# EDGAR Filing Document

**Accession Number:** 0000036405
**File Stem:** 0001104659-25-083923
**Filing Date:** 2025-8
**Character Count:** 492248
**Document Hash:** c89a9b0e03cc9000d712d6edf694ae29
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-083923.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001104659-25-083923

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**EFFECTIVENESS DATE**: 20250827

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD INDEX FUNDS
- **CENTRAL INDEX KEY:** 0000036405

**ORGANIZATION NAME:**
- **EIN:** 231999755
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02652
- **FILM NUMBER:** 251263262

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD INDEX FUNDS/
- **DATE OF NAME CHANGE:** 20011121

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD INDEX TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST INDEX INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19800904

## Series and Classes Contracts Data

### Vanguard 500 Index Fund (Series ID: S000002839)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000007773 | Investor Shares             | VFINX           |
| C000007774 | Admiral Shares              | VFIAX           |
| C000092055 | ETF Shares                  | VOO             |
| C000170274 | Institutional Select Shares | VFFSX           |

### Vanguard Value Index Fund (Series ID: S000002840)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000007775 | Investor Shares      | VIVAX           |
| C000007776 | Admiral Shares       | VVIAX           |
| C000007777 | Institutional Shares | VIVIX           |
| C000007778 | ETF Shares           | VTV             |

### Vanguard Growth Index Fund (Series ID: S000002842)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000007783 | Investor Shares      | VIGRX           |
| C000007784 | Admiral Shares       | VIGAX           |
| C000007785 | Institutional Shares | VIGIX           |
| C000007786 | ETF Shares           | VUG             |

### Vanguard Large-Cap Index Fund (Series ID: S000002843)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000007787 | Investor Shares      | VLACX           |
| C000007788 | Admiral Shares       | VLCAX           |
| C000007789 | Institutional Shares | VLISX           |
| C000007790 | ETF Shares           | VV              |

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT**

**OF**

**REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number**: 811-02652**

---

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

---

---

| | |
|:---|:---|
| **Name and address of agent for service:** | **Tonya T. Robinson, Esquire** |
|  | **P.O. Box 876** |
|  | **Valley Forge, PA 19482** |

---

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

Date of fiscal year end: December 31

Date of reporting period: January 1, 2025—June 30, 2025

**Item 1: Reports to Shareholders.**

**TABLE OF CONTENTS**

---

| |
|:---|
|  [500 Index Fund](#classname8dca0ffc-bbbb-4acc-bad7-60439249e81d)<br> **[Investor Shares - VFINX](#classname8dca0ffc-bbbb-4acc-bad7-60439249e81d)**  |
|  [500 Index Fund](#classname791757ba-e95e-4a41-af38-73a9b6fd9f15)<br> **[ETF Shares - VOO](#classname791757ba-e95e-4a41-af38-73a9b6fd9f15)**  |
|  [500 Index Fund](#classname3f6fcaaf-5a88-40c1-ae2f-d8b54dfed31c)<br> **[Admiral™ Shares - VFIAX](#classname3f6fcaaf-5a88-40c1-ae2f-d8b54dfed31c)**  |
|  [500 Index Fund](#classnamefb46be3b-41f5-456b-b56c-cfc148d15e87)<br> **[Institutional Select Shares - VFFSX](#classnamefb46be3b-41f5-456b-b56c-cfc148d15e87)**  |
|  [Value Index Fund](#classname55d81984-f375-4a57-9159-67b069fc62d3)<br> **[Investor Shares - VIVAX](#classname55d81984-f375-4a57-9159-67b069fc62d3)**  |
|  [Value Index Fund](#classnamee7aa2eff-4281-4835-a60c-9a9b0cb54f02)<br> **[ETF Shares - VTV](#classnamee7aa2eff-4281-4835-a60c-9a9b0cb54f02)**  |
|  [Value Index Fund](#classname721a7660-6b4b-4bf6-87e6-008a424dcb37)<br> **[Admiral™ Shares - VVIAX](#classname721a7660-6b4b-4bf6-87e6-008a424dcb37)**  |
|  [Value Index Fund](#classname4593f052-6a26-401e-a6ff-1e8b82a8563c)<br> **[Institutional Shares - VIVIX](#classname4593f052-6a26-401e-a6ff-1e8b82a8563c)**  |
|  [Growth Index Fund](#classname1794d9b6-edb7-45fb-9241-0281d5c1549f)<br> **[Investor Shares - VIGRX](#classname1794d9b6-edb7-45fb-9241-0281d5c1549f)**  |
|  [Growth Index Fund](#classname992f02ed-30c3-4703-aa91-2f4bf7085820)<br> **[ETF Shares - VUG](#classname992f02ed-30c3-4703-aa91-2f4bf7085820)**  |
|  [Growth Index Fund](#classname107b7f09-03e5-4c6a-a97a-eefb0d2a3f96)<br> **[Admiral™ Shares - VIGAX](#classname107b7f09-03e5-4c6a-a97a-eefb0d2a3f96)**  |
|  [Growth Index Fund](#classname861abab8-4d56-414c-846d-705d11467c9d)<br> **[Institutional Shares - VIGIX](#classname861abab8-4d56-414c-846d-705d11467c9d)**  |
|  [Large-Cap Index Fund](#classnamecfdf426d-751a-470d-9572-ba614f201755)<br> **[Investor Shares - VLACX](#classnamecfdf426d-751a-470d-9572-ba614f201755)**  |
|  [Large-Cap Index Fund](#classname57bf4f1a-007e-4830-abbf-e75994111c97)<br> **[ETF Shares - VV](#classname57bf4f1a-007e-4830-abbf-e75994111c97)**  |
|  [Large-Cap Index Fund](#classname6108fe05-e277-42b3-b9c0-7eb9fdd13bde)<br> **[Admiral™ Shares - VLCAX](#classname6108fe05-e277-42b3-b9c0-7eb9fdd13bde)**  |
|  [Large-Cap Index Fund](#classnamea6ff3017-a77c-41ed-96f6-e0686427b4e3)<br> **[Institutional Shares - VLISX](#classnamea6ff3017-a77c-41ed-96f6-e0686427b4e3)**  |

---

# Vanguard 500 Index Fund
![Image](tm2519836d8_tsrimg001.jpg)

# Investor Shares (VFINX)

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about Vanguard 500 Index Fund (the "Fund") for the period of January 1, 2025, to June 30, 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.

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

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $7 | 0.14%<sup>Footnote Reference1</sup> |

---

---

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

---

## Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $1490277 |
| Number of Portfolio Holdings | 540 |
| Portfolio Turnover Rate | 1% |

---

## Portfolio Composition % of Net Assets (as of June 30, 2025)

---

| | |
|:---|:---|
| Communication Services | 9.8% |
| Consumer Discretionary | 10.4% |
| Consumer Staples | 5.5% |
| Energy | 3.0% |
| Financials | 13.9% |
| Health Care | 9.3% |
| Industrials | 8.6% |
| Information Technology | 33.1% |
| Materials | 1.9% |
| Real Estate | 2.0% |
| Utilities | 2.4% |
| Other Assets and Liabilities—Net | 0.1% |

---

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

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

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

**Fund Information** • 800-662-7447

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

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

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

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR40

# Vanguard 500 Index Fund
![Image](tm2519836d8_tsrimg001.jpg)

# ETF Shares (VOO) NYSE Arca

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about Vanguard 500 Index Fund (the "Fund") for the period of January 1, 2025, to June 30, 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.

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

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $2 | 0.03%<sup>Footnote Reference1</sup> |

---

---

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

---

## Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $1490277 |
| Number of Portfolio Holdings | 540 |
| Portfolio Turnover Rate | 1% |

---

## Portfolio Composition % of Net Assets (as of June 30, 2025)

---

| | |
|:---|:---|
| Communication Services | 9.8% |
| Consumer Discretionary | 10.4% |
| Consumer Staples | 5.5% |
| Energy | 3.0% |
| Financials | 13.9% |
| Health Care | 9.3% |
| Industrials | 8.6% |
| Information Technology | 33.1% |
| Materials | 1.9% |
| Real Estate | 2.0% |
| Utilities | 2.4% |
| Other Assets and Liabilities—Net | 0.1% |

---

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

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

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

**Fund Information** • 800-662-7447

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

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

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

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR968

# Vanguard 500 Index Fund
![Image](tm2519836d8_tsrimg001.jpg)

# Admiral™ Shares (VFIAX)

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about Vanguard 500 Index Fund (the "Fund") for the period of January 1, 2025, to June 30, 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.

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

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $2 | 0.04%<sup>Footnote Reference1</sup> |

---

---

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

---

## Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $1490277 |
| Number of Portfolio Holdings | 540 |
| Portfolio Turnover Rate | 1% |

---

## Portfolio Composition % of Net Assets (as of June 30, 2025)

---

| | |
|:---|:---|
| Communication Services | 9.8% |
| Consumer Discretionary | 10.4% |
| Consumer Staples | 5.5% |
| Energy | 3.0% |
| Financials | 13.9% |
| Health Care | 9.3% |
| Industrials | 8.6% |
| Information Technology | 33.1% |
| Materials | 1.9% |
| Real Estate | 2.0% |
| Utilities | 2.4% |
| Other Assets and Liabilities—Net | 0.1% |

---

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

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

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

**Fund Information** • 800-662-7447

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

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

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

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR540

# Vanguard 500 Index Fund
![Image](tm2519836d8_tsrimg001.jpg)

# Institutional Select Shares (VFFSX)

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about Vanguard 500 Index Fund (the "Fund") for the period of January 1, 2025, to June 30, 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.

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

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Select Shares | $1 | 0.01%<sup>Footnote Reference1</sup> |

---

---

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

---

## Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $1490277 |
| Number of Portfolio Holdings | 540 |
| Portfolio Turnover Rate | 1% |

---

## Portfolio Composition % of Net Assets (as of June 30, 2025)

---

| | |
|:---|:---|
| Communication Services | 9.8% |
| Consumer Discretionary | 10.4% |
| Consumer Staples | 5.5% |
| Energy | 3.0% |
| Financials | 13.9% |
| Health Care | 9.3% |
| Industrials | 8.6% |
| Information Technology | 33.1% |
| Materials | 1.9% |
| Real Estate | 2.0% |
| Utilities | 2.4% |
| Other Assets and Liabilities—Net | 0.1% |

---

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

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

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

**Fund Information** • 800-662-7447

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

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

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

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR1940

# Vanguard Value Index Fund
![Image](tm2519836d8_tsrimg001.jpg)

# Investor Shares (VIVAX)

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about Vanguard Value Index Fund (the "Fund") for the period of January 1, 2025, to June 30, 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.

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

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $9 | 0.17%<sup>Footnote Reference1</sup> |

---

---

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

---

## Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $195517 |
| Number of Portfolio Holdings | 353 |
| Portfolio Turnover Rate | 3% |

---

## Portfolio Composition % of Net Assets (as of June 30, 2025)

---

| | |
|:---|:---|
| Basic Materials | 2.4% |
| Consumer Discretionary | 8.9% |
| Consumer Staples | 9.3% |
| Energy | 6.5% |
| Financials | 22.8% |
| Health Care | 13.9% |
| Industrials | 16.2% |
| Real Estate | 2.9% |
| Technology | 7.2% |
| Telecommunications | 3.7% |
| Utilities | 5.9% |
| Other Assets and Liabilities—Net | 0.3% |

---

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

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

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

**Fund Information** • 800-662-7447

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

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

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

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR6

# Vanguard Value Index Fund
![Image](tm2519836d8_tsrimg001.jpg)

# ETF Shares (VTV) NYSE Arca

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about Vanguard Value Index Fund (the "Fund") for the period of January 1, 2025, to June 30, 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.

