup> | &nbsp;&nbsp;&nbsp;2022<sup>1</sup> | &nbsp;&nbsp;&nbsp;2021<sup>1</sup> |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$92.26** | &nbsp;&nbsp;&nbsp;**$82.73** | &nbsp;&nbsp;&nbsp;**$80.11** | &nbsp;&nbsp;&nbsp;**$88.82** | &nbsp;&nbsp;&nbsp;**$56.26** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.296 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.600 | &nbsp;&nbsp;&nbsp;&nbsp;(8.648) | &nbsp;&nbsp;&nbsp;&nbsp;32.307 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.674 | &nbsp;&nbsp;&nbsp;&nbsp;11.313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.129 | &nbsp;&nbsp;&nbsp;&nbsp;(7.276) | &nbsp;&nbsp;&nbsp;&nbsp;33.603 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(1.574) | &nbsp;&nbsp;&nbsp;&nbsp;(1.783) | &nbsp;&nbsp;&nbsp;&nbsp;(1.509) | &nbsp;&nbsp;&nbsp;&nbsp;(1.434) | &nbsp;&nbsp;&nbsp;&nbsp;(1.043) |
| 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;(1.574) | &nbsp;&nbsp;&nbsp;&nbsp;(1.783) | &nbsp;&nbsp;&nbsp;&nbsp;(1.509) | &nbsp;&nbsp;&nbsp;&nbsp;(1.434) | &nbsp;&nbsp;&nbsp;&nbsp;(1.043) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$94.36** | &nbsp;&nbsp;&nbsp;**$92.26** | &nbsp;&nbsp;&nbsp;**$82.73** | &nbsp;&nbsp;&nbsp;**$80.11** | &nbsp;&nbsp;&nbsp;**$88.82** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**4.07%** | &nbsp;&nbsp;&nbsp;**13.93%** | &nbsp;&nbsp;&nbsp;**5.29%** | &nbsp;&nbsp;&nbsp;**-8.28%** | &nbsp;&nbsp;&nbsp;**60.19%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$1394 | &nbsp;&nbsp;&nbsp;$1400 | &nbsp;&nbsp;&nbsp;$1278 | &nbsp;&nbsp;&nbsp;$1250 | &nbsp;&nbsp;&nbsp;$1328 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;0.15% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;2.05% | &nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;1.61% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;52% | &nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;30% |

---

1 Adjusted to reflect a 2-for-1 share split effective March 13, 2023. <br> 2 Calculated based on average shares outstanding. <br> 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.

------

S&P Small-Cap 600 Value Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$386.22** | &nbsp;&nbsp;&nbsp;**$346.33** | &nbsp;&nbsp;&nbsp;**$335.40** | &nbsp;&nbsp;&nbsp;**$371.84** | &nbsp;&nbsp;&nbsp;**$235.47** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.457 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.833 | &nbsp;&nbsp;&nbsp;&nbsp;(36.009) | &nbsp;&nbsp;&nbsp;&nbsp;135.457 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.487 | &nbsp;&nbsp;&nbsp;&nbsp;(30.185) | &nbsp;&nbsp;&nbsp;&nbsp;140.914 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.255) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.544) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.255) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.544) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$395.00** | &nbsp;&nbsp;&nbsp;**$386.22** | &nbsp;&nbsp;&nbsp;**$346.33** | &nbsp;&nbsp;&nbsp;**$335.40** | &nbsp;&nbsp;&nbsp;**$371.84** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**4.14%** | &nbsp;&nbsp;&nbsp;**14.00%** | &nbsp;&nbsp;&nbsp;**5.39%** | &nbsp;&nbsp;&nbsp;**-8.20%** | &nbsp;&nbsp;&nbsp;**60.32%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$34 | &nbsp;&nbsp;&nbsp;$56 | &nbsp;&nbsp;&nbsp;$53 | &nbsp;&nbsp;&nbsp;$53 | &nbsp;&nbsp;&nbsp;$68 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;2.12% | &nbsp;&nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;1.67% |
| Portfolio Turnover Rate<sup>2</sup> | &nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;52% | &nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;30% |

---

1 Calculated based on average shares outstanding. <br> 2 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.

------

S&P Small-Cap 600 Value Index Fund

Notes to Financial Statements

Vanguard S&P Small-Cap 600 Value Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker.

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

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.

Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

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

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

During the year ended August 31, 2025, the fund's average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

3. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund's target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.

A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund's maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty's default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.

The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.

During the year ended August 31, 2025, the fund's average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.

4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

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.

------

S&P Small-Cap 600 Value Index Fund

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

7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the year ended August 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

8. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

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

B. In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At August 31, 2025, the fund had contributed to Vanguard capital in the amount of $34,000, representing less than 0.01% of the fund's net assets and 0.01% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

C. Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

#### Level 1 —Quoted prices in active markets for identical securities.

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.**

------

S&P Small-Cap 600 Value Index Fund

The following table summarizes the market value of the fund's investments and derivatives as of August 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 1417792 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1417792 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20511 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20511 |
| Total | 1438303 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1438303 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

D. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.

Permanent differences were reclassified between the following accounts:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;150463 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(150463) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4321 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49738 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;(468232) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;(414173) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;24137 | &nbsp;&nbsp;&nbsp;28897 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;24137 | &nbsp;&nbsp;&nbsp;28897 |

---

\* Includes short-term capital gains, if any.

------

S&P Small-Cap 600 Value Index Fund

As of August 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;1388565 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215908 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(166170) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49738 |

---

E. During the year ended August 31, 2025, the fund purchased $644,062,000 of investment securities and sold $664,190,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $463,854,000 and $506,304,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended August 31, 2025, such purchases were $358,709,000 and sales were $202,274,000, resulting in net realized loss of $1,447,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;526522 | &nbsp;&nbsp;&nbsp;&nbsp;5715 | &nbsp;&nbsp;&nbsp;&nbsp;521966 | &nbsp;&nbsp;&nbsp;&nbsp;6177 |
| 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;— |
| Redeemed | (569186) | &nbsp;&nbsp;&nbsp;(6120) | &nbsp;&nbsp;&nbsp;(551314) | &nbsp;&nbsp;&nbsp;(6450) |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;(42664) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(405) | &nbsp;&nbsp;&nbsp;&nbsp;(29348) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(273) |
| **Institutional Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Redeemed | &nbsp;&nbsp;(26471) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69) | &nbsp;&nbsp;&nbsp;&nbsp;(15378) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) |
| Net Increase (Decrease)—Institutional Shares | &nbsp;&nbsp;(22389) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3562) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |

---

G. Significant market disruptions, such as those caused by pandemics, natural or environmental ‎disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and global ‎markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

At August 31, 2025, one shareholder was the record or beneficial owner of 32% of the fund's net assets. If this shareholder were to redeem its investment in the fund, the redemption might result in an increase in the fund's expense ratio, cause the fund to incur higher transaction costs, or lead to the realization of taxable capital gains.

H. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

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

------

S&P Small-Cap 600 Growth Index Fund

Financial Statements

#### Schedule of Investments
As of August 31, 2025

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Common Stocks (99.7%)** | **Common Stocks (99.7%)** | **Common Stocks (99.7%)** | **Common Stocks (99.7%)** |
| **Communication Services (2.7%)** | **Communication Services (2.7%)** | **Communication Services (2.7%)** | **Communication Services (2.7%)** |
| <sup>\*</sup> | Madison Square Garden Sports Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3948 |
| <sup>\*</sup> | Cargurus Inc. Class A | &nbsp;&nbsp;100764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3486 |
| <sup>1</sup> | Cinemark Holdings Inc. | &nbsp;&nbsp;120190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3101 |
| <sup>\*</sup> | Lumen Technologies Inc. | &nbsp;&nbsp;622960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3096 |
|  | Cogent Communications Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1931 |
| <sup>\*</sup> | TripAdvisor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;94206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1641 |
| <sup>\*</sup> | DoubleVerify Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463 |
| <sup>\*</sup> | Yelp Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;41807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1322 |
|  | John Wiley & Sons Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;28698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165 |
| <sup>\*</sup> | QuinStreet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063 |
|  | Uniti Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;82812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522 |
| <sup>\*</sup> | Cars.com Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 |
| <sup>\*</sup> | Gogo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 |
| <sup>\*</sup> | Thryv Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 |
| <sup>\*</sup> | TechTarget Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**23812** |
| **Consumer Discretionary (12.1%)** | **Consumer Discretionary (12.1%)** | **Consumer Discretionary (12.1%)** | **Consumer Discretionary (12.1%)** |
| <sup>\*</sup> | Stride Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8340 |
| <sup>\*</sup> | Brinker International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8255 |
|  | Installed Building Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7103 |
| <sup>\*</sup> | Boot Barn Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6476 |
| <sup>\*</sup> | Adtalem Global Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5602 |
| <sup>\*</sup> | Frontdoor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;87615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5323 |
| <sup>\*</sup> | Dorman Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5231 |
| <sup>\*</sup> | Shake Shack Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;47890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5076 |
| <sup>\*</sup> | Cavco Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5061 |
| <sup>\*</sup> | Champion Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4734 |
|  | Kontoor Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4599 |
|  | Group 1 Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3437 |
| <sup>\*</sup> | Etsy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3225 |
| <sup>\*</sup> | Six Flags Entertainment Corp. | &nbsp;&nbsp;111949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540 |
| <sup>\*</sup> | Green Brick Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2520 |
| <sup>\*</sup> | M/I Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2489 |
|  | Cheesecake Factory Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2201 |
|  | Patrick Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2137 |
|  | Wolverine World Wide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096 |
| <sup>\*</sup> | Urban Outfitters Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2032 |
| <sup>\*</sup> | Tri Pointe Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945 |
|  | Steven Madden Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;57073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1657 |
|  | Monarch Casino & Resort Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583 |
|  | Phinia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414 |
| <sup>\*</sup> | Hanesbrands Inc. | &nbsp;&nbsp;223162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408 |
|  | Acushnet Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351 |
|  | Perdoceo Education Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273 |
|  | Buckle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021 |
| <sup>\*</sup> | XPEL Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004 |
| <sup>\*</sup> | Pursuit Attractions & Hospitality Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954 |
| <sup>\*</sup> | Dream Finders Homes Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;34127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948 |
| <sup>\*</sup> | Dave & Buster's Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845 |
| <sup>\*</sup> | Sabre Corp. | &nbsp;&nbsp;461737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826 |
| <sup>\*</sup> | Mister Car Wash Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 |
|  |  |  | &nbsp;&nbsp;**105007** |
| **Consumer Staples (2.6%)** | **Consumer Staples (2.6%)** | **Consumer Staples (2.6%)** | **Consumer Staples (2.6%)** |
|  | Cal-Maine Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5943 |
| <sup>\*</sup> | Freshpet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3242 |
| <sup>\*</sup> | Chefs' Warehouse Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2661 |
|  | Interparfums Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2462 |
|  | WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125 |
| <sup>\*</sup> | Simply Good Foods Co. | &nbsp;&nbsp;&nbsp;&nbsp;50348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442 |

---

------

S&P Small-Cap 600 Growth Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | J & J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10192 | &nbsp;&nbsp;&nbsp;&nbsp;1137 |
|  | WK Kellogg Co. | &nbsp;&nbsp;&nbsp;&nbsp;49033 | &nbsp;&nbsp;&nbsp;&nbsp;1124 |
|  | Energizer Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905 |
| <sup>\*</sup> | National Beverage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609 |
|  | Tootsie Roll Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456 |
|  |  |  | &nbsp;&nbsp;**22106** |
| **Energy (4.3%)** | **Energy (4.3%)** | **Energy (4.3%)** | **Energy (4.3%)** |
|  | Archrock Inc. | &nbsp;&nbsp;210517 | &nbsp;&nbsp;&nbsp;&nbsp;5212 |
|  | Core Natural Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59564 | &nbsp;&nbsp;&nbsp;&nbsp;4423 |
|  | Magnolia Oil & Gas Corp. Class A | &nbsp;&nbsp;142458 | &nbsp;&nbsp;&nbsp;&nbsp;3544 |
|  | Cactus Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;81513 | &nbsp;&nbsp;&nbsp;&nbsp;3420 |
| <sup>\*</sup> | Tidewater Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54196 | &nbsp;&nbsp;&nbsp;&nbsp;3263 |
|  | Northern Oil & Gas Inc. | &nbsp;&nbsp;116963 | &nbsp;&nbsp;&nbsp;&nbsp;3060 |
| <sup>\*</sup> | Oceaneering International Inc. | &nbsp;&nbsp;119773 | &nbsp;&nbsp;&nbsp;&nbsp;2923 |
|  | SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;68142 | &nbsp;&nbsp;&nbsp;&nbsp;1946 |
|  | Kodiak Gas Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47074 | &nbsp;&nbsp;&nbsp;&nbsp;1685 |
|  | Helmerich & Payne Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68655 | &nbsp;&nbsp;&nbsp;&nbsp;1434 |
|  | International Seaways Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27457 | &nbsp;&nbsp;&nbsp;&nbsp;1247 |
|  | Liberty Energy Inc. Class A | &nbsp;&nbsp;106056 | &nbsp;&nbsp;&nbsp;&nbsp;1193 |
| <sup>1</sup> | Atlas Energy Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;86841 | &nbsp;&nbsp;&nbsp;&nbsp;1017 |
| <sup>\*</sup> | Comstock Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889 |
|  | Kinetik Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;20637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863 |
| <sup>\*</sup> | Helix Energy Solutions Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637 |
|  | Core Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 |
|  | RPC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 |
|  |  |  | &nbsp;&nbsp;**37314** |
| **Financials (15.4%)** | **Financials (15.4%)** | **Financials (15.4%)** | **Financials (15.4%)** |
|  | Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;19565 | &nbsp;&nbsp;&nbsp;&nbsp;6531 |
| <sup>\*</sup> | Axos Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63764 | &nbsp;&nbsp;&nbsp;&nbsp;5816 |
|  | ServisFirst Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59822 | &nbsp;&nbsp;&nbsp;&nbsp;5273 |
|  | PJT Partners Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;29089 | &nbsp;&nbsp;&nbsp;&nbsp;5207 |
| <sup>\*</sup> | Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55615 | &nbsp;&nbsp;&nbsp;&nbsp;4240 |
|  | Virtu Financial Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;96153 | &nbsp;&nbsp;&nbsp;&nbsp;4031 |
| <sup>\*</sup> | Palomar Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31840 | &nbsp;&nbsp;&nbsp;&nbsp;3917 |
| <sup>\*</sup> | Enova International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30203 | &nbsp;&nbsp;&nbsp;&nbsp;3664 |
| <sup>\*</sup> | NMI Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;93017 | &nbsp;&nbsp;&nbsp;&nbsp;3660 |
|  | Moelis & Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;45046 | &nbsp;&nbsp;&nbsp;&nbsp;3248 |
|  | BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23748 | &nbsp;&nbsp;&nbsp;&nbsp;3158 |
|  | Victory Capital Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;44270 | &nbsp;&nbsp;&nbsp;&nbsp;3156 |
| <sup>\*</sup> | StoneX Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27473 | &nbsp;&nbsp;&nbsp;&nbsp;2807 |
|  | StepStone Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;44785 | &nbsp;&nbsp;&nbsp;&nbsp;2779 |
|  | Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;36876 | &nbsp;&nbsp;&nbsp;&nbsp;2702 |
|  | First Bancorp | &nbsp;&nbsp;116537 | &nbsp;&nbsp;&nbsp;&nbsp;2591 |
|  | Goosehead Insurance Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;29835 | &nbsp;&nbsp;&nbsp;&nbsp;2527 |
|  | Radian Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71975 | &nbsp;&nbsp;&nbsp;&nbsp;2510 |
|  | Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31655 | &nbsp;&nbsp;&nbsp;&nbsp;2448 |
|  | BGC Group Inc. Class A | &nbsp;&nbsp;248007 | &nbsp;&nbsp;&nbsp;&nbsp;2433 |
|  | Community Financial System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40273 | &nbsp;&nbsp;&nbsp;&nbsp;2412 |
|  | Cohen & Steers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32170 | &nbsp;&nbsp;&nbsp;&nbsp;2376 |
|  | Pathward Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28050 | &nbsp;&nbsp;&nbsp;&nbsp;2229 |
|  | City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;17244 | &nbsp;&nbsp;&nbsp;&nbsp;2216 |
|  | Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;26910 | &nbsp;&nbsp;&nbsp;&nbsp;2212 |
|  | HA Sustainable Infrastructure Capital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77753 | &nbsp;&nbsp;&nbsp;&nbsp;2196 |
| <sup>\*</sup> | Payoneer Global Inc. | &nbsp;&nbsp;310047 | &nbsp;&nbsp;&nbsp;&nbsp;2155 |
|  | Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;41738 | &nbsp;&nbsp;&nbsp;&nbsp;2083 |
|  | Fulton Financial Corp. | &nbsp;&nbsp;101733 | &nbsp;&nbsp;&nbsp;&nbsp;2000 |
|  | Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11451 | &nbsp;&nbsp;&nbsp;&nbsp;1967 |
|  | Artisan Partners Asset Management Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;40250 | &nbsp;&nbsp;&nbsp;&nbsp;1883 |
|  | WisdomTree Inc. | &nbsp;&nbsp;137975 | &nbsp;&nbsp;&nbsp;&nbsp;1878 |
| <sup>\*</sup> | Trupanion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40243 | &nbsp;&nbsp;&nbsp;&nbsp;1866 |
|  | HCI Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11082 | &nbsp;&nbsp;&nbsp;&nbsp;1847 |
|  | WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31097 | &nbsp;&nbsp;&nbsp;&nbsp;1813 |
|  | EVERTEC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49232 | &nbsp;&nbsp;&nbsp;&nbsp;1757 |
|  | PROG Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48047 | &nbsp;&nbsp;&nbsp;&nbsp;1693 |
|  | First Hawaiian Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64365 | &nbsp;&nbsp;&nbsp;&nbsp;1670 |
|  | Acadian Asset Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31965 | &nbsp;&nbsp;&nbsp;&nbsp;1629 |
|  | BankUnited Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41193 | &nbsp;&nbsp;&nbsp;&nbsp;1614 |
| <sup>\*</sup> | NCR Atleos Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38481 | &nbsp;&nbsp;&nbsp;&nbsp;1525 |
|  | Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21762 | &nbsp;&nbsp;&nbsp;&nbsp;1482 |

---

------

S&P Small-Cap 600 Growth Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | First Financial Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;53574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1419 |
|  | OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;31551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412 |
|  | Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1407 |
|  | Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;13759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299 |
|  | CVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;63235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273 |
|  | NBT Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213 |
|  | FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162 |
|  | Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125 |
|  | First Commonwealth Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;58535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039 |
| <sup>\*</sup> | Triumph Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992 |
|  | S&T Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956 |
|  | Westamerica Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;17145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857 |
|  | National Bank Holdings Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;20410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 |
| <sup>\*</sup> | Donnelley Financial Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722 |
|  | Employers Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644 |
|  | Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624 |
|  | Virtus Investment Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608 |
|  | AMERISAFE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471 |
|  | Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 |
|  | Enact Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 |
|  |  |  | &nbsp;&nbsp;**133938** |
| **Health Care (13.6%)** | **Health Care (13.6%)** | **Health Care (13.6%)** | **Health Care (13.6%)** |
| <sup>\*</sup> | Corcept Therapeutics Inc. | &nbsp;&nbsp;112373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7835 |
| <sup>\*</sup> | Glaukos Corp. | &nbsp;&nbsp;&nbsp;&nbsp;68035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6519 |
| <sup>\*</sup> | Merit Medical Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6371 |
| <sup>\*</sup> | RadNet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5781 |
| <sup>\*</sup> | ADMA Biologics Inc. | &nbsp;&nbsp;284247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4906 |
| <sup>\*</sup> | TG Therapeutics Inc. | &nbsp;&nbsp;161462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4736 |
| <sup>\*</sup> | TransMedics Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4631 |
| <sup>\*</sup> | Integer Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4481 |
| <sup>\*</sup> | Krystal Biotech Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4472 |
| <sup>\*</sup> | Protagonist Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4358 |
| <sup>\*</sup> | ICU Medical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3741 |
| <sup>\*</sup> | Alkermes plc | &nbsp;&nbsp;125657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3640 |
| <sup>\*</sup> | Inspire Medical Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3290 |
| <sup>\*</sup> | CorVel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;32410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2886 |
| <sup>\*</sup> | Veracyte Inc. | &nbsp;&nbsp;&nbsp;&nbsp;93245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2829 |
| <sup>\*</sup> | Catalyst Pharmaceuticals Inc. | &nbsp;&nbsp;136515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2811 |
| <sup>\*</sup> | ACADIA Pharmaceuticals Inc. | &nbsp;&nbsp;101747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2644 |
| <sup>\*</sup> | Prestige Consumer Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2402 |
|  | LeMaitre Vascular Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335 |
| <sup>\*</sup> | Vericel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2179 |
| <sup>\*</sup> | Sarepta Therapeutics Inc. | &nbsp;&nbsp;117013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130 |
| <sup>\*</sup> | Ligand Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043 |
| <sup>\*</sup> | Artivion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010 |
| <sup>\*</sup> | Privia Health Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;86140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985 |
| <sup>\*</sup> | ANI Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1894 |
| <sup>\*</sup> | UFP Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1832 |
| <sup>\*</sup> | Harmony Biosciences Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690 |
| <sup>\*</sup> | Astrana Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 |
| <sup>\*</sup> | Addus HomeCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544 |
| <sup>\*</sup> | Supernus Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1534 |
| <sup>\*</sup> | Collegium Pharmaceutical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485 |
| <sup>\*</sup> | Arrowhead Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286 |
|  | Concentra Group Holdings Parent Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266 |
| <sup>\*</sup> | BioLife Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106 |
|  | National HealthCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070 |
| <sup>\*</sup> | Progyny Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051 |
| <sup>\*</sup> | Tandem Diabetes Care Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992 |
| <sup>\*</sup> | STAAR Surgical Co. | &nbsp;&nbsp;&nbsp;&nbsp;33601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919 |
|  | Phibro Animal Health Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;24251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899 |
| <sup>\*</sup> | Arcus Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854 |
| <sup>\*</sup> | Amphastar Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844 |
| <sup>\*</sup> | Azenta Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816 |
| <sup>\*</sup> | Innoviva Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739 |
|  | US Physical Therapy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 |
| <sup>\*</sup> | Schrodinger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688 |
| <sup>\*</sup> | NeoGenomics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 |
| <sup>\*</sup> | Dynavax Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;54515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552 |