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

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $2 | 0.04%<sup>Footnote Reference1</sup> |

---

---

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

---

## Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $195517 |
| Number of Portfolio Holdings | 353 |
| Portfolio Turnover Rate | 3% |

---

## Portfolio Composition % of Net Assets (as of June 30, 2025)

---

| | |
|:---|:---|
| Basic Materials | 2.4% |
| Consumer Discretionary | 8.9% |
| Consumer Staples | 9.3% |
| Energy | 6.5% |
| Financials | 22.8% |
| Health Care | 13.9% |
| Industrials | 16.2% |
| Real Estate | 2.9% |
| Technology | 7.2% |
| Telecommunications | 3.7% |
| Utilities | 5.9% |
| Other Assets and Liabilities—Net | 0.3% |

---

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

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

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

**Fund Information** • 800-662-7447

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

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

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

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR966

# Vanguard Value Index Fund
![Image](tm2519836d8_tsrimg001.jpg)

# Admiral™ Shares (VVIAX)

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about Vanguard Value Index Fund (the "Fund") for the period of January 1, 2025, to June 30, 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.

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

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $3 | 0.05%<sup>Footnote Reference1</sup> |

---

---

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

---

## Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $195517 |
| Number of Portfolio Holdings | 353 |
| Portfolio Turnover Rate | 3% |

---

## Portfolio Composition % of Net Assets (as of June 30, 2025)

---

| | |
|:---|:---|
| Basic Materials | 2.4% |
| Consumer Discretionary | 8.9% |
| Consumer Staples | 9.3% |
| Energy | 6.5% |
| Financials | 22.8% |
| Health Care | 13.9% |
| Industrials | 16.2% |
| Real Estate | 2.9% |
| Technology | 7.2% |
| Telecommunications | 3.7% |
| Utilities | 5.9% |
| Other Assets and Liabilities—Net | 0.3% |

---

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

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

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

**Fund Information** • 800-662-7447

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

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

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

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR506

# Vanguard Value Index Fund
![Image](tm2519836d8_tsrimg001.jpg)

# Institutional Shares (VIVIX)

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about Vanguard Value Index Fund (the "Fund") for the period of January 1, 2025, to June 30, 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.

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

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $2 | 0.04%<sup>Footnote Reference1</sup> |

---

---

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

---

## Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $195517 |
| Number of Portfolio Holdings | 353 |
| Portfolio Turnover Rate | 3% |

---

## Portfolio Composition % of Net Assets (as of June 30, 2025)

---

| | |
|:---|:---|
| Basic Materials | 2.4% |
| Consumer Discretionary | 8.9% |
| Consumer Staples | 9.3% |
| Energy | 6.5% |
| Financials | 22.8% |
| Health Care | 13.9% |
| Industrials | 16.2% |
| Real Estate | 2.9% |
| Technology | 7.2% |
| Telecommunications | 3.7% |
| Utilities | 5.9% |
| Other Assets and Liabilities—Net | 0.3% |

---

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

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

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

**Fund Information** • 800-662-7447

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

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

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

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR867

# Vanguard Growth Index Fund
![Image](tm2519836d8_tsrimg001.jpg)

# Investor Shares (VIGRX)

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about Vanguard Growth Index Fund (the "Fund") for the period of January 1, 2025, to June 30, 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.

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

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $9 | 0.17%<sup>Footnote Reference1</sup> |

---

---

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

---

## Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $311870 |
| Number of Portfolio Holdings | 169 |
| Portfolio Turnover Rate | 5% |

---

## Portfolio Composition % of Net Assets (as of June 30, 2025)

---

| | |
|:---|:---|
| Basic Materials | 0.4% |
| Consumer Discretionary | 18.8% |
| Consumer Staples | 0.2% |
| Energy | 0.6% |
| Financials | 2.9% |
| Health Care | 5.4% |
| Industrials | 8.9% |
| Real Estate | 1.3% |
| Technology | 60.4% |
| Telecommunications | 0.8% |
| Utilities | 0.2% |
| Other Assets and Liabilities—Net | 0.1% |

---

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

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

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

**Fund Information** • 800-662-7447

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

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

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

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR9

# Vanguard Growth Index Fund
![Image](tm2519836d8_tsrimg001.jpg)

# ETF Shares (VUG) NYSE Arca

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about Vanguard Growth Index Fund (the "Fund") for the period of January 1, 2025, to June 30, 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.

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

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $2 | 0.04%<sup>Footnote Reference1</sup> |

---

---

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

---

## Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $311870 |
| Number of Portfolio Holdings | 169 |
| Portfolio Turnover Rate | 5% |

---

## Portfolio Composition % of Net Assets (as of June 30, 2025)

---

| | |
|:---|:---|
| Basic Materials | 0.4% |
| Consumer Discretionary | 18.8% |
| Consumer Staples | 0.2% |
| Energy | 0.6% |
| Financials | 2.9% |
| Health Care | 5.4% |
| Industrials | 8.9% |
| Real Estate | 1.3% |
| Technology | 60.4% |
| Telecommunications | 0.8% |
| Utilities | 0.2% |
| Other Assets and Liabilities—Net | 0.1% |

---

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

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

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

**Fund Information** • 800-662-7447

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

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

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

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR967

# Vanguard Growth Index Fund
![Image](tm2519836d8_tsrimg001.jpg)

# Admiral™ Shares (VIGAX)

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about Vanguard Growth Index Fund (the "Fund") for the period of January 1, 2025, to June 30, 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.

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

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $3 | 0.05%<sup>Footnote Reference1</sup> |

---

---

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

---

## Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $311870 |
| Number of Portfolio Holdings | 169 |
| Portfolio Turnover Rate | 5% |

---

## Portfolio Composition % of Net Assets (as of June 30, 2025)

---

| | |
|:---|:---|
| Basic Materials | 0.4% |
| Consumer Discretionary | 18.8% |
| Consumer Staples | 0.2% |
| Energy | 0.6% |
| Financials | 2.9% |
| Health Care | 5.4% |
| Industrials | 8.9% |
| Real Estate | 1.3% |
| Technology | 60.4% |
| Telecommunications | 0.8% |
| Utilities | 0.2% |
| Other Assets and Liabilities—Net | 0.1% |

---

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

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

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

**Fund Information** • 800-662-7447

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

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

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

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR509

# Vanguard Growth Index Fund
![Image](tm2519836d8_tsrimg001.jpg)

# Institutional Shares (VIGIX)

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about Vanguard Growth Index Fund (the "Fund") for the period of January 1, 2025, to June 30, 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.

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

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $2 | 0.04%<sup>Footnote Reference1</sup> |

---

---

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

---

## Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $311870 |
| Number of Portfolio Holdings | 169 |
| Portfolio Turnover Rate | 5% |

---

## Portfolio Composition % of Net Assets (as of June 30, 2025)

---

| | |
|:---|:---|
| Basic Materials | 0.4% |
| Consumer Discretionary | 18.8% |
| Consumer Staples | 0.2% |
| Energy | 0.6% |
| Financials | 2.9% |
| Health Care | 5.4% |
| Industrials | 8.9% |
| Real Estate | 1.3% |
| Technology | 60.4% |
| Telecommunications | 0.8% |
| Utilities | 0.2% |
| Other Assets and Liabilities—Net | 0.1% |

---

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

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

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

**Fund Information** • 800-662-7447

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

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

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

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR868

# Vanguard Large-Cap Index Fund
![Image](tm2519836d8_tsrimg001.jpg)

# Investor Shares (VLACX)

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about Vanguard Large-Cap Index Fund (the "Fund") for the period of January 1, 2025, to June 30, 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.

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

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $9 | 0.17%<sup>Footnote Reference1</sup> |

---

---

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

---

## Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $61238 |
| Number of Portfolio Holdings | 472 |
| Portfolio Turnover Rate | 1% |

---

## Portfolio Composition % of Net Assets (as of June 30, 2025)

---

| | |
|:---|:---|
| Basic Materials | 1.2% |
| Consumer Discretionary | 14.6% |
| Consumer Staples | 4.0% |
| Energy | 3.0% |
| Financials | 11.2% |
| Health Care | 8.8% |
| Industrials | 11.6% |
| Real Estate | 1.9% |
| Technology | 38.8% |
| Telecommunications | 2.1% |
| Utilities | 2.6% |
| Other Assets and Liabilities—Net | 0.2% |

---

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

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

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

**Fund Information** • 800-662-7447

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

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

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

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR307

# Vanguard Large-Cap Index Fund
![Image](tm2519836d8_tsrimg001.jpg)

# ETF Shares (VV) NYSE Arca

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about Vanguard Large-Cap Index Fund (the "Fund") for the period of January 1, 2025, to June 30, 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.

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

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $2 | 0.04%<sup>Footnote Reference1</sup> |

---

---

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

---

## Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $61238 |
| Number of Portfolio Holdings | 472 |
| Portfolio Turnover Rate | 1% |

---

## Portfolio Composition % of Net Assets (as of June 30, 2025)

---

| | |
|:---|:---|
| Basic Materials | 1.2% |
| Consumer Discretionary | 14.6% |
| Consumer Staples | 4.0% |
| Energy | 3.0% |
| Financials | 11.2% |
| Health Care | 8.8% |
| Industrials | 11.6% |
| Real Estate | 1.9% |
| Technology | 38.8% |
| Telecommunications | 2.1% |
| Utilities | 2.6% |
| Other Assets and Liabilities—Net | 0.2% |

---

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

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

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

**Fund Information** • 800-662-7447

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

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

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

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR961

# Vanguard Large-Cap Index Fund
![Image](tm2519836d8_tsrimg001.jpg)

# Admiral™ Shares (VLCAX)

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about Vanguard Large-Cap Index Fund (the "Fund") for the period of January 1, 2025, to June 30, 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.

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

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $3 | 0.05%<sup>Footnote Reference1</sup> |

---

---

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

---

## Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $61238 |
| Number of Portfolio Holdings | 472 |
| Portfolio Turnover Rate | 1% |

---

## Portfolio Composition % of Net Assets (as of June 30, 2025)

---

| | |
|:---|:---|
| Basic Materials | 1.2% |
| Consumer Discretionary | 14.6% |
| Consumer Staples | 4.0% |
| Energy | 3.0% |
| Financials | 11.2% |
| Health Care | 8.8% |
| Industrials | 11.6% |
| Real Estate | 1.9% |
| Technology | 38.8% |
| Telecommunications | 2.1% |
| Utilities | 2.6% |
| Other Assets and Liabilities—Net | 0.2% |

---

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

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

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

**Fund Information** • 800-662-7447

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

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

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

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR5307

# Vanguard Large-Cap Index Fund
![Image](tm2519836d8_tsrimg001.jpg)

# Institutional Shares (VLISX)

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about Vanguard Large-Cap Index Fund (the "Fund") for the period of January 1, 2025, to June 30, 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.

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

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $2 | 0.04%<sup>Footnote Reference1</sup> |

---

---

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

---

## Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $61238 |
| Number of Portfolio Holdings | 472 |
| Portfolio Turnover Rate | 1% |

---

## Portfolio Composition % of Net Assets (as of June 30, 2025)

---

| | |
|:---|:---|
| Basic Materials | 1.2% |
| Consumer Discretionary | 14.6% |
| Consumer Staples | 4.0% |
| Energy | 3.0% |
| Financials | 11.2% |
| Health Care | 8.8% |
| Industrials | 11.6% |
| Real Estate | 1.9% |
| Technology | 38.8% |
| Telecommunications | 2.1% |
| Utilities | 2.6% |
| Other Assets and Liabilities—Net | 0.2% |

---

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

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

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

**Fund Information** • 800-662-7447

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

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

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

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR807

**Item 2: Code of Ethics.**

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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

![](tm2519836d8500indexi001.jpg)

#### Financial Statements

#### For the six-months ended June 30, 2025

#### Vanguard 500 Index Fund

------

#### Contents
Financial Statements 1 <br>

------

500 Index Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of June 30, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (99.9%)** | **Common Stocks (99.9%)** | **Common Stocks (99.9%)** | **Common Stocks (99.9%)** |
| **Communication Services (9.8%)** | **Communication Services (9.8%)** | **Communication Services (9.8%)** | **Communication Services (9.8%)** |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | 61617079 | &nbsp;&nbsp;&nbsp;&nbsp; 45478950 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | 165174128 | &nbsp;&nbsp;&nbsp;&nbsp; 29108637 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class C | 133233867 | &nbsp;&nbsp;&nbsp;&nbsp; 23634356 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Netflix Inc. | 12077614 | &nbsp;&nbsp;&nbsp;&nbsp; 16173495 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 51019421 | &nbsp;&nbsp;&nbsp;&nbsp; 6326918 |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 204211982 | &nbsp;&nbsp;&nbsp;&nbsp; 5909895 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 119649382 | &nbsp;&nbsp;&nbsp;&nbsp; 5177229 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. Class A | 105687880 | &nbsp;&nbsp;&nbsp;&nbsp; 3772001 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile US Inc. | 13533678 | &nbsp;&nbsp;&nbsp;&nbsp; 3224534 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4809291 | &nbsp;&nbsp;&nbsp;&nbsp; 1167936 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Charter Communications Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2709347 | &nbsp;&nbsp;&nbsp;&nbsp; 1107608 |
|  | &nbsp;&nbsp;&nbsp;Electronic Arts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6477236 | &nbsp;&nbsp;&nbsp;&nbsp; 1034415 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Warner Bros Discovery Inc. | 63911988 | &nbsp;&nbsp;&nbsp;&nbsp; 732431 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Live Nation Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4473839 | &nbsp;&nbsp;&nbsp;&nbsp; 676802 |
|  | &nbsp;&nbsp;&nbsp;Omnicom Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5538635 | &nbsp;&nbsp;&nbsp;&nbsp; 398449 |
|  | &nbsp;&nbsp;&nbsp;TKO Group Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1903191 | &nbsp;&nbsp;&nbsp;&nbsp; 346286 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6113398 | &nbsp;&nbsp;&nbsp;&nbsp; 342595 |
|  | &nbsp;&nbsp;&nbsp;News Corp. Class A | 10887520 | &nbsp;&nbsp;&nbsp;&nbsp; 323577 |
|  | &nbsp;&nbsp;&nbsp;Interpublic Group of Cos. Inc. | 10496569 | &nbsp;&nbsp;&nbsp;&nbsp; 256956 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Paramount Global Class B | 17084991 | &nbsp;&nbsp;&nbsp;&nbsp; 220396 |
|  | &nbsp;&nbsp;&nbsp;Match Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6960329 | &nbsp;&nbsp;&nbsp;&nbsp; 215005 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;3703888 | &nbsp;&nbsp;&nbsp;&nbsp; 191232 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;News Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;2996830 | &nbsp;&nbsp;&nbsp;&nbsp; 102821 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **145922524** |
| **Consumer Discretionary (10.4%)** | **Consumer Discretionary (10.4%)** | **Consumer Discretionary (10.4%)** | **Consumer Discretionary (10.4%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 268149898 | &nbsp;&nbsp;&nbsp;&nbsp; 58829406 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tesla Inc. | 79527223 | &nbsp;&nbsp;&nbsp;&nbsp; 25262618 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | 28208374 | &nbsp;&nbsp;&nbsp;&nbsp; 10342318 |
|  | &nbsp;&nbsp;&nbsp;McDonald's Corp. | 20292899 | &nbsp;&nbsp;&nbsp;&nbsp; 5928976 |
|  | &nbsp;&nbsp;&nbsp;Booking Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923439 | &nbsp;&nbsp;&nbsp;&nbsp; 5346010 |
|  | &nbsp;&nbsp;&nbsp;TJX Cos. Inc. | 31687187 | &nbsp;&nbsp;&nbsp;&nbsp; 3913051 |
|  | &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | 15884929 | &nbsp;&nbsp;&nbsp;&nbsp; 3524389 |
|  | &nbsp;&nbsp;&nbsp;Starbucks Corp. | 32250767 | &nbsp;&nbsp;&nbsp;&nbsp; 2955138 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DoorDash Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;9730432 | &nbsp;&nbsp;&nbsp;&nbsp; 2398649 |
|  | &nbsp;&nbsp;&nbsp;NIKE Inc. Class B | 33432155 | &nbsp;&nbsp;&nbsp;&nbsp; 2375020 |
|  | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7090256 | &nbsp;&nbsp;&nbsp;&nbsp; 2220243 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc. | 24260003 | &nbsp;&nbsp;&nbsp;&nbsp; 2186554 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill Inc. | 38237297 | &nbsp;&nbsp;&nbsp;&nbsp; 2147024 |
|  | &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6746714 | &nbsp;&nbsp;&nbsp;&nbsp; 1796920 |
|  | &nbsp;&nbsp;&nbsp;Marriott International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6450922 | &nbsp;&nbsp;&nbsp;&nbsp; 1762456 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AutoZone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474128 | &nbsp;&nbsp;&nbsp;&nbsp; 1760072 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Airbnb Inc. Class A | 12248194 | &nbsp;&nbsp;&nbsp;&nbsp; 1620926 |
|  | &nbsp;&nbsp;&nbsp;General Motors Co. | 27290204 | &nbsp;&nbsp;&nbsp;&nbsp; 1342951 |
|  | &nbsp;&nbsp;&nbsp;Ross Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9334772 | &nbsp;&nbsp;&nbsp;&nbsp; 1190930 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Co. | 109323201 | &nbsp;&nbsp;&nbsp;&nbsp; 1186157 |
|  | &nbsp;&nbsp;&nbsp;Yum! Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7887821 | &nbsp;&nbsp;&nbsp;&nbsp; 1168817 |
|  | &nbsp;&nbsp;&nbsp;DR Horton Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7847475 | &nbsp;&nbsp;&nbsp;&nbsp; 1011697 |
|  | &nbsp;&nbsp;&nbsp;eBay Inc. | 13085374 | &nbsp;&nbsp;&nbsp;&nbsp; 974337 |
|  | &nbsp;&nbsp;&nbsp;Garmin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4372158 | &nbsp;&nbsp;&nbsp;&nbsp; 912557 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Carnival Corp. | 29804715 | &nbsp;&nbsp;&nbsp;&nbsp; 838109 |
|  | &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 15050128 | &nbsp;&nbsp;&nbsp;&nbsp; 794195 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3137850 | &nbsp;&nbsp;&nbsp;&nbsp; 745490 |
|  | &nbsp;&nbsp;&nbsp;Lennar Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6590894 | &nbsp;&nbsp;&nbsp;&nbsp; 729019 |
|  | &nbsp;&nbsp;&nbsp;Darden Restaurants Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3321824 | &nbsp;&nbsp;&nbsp;&nbsp; 724058 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NVR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82944 | &nbsp;&nbsp;&nbsp;&nbsp; 612596 |
|  | &nbsp;&nbsp;&nbsp;PulteGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5689856 | &nbsp;&nbsp;&nbsp;&nbsp; 600052 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ulta Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1281774 | &nbsp;&nbsp;&nbsp;&nbsp; 599640 |
|  | &nbsp;&nbsp;&nbsp;Expedia Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3451732 | &nbsp;&nbsp;&nbsp;&nbsp; 582238 |
|  | &nbsp;&nbsp;&nbsp;Williams-Sonoma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3488150 | &nbsp;&nbsp;&nbsp;&nbsp; 569859 |