---

------

S&P Small-Cap 600 Growth Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | HealthStream Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 |
|  | Mesa Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 |
| <sup>\*</sup> | Xencor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289 |
| <sup>\*</sup> | Simulations Plus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 |
| <sup>\*,2</sup> | OmniAb Inc. 12.5 Earnout | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| <sup>\*,2</sup> | OmniAb Inc. 15 Earnout | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;**118198** |
| **Industrials (22.2%)** | **Industrials (22.2%)** | **Industrials (22.2%)** | **Industrials (22.2%)** |
| <sup>\*</sup> | SPX Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58777 | &nbsp;&nbsp;&nbsp;&nbsp;10998 |
|  | Armstrong World Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51706 | &nbsp;&nbsp;&nbsp;&nbsp;10122 |
| <sup>\*</sup> | Sterling Infrastructure Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36210 | &nbsp;&nbsp;&nbsp;&nbsp;10086 |
|  | Federal Signal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;72592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8928 |
| <sup>\*</sup> | Dycom Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8651 |
|  | Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;168276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7633 |
| <sup>\*</sup> | Kratos Defense & Security Solutions Inc. | &nbsp;&nbsp;114932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7567 |
|  | Moog Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;33685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6597 |
|  | ESCO Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6177 |
| <sup>\*</sup> | SkyWest Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5849 |
|  | Granite Construction Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5611 |
|  | CSW Industrials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5466 |
|  | Mueller Water Products Inc. Class A | &nbsp;&nbsp;186548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4917 |
| <sup>\*</sup> | Verra Mobility Corp. Class A | &nbsp;&nbsp;189823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4717 |
| <sup>\*</sup> | Gates Industrial Corp. plc | &nbsp;&nbsp;180281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4608 |
|  | Kadant Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4533 |
|  | AZZ Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4021 |
| <sup>\*</sup> | OPENLANE Inc. | &nbsp;&nbsp;127856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3698 |
|  | Arcosa Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3681 |
|  | Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;46473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3539 |
| <sup>\*</sup> | GEO Group Inc. | &nbsp;&nbsp;164987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3422 |
|  | Enpro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3398 |
|  | JBT Marel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3314 |
|  | WillScot Holdings Corp. | &nbsp;&nbsp;134640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3264 |
| <sup>\*</sup> | GMS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3227 |
|  | Powell Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2983 |
|  | Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;38125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2827 |
|  | Franklin Electric Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2787 |
|  | Trinity Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;97172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2762 |
|  | Enerpac Tool Group Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;64396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2726 |
|  | Brady Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;33359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2605 |
|  | Rush Enterprises Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;45175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2593 |
|  | Matson Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2588 |
| <sup>\*</sup> | Everus Construction Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2286 |
| <sup>\*</sup> | MYR Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1973 |
|  | Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1907 |
| <sup>\*</sup> | DXP Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890 |
|  | Interface Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;69785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1865 |
|  | Greenbrier Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1743 |
|  | UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430 |
| <sup>\*</sup> | CoreCivic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397 |
| <sup>\*</sup> | RXO Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303 |
|  | HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;28823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295 |
|  | Alamo Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152 |
| <sup>\*</sup> | DNOW Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146 |
|  | Albany International Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;17979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142 |
|  | Apogee Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129 |
|  | CSG Systems International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076 |
|  | Pitney Bowes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069 |
|  | Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799 |
| <sup>\*</sup> | Vicor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787 |
| <sup>\*</sup> | Liquidity Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722 |
|  | Heidrick & Struggles International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674 |
| <sup>\*</sup> | Forward Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 |
|  |  |  | &nbsp;&nbsp;**192973** |
| **Information Technology (13.7%)** | **Information Technology (13.7%)** | **Information Technology (13.7%)** | **Information Technology (13.7%)** |
|  | InterDigital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8391 |
| <sup>\*</sup> | Itron Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6673 |
|  | Badger Meter Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6415 |
| <sup>\*</sup> | ACI Worldwide Inc. | &nbsp;&nbsp;124899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6164 |
| <sup>\*</sup> | SiTime Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6010 |

---

------

S&P Small-Cap 600 Growth Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| <sup>\*</sup> | Semtech Corp. | &nbsp;&nbsp;103137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5991 |
| <sup>\*</sup> | Box Inc. Class A | &nbsp;&nbsp;172420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5626 |
| <sup>\*</sup> | Impinj Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5240 |
| <sup>\*</sup> | MARA Holdings Inc. | &nbsp;&nbsp;319021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5098 |
| <sup>\*</sup> | SPS Commerce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4987 |
| <sup>\*</sup> | OSI Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4277 |
|  | Clear Secure Inc. Class A | &nbsp;&nbsp;109856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3989 |
| <sup>\*</sup> | Sanmina Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3591 |
| <sup>\*</sup> | BlackLine Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3348 |
|  | Advanced Energy Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3288 |
| <sup>\*</sup> | Cleanspark Inc. | &nbsp;&nbsp;331159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3136 |
| <sup>\*</sup> | Plexus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3005 |
| <sup>\*</sup> | Agilysys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2917 |
| <sup>\*</sup> | TTM Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2804 |
| <sup>\*</sup> | DigitalOcean Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2440 |
| <sup>\*</sup> | Progress Software Corp. | &nbsp;&nbsp;&nbsp;&nbsp;51229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2371 |
| <sup>\*</sup> | Alarm.com Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2083 |
| <sup>\*</sup> | Axcelis Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807 |
| <sup>\*</sup> | Calix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633 |
| <sup>\*</sup> | Extreme Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1627 |
| <sup>\*</sup> | Viavi Solutions Inc. | &nbsp;&nbsp;114293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289 |
| <sup>\*</sup> | Arlo Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222 |
| <sup>\*</sup> | FormFactor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205 |
| <sup>\*</sup> | LiveRamp Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137 |
|  | ePlus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067 |
|  | Benchmark Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977 |
|  | A10 Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912 |
|  | CTS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906 |
| <sup>\*</sup> | Digi International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 |
| <sup>\*</sup> | Teradata Corp. | &nbsp;&nbsp;&nbsp;&nbsp;39839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836 |
| <sup>\*</sup> | PDF Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762 |
| <sup>\*</sup> | Photronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721 |
|  | Adeia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719 |
| <sup>\*,1</sup> | SolarEdge Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713 |
| <sup>\*</sup> | Harmonic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661 |
| <sup>\*</sup> | Sprinklr Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;51936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449 |
| <sup>\*</sup> | Grid Dynamics Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 |
| <sup>\*</sup> | Alpha & Omega Semiconductor Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 |
| <sup>\*</sup> | CEVA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304 |
| <sup>\*</sup> | N-able Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 |
|  |  |  | &nbsp;&nbsp;**118807** |
| **Materials (4.0%)** | **Materials (4.0%)** | **Materials (4.0%)** | **Materials (4.0%)** |
|  | Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6295 |
| <sup>\*</sup> | MP Materials Corp. | &nbsp;&nbsp;&nbsp;&nbsp;69786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4965 |
|  | Warrior Met Coal Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3826 |
|  | Hawkins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3771 |
|  | Element Solutions Inc. | &nbsp;&nbsp;122193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3143 |
|  | Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3040 |
|  | Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;68284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2217 |
|  | Sylvamo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1879 |
| <sup>\*</sup> | Century Aluminum Co. | &nbsp;&nbsp;&nbsp;&nbsp;62211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389 |
|  | Innospec Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301 |
| <sup>\*</sup> | Ingevity Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1293 |
| <sup>\*</sup> | Alpha Metallurgical Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**34346** |
| **Real Estate (8.1%)** | **Real Estate (8.1%)** | **Real Estate (8.1%)** | **Real Estate (8.1%)** |
|  | Essential Properties Realty Trust Inc. | &nbsp;&nbsp;235167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7365 |
|  | Ryman Hospitality Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7057 |
|  | CareTrust REIT Inc. | &nbsp;&nbsp;123503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250 |
|  | Macerich Co. | &nbsp;&nbsp;198538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3653 |
|  | Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;60281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3482 |
|  | SL Green Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3367 |
|  | Tanger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3086 |
|  | Outfront Media Inc. | &nbsp;&nbsp;165109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3084 |
|  | Curbline Properties Corp. | &nbsp;&nbsp;112746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540 |
|  | Highwoods Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2469 |
|  | Phillips Edison & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2312 |
|  | St. Joe Co. | &nbsp;&nbsp;&nbsp;&nbsp;45059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2274 |
|  | Sunstone Hotel Investors Inc. | &nbsp;&nbsp;236770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245 |

---

------

S&P Small-Cap 600 Growth Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Acadia Realty Trust | &nbsp;&nbsp;107590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2153 |
|  | DiamondRock Hospitality Co. | &nbsp;&nbsp;245643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103 |
|  | Douglas Emmett Inc. | &nbsp;&nbsp;115634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874 |
|  | Urban Edge Properties | &nbsp;&nbsp;&nbsp;&nbsp;89834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1859 |
|  | Apple Hospitality REIT Inc. | &nbsp;&nbsp;129087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686 |
|  | Four Corners Property Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672 |
|  | Xenia Hotels & Resorts Inc. | &nbsp;&nbsp;117521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1661 |
|  | Innovative Industrial Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285 |
|  | Elme Communities | &nbsp;&nbsp;&nbsp;&nbsp;61930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058 |
|  | LTC Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938 |
|  | NexPoint Residential Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 |
|  | Pebblebrook Hotel Trust | &nbsp;&nbsp;&nbsp;&nbsp;70655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787 |
|  | Getty Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747 |
|  | American Assets Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693 |
|  | Centerspace | &nbsp;&nbsp;&nbsp;&nbsp;11158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664 |
|  | Veris Residential Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653 |
|  | Kennedy-Wilson Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 |
|  | Armada Hoffler Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 |
|  | Whitestone REIT | &nbsp;&nbsp;&nbsp;&nbsp;26664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 |
|  | Summit Hotel Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 |
|  | Universal Health Realty Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 |
|  | Saul Centers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**70096** |
| **Utilities (1.0%)** | **Utilities (1.0%)** | **Utilities (1.0%)** | **Utilities (1.0%)** |
|  | MGE Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2297 |
|  | Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1956 |
|  | Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1886 |
|  | American States Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;22926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709 |
|  | Middlesex Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;10668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 |
|  | Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8773** |
| **Total Common Stocks (Cost $748,536)** | **Total Common Stocks (Cost $748,536)** | **Total Common Stocks (Cost $748,536)** | **865370** |
| **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>3,4</sup> | Vanguard Market Liquidity Fund, 4.362% **(Cost $3,414)** | &nbsp;&nbsp;&nbsp;&nbsp;34148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3414** |
| **Total Investments (100.1%) (Cost $751,950)** | **Total Investments (100.1%) (Cost $751,950)** |  | &nbsp;&nbsp;**868784** |
| **Other Assets and Liabilities—Net (-0.1%)** | **Other Assets and Liabilities—Net (-0.1%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**(1029)** |
| **Net Assets (100%)** | **Net Assets (100%)** |  | &nbsp;&nbsp;**867755** |

---

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 $1,689. |
| 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 $1,719 was received for securities on loan. |

---

REIT—Real Estate Investment Trust.

------

S&P Small-Cap 600 Growth Index Fund

------

#### 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 | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts |
| E-mini Russell 2000 Index | September 2025 | 5 | 592 | &nbsp;&nbsp;15 |

---

&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 | Counterparty | Notional<br> Amount<br> ($000) | Floating<br> Interest<br> Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | Value and<br> Unrealized<br> Appreciation<br> ($000) | Value and<br> Unrealized<br> (Depreciation) ($000) |
| MARA Holdings Inc. | 1/30/2026 | GSI | 1567 | (4.337) | 29 |  |

---

1 Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. <br> GSI—Goldman Sachs International.

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

------

S&P Small-Cap 600 Growth Index Fund

Statement of Assets and Liabilities

As of August 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;Unaffiliated Issuers (Cost $748,536) | &nbsp;&nbsp;&nbsp;865370 |
| &nbsp;&nbsp;Affiliated Issuers (Cost $3,414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3414 |
| Total Investments in Securities | &nbsp;&nbsp;&nbsp;868784 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3069 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| **Total Assets** | &nbsp;&nbsp;&nbsp;**872520** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3007 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4765** |
| **Net Assets** | &nbsp;&nbsp;&nbsp;**867755** |
| 1 Includes $1,689 of securities on loan. |  |
| **<br>At August 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;975526 |
| Total Distributable Earnings (Loss) | (107771) |
| **Net Assets** | &nbsp;&nbsp;&nbsp;**867755** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 7,160,000 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**867755** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;**$121.19** |

---

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

------

S&P Small-Cap 600 Growth Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8971 |
| Non-Cash Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10480 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&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;19 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| Shareholders' Reports and Proxy Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9361** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45638 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172) |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**45516** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43335) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(43360)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11517** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $24. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $80, less than $1, and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $76,450 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

S&P Small-Cap 600 Growth Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8829 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;45516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23971 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;(43360) | &nbsp;&nbsp;&nbsp;&nbsp;110060 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;11517 | &nbsp;&nbsp;&nbsp;&nbsp;142860 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(9738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8534) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;177594 | &nbsp;&nbsp;&nbsp;&nbsp;359252 |
| 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;— |
| Redeemed | (292364) | &nbsp;&nbsp;&nbsp;(105598) |
| Net Increase (Decrease) from Capital Share Transactions | (114770) | &nbsp;&nbsp;&nbsp;&nbsp;253654 |
| Total Increase (Decrease) | (112991) | &nbsp;&nbsp;&nbsp;&nbsp;387980 |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;&nbsp;**980746** | &nbsp;&nbsp;&nbsp;&nbsp;**592766** |
| **End of Period** | &nbsp;&nbsp;&nbsp;**867755** | &nbsp;&nbsp;&nbsp;&nbsp;**980746** |

---

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

------

S&P Small-Cap 600 Growth Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ETF Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023<sup>1</sup> | &nbsp;&nbsp;&nbsp;2022<sup>1</sup> | &nbsp;&nbsp;&nbsp;2021<sup>1</sup> |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$119.31** | &nbsp;&nbsp;&nbsp;**$100.47** | &nbsp;&nbsp;&nbsp;&nbsp;**$96.69** | &nbsp;&nbsp;&nbsp;**$116.59** | &nbsp;&nbsp;&nbsp;&nbsp;**$79.48** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.813 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.709 | &nbsp;&nbsp;&nbsp;&nbsp;(19.803) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.946 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.001 | &nbsp;&nbsp;&nbsp;&nbsp;(18.876) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.759 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.221) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.024) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.649) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.221) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.024) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.649) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$121.19** | &nbsp;&nbsp;&nbsp;**$119.31** | &nbsp;&nbsp;&nbsp;**$100.47** | &nbsp;&nbsp;&nbsp;&nbsp;**$96.69** | &nbsp;&nbsp;&nbsp;**$116.59** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**2.66%** | &nbsp;&nbsp;&nbsp;**20.20%** | &nbsp;&nbsp;&nbsp;**5.28%** | &nbsp;&nbsp;&nbsp;**-16.27%** | &nbsp;&nbsp;&nbsp;**47.68%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$868 | &nbsp;&nbsp;&nbsp;$981 | &nbsp;&nbsp;&nbsp;$593 | &nbsp;&nbsp;&nbsp;$493 | &nbsp;&nbsp;&nbsp;$565 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;0.15% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;0.79% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;35% |

---

1 Adjusted to reflect a 2-for-1 share split effective March 13, 2023. <br> 2 Calculated based on average shares outstanding. <br> 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.

------

S&P Small-Cap 600 Growth Index Fund

Notes to Financial Statements

Vanguard S&P Small-Cap 600 Growth Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker.

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

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.

Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

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

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

During the year ended August 31, 2025, the fund's average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

3. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund's target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.

A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund's maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty's default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.

The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.

During the year ended August 31, 2025, the fund's average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.

4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

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

------

S&P Small-Cap 600 Growth Index Fund

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

7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the year ended August 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

8. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

B. In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At August 31, 2025, the fund had contributed to Vanguard capital in the amount of $21,000, representing less than 0.01% of the fund's net assets and 0.01% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

C. Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

#### Level 1 —Quoted prices in active markets for identical securities.

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.**

------

S&P Small-Cap 600 Growth Index Fund

The following table summarizes the market value of the fund's investments and derivatives as of August 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 865370 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;865370 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;3414 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3414 |
| Total | 868784 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;868784 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

D. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.

Permanent differences were reclassified between the following accounts:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;76432 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(76432) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp;116329 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;(225364) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;(107771) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;9738 | &nbsp;&nbsp;&nbsp;8534 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;9738 | &nbsp;&nbsp;&nbsp;8534 |

---

\* Includes short-term capital gains, if any.

------

S&P Small-Cap 600 Growth Index Fund

As of August 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;752455 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;183108 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(66779) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;116329 |

---

E. During the year ended August 31, 2025, the fund purchased $446,256,000 of investment securities and sold $431,633,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $155,832,000 and $284,338,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended August 31, 2025, such purchases were $181,868,000 and sales were $273,142,000, resulting in net realized loss of $27,377,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

F. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, |
|  | 2025<br> Shares<br> (000) | &nbsp;&nbsp;&nbsp;2024<br> Shares<br> (000) |
| **ETF Shares** |  |  |
| Issued | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;3310 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (2560) | &nbsp;&nbsp;&nbsp;(990) |
| Net Increase (Decrease) in Shares Outstanding—ETF Shares | (1060) | &nbsp;&nbsp;&nbsp;2320 |

---

G. Significant market disruptions, such as those caused by pandemics, natural or environmental ‎disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and global ‎markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

At August 31, 2025, one shareholder was the record or beneficial owner of 25% of the fund's net assets. If this shareholder were to redeem its investment in the fund, the redemption might result in an increase in the fund's expense ratio, cause the fund to incur higher transaction costs, or lead to the realization of taxable capital gains.

H. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

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

------

#### Report of Independent Registered

#### Public Accounting Firm
To the Board of Trustees of Vanguard Admiral Funds and Shareholders of Vanguard S&P Small-Cap 600 Index Fund, Vanguard S&P Small-Cap 600 Value Index Fund and Vanguard S&P Small-Cap 600 Growth Index Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Vanguard S&P Small-Cap 600 Index Fund, Vanguard S&P Small-Cap 600 Value Index Fund and Vanguard S&P Small-Cap 600 Growth Index Fund (three of the funds constituting Vanguard Admiral Funds, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations for the year ended August 31, 2025, the statements of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025 and each of the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2025

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

------

Tax information (unaudited)

The following percentages, or if subsequently determined to be different, the maximum percentages allowable by law, of ordinary income (dividend income plus short-term gains, if any) for the fiscal year qualified for the dividends-received deduction for corporate shareholders.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Percentage |
| S&P Small-Cap 600 Index Fund | &nbsp;&nbsp;&nbsp;74.5% |
| S&P Small-Cap 600 Value Index Fund | &nbsp;&nbsp;&nbsp;83.0 |
| S&P Small-Cap 600 Growth Index Fund | &nbsp;&nbsp;&nbsp;77.0 |

---

The following amounts, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as qualified dividend income for purposes of the maximum rate under section 1(h)(11) for calendar year 2024. Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;($000) |
| S&P Small-Cap 600 Index Fund | &nbsp;&nbsp;&nbsp;57792 |
| S&P Small-Cap 600 Value Index Fund | &nbsp;&nbsp;&nbsp;21468 |
| S&P Small-Cap 600 Growth Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;8532 |

---

The following amounts for the fiscal year, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as interest earned from obligations of the U.S. government which is generally exempt from state income tax.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;($000) |
| S&P Small-Cap 600 Index Fund | &nbsp;&nbsp;&nbsp;103 |
| S&P Small-Cap 600 Value Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;77 |
| S&P Small-Cap 600 Growth Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;42 |

---

The following amounts, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as qualified business income under section 199A for calendar year 2024. Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;($000) |
| S&P Small-Cap 600 Index Fund | &nbsp;&nbsp;&nbsp;12710 |
| S&P Small-Cap 600 Value Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;4631 |
| S&P Small-Cap 600 Growth Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;1117 |

---

Q18450 102025

------

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable. The Trustees' Fees and Expenses are included in the financial statements filed under Item 7 of this Form.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts.**

Not applicable.

**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;&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) Internal Control Over Financial Reporting. There were no changes in the Registrant's Internal Control Over Financial Reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17**: **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18: Recovery of Erroneously Awarded Compensation** 

Not applicable.

**Item 19: Exhibits.**

---

| | |
|:---|:---|
| [(a)(1)](tm2526775d1_ex99-codeeth.htm) | [Code of Ethics filed herewith.](tm2526775d1_ex99-codeeth.htm) |
| [(a)(2)](tm2525835d2_ex99-cert.htm) | [Certifications filed herewith.](tm2525835d2_ex99-cert.htm) |
| [(a)(2)](tm2525835d2_ex99-906cert.htm) | [Certifications filed herewith.](tm2525835d2_ex99-906cert.htm) |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

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

---

Date: October 22, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

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

---

Date: October 22, 2025

---

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

---

Date: October 22, 2025

---

| | |
|:---|:---|
| \* By: | /s/ John E. Schadl |

---

John E. Schadl, pursuant to a [Power of Attorney](https://www.sec.gov/Archives/edgar/data/1532203/000168386325001428/f40903d9.htm) filed on February 28, 2025 (see File Number 333-177613), Incorporated by Reference.

## Ex-99.Code

**Exhibit 99.CODEETH**

---

| | |
|:---|:---|
| **Access Person Code of Conduct**<br> **Effective Date: 01 January 2024 \| Contact:** **The Code of Ethical Conduct Team**<br> **Return to the** **Corporate Policies Page** <br> ****<br> **Policy Coverage**<br>This policy applies to all crew members and contingent workers globally who have been designated as an "Access Person" and, in certain instances, to their Household or Family Members. A "contingent worker" is any person other than a crew member who provides services to, or on behalf of, Vanguard through staffing firms, consulting firms, service providers, or as independent contractors. | &nbsp;&nbsp; <br> **Related Items**<br>· **The Code of Ethical Conduct** <br> · **How to Voice Concerns at Vanguard** <br> · **My Compliance and Ethics Resource Center** <br> · **Training Resources & Job Aids** <br> · **Code of Ethical Conduct Policy** <br> · **Conflicts of Interest Policy** <br> · **Insider Trading Policy** <br> · **Outside Business Activity Policy** |

---

*Access Persons* – Please note that the specific trading restrictions and reporting requirements vary depending on your Access Person designation, meaning <u>Advisor</u> Access Person, <u>Fund</u> Access Person, or <u>Investment</u> Access Person. Regardless of your designation, the Compliance Department has the authority to apply to you, with appropriate notice, any of the trading restrictions within this policy.

*Household or Family Members* – Certain aspects of this policy apply to you and your Household or Family Members. This is required by law and regulation in many jurisdictions, and is consistent with industry best practices, to ensure effective monitoring and to protect against conflicts of interest or related issues. See the *Defined Terms* section for the definition of Household or Family Member in your region.

*Note:* If your Household or Family Member(s) also works at Vanguard, they are subject to the same personal trading rules that apply to you, even if they are not designated as an Access Person. If they are also an Access Person, each of you is subject to the most restrictive designation held by you or your Household or Family Member(s).

Your designation may change – your Access Person designation may change as a result of changes in your role or department, or if the Compliance Department determines that a change in designation is necessary.

&nbsp;&nbsp;&nbsp;&nbsp; <br> ***Additional Requirements for Associated Persons:***<br>U.S. crew members and contingent workers who are deemed to be Associated Persons under the FINRA Licensing Policy have certain obligations under this policy and have additional investment-related obligations under the FINRA Licensing Policy and the Securities Account Reporting Obligations for Associated Persons.<br>

**Policy Overview**

Some crew members and contingent workers at Vanguard, by virtue of their role or department, are designated as an Access Person (i.e., an Advisor Access Person, Fund Access Person, or Investment Access Person) because they or their department are authorized to have knowledge of non-public information regarding the Vanguard Funds and/or sensitive market or client activity. As a result, Access Persons are subject to additional reporting requirements, stricter personal investment rules, and greater oversight. These standards and rules, as set forth in in this policy (the Access

Page 1 of 19

Person Code of Conduct (APCC)<sup>1</sup>), have been adopted to ensure compliance with applicable laws and regulations and to avoid conflicts of interest or the appearance of conflicts of interest. In particular, this policy aims to prevent conflicts of interest that could arise between the securities trading that Vanguard conducts on behalf of the Vanguard Funds or its clients and the personal securities trading by crew, contingent workers, and their Household or Family Members. Be sure you are familiar with other Vanguard policies that govern ethical conduct and personal investment activities, including those listed at the top of this policy.