---

------

500 Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Tapestry Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5896160 | &nbsp;&nbsp;&nbsp;&nbsp; 517742 |
|  | &nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;3939853 | &nbsp;&nbsp;&nbsp;&nbsp; 477944 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4308639 | &nbsp;&nbsp;&nbsp;&nbsp; 444091 |
|  | &nbsp;&nbsp;&nbsp;Domino's Pizza Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971318 | &nbsp;&nbsp;&nbsp;&nbsp; 437676 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aptiv plc | &nbsp;&nbsp;&nbsp;&nbsp;6180077 | &nbsp;&nbsp;&nbsp;&nbsp; 421605 |
|  | &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9627772 | &nbsp;&nbsp;&nbsp;&nbsp; 418904 |
|  | &nbsp;&nbsp;&nbsp;Best Buy Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5468440 | &nbsp;&nbsp;&nbsp;&nbsp; 367096 |
|  | &nbsp;&nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1067444 | &nbsp;&nbsp;&nbsp;&nbsp; 311139 |
|  | &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1131895 | &nbsp;&nbsp;&nbsp;&nbsp; 310456 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CarMax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4324522 | &nbsp;&nbsp;&nbsp;&nbsp; 290651 |
|  | &nbsp;&nbsp;&nbsp;Hasbro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3738919 | &nbsp;&nbsp;&nbsp;&nbsp; 276007 |
|  | &nbsp;&nbsp;&nbsp;LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7327600 | &nbsp;&nbsp;&nbsp;&nbsp; 271195 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd. | 12684097 | &nbsp;&nbsp;&nbsp;&nbsp; 257234 |
|  | &nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2497957 | &nbsp;&nbsp;&nbsp;&nbsp; 233984 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MGM Resorts International | &nbsp;&nbsp;&nbsp;&nbsp;5870528 | &nbsp;&nbsp;&nbsp;&nbsp; 201887 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Caesars Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5903983 | &nbsp;&nbsp;&nbsp;&nbsp; 167614 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mohawk Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1473295 | &nbsp;&nbsp;&nbsp;&nbsp; 154460 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **154512157** |
| **Consumer Staples (5.5%)** | **Consumer Staples (5.5%)** | **Consumer Staples (5.5%)** | **Consumer Staples (5.5%)** |
|  | &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 12591681 | &nbsp;&nbsp;&nbsp;&nbsp; 12465009 |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | 122615178 | &nbsp;&nbsp;&nbsp;&nbsp; 11989312 |
|  | &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 66538491 | &nbsp;&nbsp;&nbsp;&nbsp; 10600912 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | 44174133 | &nbsp;&nbsp;&nbsp;&nbsp; 8045435 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 109936977 | &nbsp;&nbsp;&nbsp;&nbsp; 7778041 |
|  | &nbsp;&nbsp;&nbsp;PepsiCo Inc. | 38911891 | &nbsp;&nbsp;&nbsp;&nbsp; 5137926 |
|  | &nbsp;&nbsp;&nbsp;Altria Group Inc. | 47802782 | &nbsp;&nbsp;&nbsp;&nbsp; 2802677 |
|  | &nbsp;&nbsp;&nbsp;Mondelez International Inc. Class A | 36745540 | &nbsp;&nbsp;&nbsp;&nbsp; 2478119 |
|  | &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 22997783 | &nbsp;&nbsp;&nbsp;&nbsp; 2090499 |
|  | &nbsp;&nbsp;&nbsp;Keurig Dr Pepper Inc. | 38538355 | &nbsp;&nbsp;&nbsp;&nbsp; 1274078 |
|  | &nbsp;&nbsp;&nbsp;Target Corp. | 12892587 | &nbsp;&nbsp;&nbsp;&nbsp; 1271854 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Monster Beverage Corp. | 19923810 | &nbsp;&nbsp;&nbsp;&nbsp; 1248027 |
|  | &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9415226 | &nbsp;&nbsp;&nbsp;&nbsp; 1213811 |
|  | &nbsp;&nbsp;&nbsp;Kroger Co. | 16386813 | &nbsp;&nbsp;&nbsp;&nbsp; 1175426 |
|  | &nbsp;&nbsp;&nbsp;Kenvue Inc. | 54476252 | &nbsp;&nbsp;&nbsp;&nbsp; 1140188 |
|  | &nbsp;&nbsp;&nbsp;Sysco Corp. | 13759877 | &nbsp;&nbsp;&nbsp;&nbsp; 1042173 |
|  | &nbsp;&nbsp;&nbsp;General Mills Inc. | 15544312 | &nbsp;&nbsp;&nbsp;&nbsp; 805351 |
|  | &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 13629700 | &nbsp;&nbsp;&nbsp;&nbsp; 719376 |
|  | &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6243295 | &nbsp;&nbsp;&nbsp;&nbsp; 714108 |
|  | &nbsp;&nbsp;&nbsp;Constellation Brands Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4344470 | &nbsp;&nbsp;&nbsp;&nbsp; 706758 |
|  | &nbsp;&nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;4198268 | &nbsp;&nbsp;&nbsp;&nbsp; 696703 |
|  | &nbsp;&nbsp;&nbsp;Church & Dwight Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6990712 | &nbsp;&nbsp;&nbsp;&nbsp; 671877 |
|  | &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 24525407 | &nbsp;&nbsp;&nbsp;&nbsp; 633246 |
|  | &nbsp;&nbsp;&nbsp;Kellanova | &nbsp;&nbsp;&nbsp;&nbsp;7632166 | &nbsp;&nbsp;&nbsp;&nbsp; 606986 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dollar Tree Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5606646 | &nbsp;&nbsp;&nbsp;&nbsp; 555282 |
|  | &nbsp;&nbsp;&nbsp;McCormick & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7172473 | &nbsp;&nbsp;&nbsp;&nbsp; 543817 |
|  | &nbsp;&nbsp;&nbsp;Estee Lauder Cos. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6647930 | &nbsp;&nbsp;&nbsp;&nbsp; 537153 |
|  | &nbsp;&nbsp;&nbsp;Tyson Foods Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;8124897 | &nbsp;&nbsp;&nbsp;&nbsp; 454507 |
|  | &nbsp;&nbsp;&nbsp;Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;3499464 | &nbsp;&nbsp;&nbsp;&nbsp; 420181 |
|  | &nbsp;&nbsp;&nbsp;Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp;3816122 | &nbsp;&nbsp;&nbsp;&nbsp; 306358 |
|  | &nbsp;&nbsp;&nbsp;J M Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;3020699 | &nbsp;&nbsp;&nbsp;&nbsp; 296633 |
|  | &nbsp;&nbsp;&nbsp;Conagra Brands Inc. | 13550727 | &nbsp;&nbsp;&nbsp;&nbsp; 277383 |
|  | &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8274055 | &nbsp;&nbsp;&nbsp;&nbsp; 250290 |
|  | &nbsp;&nbsp;&nbsp;Walgreens Boots Alliance Inc. | 20373982 | &nbsp;&nbsp;&nbsp;&nbsp; 233893 |
|  | &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co. Class B | &nbsp;&nbsp;&nbsp;&nbsp;4862456 | &nbsp;&nbsp;&nbsp;&nbsp; 233836 |
|  | &nbsp;&nbsp;&nbsp;Lamb Weston Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4006094 | &nbsp;&nbsp;&nbsp;&nbsp; 207716 |
|  | &nbsp;&nbsp;&nbsp;Campbell's Co. | &nbsp;&nbsp;&nbsp;&nbsp;5579646 | &nbsp;&nbsp;&nbsp;&nbsp; 171016 |
|  | &nbsp;&nbsp;&nbsp;Brown-Forman Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;5159751 | &nbsp;&nbsp;&nbsp;&nbsp; 138849 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **81934806** |
| **Energy (3.0%)** | **Energy (3.0%)** | **Energy (3.0%)** | **Energy (3.0%)** |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 122319028 | &nbsp;&nbsp;&nbsp;&nbsp; 13185991 |
|  | &nbsp;&nbsp;&nbsp;Chevron Corp. | 46093591 | &nbsp;&nbsp;&nbsp;&nbsp; 6600141 |
|  | &nbsp;&nbsp;&nbsp;ConocoPhillips | 35826656 | &nbsp;&nbsp;&nbsp;&nbsp; 3215084 |
|  | &nbsp;&nbsp;&nbsp;Williams Cos. Inc. | 34652053 | &nbsp;&nbsp;&nbsp;&nbsp; 2176495 |
|  | &nbsp;&nbsp;&nbsp;EOG Resources Inc. | 15488248 | &nbsp;&nbsp;&nbsp;&nbsp; 1852549 |
|  | &nbsp;&nbsp;&nbsp;Kinder Morgan Inc. | 54859215 | &nbsp;&nbsp;&nbsp;&nbsp; 1612861 |
|  | &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8717997 | &nbsp;&nbsp;&nbsp;&nbsp; 1448147 |
|  | &nbsp;&nbsp;&nbsp;ONEOK Inc. | 17725156 | &nbsp;&nbsp;&nbsp;&nbsp; 1446905 |
|  | &nbsp;&nbsp;&nbsp;Phillips 66 | 11564949 | &nbsp;&nbsp;&nbsp;&nbsp; 1379698 |
|  | &nbsp;&nbsp;&nbsp;Schlumberger NV | 38592716 | &nbsp;&nbsp;&nbsp;&nbsp; 1304434 |

---

------

500 Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8886991 | &nbsp;&nbsp;&nbsp;&nbsp; 1194589 |
|  | &nbsp;&nbsp;&nbsp;Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7866605 | &nbsp;&nbsp;&nbsp;&nbsp; 1089839 |
|  | &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 28124107 | &nbsp;&nbsp;&nbsp;&nbsp; 1078278 |
|  | &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6157764 | &nbsp;&nbsp;&nbsp;&nbsp; 1071944 |
|  | &nbsp;&nbsp;&nbsp;EQT Corp. | 16985343 | &nbsp;&nbsp;&nbsp;&nbsp; 990585 |
|  | &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 20104418 | &nbsp;&nbsp;&nbsp;&nbsp; 844587 |
|  | &nbsp;&nbsp;&nbsp;Diamondback Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5307506 | &nbsp;&nbsp;&nbsp;&nbsp; 729251 |
|  | &nbsp;&nbsp;&nbsp;Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6147450 | &nbsp;&nbsp;&nbsp;&nbsp; 718883 |
|  | &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 18226563 | &nbsp;&nbsp;&nbsp;&nbsp; 579787 |
|  | &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534768 | &nbsp;&nbsp;&nbsp;&nbsp; 564924 |
|  | &nbsp;&nbsp;&nbsp;Coterra Energy Inc. | 21668204 | &nbsp;&nbsp;&nbsp;&nbsp; 549939 |
|  | &nbsp;&nbsp;&nbsp;Halliburton Co. | 24404400 | &nbsp;&nbsp;&nbsp;&nbsp; 497362 |
|  | &nbsp;&nbsp;&nbsp;APA Corp. | 10242628 | &nbsp;&nbsp;&nbsp;&nbsp; 187338 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **44319611** |
| **Financials (13.9%)** | **Financials (13.9%)** | **Financials (13.9%)** | **Financials (13.9%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Inc. Class B | 52041697 | &nbsp;&nbsp;&nbsp;&nbsp; 25280295 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 77571155 | &nbsp;&nbsp;&nbsp;&nbsp; 22488654 |
|  | &nbsp;&nbsp;&nbsp;Visa Inc. Class A | 48308292 | &nbsp;&nbsp;&nbsp;&nbsp; 17151859 |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. Class A | 23020421 | &nbsp;&nbsp;&nbsp;&nbsp; 12936095 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 176466452 | &nbsp;&nbsp;&nbsp;&nbsp; 8350393 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 92353632 | &nbsp;&nbsp;&nbsp;&nbsp; 7399373 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8294046 | &nbsp;&nbsp;&nbsp;&nbsp; 5870111 |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | 15707141 | &nbsp;&nbsp;&nbsp;&nbsp; 5010264 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 35058524 | &nbsp;&nbsp;&nbsp;&nbsp; 4938344 |
|  | &nbsp;&nbsp;&nbsp;S&P Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8908662 | &nbsp;&nbsp;&nbsp;&nbsp; 4697448 |
|  | &nbsp;&nbsp;&nbsp;Progressive Corp. | 16637208 | &nbsp;&nbsp;&nbsp;&nbsp; 4439805 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 48471942 | &nbsp;&nbsp;&nbsp;&nbsp; 4422580 |
|  | &nbsp;&nbsp;&nbsp;Blackrock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4132913 | &nbsp;&nbsp;&nbsp;&nbsp; 4336459 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 48954747 | &nbsp;&nbsp;&nbsp;&nbsp; 4167028 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 18151505 | &nbsp;&nbsp;&nbsp;&nbsp; 3861914 |
|  | &nbsp;&nbsp;&nbsp;Blackstone Inc. | 20707198 | &nbsp;&nbsp;&nbsp;&nbsp; 3097383 |
|  | &nbsp;&nbsp;&nbsp;Chubb Ltd. | 10576884 | &nbsp;&nbsp;&nbsp;&nbsp; 3064335 |
|  | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | 13984031 | &nbsp;&nbsp;&nbsp;&nbsp; 3057469 |
|  | &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | 16279838 | &nbsp;&nbsp;&nbsp;&nbsp; 2986862 |
|  | &nbsp;&nbsp;&nbsp;CME Group Inc. | 10227080 | &nbsp;&nbsp;&nbsp;&nbsp; 2818788 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fiserv Inc. | 15733874 | &nbsp;&nbsp;&nbsp;&nbsp; 2712677 |
|  | &nbsp;&nbsp;&nbsp;KKR & Co. Inc. | 19209488 | &nbsp;&nbsp;&nbsp;&nbsp; 2555438 |
|  | &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;7267657 | &nbsp;&nbsp;&nbsp;&nbsp; 2326522 |
|  | &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4390759 | &nbsp;&nbsp;&nbsp;&nbsp; 2202361 |
|  | &nbsp;&nbsp;&nbsp;Aon plc Class A (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;6129118 | &nbsp;&nbsp;&nbsp;&nbsp; 2186624 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coinbase Global Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5999676 | &nbsp;&nbsp;&nbsp;&nbsp; 2102826 |
|  | &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. | 11224541 | &nbsp;&nbsp;&nbsp;&nbsp; 2092479 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PayPal Holdings Inc. | 27598500 | &nbsp;&nbsp;&nbsp;&nbsp; 2051121 |
|  | &nbsp;&nbsp;&nbsp;US Bancorp | 44210499 | &nbsp;&nbsp;&nbsp;&nbsp; 2000525 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 20303318 | &nbsp;&nbsp;&nbsp;&nbsp; 1849835 |
|  | &nbsp;&nbsp;&nbsp;Apollo Global Management Inc. | 12812077 | &nbsp;&nbsp;&nbsp;&nbsp; 1817649 |
|  | &nbsp;&nbsp;&nbsp;Travelers Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6429900 | &nbsp;&nbsp;&nbsp;&nbsp; 1720255 |
|  | &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 37155573 | &nbsp;&nbsp;&nbsp;&nbsp; 1597318 |
|  | &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7514482 | &nbsp;&nbsp;&nbsp;&nbsp; 1512740 |
|  | &nbsp;&nbsp;&nbsp;Aflac Inc. | 13807319 | &nbsp;&nbsp;&nbsp;&nbsp; 1456120 |
|  | &nbsp;&nbsp;&nbsp;Ameriprise Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2702841 | &nbsp;&nbsp;&nbsp;&nbsp; 1442587 |
|  | &nbsp;&nbsp;&nbsp;American International Group Inc. | 16353852 | &nbsp;&nbsp;&nbsp;&nbsp; 1399726 |
|  | &nbsp;&nbsp;&nbsp;MetLife Inc. | 16000035 | &nbsp;&nbsp;&nbsp;&nbsp; 1286723 |
|  | &nbsp;&nbsp;&nbsp;MSCI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2195413 | &nbsp;&nbsp;&nbsp;&nbsp; 1266183 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Information Services Inc. | 14913493 | &nbsp;&nbsp;&nbsp;&nbsp; 1214107 |
|  | &nbsp;&nbsp;&nbsp;Prudential Financial Inc. | 10044300 | &nbsp;&nbsp;&nbsp;&nbsp; 1079160 |
|  | &nbsp;&nbsp;&nbsp;Nasdaq Inc. | 11734168 | &nbsp;&nbsp;&nbsp;&nbsp; 1049269 |
|  | &nbsp;&nbsp;&nbsp;Hartford Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8064734 | &nbsp;&nbsp;&nbsp;&nbsp; 1023173 |
|  | &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | 10589564 | &nbsp;&nbsp;&nbsp;&nbsp; 964180 |
|  | &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4555619 | &nbsp;&nbsp;&nbsp;&nbsp; 883745 |
|  | &nbsp;&nbsp;&nbsp;Brown & Brown Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7952887 | &nbsp;&nbsp;&nbsp;&nbsp; 881737 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8090959 | &nbsp;&nbsp;&nbsp;&nbsp; 860393 |
|  | &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;2719363 | &nbsp;&nbsp;&nbsp;&nbsp; 833485 |
|  | &nbsp;&nbsp;&nbsp;Raymond James Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5154541 | &nbsp;&nbsp;&nbsp;&nbsp; 790552 |
|  | &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 18948170 | &nbsp;&nbsp;&nbsp;&nbsp; 779338 |
|  | &nbsp;&nbsp;&nbsp;Synchrony Financial | 10805641 | &nbsp;&nbsp;&nbsp;&nbsp; 721168 |
|  | &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5521922 | &nbsp;&nbsp;&nbsp;&nbsp; 700124 |
|  | &nbsp;&nbsp;&nbsp;Huntington Bancshares Inc. | 41354585 | &nbsp;&nbsp;&nbsp;&nbsp; 693103 |
|  | &nbsp;&nbsp;&nbsp;Cboe Global Markets Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2970890 | &nbsp;&nbsp;&nbsp;&nbsp; 692841 |