**Policy Requirements**

**Vanguard recognizes the importance to crew and contingent workers of being able to manage and develop their own financial resources through *<u>long-term</u>* investments and strategies. With that in mind, the rules in this policy are intended to ensure that trading on behalf of Vanguard Funds and clients are given priority over trading in personal accounts, and that trades in personal accounts do not adversely affect trades for Vanguard's funds or clients. Similarly, you must comply with applicable securities laws and must avoid taking personal advantage of your knowledge of securities activity in Vanguard Funds or client accounts.**

This policy includes specific restrictions on personal investing but cannot anticipate every fact pattern or situation. You should adhere to the spirit, and not just the letter, of this policy.

To the extent possible, Compliance will treat all records related to trading in personal accounts as confidential. Information will be accessible within the Compliance Department and may be reported to senior management or HR. Records may also need to be made available to Internal Audit and/or any regulator. All non-U.S. crew members and contingent workers are required to sign a data consent/data privacy notice.

The Compliance Department reserves the right to monitor all investment or trading activity by you and your Household or Family Members based on any information or system to which it has access.

&nbsp;&nbsp;&nbsp;&nbsp; <br> ***Note for Crew Members in China:*** <br>Because you may not have access to MCO, different systems and procedures are in place for you to disclose accounts and holdings. Please consult with your manager or the China Compliance Department to learn more. <br>

**Brokerage Firms You May Use** 

The terms in this section apply to all Access Persons.

The brokerage firms you may use to hold and transact Reportable Securities depend on whether you are a crew member or contingent worker, in addition to where you work. See the definition of Reportable Security in the *Defined Terms* section.

<sup>1</sup> The APCC constitutes the code of ethics that the Vanguard funds have adopted in compliance with U.S. SEC Rules 17j-1 and 204A-1.The APCC is a policy that has been created and approved, and is governed, similar to other policies at Vanguard. As used herein, references to "this policy" mean the APCC.

Page 2 of 19

---

| | |
|:---|:---|
| &nbsp;&nbsp;**All U.S. Crew and their Household or Family Members** **(see parts (a) and (b) of the definition in the defined terms section)** | &nbsp;&nbsp; Must hold and trade all Reportable Securities in a Vanguard Brokerage Account (VBA), but may hold other investments at the firm(s) of their choice<br>Must initiate transfer of all Reportable Securities to a VBA within 60 days of hire<br>***Exceptions:*** Employer-sponsored plans, Approved Managed Accounts, 529 college savings plans and ABLE plans may be held at other firms; However, if these, or any other accounts can hold Vanguard Funds or Reportable Securities, they must be reported in the "Accounts" tab of MyComplianceOffice (MCO) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Non-U.S. Crew and their Household or Family Members** | &nbsp;&nbsp;May hold and trade all Securities and investments at the firm(s) of their choice |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Contingent Workers** | &nbsp;&nbsp;May hold and trade all Securities and investments at the firm(s) of their choice |

---

**Disclosure Obligations** 

The terms in this section apply to all Access Persons.

Access Persons must disclose accounts and holdings information to the Compliance Department via an initial disclosure and periodic ongoing disclosures. All issued assignments must be completed even if you do not have any brokerage accounts or trade Reportable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** <u>Initial Disclosure of Accounts and Holdings</u> 

Within ten (10) calendar days of being designated an Access Person, all Access Persons must disclose the following to the Compliance Department via the New Access Persons Holdings Report assignment through MyComplianceOffice, or MCO:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All Covered Accounts and Reportable Securities held by
you or a Household or Family Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All Covered Accounts in which you exercise Investment Discretion
or over which you exercise control (e.g., agent authority (full or limited), trustee, power of attorney authority, etc.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All accounts in which you have, or will acquire, Beneficial
Ownership of Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All accounts held by you and any Household or Family Member
in which there are college saving plan products, annuity products, or other investment or insurance products that, in turn, hold or invest
in Vanguard Funds. These can include 529 plans, Achieving a Better Life Experience (ABLE) plans, employer sponsored retirement plans (e.g.,
401(k) and 403(b) plans), and Health Savings Accounts invested in Vanguard Funds or products.

This includes accounts held at Vanguard and other financial institutions. You do not need to disclose an account or submit transaction confirmations or statements if the account does not have the ability

Page 3 of 19

to hold Securities (e.g., a traditional checking, savings, or deposit account with a bank, credit union, or building society for holding cash).

This information must be current as of no more than 45 calendar days before joining Vanguard or being designated as an Access Person. *Failure to complete and submit the New Access Persons Holdings Report within ten (10) calendar days of receiving it may be considered a violation of this policy.*

&nbsp;&nbsp;&nbsp;&nbsp; <br> ***Quick Tip:*** <br>For a summary of the disclosure and transfer requirements, please review the FAQs prepared by the Compliance Department. The MCO Overview provides information on how to access and use MCO. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** <u>Ongoing Disclosure of Accounts, Transactions, and Duplicate Statements</u> 

After the Initial Disclosure, Access Persons may need to periodically disclose account and transaction information for themselves and their Household or Family Members to the Compliance Department.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Required Ongoing Disclosures** | &nbsp;&nbsp;**Required Ongoing Disclosures** |
| &nbsp;&nbsp;<br>If at any time, an Access Person, or their Household or Family Member: | &nbsp;&nbsp;<br>If at any time, an Access Person, or their Household or Family Member: |
| &nbsp;&nbsp;Opens, or intends to open, a Covered Account with any financial institution, including Vanguard | &nbsp;&nbsp;The Covered Accounts and Reportable Securities must be disclosed on the "Accounts" tab in MCO within ten (10) calendar days. You must also upload an account statement to the "Trading Documents" tab in MCO. |
| &nbsp;&nbsp;<br>Acquires holdings in Reportable Securities or Beneficial Ownership of Securities<br>| &nbsp;&nbsp;The Covered Accounts and Reportable Securities must be disclosed on the "Accounts" tab in MCO within ten (10) calendar days. You must also upload an account statement to the "Trading Documents" tab in MCO. |
| &nbsp;&nbsp;Becomes associated with a Covered Account (including a VBA) via marriage, inheritance, or other life events | &nbsp;&nbsp;The Covered Accounts and Reportable Securities must be disclosed on the "Accounts" tab in MCO within ten (10) calendar days. You must also upload an account statement to the "Trading Documents" tab in MCO. |

---

**Account Monitoring** 

---

| |
|:---|
| &nbsp;&nbsp;**Vanguard Brokerage Accounts (VBAs)** |
| &nbsp;&nbsp; Compliance will receive transaction confirmations automatically for VBAs associated with U.S. crew members and contingent workers, and their Household or Family Members, but only after the VBAs are properly disclosed in MCO. No additional action is needed.<br>|

---

---

| |
|:---|
| &nbsp;&nbsp;**External Covered Accounts** |
| &nbsp;&nbsp;Many brokerage firms have data feeds available that allow Compliance to receive transaction confirmations electronically and automatically. If a data feed is available, no additional action is needed. If a data feed is not available, statements or transaction confirmations must be provided to Compliance through a quarterly assignment in MCO, or Compliance must be added as an interested party on the account to receive duplicate statements. For details on these processes, see *Appendix B*. |

---

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&nbsp;&nbsp;&nbsp;&nbsp; <br> ***Note for Crew Members and Contingent Workers in Australia:*** <br>You are required to disclose all transactions in VIA funds in MCO in the same manner as is required for Reportable Securities.<br>

**Investment and Trading Requirements**

The terms in this section apply to all Access Persons.

**General Obligations**

&nbsp;&nbsp;&nbsp;&nbsp;· Comply with the law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
must comply with all applicable securities-related rules and laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
may not engage in conduct that is deceitful, fraudulent, or manipulative, or that involves false or misleading statements, in connection
with the purchase or sale of a Security by a Vanguard Fund or Vanguard Client account, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
may not intentionally, recklessly, or negligently circulate false information or rumors that may affect the securities markets or may
be perceived as market manipulation.

&nbsp;&nbsp;&nbsp;&nbsp;· Use of Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
may not take personal advantage of knowledge of recent, impending, or planned Securities activities of the Vanguard Funds or their investment
advisors or any Vanguard Client. You are prohibited from purchasing or selling - directly or indirectly - any Security or Related Security
when you know that the Security is being purchased or sold, or considered for purchase or sale, by a Vanguard Fund (with the exception
of an index fund) or by a Vanguard Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
 are subject to and must comply with the Insider Trading
 Policy and/or any similar policy of the Vanguard affiliate or region for which you
 work. Each of these policies is considered an integral part of your obligations under this
 policy. Each policy prohibits you from buying or selling any Security while in possession
 of Material, Nonpublic Information about the issuer of the Security. The policies also prohibit
 you from communicating any nonpublic information about any Security or issuer of Securities
 to third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
 must comply with the Confidential Information Policy ,
 including that you may not share information with any third party about any planned, upcoming,
 or recently executed trading activity by any Vanguard Fund or Vanguard Client unless such
 information is publicly available through no action by you.

&nbsp;&nbsp;&nbsp;&nbsp;· Fund policies and excessive trading:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o When
purchasing, exchanging, or redeeming shares of a Vanguard Fund, you must adhere to the policies and standards set forth in the fund's
prospectus, or offering document, including policies on market-timing and frequent trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Excessive trading in Covered Accounts is strongly discouraged.
The Compliance Department reserves the right to monitor trading across all of your Covered Accounts, and may conduct scrutiny of any trades
in your Covered Accounts where such trading may appear excessive in nature (including, but not limited to, if the number of trades is
so frequent as to potentially impact your ability to carry out your assigned responsibilities

Page 5 of 19

or the trades involve positions that are disproportionate to your net assets). If Compliance in its sole discretion determines you have engaged in excessive trading, then Compliance may limit the number of trades allowed in your Covered Accounts during a given period. This section does not apply to transactions in an Approved Managed Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Beneficial
ownership and discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The terms and restrictions of this policy apply to all
Securities in which you have acquired or will acquire Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You must comply with these investment and trading restrictions
with respect to any account you own as well as any account over which you exercise Investment Discretion or exercise control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· No
circumvention:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You are not permitted to assist, aid, or enable any other person in doing anything that you are
prohibited from doing under this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Exceptions
and waivers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o In rare cases, the Chief Compliance Officer may grant exceptions
to this policy, including pre-clearance, other trading restrictions, and certain reporting requirements on a case-by-case basis if it
is determined that (1) the proposed conduct involves no opportunity for abuse, (2) the proposed conduct does not conflict with Vanguard's
interests, and (3) not granting an exception would result in an unfair or unjust outcome. See below for more details on exceptions *.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The Chief Compliance Officer may waive the applicability
of this policy for a contingent worker if the policy's requirements are covered through the applicable service provider's
contract with Vanguard.

**Rules regarding specific investments or investment types:**

&nbsp;&nbsp;&nbsp;&nbsp;· Use of derivatives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You and your Household or Family Members may not use a
derivative to avoid or circumvent a rule or requirement set forth in this policy. If something is prohibited by these rules, then it is
also against these rules to effectively accomplish the same thing by using a derivative. This includes futures, options, and other types
of derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You and your Household or Family Members are permitted
to trade futures or options on commodities.

&nbsp;&nbsp;&nbsp;&nbsp;· IPOs and ICOs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
and your Household or Family Members are prohibited from acquiring Securities in an Initial Public Offering (IPO) or Secondary Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
and your Household or Family Members are prohibited from participating in an Initial Coin Offering (ICO).

Page 6 of 19

&nbsp;&nbsp;&nbsp;&nbsp;· Private Placements – You and your Household or Family
Members are not permitted to invest in securities offered to potential investors in a Private Placement or other limited investment offering
without first obtaining pre-clearance from Compliance via the Outside Business Activity request form (the form for U.S. crew is in LARS,
and for ex-U.S. crew is in MCO). If you or your Household or Family Members receive approval to purchase Securities in a Private
Placement, you must immediately inform Compliance if that Security goes to public offer or is pending listing on an exchange.

&nbsp;&nbsp;&nbsp;&nbsp;· SPACs – You and your Household or Family Members
are prohibited from acquiring a SPAC at any stage of its lifecycle (i.e., pre-IPO, IPO, pre-merger, post-merger).

&nbsp;&nbsp;&nbsp;&nbsp;· Short-Selling – You are prohibited from selling short
any Security that you do not own or from otherwise engaging in short-selling activities.

&nbsp;&nbsp;&nbsp;&nbsp;· Digital
 Currencies and Related Investments – Refer to the Trading
 and Reporting Requirements for Digital Currency Investments and Activities for details
 on which digital currency account and product types are permitted, and what must be disclosed,
 under this policy.

**Trade Pre-clearance** 

Fund Access Persons and Investment Access Persons must pre-clear all Covered Securities transactions made by themselves and their Household or Family Members. Investment Access Persons must also obtain pre-clearance for purchases in excess of, and sales in excess of, US$50,000 in an individual Vanguard ETF over a rolling 30-day period, including those made by their Household or Family Members. Failure to obtain pre-clearance for a single transaction or a series of transactions that exceed US$50,000 over a rolling 30-day period in an individual Vanguard ETF is a violation of this policy. Please note that the US$50,000 limit applies across all accounts owned by you and your Household or Family Members (it is not US$50,000 per account).

*Note:* In some instances, you must pre-clear trades in accounts managed by Vanguard. See the pre-clearance exceptions below for more details.

**Obtaining Pre-clearance** 

Pre-clearance approval must be obtained via the "Personal Trade Pre-Clearance" path in MCO, and requests are typically approved or denied immediately. For those Access Persons in the U.S., the pre-clearance system is available between 8:00 AM and 4:00 PM (ET) Monday through Friday. However, requests should be submitted by 3:30 PM (ET) to ensure same day approval. Completing a trade before receiving approval or after the approval window expires is a violation of this policy. Attempting to obtain approval after the transaction has occurred is not permitted.

**Pre-clearance Expiration**

*In the U.S.:* Pre-clearance approval will expire at the end of the trading day on which it is issued. If you wish to trade after the approval window closes, you must obtain a new approval on the day you wish to trade. Pre-clearance for same-day limit orders is permitted. Good-til-cancelled (GTC) limit orders are prohibited.

*Outside the U.S.:* Pre-clearance approval will expire at the end of the trading day on the next business day after the approval is received. If you wish to trade after the approval window

Page 7 of 19

closes, you must obtain a new approval. Pre-clearance for limit orders is permitted, but the order must be executed, or expire, by the end of the trading day on the next business day.

**Pre-clearance Exceptions** 

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales of Vanguard Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Note:* Investment Access Persons must pre-clear Vanguard
ETF trades as described above.

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales where the person requesting pre-clearance
has no direct or indirect influence or control over the account in which the trades will be made (e.g., you have a trust in your name
but you are not the trustee who places the transaction, provided you have granted Investment Discretion to the trustee and there has been
no prior communication between you and the trustee regarding the transaction)

&nbsp;&nbsp;&nbsp;&nbsp;· Corporate actions in Covered Securities such as stock dividends,
stock splits, mergers, consolidations, spin-offs, or other similar corporate reorganizations or distributions

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales made as a part of an Automatic Investment
Program or Dividend Reinvestment Program

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases effected upon the exercise of Rights which were
issued pro rata to all holders of a class of its Securities, to the extent such Rights were acquired from such issuer

&nbsp;&nbsp;&nbsp;&nbsp;· Acquisitions of Covered Securities through gifts or bequests

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales in an Approved Managed Account, provided
there is no prior communication with the account's portfolio manager regarding the transactions

**Vanguard Digital Advisor and Personal Advisor accounts:** These accounts qualify as Approved Managed Accounts once enrolled in these programs. Trades of Covered Securities (and for Investment Access Persons, Vanguard ETFs as described in the Trade Pre-Clearance section) required to be made prior to enrollment, via the self-directed trade path, are subject to pre-clearance and short-term trading restrictions. In these instances, you (and not a Vanguard Advisor) are responsible for obtaining the pre-clearance. To clarify, if a Vanguard Advisor informs you that you need to trade a Covered Security (or directs you to trade a Covered Security) in these accounts in order to enroll, you are still required to obtain pre-clearance.

However, pre-clearance is not required for trades executed by Digital Advisor or Personal Advisor as the result of enrolling in either program, nor is it required for trades executed by these programs after enrollment is complete.

**Vanguard Personal Advisor Select and Vanguard Wealth Management accounts:** Accounts enrolled in these programs are not considered Approved Managed Accounts. Trades of Covered Securities (and for Investment Access Persons, Vanguard ETFs as described in the Trade Pre-Clearance section) are subject to pre-clearance and all other trading rules that apply if directed by you. You (and not a Vanguard Advisor) are responsible for obtaining all necessary pre-clearances. Automatic rebalancing and automatic tax-loss harvesting transactions are not subject to the pre-clearance requirement.

Trading violations made in any account managed through these programs (Digital Advisor, Personal Advisor, Personal Advisor Select, or Vanguard Wealth Management) will be investigated by the Compliance Department on a case-by-case basis. The findings of such an investigation will determine whether the Access Person or the Advisor will receive the violation.

Page 8 of 19

**Blackout Periods**

Fund Access Persons and Investment Access Persons generally will not receive pre-clearance approval to trade a Covered Security if the same, or a Related Security, was traded in a Vanguard Fund in the prior seven calendar days.

If you purchase a Covered Security without pre-clearance, you will have violated this policy and may be required to immediately sell the Covered Security and relinquish all profits received from the sale to Vanguard (exclusive of commissions). If you sell a Covered Security without pre-clearance, you will have violated this policy and must relinquish to Vanguard the difference (exclusive of commissions) between the sale price you received and the sale price received by the Vanguard Fund (if your sale price is higher), multiplied by the number of shares you sold.

If an Investment Access Person sells a Covered Security within seven days before a Vanguard Fund sells the same Covered Security, or a Related Security, they may be required to relinquish to Vanguard any profits earned from their sale of the Covered Security (exclusive of commissions), where profits are calculated based on the difference between the sale price they received and the sale price received by the Vanguard Fund (if their sale price is higher), multiplied by the number of shares they sold.

In addition to these restrictions, local law may dictate the extent to which any gains must be relinquished.

Compliance may exempt certain trades from these restrictions during blackout periods that coincide with trading by certain Vanguard Funds (e.g., index funds).

**Exception to Blackout Periods**

Notwithstanding the blackout period restrictions, Fund Access Persons may buy up to US$50,000 (or local currency equivalent), as well as sell up to US$50,000 worth of a Stock, in any rolling 30-day period, if the issuer has a market capitalization that exceeds US$5 billion. Pre-clearance is still required for all Covered Securities trades regardless of whether they meet this exception. Additionally, please note that the US$50,000 limit applies across all accounts owned by you and your Household or Family Members (it is not US$50,000 per account).

If a Fund Access Person's purchases exceed the US$50,000 limit, they will have violated this policy and will be required to sell the amount by which they exceeded the limit, and relinquish all profits received from the sale to Vanguard (exclusive of commissions). If a Fund Access Person's sales exceed the US$50,000 limit, they will have violated this policy must relinquish to Vanguard the difference (exclusive of commissions) between the sale price they received and the sale price received by the Vanguard Fund (if their sale price is higher), multiplied by the number of shares sold in excess of the limit.

Trades of Securities of issuers with market capitalizations below US$5 billion, or that exceed US$50,000 in any 30-day rolling period, will continue to be subject to the blackout periods unless the Compliance Department grants an exception.

**Short-Term Trading**

You are prohibited from purchasing and then selling a Covered Security at a profit, as well as selling and then repurchasing a Covered Security at a lower price, within 30 calendar days. Please note, day one is the first calendar day after the trade date (for example, if your trade date is Friday, then day one is Saturday). This prohibition also applies to all Vanguard ETF trades made by Investment Access Persons. A last-in/first-out accounting methodology will be applied to a series of Security purchases, regardless of how you placed the trades or plan to report them for tax purposes. For example, if you purchased a security for $10, you may not sell the same security for more than $10 within 30

Page 9 of 19

calendar days. Similarly, if you sold a security for $10, you may not repurchase the same security for below $10 within 30 calendar days. Profits on such trades must be relinquished to Vanguard (exclusive of commissions). In addition, the transaction will be considered a violation of this policy.

The rule applies across all accounts owned by you and your Household or Family Members. For example, if you purchase a stock in your account and the same stock is sold in an account beneficially owned by your spouse or domestic partner within 30 calendar days at a price higher than your purchase price, you will be in violation of this policy and must relinquish profits received from the sale to Vanguard (exclusive of commissions).

**Options Trading (Advisor Access Persons Only)**

You may hold options on a Covered Security until you exercise the options, or the options expire. However, you may not otherwise close any open options positions for a profit within 30 calendar days. Realizing profits on short-term trades of options will be considered violations of this policy, and you must relinquish such profits to Vanguard (exclusive of commissions). This includes short-term trades that are the result of options that are assigned or are exercised automatically, without any action on your part. For example:

&nbsp;&nbsp;&nbsp;&nbsp;· If a call option is assigned within 30 calendar days of
your purchase of the underlying Security itself, and the underlying Security is called away at price higher than you purchase price, the
call assignment would be considered a violation of this policy. You will be required to relinquish profits from the assignment to Vanguard
(exclusive of commissions). For example, if a Security is called away at $12 after you purchase the Security itself for $10 in the prior
30 calendar days, you will have violated this policy and will be required to relinquish profits.

&nbsp;&nbsp;&nbsp;&nbsp;· If your position auto exercises upon expiration, and you
earn a profit within 30 calendar days of opening the position, you will be in violation of this policy and will be required to relinquish
profits from the exercise to Vanguard (exclusive of commissions).

**Exceptions** 

The Chief Compliance Officer or their designee retains the discretion to interpret and grant exceptions to this policy and to decide how the rules apply to any given situation for the purposes of protecting the funds and being consistent with the general principles of this policy and the Code of Ethical Conduct.

Understandably, you may encounter personal situations in which you believe an exception to this policy is necessary. Exceptions may be warranted if:

&nbsp;&nbsp;&nbsp;&nbsp;· You face a financial hardship that can be met by liquidating
assets that are subject to this policy's rule (e.g., medical expense, home purchase, life event, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;· You would like to liquidate company stock held in a former
employer's stock plan, or exercise options held in a former employer's stock option plan.

&nbsp;&nbsp;&nbsp;&nbsp;· Your Household or Family Member(s) would like to sell stock
or exercise options in their current or former employer's stock plan or stock option plan.