---

------

500 Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corpay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2001277 | &nbsp;&nbsp;&nbsp;&nbsp; 664064 |
|  | &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4437605 | &nbsp;&nbsp;&nbsp;&nbsp; 660848 |
|  | &nbsp;&nbsp;&nbsp;W R Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8508865 | &nbsp;&nbsp;&nbsp;&nbsp; 625146 |
|  | &nbsp;&nbsp;&nbsp;T Rowe Price Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6253590 | &nbsp;&nbsp;&nbsp;&nbsp; 603471 |
|  | &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 25517152 | &nbsp;&nbsp;&nbsp;&nbsp; 600163 |
|  | &nbsp;&nbsp;&nbsp;Citizens Financial Group Inc. | 12309356 | &nbsp;&nbsp;&nbsp;&nbsp; 550844 |
|  | &nbsp;&nbsp;&nbsp;KeyCorp. | 27998577 | &nbsp;&nbsp;&nbsp;&nbsp; 487735 |
|  | &nbsp;&nbsp;&nbsp;FactSet Research Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1076649 | &nbsp;&nbsp;&nbsp;&nbsp; 481564 |
|  | &nbsp;&nbsp;&nbsp;Principal Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5854770 | &nbsp;&nbsp;&nbsp;&nbsp; 465044 |
|  | &nbsp;&nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4940951 | &nbsp;&nbsp;&nbsp;&nbsp; 452888 |
|  | &nbsp;&nbsp;&nbsp;Global Payments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5177956 | &nbsp;&nbsp;&nbsp;&nbsp; 414444 |
|  | &nbsp;&nbsp;&nbsp;Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1206753 | &nbsp;&nbsp;&nbsp;&nbsp; 410115 |
|  | &nbsp;&nbsp;&nbsp;Jack Henry & Associates Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2066931 | &nbsp;&nbsp;&nbsp;&nbsp; 372399 |
|  | &nbsp;&nbsp;&nbsp;Globe Life Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2343571 | &nbsp;&nbsp;&nbsp;&nbsp; 291282 |
|  | &nbsp;&nbsp;&nbsp;Assurant Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1438901 | &nbsp;&nbsp;&nbsp;&nbsp; 284169 |
|  | &nbsp;&nbsp;&nbsp;Erie Indemnity Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707098 | &nbsp;&nbsp;&nbsp;&nbsp; 245215 |
|  | &nbsp;&nbsp;&nbsp;MarketAxess Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1064774 | &nbsp;&nbsp;&nbsp;&nbsp; 237807 |
|  | &nbsp;&nbsp;&nbsp;Franklin Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8803951 | &nbsp;&nbsp;&nbsp;&nbsp; 209974 |
|  | &nbsp;&nbsp;&nbsp;Invesco Ltd. | 12355757 | &nbsp;&nbsp;&nbsp;&nbsp; 194850 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **207373565** |
| **Health Care (9.3%)** | **Health Care (9.3%)** | **Health Care (9.3%)** | **Health Care (9.3%)** |
|  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 22324327 | &nbsp;&nbsp;&nbsp;&nbsp; 17402483 |
|  | &nbsp;&nbsp;&nbsp;Johnson & Johnson | 68284874 | &nbsp;&nbsp;&nbsp;&nbsp; 10430515 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | 50130646 | &nbsp;&nbsp;&nbsp;&nbsp; 9305251 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 25744446 | &nbsp;&nbsp;&nbsp;&nbsp; 8031495 |
|  | &nbsp;&nbsp;&nbsp;Abbott Laboratories | 49376871 | &nbsp;&nbsp;&nbsp;&nbsp; 6715748 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 71262439 | &nbsp;&nbsp;&nbsp;&nbsp; 5641135 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intuitive Surgical Inc. | 10171866 | &nbsp;&nbsp;&nbsp;&nbsp; 5527494 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | 41986719 | &nbsp;&nbsp;&nbsp;&nbsp; 4509793 |
|  | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc. | 10713218 | &nbsp;&nbsp;&nbsp;&nbsp; 4343781 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | 15259993 | &nbsp;&nbsp;&nbsp;&nbsp; 4260743 |
|  | &nbsp;&nbsp;&nbsp;Gilead Sciences Inc. | 35302480 | &nbsp;&nbsp;&nbsp;&nbsp; 3913986 |
|  | &nbsp;&nbsp;&nbsp;Pfizer Inc. | 161345094 | &nbsp;&nbsp;&nbsp;&nbsp; 3911005 |
|  | &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9761290 | &nbsp;&nbsp;&nbsp;&nbsp; 3861859 |
|  | &nbsp;&nbsp;&nbsp;Danaher Corp. | 18076390 | &nbsp;&nbsp;&nbsp;&nbsp; 3570810 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7287741 | &nbsp;&nbsp;&nbsp;&nbsp; 3244502 |
|  | &nbsp;&nbsp;&nbsp;Medtronic plc | 36397674 | &nbsp;&nbsp;&nbsp;&nbsp; 3172785 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 57754653 | &nbsp;&nbsp;&nbsp;&nbsp; 2673463 |
|  | &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3550795 | &nbsp;&nbsp;&nbsp;&nbsp; 2601952 |
|  | &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;7580831 | &nbsp;&nbsp;&nbsp;&nbsp; 2506071 |
|  | &nbsp;&nbsp;&nbsp;Elevance Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6411850 | &nbsp;&nbsp;&nbsp;&nbsp; 2493953 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | 35900668 | &nbsp;&nbsp;&nbsp;&nbsp; 2476428 |
|  | &nbsp;&nbsp;&nbsp;Zoetis Inc. | 12634571 | &nbsp;&nbsp;&nbsp;&nbsp; 1970361 |
|  | &nbsp;&nbsp;&nbsp;HCA Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4915505 | &nbsp;&nbsp;&nbsp;&nbsp; 1883130 |
|  | &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2946978 | &nbsp;&nbsp;&nbsp;&nbsp; 1547163 |
|  | &nbsp;&nbsp;&nbsp;Cencora Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4896432 | &nbsp;&nbsp;&nbsp;&nbsp; 1468195 |
|  | &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;8132319 | &nbsp;&nbsp;&nbsp;&nbsp; 1400792 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp. | 16645443 | &nbsp;&nbsp;&nbsp;&nbsp; 1301840 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IDEXX Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2282627 | &nbsp;&nbsp;&nbsp;&nbsp; 1224264 |
|  | &nbsp;&nbsp;&nbsp;Cardinal Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6774888 | &nbsp;&nbsp;&nbsp;&nbsp; 1138181 |
|  | &nbsp;&nbsp;&nbsp;ResMed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4161020 | &nbsp;&nbsp;&nbsp;&nbsp; 1073543 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dexcom Inc. | 11125529 | &nbsp;&nbsp;&nbsp;&nbsp; 971147 |
|  | &nbsp;&nbsp;&nbsp;GE HealthCare Technologies Inc. | 12991659 | &nbsp;&nbsp;&nbsp;&nbsp; 962292 |
|  | &nbsp;&nbsp;&nbsp;Agilent Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8089552 | &nbsp;&nbsp;&nbsp;&nbsp; 954648 |
|  | &nbsp;&nbsp;&nbsp;Humana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3425656 | &nbsp;&nbsp;&nbsp;&nbsp; 837504 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Centene Corp. | 14125530 | &nbsp;&nbsp;&nbsp;&nbsp; 766734 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IQVIA Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4664714 | &nbsp;&nbsp;&nbsp;&nbsp; 735112 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mettler-Toledo International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589405 | &nbsp;&nbsp;&nbsp;&nbsp; 692386 |
|  | &nbsp;&nbsp;&nbsp;STERIS plc | &nbsp;&nbsp;&nbsp;&nbsp;2788562 | &nbsp;&nbsp;&nbsp;&nbsp; 669868 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Insulet Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1997898 | &nbsp;&nbsp;&nbsp;&nbsp; 627700 |
|  | &nbsp;&nbsp;&nbsp;Labcorp Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2375475 | &nbsp;&nbsp;&nbsp;&nbsp; 623586 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Waters Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1689508 | &nbsp;&nbsp;&nbsp;&nbsp; 589706 |
|  | &nbsp;&nbsp;&nbsp;Quest Diagnostics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3166597 | &nbsp;&nbsp;&nbsp;&nbsp; 568816 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Biogen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4159233 | &nbsp;&nbsp;&nbsp;&nbsp; 522358 |
|  | &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5615816 | &nbsp;&nbsp;&nbsp;&nbsp; 512219 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Molina Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1538091 | &nbsp;&nbsp;&nbsp;&nbsp; 458197 |
|  | &nbsp;&nbsp;&nbsp;West Pharmaceutical Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2038628 | &nbsp;&nbsp;&nbsp;&nbsp; 446052 |
|  | &nbsp;&nbsp;&nbsp;Baxter International Inc. | 14569549 | &nbsp;&nbsp;&nbsp;&nbsp; 441166 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hologic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6326451 | &nbsp;&nbsp;&nbsp;&nbsp; 412232 |