&nbsp;&nbsp;&nbsp;&nbsp;· You, or your Household or Family Members, would like to
liquidate Covered Securities received as part of a gift, bequest, or inheritance. These exceptions will be granted once for all Covered
Securities received in a single gift, bequest, or inheritance.

&nbsp;&nbsp;&nbsp;&nbsp;· You receive three pre-clearance denials for the same security
within a rolling 60 calendar day period, provided that your second and third requests are submitted on or after the next available pre-clearance
date specified by MCO.

Page 10 of 19

If you believe you should be afforded an exception to this policy's rules, you must obtain prior written approval by submitting a request through the Hardship Waiver Request Form. Compliance will consider your request and notify you of the outcome.

**Policy Compliance** 

Questions regarding this policy may be submitted to the policy contact for your region.

Please be aware of and comply with any supplemental policies that may apply to your role, department, or geographic region. Check with your manager for more information.

If you believe you may have breached this policy, you should immediately report it to your manager, notify the policy contact for your region, and work with them to take corrective action. Alternatively, you may report concerns regarding this policy via the Anonymous Reporting channel that Vanguard has arranged for your region. You are expected to cooperate with any research or investigation into conduct regarding this policy.

The Compliance Department is the owner of this policy. Any violations or potential violations of this policy may be investigated by the Compliance Department, and if it is determined that there has been a violation, you may be subject to penalties and sanctions as described in the Disciplinary Action Policy and, for crew and contingent workers in Australia, the Managing Misconduct Policy. Any violation of this policy may result in disciplinary action up to and including termination of employment.

Refer to the Policy Disclaimer Statement for more information.

Page 11 of 19

**Defined Terms** 

The following definitions apply throughout this policy:

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| | |
|:---|:---|
| Access Person | &nbsp;&nbsp;Any person designated as an Investment Access Person, Fund Access Person, or Advisor Access Person. |
| Approved Managed Account | &nbsp;&nbsp;An investment account where (i) the account is owned by an investor and overseen by a hired professional money manager, (ii) the investor has no trading discretion on the account, and (iii) Compliance has approved it as an Approved Managed Account. |
| Associated Person | &nbsp;&nbsp;Any person who conducts securities business on behalf of Vanguard Marketing Corporation (VMC). This includes all FINRA-licensed contingent workers, as well as non-licensed contingent workers who perform certain operational and administrative functions for VMC. |
| Automatic Investment Program | &nbsp;&nbsp;A program in which regular periodic purchases (or withdrawals) are made automatically in (or from) Investment accounts, according to a predetermined schedule and allocation. An Automatic Investment Program includes a dividend reinvestment plan. |
| Bankers' Acceptance | &nbsp;&nbsp;A time draft drawn on a commercial bank by a borrower usually in connection with an international commercial transaction. Bankers' Acceptances are usually guaranteed by the bank. |
| Beneficial Ownership | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The opportunity to directly or indirectly—through any contract, arrangement, understanding, relationship, or otherwise—share at any time in any economic interest or profit derived from an ownership of or a transaction in a Security. For clarity, what you are deemed to have Beneficial Ownership of includes the following:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Security owned individually by you.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Security owned by a Household or Family Member.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Security owned in joint tenancy, as tenants in common, or in other joint ownership arrangements.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Security in which a Household or Family Member has Beneficial Ownership if the Security is held in a Covered Account over which you have decision making authority (for example, you act as a trustee, executor, or guardian or you provide Investment advice).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Your interest as a general partner or manager/member in Securities held by a general or limited partnership or limited liability company.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Your interest as a member of an Investment club or an organization that is formed for the purpose of investing in a pool of monies or Securities.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Your ownership of Securities as a trustee of a trust in which either you or a Household or Family Member has a vested interest in the principal or income of the trust or your ownership of a vested interest in a trust.<br>|

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| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Securities owned by a corporation which is directly or indirectly controlled by, or under common control with, such person. |
| Bond | &nbsp;&nbsp;A debt obligation issued by a corporation, government, or government agency that entails repayment of the principal amount of the obligation at a future date, usually with interest. |
| Certificate | &nbsp;&nbsp;In Germany, a right or obligation issued by a bank where the payout profile or benefit of ownership depends upon or is tied to the performance of an agreed-upon underlying asset or security. |
| Certificate of Deposit (CD) | &nbsp;&nbsp;An insured, interest-bearing deposit at a bank that requires the depositor to keep the money invested for a specified period. |
| Commercial Paper | &nbsp;&nbsp;A promissory note issued by a large company in need of short-term financing. |
| Covered Account | &nbsp;&nbsp;Any Vanguard Fund account, any brokerage account, and any other type of account that holds, or is capable of holding, Reportable Securities. |
| Covered Security | &nbsp;&nbsp; Any Security (including through an IPO), but <u>not</u> including any:<br>&nbsp;&nbsp;&nbsp;&nbsp;· Direct Obligations of a Government (excluding municipal bonds); <br> &nbsp;&nbsp;&nbsp;&nbsp;· Bankers' Acceptances, Certificates of Deposit (CD), Commercial Paper, and High-Quality Short-Term Debt Instruments, including Repurchase Agreements; <br> &nbsp;&nbsp;&nbsp;&nbsp;· Shares issued by Open-End Funds (although for European subsidiaries, this is limited to UCITS schemes, a non-UCITS retail scheme, or another fund subject to supervision under the law of an European Economic Area (EEA) state which is an index fund or which requires an equivalent level of risk spreading in their assets);<br> &nbsp;&nbsp;&nbsp;&nbsp;· Life policies; <br> &nbsp;&nbsp;&nbsp;&nbsp;· ETFs;<br> &nbsp;&nbsp;&nbsp;&nbsp;· ETNs; or<br> &nbsp;&nbsp;&nbsp;&nbsp;· Digital Currencies. |
| Debenture | &nbsp;&nbsp;An unsecured debt obligation backed only by the general credit of the borrower. |
| Digital Currency | &nbsp;&nbsp;A digital asset that: (1) serves solely as a store of value, a medium of exchange, or a unit of account; (2) is not issued or guaranteed by any jurisdiction, central bank, or public authority; (3) relies on algorithmic techniques to regulate the generation of new units of the digital asset; and (4) has transactions involving the digital asset recorded on a decentralized network or distributed ledger (e.g., blockchain). Common examples of a Digital Currency are Bitcoin and Ether. A Digital Currency is distinguishable from a Digital Security Token or a Digital Utility Token. |
| Digital Security Token | &nbsp;&nbsp; Any digital asset that is not a Digital Currency or Digital Utility Token. In general, a Digital Security Token may: (1) derive its value primarily from, or represent an interest in, a separate asset or pool of assets; or (2) represent an interest in an enterprise or venture. A Digital Security Token may provide owners or holders with voting rights, rights to distributions, or other rights associated with ownership. Digital Security Tokens are generally held for speculative investment purposes and not to provide holders with access to a particular network, product, or service. Digital Security Tokens, like other investments, are generally not used as a medium of exchange.<br>Note, whether or not an asset is a Digital Security Token depends on specific facts and circumstances. Merely referring to an asset as a Digital |

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Page 13 of 19

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| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp; Currency or Digital Utility Token does not prevent the asset from being a Digital Security Token. Furthermore, an asset may be a Digital Security Token even if it has some purported utility. Please contact Compliance if you have any questions regarding whether an asset is a Digital Security Token. |
| Digital Utility Token | &nbsp;&nbsp;A digital asset that (1) provides access to a particular network, product, or service; (2) derives its value primarily from providing access to a particular network, product, or service; and (3) does not function as a Digital Currency or Digital Security Token. |
| Direct Obligation of a Government | &nbsp;&nbsp;A debt that is backed by the full taxing power of any government. These Securities are generally considered to be of the very highest quality. |
| ETF or Exchange-Traded Fund | &nbsp;&nbsp;An investment with characteristics of both mutual funds and individual stocks. Many ETFs track an index, a commodity, or a basket of assets. Unlike mutual funds, ETFs can be traded throughout the day. ETFs often have lower expense ratios but must be purchased and sold through a broker, which means you may incur commissions. |
| ETN or Exchange-Traded Note | &nbsp;&nbsp;A senior, unsecured, unsubordinated debt Security issued by a financial institution, whose returns are based on the performance of an underlying index and backed only by the credit of the issuer. ETNs have a maturity date, but typically pay no periodic coupon interest and offer no principal protection. At maturity an ETN investor receives a cash payment linked to the performance of the corresponding index, less fees. |
| Futures / Futures Contract | &nbsp;&nbsp;A contract to buy or sell specific amounts of a commodity or financial instrument (such as grain, a currency, including foreign currencies and Digital Currencies (e.g., Bitcoin), a Digital Security Token, or an index) for an agreed-upon price at a certain time in the future. Sometimes the arrangements in a contract prescribe that settlements are made through cash payments, rather than the delivery of physical goods or Securities; this is called Contract for Difference. |
| High-Quality Short-Term Debt Instrument | &nbsp;&nbsp;An instrument that has a maturity at issuance of less than 366 days and is rated in one of the two highest ratings categories by a nationally recognized statistical rating organization, or an instrument that is unrated but determined by Vanguard to be of comparable quality. |
| Household or Family Member (U.S., Australia, Canada, China, Hong Kong, and Mexico) | &nbsp;&nbsp; For the U.S., Australia, Canada, China, Hong Kong, and Mexico regions, the term "Household or Family Member" includes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Your spouse or domestic partner (an unrelated adult with whom you share your home and contribute to each other's support);<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any child of yours or of your spouse or domestic partner, provided that the child resides in the same household as or is financially dependent upon you; or<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any other individual over whose accounts you have control (e.g., agent authority (full or limited), trustee, power of attorney authority) and to whose financial support you materially contribute.<br>For purposes of parts (a) and (b) of this definition, those persons may not be deemed Household or Family Members under this policy if you demonstrate, to the satisfaction of the Compliance Department, that you derive no economic benefit from, and exercise no control over, that person's accounts. |
| Household or Family Member (Europe) | &nbsp;&nbsp;For Europe crew members, the term "Household or Family Member" includes your spouse, domestic partner (an unrelated adult with whom you share your home and contribute to each other's support), and minor |

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Page 14 of 19

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| | |
|:---|:---|
| | &nbsp;&nbsp;children, as well as relatives whether by blood, adoption, or marriage (e.g., children, grandchildren, siblings, parents, parents-in-law, stepchildren) residing in the same household for at least one year prior to the date of the personal transaction. |
| Initial Coin Offering (ICO) | &nbsp;&nbsp;An initial offer or sale of Digital Currencies or Digital Security Tokens. Note, whether or not an offering is an ICO depends on specific facts and circumstances. Please contact Compliance before participating in an initial offering of a Digital Currency, Digital Security Token, or Digital Utility Token |
| Initial Public Offering (IPO) | &nbsp;&nbsp;A corporation's first offering of common stock to the public. |
| Investment Contract | &nbsp;&nbsp;Any contract, transaction, or scheme whereby a person invests money in a common enterprise and is led to expect profits solely from the efforts of the promoter or third party. |
| Investment Discretion | &nbsp;&nbsp;The authority an individual may exercise, with respect to investment control or trading discretion, on another person's account (e.g., executor, trustee, power of attorney). |
| Material, Nonpublic Information | &nbsp;&nbsp;Information about an issuer, or the equity or debt securities of an issuer, should be considered "material" if there is a substantial likelihood that a reasonable investor would consider the information important in making an investment decision, or disclosure of the information would be likely to cause a significant change in the price of the securities. Information is "nonpublic" if it is not generally available to investors. Information is clearly public if it appears in a press release, SEC or other public regulatory filing, or in a newspaper, magazine, wire report, newsletter, or other publication of general circulation (written or electronic). |
| Non-Access Person | &nbsp;&nbsp;Any person in a role that has not been designated as an Access Person role. |
| Note | &nbsp;&nbsp;A financial security that generally has a longer term than a bill, but a shorter term than a Bond. However, the duration of a note can vary significantly and may not always fall neatly into this categorization. Notes are similar to Bonds in that they are sold at, above, or below face (par) value; make regular interest payments; and have a specified term until maturity. |
| Open-End Fund | &nbsp;&nbsp;A mutual fund that has an unlimited number of shares available for purchase. |
| Option | &nbsp;&nbsp;The right, but not the obligation, to buy (for a call option) or sell (for a put option) a specific amount of a given stock, commodity, currency, including foreign currencies and Digital Currencies (e.g., Bitcoin), index, or debt, at a specified price (the strike price) during a specified period or on one particular date. |
| Private Placement | &nbsp;&nbsp;A Security that is not registered or required to be registered under applicable securities laws. Private Placements are generally sold to a relatively small number of select investors (as opposed to a public issue, in which Securities are made available for sale on the open market) in order to raise capital. Private Placements may include, among others, interests in hedge funds (including limited partnership interests) and shares of private companies. Investors in Private Placements are usually banks, mutual funds, insurance companies, pension funds, hedge funds, and high net worth individuals. Private Placements are typically held or maintained outside of Vanguard. |