---

------

500 Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cooper Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5677355 | &nbsp;&nbsp;&nbsp;&nbsp; 404001 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Align Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1934713 | &nbsp;&nbsp;&nbsp;&nbsp; 366299 |
|  | &nbsp;&nbsp;&nbsp;Revvity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3345805 | &nbsp;&nbsp;&nbsp;&nbsp; 323606 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Incyte Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4560474 | &nbsp;&nbsp;&nbsp;&nbsp; 310568 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Solventum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3928661 | &nbsp;&nbsp;&nbsp;&nbsp; 297950 |
|  | &nbsp;&nbsp;&nbsp;Viatris Inc. | 33316143 | &nbsp;&nbsp;&nbsp;&nbsp; 297513 |
|  | &nbsp;&nbsp;&nbsp;Universal Health Services Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;1622650 | &nbsp;&nbsp;&nbsp;&nbsp; 293943 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Moderna Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9661673 | &nbsp;&nbsp;&nbsp;&nbsp; 266566 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Henry Schein Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3455083 | &nbsp;&nbsp;&nbsp;&nbsp; 252394 |
|  | &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4449035 | &nbsp;&nbsp;&nbsp;&nbsp; 228903 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Charles River Laboratories International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1394552 | &nbsp;&nbsp;&nbsp;&nbsp; 211595 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DaVita Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1178944 | &nbsp;&nbsp;&nbsp;&nbsp; 167941 |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;ABIOMED Inc. CVR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **138815723** |
| **Industrials (8.6%)** | **Industrials (8.6%)** | **Industrials (8.6%)** | **Industrials (8.6%)** |
|  | &nbsp;&nbsp;&nbsp;General Electric Co. | 30264144 | &nbsp;&nbsp;&nbsp;&nbsp; 7789688 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | 59347328 | &nbsp;&nbsp;&nbsp;&nbsp; 5537106 |
|  | &nbsp;&nbsp;&nbsp;RTX Corp. | 37914930 | &nbsp;&nbsp;&nbsp;&nbsp; 5536338 |
|  | &nbsp;&nbsp;&nbsp;Caterpillar Inc. | 13347688 | &nbsp;&nbsp;&nbsp;&nbsp; 5181706 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boeing Co. | 21398445 | &nbsp;&nbsp;&nbsp;&nbsp; 4483616 |
|  | &nbsp;&nbsp;&nbsp;Honeywell International Inc. | 18239173 | &nbsp;&nbsp;&nbsp;&nbsp; 4247539 |
|  | &nbsp;&nbsp;&nbsp;GE Vernova Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7745891 | &nbsp;&nbsp;&nbsp;&nbsp; 4098738 |
|  | &nbsp;&nbsp;&nbsp;Eaton Corp. plc | 11105139 | &nbsp;&nbsp;&nbsp;&nbsp; 3964424 |
|  | &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 16957147 | &nbsp;&nbsp;&nbsp;&nbsp; 3901500 |
|  | &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;7163399 | &nbsp;&nbsp;&nbsp;&nbsp; 3642517 |
|  | &nbsp;&nbsp;&nbsp;Automatic Data Processing Inc. | 11520503 | &nbsp;&nbsp;&nbsp;&nbsp; 3552923 |
|  | &nbsp;&nbsp;&nbsp;Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;6328768 | &nbsp;&nbsp;&nbsp;&nbsp; 2768266 |
|  | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5917566 | &nbsp;&nbsp;&nbsp;&nbsp; 2740661 |
|  | &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3626652 | &nbsp;&nbsp;&nbsp;&nbsp; 2533108 |
|  | &nbsp;&nbsp;&nbsp;TransDigm Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1594004 | &nbsp;&nbsp;&nbsp;&nbsp; 2423906 |
|  | &nbsp;&nbsp;&nbsp;Waste Management Inc. | 10393060 | &nbsp;&nbsp;&nbsp;&nbsp; 2378140 |
|  | &nbsp;&nbsp;&nbsp;3M Co. | 15273058 | &nbsp;&nbsp;&nbsp;&nbsp; 2325170 |
|  | &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9740744 | &nbsp;&nbsp;&nbsp;&nbsp; 2170920 |
|  | &nbsp;&nbsp;&nbsp;Howmet Aerospace Inc. | 11455588 | &nbsp;&nbsp;&nbsp;&nbsp; 2132229 |
|  | &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 15963057 | &nbsp;&nbsp;&nbsp;&nbsp; 2128354 |
|  | &nbsp;&nbsp;&nbsp;United Parcel Service Inc. Class B (XNYS) | 20822529 | &nbsp;&nbsp;&nbsp;&nbsp; 2101826 |
|  | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7149231 | &nbsp;&nbsp;&nbsp;&nbsp; 2085145 |
|  | &nbsp;&nbsp;&nbsp;Johnson Controls International plc | 18674329 | &nbsp;&nbsp;&nbsp;&nbsp; 1972383 |
|  | &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3840097 | &nbsp;&nbsp;&nbsp;&nbsp; 1919972 |
|  | &nbsp;&nbsp;&nbsp;Illinois Tool Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7567386 | &nbsp;&nbsp;&nbsp;&nbsp; 1871036 |
|  | &nbsp;&nbsp;&nbsp;CSX Corp. | 53307595 | &nbsp;&nbsp;&nbsp;&nbsp; 1739427 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axon Enterprise Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2098937 | &nbsp;&nbsp;&nbsp;&nbsp; 1737794 |
|  | &nbsp;&nbsp;&nbsp;Carrier Global Corp. | 22625963 | &nbsp;&nbsp;&nbsp;&nbsp; 1655994 |
|  | &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6397878 | &nbsp;&nbsp;&nbsp;&nbsp; 1637665 |
|  | &nbsp;&nbsp;&nbsp;Quanta Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4205903 | &nbsp;&nbsp;&nbsp;&nbsp; 1590168 |
|  | &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6254800 | &nbsp;&nbsp;&nbsp;&nbsp; 1421779 |
|  | &nbsp;&nbsp;&nbsp;Republic Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5764129 | &nbsp;&nbsp;&nbsp;&nbsp; 1421492 |
|  | &nbsp;&nbsp;&nbsp;PACCAR Inc. | 14647172 | &nbsp;&nbsp;&nbsp;&nbsp; 1392360 |
|  | &nbsp;&nbsp;&nbsp;United Rentals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1844534 | &nbsp;&nbsp;&nbsp;&nbsp; 1389672 |
|  | &nbsp;&nbsp;&nbsp;Fastenal Co. | 32556435 | &nbsp;&nbsp;&nbsp;&nbsp; 1367370 |
|  | &nbsp;&nbsp;&nbsp;L3Harris Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5306393 | &nbsp;&nbsp;&nbsp;&nbsp; 1331056 |
|  | &nbsp;&nbsp;&nbsp;Paychex Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9096357 | &nbsp;&nbsp;&nbsp;&nbsp; 1323156 |
|  | &nbsp;&nbsp;&nbsp;WW Grainger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1240713 | &nbsp;&nbsp;&nbsp;&nbsp; 1290639 |
|  | &nbsp;&nbsp;&nbsp;Cummins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3909388 | &nbsp;&nbsp;&nbsp;&nbsp; 1280325 |
|  | &nbsp;&nbsp;&nbsp;Verisk Analytics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3969183 | &nbsp;&nbsp;&nbsp;&nbsp; 1236400 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Copart Inc. | 24945328 | &nbsp;&nbsp;&nbsp;&nbsp; 1224067 |
|  | &nbsp;&nbsp;&nbsp;AMETEK Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6551171 | &nbsp;&nbsp;&nbsp;&nbsp; 1185500 |
|  | &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 11198524 | &nbsp;&nbsp;&nbsp;&nbsp; 1108878 |
|  | &nbsp;&nbsp;&nbsp;Rockwell Automation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3198974 | &nbsp;&nbsp;&nbsp;&nbsp; 1062603 |
|  | &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4855928 | &nbsp;&nbsp;&nbsp;&nbsp; 1016588 |
|  | &nbsp;&nbsp;&nbsp;Ingersoll Rand Inc. (XYNS) | 11452273 | &nbsp;&nbsp;&nbsp;&nbsp; 952600 |
|  | &nbsp;&nbsp;&nbsp;Equifax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3525166 | &nbsp;&nbsp;&nbsp;&nbsp; 914322 |
|  | &nbsp;&nbsp;&nbsp;Delta Air Lines Inc. | 18525937 | &nbsp;&nbsp;&nbsp;&nbsp; 911106 |
|  | &nbsp;&nbsp;&nbsp;Xylem Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6904012 | &nbsp;&nbsp;&nbsp;&nbsp; 893103 |
|  | &nbsp;&nbsp;&nbsp;Old Dominion Freight Line Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5276381 | &nbsp;&nbsp;&nbsp;&nbsp; 856357 |
|  | &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3334196 | &nbsp;&nbsp;&nbsp;&nbsp; 810310 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Airlines Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9270480 | &nbsp;&nbsp;&nbsp;&nbsp; 738208 |
|  | &nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3892183 | &nbsp;&nbsp;&nbsp;&nbsp; 713165 |
|  | &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7036321 | &nbsp;&nbsp;&nbsp;&nbsp; 710317 |