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Page 15 of 19

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| | |
|:---|:---|
| Related Security | &nbsp;&nbsp;Any Security or instrument that provides economic exposure to the same company or entity—provided, however, that equity instruments will generally not be considered related to fixed income instruments (other than convertible Bonds) and vice versa. For example, all of the following instruments would be related to the common Stock of Company X: Options, Futures, Rights, and Warrants on Company X common Stock; preferred Stock issued by Company X; and Bonds convertible into Company X common Stock. Similarly, different Bonds issued by Company X would be related to one another. |
| Reportable Security | &nbsp;&nbsp;Any Covered Security, ETF, ETN, or Digital Security Token. |
| Repurchase Agreement | &nbsp;&nbsp;An arrangement by which the seller of an asset agrees, at the time of the sale, to buy back the asset at a specific price and, typically, on a given date (normally the next day). |
| Right | &nbsp;&nbsp;A Security giving stockholders entitlement to purchase new shares issued by the corporation issuer at a predetermined price (normally at a discount to the current market price) in proportion to the number of shares already owned. Rights are issued only for a short period of time, after which they expire. |
| Secondary Offering | &nbsp;&nbsp;The sale of new or closely held shares by a company that has already made an Initial Public Offering. |
| Security | &nbsp;&nbsp;Any Stock, Bond, money market instrument, Note, evidence of indebtedness, Debenture, Warrant, Option, Right, Investment Contract, ETF, ETN, Digital Currency that has been deemed to be a security by the US Securities and Exchange Commission, Certificate, or any other investment or interest commonly known as a Security. |
| SPAC (Special Purpose Acquisition Company) | &nbsp;&nbsp;A shell company or company with no commercial operations that is formed strictly to raise capital through an Initial Public Offering (IPO) for the purpose of acquiring an existing company. |
| Spread Betting | &nbsp;&nbsp;A way of trading that enables you to profit from movements in a wide range of markets from Securities to currencies, including foreign currencies and Digital Currencies, Digital Security Tokens, commodities, and interest rates. Spread betting allows you to trade on whether the price quoted for these financial instruments will go up or down. |
| Stock | &nbsp;&nbsp;A Security that represents part ownership, or equity, in a corporation. Each share of stock is a proportional stake in the corporation's assets and profits, some of which could be paid out as dividends. |
| UCITS (Undertakings for the Collective Investment of Transferable Securities) | &nbsp;&nbsp;A regulatory framework of the European Commission that creates a harmonized regime throughout Europe for the management and sale of mutual funds. UCITS funds can be registered in Europe and sold to investors worldwide using unified regulatory and investor protection requirements. |
| Vanguard Client | &nbsp;&nbsp;The clients of VGI, or any of the International Subsidiaries, and investors in the Vanguard Funds, including the Vanguard Funds themselves. |
| Vanguard Fund | &nbsp;&nbsp;Vanguard mutual funds, Vanguard managed funds, Vanguard UCITS funds, Vanguard ETFs, and any other accounts sponsored or managed by Vanguard. This includes, but is not limited to, separately managed accounts and collective trusts. |
| Warrant | &nbsp;&nbsp;An entitlement to purchase a certain amount of common Stock at a set price (usually higher than the current price) during an extended period of time. Usually issued with a fixed-income security to enhance its marketability, a Warrant can be transferred, traded, or exercised by the holder. |

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Page 16 of 19

**Appendix A: Access Person Designations and Trading Rules**

The terms and requirements in this appendix are *in addition to* the investment and trading restrictions applicable to all Access Persons, which are noted above. You must comply with the portions of this appendix that apply to your Access Person designation.

As a reminder, the designation(s) that applies to you is based on your cost center. Click HERE to determine whether you are an Access Person, and if so, which designation(s) applies.

Access Person Designation Hierarchy:

&nbsp;&nbsp;&nbsp;&nbsp;1. Investment Access Person

&nbsp;&nbsp;&nbsp;&nbsp;2. Fund Access Person

&nbsp;&nbsp;&nbsp;&nbsp;3. Advisor Access Person

If you have multiple Access Person designations, you are subject to the trading rules of your highest-ranking designation. For example, if you are an Advisor Access Person and a Fund Access Person, you are subject to the trading rules for Fund Access Persons.

If both you and a Household or Family Member are designated as Access Persons, you must both follow the trading rules for the most restrictive designation held by either of you. For example, if you are a Fund Access Person, and your spouse or domestic partner is an Investment Access Person, both of you must abide by the Investment Access Person trading rules.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Trading Rule** | &nbsp;&nbsp;**Advisor Access <br> Persons** | &nbsp;&nbsp;**Fund Access <br> Persons** | &nbsp;&nbsp;**Investment Access<br> Persons** |
| &nbsp;&nbsp; **Trade Pre-clearance**<br>Note: ALL Access Persons must pre-clear Private Placements, as described above | &nbsp;&nbsp; No | &nbsp;&nbsp; Yes, for self-directed trades of Covered Securities | &nbsp;&nbsp; Yes, for self-directed trades of Covered Securities of any amount and transactions in an individual Vanguard ETF in excess of US$50,000 over a rolling 30-day period |
| &nbsp;&nbsp;<br> **Blackout Period** | &nbsp;&nbsp; No | &nbsp;&nbsp; Yes, though the US$5 billion market capitalization exception applies (see page 9 for details) | &nbsp;&nbsp; Yes |

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Page 17 of 19

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short-Term Trading <br> (30-Day Hold)** | &nbsp;&nbsp; Yes, for self-directed trades of Covered Securities (including Options trades exercised or assigned involuntarily) | &nbsp;&nbsp; Yes, for self-directed trades of Covered Securities | &nbsp;&nbsp; Yes, for self-directed trades of Covered Securities and Vanguard ETFs |
| &nbsp;&nbsp;**Prohibited Securities** | &nbsp;&nbsp; IPOs/ICOs<br> Security Futures\*\*<br> Short Positions SPACs Leveraged/Inverse ETFs | &nbsp;&nbsp; All Options<sup>\*</sup><br> IPOs/ICOs<br> Security Futures\*\*<br> Short Positions<br> SPACs<br> Spread Bets\*\*\* Leveraged/Inverse ETFs | &nbsp;&nbsp; All Options\*<br> IPOs/ICOs<br> Security Futures\*\*<br> Short Positions SPACs<br> Spread Bets\*\*\* Leveraged/Inverse ETFs |
| &nbsp;&nbsp;**Resource** | &nbsp;&nbsp;Trading and Reporting Requirements for Advisor Access Persons | &nbsp;&nbsp;Trading and Reporting Requirements for Fund Access Persons | &nbsp;&nbsp;Trading and Reporting Requirements for Investment Access Persons |

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*\* Fund Access Persons and Investment Access Persons may not trade Options on any Security (including Options on ETFs, Digital Utility Tokens, Digital Security Tokens, and Digital Currencies). Options on commodities are permitted.*

*\*\*All Access Persons are prohibited from entering into, acquiring, or selling any Futures contract (including single stock futures). Futures on commodities are permitted.*

*\*\*\*Fund Access Persons and Investment Access Persons are prohibited from participating in Spread Betting on Securities, indexes, interest rates, currencies, or commodities.*

**Appendix B: External Account Monitoring**

Vanguard has direct electronic feeds with several financial institutions that allow the Compliance Department to monitor trading activity and holdings in external accounts automatically. If you have a Covered Account at these institutions, the Compliance Department can monitor your trades and holdings automatically, with no action needed on your part. However, some firms may require you to provide your consent for Vanguard to monitor your account. If applicable, you will be contacted by the Compliance Department and provided further instructions.

Although other financial institutions and plan providers may offer Covered Accounts or Reportable Securities, some may not offer direct electronic feeds. These include:

&nbsp;&nbsp;&nbsp;&nbsp;· Smaller brokerage firms or investment advisors

&nbsp;&nbsp;&nbsp;&nbsp;· 529 college savings plans or Achieving a Better Life Experience
(ABLE) plans that offer Vanguard Funds.

Page 18 of 19

&nbsp;&nbsp;&nbsp;&nbsp;· Health Savings Accounts (HSAs) that offer Vanguard Funds,
including the Health Equity HSA offered through Vanguard

&nbsp;&nbsp;&nbsp;&nbsp;· Employer sponsored retirement plans or investment plans
that offer Vanguard Funds or Reportable Securities (e.g., 401(k) and 403(b) plans, employer stock purchase plans, stock options plans,
restricted stock plans, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;· Annuity plan providers that offer Vanguard Funds or products

To allow the Compliance Department to monitor such accounts and holdings, Access Persons have two options:

&nbsp;&nbsp;&nbsp;&nbsp;1. Contact the firm where your Covered Accounts or Reportable
Securities are held and request that they send duplicate statements and confirmations to Vanguard. This is often accomplished by naming
Vanguard as an interested party on your accounts and directing the firm to send duplicate statements and confirmations to "Xerox",
Vanguard's third-party service provider, at this address:

F01012 – Vanguard C/O MyComplianceOffice

PO BOX 3048

Coppell, TX 75019-3048

&nbsp;&nbsp;&nbsp;&nbsp;2. If the firm cannot provide duplicate statements and confirmations
to Vanguard, you will be responsible for uploading copies to the Trading Documents section of MCO immediately after you receive them,
unless the Compliance Department provides you with an exception. The documents must clearly show the firm/institution's name, account
number, account owner, account type, and transaction and/or holdings details.

Additionally, you will be required to complete a Quarterly Securities Transaction Report each calendar quarter via MCO. Failure to complete and submit the assignment within 30 calendar days of the end of the calendar quarter may be considered a violation of this policy.

Page 19 of 19

## Ex-99.Cert

**Exhibit 99.CERT**

<u>CERTIFICATIONS</u>

I, Salim Ramji, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard Admiral Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 22, 2025

---

| |
|:---|
| /s/ Salim Ramji |
| Salim Ramji |
| Chief Executive Officer |

---

<u>CERTIFICATIONS</u>

I, Christine Buchanan, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard Admiral Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 22, 2025

---

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

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Name of Issuer: **<u>Vanguard Admiral Funds</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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the issuer.

Date: October 22, 2025

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| |
|:---|
| /s/ Salim Ramji |
| Salim Ramji |
| Chief Executive Officer |

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**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 Admiral Funds</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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the issuer.

Date: October 22, 2025

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

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