---

------

500 Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Hubbell Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1514368 | &nbsp;&nbsp;&nbsp;&nbsp; 618483 |
|  | &nbsp;&nbsp;&nbsp;Leidos Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3653759 | &nbsp;&nbsp;&nbsp;&nbsp; 576417 |
|  | &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 16175032 | &nbsp;&nbsp;&nbsp;&nbsp; 524718 |
|  | &nbsp;&nbsp;&nbsp;Lennox International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906069 | &nbsp;&nbsp;&nbsp;&nbsp; 519395 |
|  | &nbsp;&nbsp;&nbsp;Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9648384 | &nbsp;&nbsp;&nbsp;&nbsp; 502970 |
|  | &nbsp;&nbsp;&nbsp;Pentair plc | &nbsp;&nbsp;&nbsp;&nbsp;4669742 | &nbsp;&nbsp;&nbsp;&nbsp; 479396 |
|  | &nbsp;&nbsp;&nbsp;Snap-on Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1483496 | &nbsp;&nbsp;&nbsp;&nbsp; 461634 |
|  | &nbsp;&nbsp;&nbsp;Rollins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7979819 | &nbsp;&nbsp;&nbsp;&nbsp; 450221 |
|  | &nbsp;&nbsp;&nbsp;Jacobs Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3410182 | &nbsp;&nbsp;&nbsp;&nbsp; 448268 |
|  | &nbsp;&nbsp;&nbsp;Expeditors International of Washington Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3887536 | &nbsp;&nbsp;&nbsp;&nbsp; 444151 |
|  | &nbsp;&nbsp;&nbsp;Textron Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5124883 | &nbsp;&nbsp;&nbsp;&nbsp; 411477 |
|  | &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5988275 | &nbsp;&nbsp;&nbsp;&nbsp; 385405 |
|  | &nbsp;&nbsp;&nbsp;IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2142437 | &nbsp;&nbsp;&nbsp;&nbsp; 376148 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Builders FirstSource Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3136953 | &nbsp;&nbsp;&nbsp;&nbsp; 366051 |
|  | &nbsp;&nbsp;&nbsp;Allegion plc | &nbsp;&nbsp;&nbsp;&nbsp;2442992 | &nbsp;&nbsp;&nbsp;&nbsp; 352084 |
|  | &nbsp;&nbsp;&nbsp;Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1533195 | &nbsp;&nbsp;&nbsp;&nbsp; 328671 |
|  | &nbsp;&nbsp;&nbsp;CH Robinson Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3370744 | &nbsp;&nbsp;&nbsp;&nbsp; 323423 |
|  | &nbsp;&nbsp;&nbsp;JB Hunt Transport Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2224921 | &nbsp;&nbsp;&nbsp;&nbsp; 319499 |
|  | &nbsp;&nbsp;&nbsp;Paycom Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1334803 | &nbsp;&nbsp;&nbsp;&nbsp; 308873 |
|  | &nbsp;&nbsp;&nbsp;Stanley Black & Decker Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4391683 | &nbsp;&nbsp;&nbsp;&nbsp; 297536 |
|  | &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1113272 | &nbsp;&nbsp;&nbsp;&nbsp; 268811 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dayforce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4539057 | &nbsp;&nbsp;&nbsp;&nbsp; 251418 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Generac Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1677105 | &nbsp;&nbsp;&nbsp;&nbsp; 240178 |
|  | &nbsp;&nbsp;&nbsp;A O Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3298820 | &nbsp;&nbsp;&nbsp;&nbsp; 216304 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **127871163** |
| **Information Technology (33.1%)** | **Information Technology (33.1%)** | **Information Technology (33.1%)** | **Information Technology (33.1%)** |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 692118679 | &nbsp;&nbsp;&nbsp;&nbsp; 109347830 |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 210935865 | &nbsp;&nbsp;&nbsp;&nbsp; 104921609 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 423878576 | &nbsp;&nbsp;&nbsp;&nbsp; 86967168 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | 133441275 | &nbsp;&nbsp;&nbsp;&nbsp; 36783087 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | 46158783 | &nbsp;&nbsp;&nbsp;&nbsp; 10091695 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palantir Technologies Inc. Class A | 60367717 | &nbsp;&nbsp;&nbsp;&nbsp; 8229327 |
|  | &nbsp;&nbsp;&nbsp;Cisco Systems Inc. | 112906297 | &nbsp;&nbsp;&nbsp;&nbsp; 7833439 |
|  | &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 26376296 | &nbsp;&nbsp;&nbsp;&nbsp; 7775204 |
|  | &nbsp;&nbsp;&nbsp;Salesforce Inc. | 27229813 | &nbsp;&nbsp;&nbsp;&nbsp; 7425298 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc. | 46014680 | &nbsp;&nbsp;&nbsp;&nbsp; 6529483 |
|  | &nbsp;&nbsp;&nbsp;Intuit Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7933960 | &nbsp;&nbsp;&nbsp;&nbsp; 6249025 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ServiceNow Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5874687 | &nbsp;&nbsp;&nbsp;&nbsp; 6039648 |
|  | &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | 25782180 | &nbsp;&nbsp;&nbsp;&nbsp; 5352896 |
|  | &nbsp;&nbsp;&nbsp;Accenture plc Class A | 17766603 | &nbsp;&nbsp;&nbsp;&nbsp; 5310260 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | 31137852 | &nbsp;&nbsp;&nbsp;&nbsp; 4959014 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adobe Inc. | 12095553 | &nbsp;&nbsp;&nbsp;&nbsp; 4679528 |
|  | &nbsp;&nbsp;&nbsp;Applied Materials Inc. | 23056549 | &nbsp;&nbsp;&nbsp;&nbsp; 4220962 |
|  | &nbsp;&nbsp;&nbsp;Micron Technology Inc. | 31716091 | &nbsp;&nbsp;&nbsp;&nbsp; 3909008 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc. | 18790248 | &nbsp;&nbsp;&nbsp;&nbsp; 3845236 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;7068648 | &nbsp;&nbsp;&nbsp;&nbsp; 3600133 |
|  | &nbsp;&nbsp;&nbsp;Lam Research Corp. | 36300148 | &nbsp;&nbsp;&nbsp;&nbsp; 3533456 |
|  | &nbsp;&nbsp;&nbsp;Amphenol Corp. Class A | 34327684 | &nbsp;&nbsp;&nbsp;&nbsp; 3389859 |
|  | &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3752941 | &nbsp;&nbsp;&nbsp;&nbsp; 3361659 |
|  | &nbsp;&nbsp;&nbsp;Analog Devices Inc. | 14075326 | &nbsp;&nbsp;&nbsp;&nbsp; 3350209 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arista Networks Inc. | 29226685 | &nbsp;&nbsp;&nbsp;&nbsp; 2990182 |
|  | &nbsp;&nbsp;&nbsp;Intel Corp. | 123791329 | &nbsp;&nbsp;&nbsp;&nbsp; 2772926 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cadence Design Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7748764 | &nbsp;&nbsp;&nbsp;&nbsp; 2387782 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Synopsys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4387961 | &nbsp;&nbsp;&nbsp;&nbsp; 2249620 |
|  | &nbsp;&nbsp;&nbsp;Motorola Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4737257 | &nbsp;&nbsp;&nbsp;&nbsp; 1991827 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fortinet Inc. | 18029698 | &nbsp;&nbsp;&nbsp;&nbsp; 1906100 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Autodesk Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6071669 | &nbsp;&nbsp;&nbsp;&nbsp; 1879607 |
|  | &nbsp;&nbsp;&nbsp;Roper Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3051303 | &nbsp;&nbsp;&nbsp;&nbsp; 1729601 |
|  | &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;7170613 | &nbsp;&nbsp;&nbsp;&nbsp; 1566707 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Workday Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6147898 | &nbsp;&nbsp;&nbsp;&nbsp; 1475495 |
|  | &nbsp;&nbsp;&nbsp;TE Connectivity plc | &nbsp;&nbsp;&nbsp;&nbsp;8414811 | &nbsp;&nbsp;&nbsp;&nbsp; 1419326 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fair Isaac Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690372 | &nbsp;&nbsp;&nbsp;&nbsp; 1261972 |
|  | &nbsp;&nbsp;&nbsp;Corning Inc. | 21871730 | &nbsp;&nbsp;&nbsp;&nbsp; 1150234 |
|  | &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. Class A | 13986198 | &nbsp;&nbsp;&nbsp;&nbsp; 1091343 |
|  | &nbsp;&nbsp;&nbsp;Microchip Technology Inc. | 15261272 | &nbsp;&nbsp;&nbsp;&nbsp; 1073936 |
|  | &nbsp;&nbsp;&nbsp;Dell Technologies Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;8500038 | &nbsp;&nbsp;&nbsp;&nbsp; 1042105 |
|  | &nbsp;&nbsp;&nbsp;Monolithic Power Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1359100 | &nbsp;&nbsp;&nbsp;&nbsp; 994019 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gartner Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2184624 | &nbsp;&nbsp;&nbsp;&nbsp; 883069 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ANSYS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2495402 | &nbsp;&nbsp;&nbsp;&nbsp; 876435 |

---

------

500 Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;6021549 | &nbsp;&nbsp;&nbsp;&nbsp; 869090 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Keysight Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4905403 | &nbsp;&nbsp;&nbsp;&nbsp; 803799 |
|  | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 37287701 | &nbsp;&nbsp;&nbsp;&nbsp; 762533 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GoDaddy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4042984 | &nbsp;&nbsp;&nbsp;&nbsp; 727980 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tyler Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1223670 | &nbsp;&nbsp;&nbsp;&nbsp; 725440 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Super Micro Computer Inc. (XNGS) | 14570908 | &nbsp;&nbsp;&nbsp;&nbsp; 714120 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Teledyne Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1329745 | &nbsp;&nbsp;&nbsp;&nbsp; 681242 |
|  | &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3737720 | &nbsp;&nbsp;&nbsp;&nbsp; 667519 |
|  | &nbsp;&nbsp;&nbsp;Jabil Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3047215 | &nbsp;&nbsp;&nbsp;&nbsp; 664598 |
|  | &nbsp;&nbsp;&nbsp;VeriSign Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2292164 | &nbsp;&nbsp;&nbsp;&nbsp; 661977 |
|  | &nbsp;&nbsp;&nbsp;HP Inc. | 26760258 | &nbsp;&nbsp;&nbsp;&nbsp; 654556 |
|  | &nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9903510 | &nbsp;&nbsp;&nbsp;&nbsp; 633726 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp. | 11862832 | &nbsp;&nbsp;&nbsp;&nbsp; 621731 |
|  | &nbsp;&nbsp;&nbsp;NetApp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5679477 | &nbsp;&nbsp;&nbsp;&nbsp; 605148 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PTC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3404246 | &nbsp;&nbsp;&nbsp;&nbsp; 586688 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trimble Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6772125 | &nbsp;&nbsp;&nbsp;&nbsp; 514546 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;First Solar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3044503 | &nbsp;&nbsp;&nbsp;&nbsp; 503987 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;F5 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1629627 | &nbsp;&nbsp;&nbsp;&nbsp; 479632 |
|  | &nbsp;&nbsp;&nbsp;Gen Digital Inc. (XNGS) | 15493938 | &nbsp;&nbsp;&nbsp;&nbsp; 455522 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1443303 | &nbsp;&nbsp;&nbsp;&nbsp; 445057 |
|  | &nbsp;&nbsp;&nbsp;Teradyne Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4553014 | &nbsp;&nbsp;&nbsp;&nbsp; 409407 |
|  | &nbsp;&nbsp;&nbsp;Juniper Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9398245 | &nbsp;&nbsp;&nbsp;&nbsp; 375272 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Akamai Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4149547 | &nbsp;&nbsp;&nbsp;&nbsp; 330968 |
|  | &nbsp;&nbsp;&nbsp;Skyworks Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4260814 | &nbsp;&nbsp;&nbsp;&nbsp; 317516 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EPAM Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1609008 | &nbsp;&nbsp;&nbsp;&nbsp; 284505 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enphase Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3723880 | &nbsp;&nbsp;&nbsp;&nbsp; 147652 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **493091530** |
| **Materials (1.9%)** | **Materials (1.9%)** | **Materials (1.9%)** | **Materials (1.9%)** |
|  | &nbsp;&nbsp;&nbsp;Linde plc | 13359153 | &nbsp;&nbsp;&nbsp;&nbsp; 6267847 |
|  | &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;6542627 | &nbsp;&nbsp;&nbsp;&nbsp; 2246476 |
|  | &nbsp;&nbsp;&nbsp;Ecolab Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7160745 | &nbsp;&nbsp;&nbsp;&nbsp; 1929391 |
|  | &nbsp;&nbsp;&nbsp;Newmont Corp. (XNYS) | 31584436 | &nbsp;&nbsp;&nbsp;&nbsp; 1840109 |
|  | &nbsp;&nbsp;&nbsp;Air Products & Chemicals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6315266 | &nbsp;&nbsp;&nbsp;&nbsp; 1781284 |
|  | &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc. | 40757124 | &nbsp;&nbsp;&nbsp;&nbsp; 1766821 |
|  | &nbsp;&nbsp;&nbsp;Corteva Inc. | 19358216 | &nbsp;&nbsp;&nbsp;&nbsp; 1442768 |
|  | &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;3749726 | &nbsp;&nbsp;&nbsp;&nbsp; 978004 |
|  | &nbsp;&nbsp;&nbsp;Martin Marietta Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1710352 | &nbsp;&nbsp;&nbsp;&nbsp; 938915 |
|  | &nbsp;&nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6549499 | &nbsp;&nbsp;&nbsp;&nbsp; 848422 |
|  | &nbsp;&nbsp;&nbsp;DuPont de Nemours Inc. | 11879455 | &nbsp;&nbsp;&nbsp;&nbsp; 814812 |
|  | &nbsp;&nbsp;&nbsp;PPG Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6443107 | &nbsp;&nbsp;&nbsp;&nbsp; 732903 |
|  | &nbsp;&nbsp;&nbsp;International Paper Co. | 14985786 | &nbsp;&nbsp;&nbsp;&nbsp; 701784 |
|  | &nbsp;&nbsp;&nbsp;Smurfit WestRock plc | 14076891 | &nbsp;&nbsp;&nbsp;&nbsp; 607418 |
|  | &nbsp;&nbsp;&nbsp;Amcor plc | 65046410 | &nbsp;&nbsp;&nbsp;&nbsp; 597777 |
|  | &nbsp;&nbsp;&nbsp;International Flavors & Fragrances Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7261829 | &nbsp;&nbsp;&nbsp;&nbsp; 534108 |
|  | &nbsp;&nbsp;&nbsp;Dow Inc. | 20065863 | &nbsp;&nbsp;&nbsp;&nbsp; 531344 |
|  | &nbsp;&nbsp;&nbsp;Steel Dynamics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3919694 | &nbsp;&nbsp;&nbsp;&nbsp; 501760 |
|  | &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;2533704 | &nbsp;&nbsp;&nbsp;&nbsp; 477477 |
|  | &nbsp;&nbsp;&nbsp;Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7874318 | &nbsp;&nbsp;&nbsp;&nbsp; 441671 |
|  | &nbsp;&nbsp;&nbsp;CF Industries Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4598338 | &nbsp;&nbsp;&nbsp;&nbsp; 423047 |
|  | &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV Class A | &nbsp;&nbsp;&nbsp;&nbsp;7298620 | &nbsp;&nbsp;&nbsp;&nbsp; 422298 |
|  | &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2219310 | &nbsp;&nbsp;&nbsp;&nbsp; 389422 |
|  | &nbsp;&nbsp;&nbsp;Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;8998423 | &nbsp;&nbsp;&nbsp;&nbsp; 328262 |
|  | &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;3278135 | &nbsp;&nbsp;&nbsp;&nbsp; 244746 |
|  | &nbsp;&nbsp;&nbsp;Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3339926 | &nbsp;&nbsp;&nbsp;&nbsp; 209313 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **27998179** |
| **Real Estate (2.0%)** | **Real Estate (2.0%)** | **Real Estate (2.0%)** | **Real Estate (2.0%)** |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp. | 13285785 | &nbsp;&nbsp;&nbsp;&nbsp; 2936424 |
|  | &nbsp;&nbsp;&nbsp;Prologis Inc. | 26333564 | &nbsp;&nbsp;&nbsp;&nbsp; 2768184 |
|  | &nbsp;&nbsp;&nbsp;Welltower Inc. | 17631445 | &nbsp;&nbsp;&nbsp;&nbsp; 2710482 |
|  | &nbsp;&nbsp;&nbsp;Equinix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2776243 | &nbsp;&nbsp;&nbsp;&nbsp; 2208418 |
|  | &nbsp;&nbsp;&nbsp;Digital Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8983783 | &nbsp;&nbsp;&nbsp;&nbsp; 1566143 |
|  | &nbsp;&nbsp;&nbsp;Realty Income Corp. | 25626684 | &nbsp;&nbsp;&nbsp;&nbsp; 1476353 |
|  | &nbsp;&nbsp;&nbsp;Simon Property Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8707241 | &nbsp;&nbsp;&nbsp;&nbsp; 1399776 |
|  | &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;4480054 | &nbsp;&nbsp;&nbsp;&nbsp; 1314537 |
|  | &nbsp;&nbsp;&nbsp;Crown Castle Inc. | 12356502 | &nbsp;&nbsp;&nbsp;&nbsp; 1269383 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CBRE Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;8335269 | &nbsp;&nbsp;&nbsp;&nbsp; 1167938 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CoStar Group Inc. | 11969169 | &nbsp;&nbsp;&nbsp;&nbsp; 962321 |
|  | &nbsp;&nbsp;&nbsp;VICI Properties Inc. | 27380939 | &nbsp;&nbsp;&nbsp;&nbsp; 892619 |
|  | &nbsp;&nbsp;&nbsp;Extra Space Storage Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6023589 | &nbsp;&nbsp;&nbsp;&nbsp; 888118 |

---

------

500 Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Iron Mountain Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8372092 | &nbsp;&nbsp;&nbsp;&nbsp; 858725 |
|  | &nbsp;&nbsp;&nbsp;AvalonBay Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4035921 | &nbsp;&nbsp;&nbsp;&nbsp; 821310 |
|  | &nbsp;&nbsp;&nbsp;Ventas Inc. | 12804518 | &nbsp;&nbsp;&nbsp;&nbsp; 808605 |
|  | &nbsp;&nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3050448 | &nbsp;&nbsp;&nbsp;&nbsp; 716367 |
|  | &nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;9706765 | &nbsp;&nbsp;&nbsp;&nbsp; 655110 |
|  | &nbsp;&nbsp;&nbsp;Invitation Homes Inc. | 16181509 | &nbsp;&nbsp;&nbsp;&nbsp; 530754 |
|  | &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | 20588181 | &nbsp;&nbsp;&nbsp;&nbsp; 528910 |
|  | &nbsp;&nbsp;&nbsp;Essex Property Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1826550 | &nbsp;&nbsp;&nbsp;&nbsp; 517644 |
|  | &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3322539 | &nbsp;&nbsp;&nbsp;&nbsp; 491769 |
|  | &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | 19203307 | &nbsp;&nbsp;&nbsp;&nbsp; 403654 |
|  | &nbsp;&nbsp;&nbsp;UDR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8557997 | &nbsp;&nbsp;&nbsp;&nbsp; 349423 |
|  | &nbsp;&nbsp;&nbsp;Healthpeak Properties Inc. | 19720652 | &nbsp;&nbsp;&nbsp;&nbsp; 345309 |
|  | &nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;3032786 | &nbsp;&nbsp;&nbsp;&nbsp; 341765 |
|  | &nbsp;&nbsp;&nbsp;Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4638348 | &nbsp;&nbsp;&nbsp;&nbsp; 330390 |
|  | &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4368093 | &nbsp;&nbsp;&nbsp;&nbsp; 317255 |
|  | &nbsp;&nbsp;&nbsp;Host Hotels & Resorts Inc. | 19692492 | &nbsp;&nbsp;&nbsp;&nbsp; 302477 |
|  | &nbsp;&nbsp;&nbsp;BXP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4134337 | &nbsp;&nbsp;&nbsp;&nbsp; 278944 |
|  | &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;2203921 | &nbsp;&nbsp;&nbsp;&nbsp; 209350 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **30368457** |
| **Utilities (2.4%)** | **Utilities (2.4%)** | **Utilities (2.4%)** | **Utilities (2.4%)** |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy Inc. | 58422936 | &nbsp;&nbsp;&nbsp;&nbsp; 4055720 |
|  | &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8894577 | &nbsp;&nbsp;&nbsp;&nbsp; 2870814 |
|  | &nbsp;&nbsp;&nbsp;Southern Co. | 31190393 | &nbsp;&nbsp;&nbsp;&nbsp; 2864214 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 22058159 | &nbsp;&nbsp;&nbsp;&nbsp; 2602863 |
|  | &nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9629913 | &nbsp;&nbsp;&nbsp;&nbsp; 1866373 |
|  | &nbsp;&nbsp;&nbsp;American Electric Power Co. Inc. | 15158803 | &nbsp;&nbsp;&nbsp;&nbsp; 1572877 |
|  | &nbsp;&nbsp;&nbsp;Sempra | 18505567 | &nbsp;&nbsp;&nbsp;&nbsp; 1402167 |
|  | &nbsp;&nbsp;&nbsp;Dominion Energy Inc. | 24198572 | &nbsp;&nbsp;&nbsp;&nbsp; 1367703 |
|  | &nbsp;&nbsp;&nbsp;Exelon Corp. | 28645158 | &nbsp;&nbsp;&nbsp;&nbsp; 1243773 |
|  | &nbsp;&nbsp;&nbsp;Public Service Enterprise Group Inc. | 14159558 | &nbsp;&nbsp;&nbsp;&nbsp; 1191951 |
|  | &nbsp;&nbsp;&nbsp;Xcel Energy Inc. | 16371994 | &nbsp;&nbsp;&nbsp;&nbsp; 1114933 |
|  | &nbsp;&nbsp;&nbsp;Entergy Corp. | 12664996 | &nbsp;&nbsp;&nbsp;&nbsp; 1052714 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Edison Inc. | 10222160 | &nbsp;&nbsp;&nbsp;&nbsp; 1025794 |
|  | &nbsp;&nbsp;&nbsp;WEC Energy Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9058686 | &nbsp;&nbsp;&nbsp;&nbsp; 943915 |
|  | &nbsp;&nbsp;&nbsp;NRG Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5549569 | &nbsp;&nbsp;&nbsp;&nbsp; 891150 |
|  | &nbsp;&nbsp;&nbsp;PG&E Corp. | 62385063 | &nbsp;&nbsp;&nbsp;&nbsp; 869648 |
|  | &nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;5887260 | &nbsp;&nbsp;&nbsp;&nbsp; 779826 |
|  | &nbsp;&nbsp;&nbsp;American Water Works Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5535694 | &nbsp;&nbsp;&nbsp;&nbsp; 770070 |
|  | &nbsp;&nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7667477 | &nbsp;&nbsp;&nbsp;&nbsp; 736384 |
|  | &nbsp;&nbsp;&nbsp;PPL Corp. | 20984897 | &nbsp;&nbsp;&nbsp;&nbsp; 711178 |
|  | &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4509002 | &nbsp;&nbsp;&nbsp;&nbsp; 694882 |
|  | &nbsp;&nbsp;&nbsp;CenterPoint Energy Inc. | 18530477 | &nbsp;&nbsp;&nbsp;&nbsp; 680810 |
|  | &nbsp;&nbsp;&nbsp;Eversource Energy | 10428586 | &nbsp;&nbsp;&nbsp;&nbsp; 663467 |
|  | &nbsp;&nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8491278 | &nbsp;&nbsp;&nbsp;&nbsp; 588276 |
|  | &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 14581987 | &nbsp;&nbsp;&nbsp;&nbsp; 587071 |
|  | &nbsp;&nbsp;&nbsp;Edison International | 10922533 | &nbsp;&nbsp;&nbsp;&nbsp; 563603 |
|  | &nbsp;&nbsp;&nbsp;NiSource Inc. | 13361475 | &nbsp;&nbsp;&nbsp;&nbsp; 539002 |
|  | &nbsp;&nbsp;&nbsp;Evergy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6532270 | &nbsp;&nbsp;&nbsp;&nbsp; 450269 |
|  | &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7292970 | &nbsp;&nbsp;&nbsp;&nbsp; 441006 |
|  | &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3390207 | &nbsp;&nbsp;&nbsp;&nbsp; 303322 |
|  | &nbsp;&nbsp;&nbsp;AES Corp. | 20208897 | &nbsp;&nbsp;&nbsp;&nbsp; 212598 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **35658373** |
| **Total Common Stocks (Cost $912,157,542)** | **Total Common Stocks (Cost $912,157,542)** | **Total Common Stocks (Cost $912,157,542)** | &nbsp;&nbsp;&nbsp;&nbsp;**1487866088** |
| **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** |
| **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** |
| <sup>3,4</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.355% **(Cost $3,187,057)** | 31873769 | &nbsp;&nbsp;&nbsp;&nbsp; **3187058** |
| **Total Investments (100.1%) (Cost $915,344,599)** | **Total Investments (100.1%) (Cost $915,344,599)** | **Total Investments (100.1%) (Cost $915,344,599)** | &nbsp;&nbsp;&nbsp;&nbsp;**1491053146** |

---

------

500 Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Common Stocks Sold Short (-0.0%)** | **Common Stocks Sold Short (-0.0%)** | **Common Stocks Sold Short (-0.0%)** | **Common Stocks Sold Short (-0.0%)** |
| **Other (-0.0%)<sup>5</sup>** | **Other (-0.0%)<sup>5</sup>** | **Other (-0.0%)<sup>5</sup>** | **Other (-0.0%)<sup>5</sup>** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ralliant Corp. **(Proceeds $15)** | &nbsp;&nbsp;&nbsp;&nbsp;(321) | &nbsp;&nbsp;&nbsp;&nbsp; **(16)** |
| **Other Assets and Other Liabilities—Net (-0.1%)** | **Other Assets and Other Liabilities—Net (-0.1%)** | **Other Assets and Other Liabilities—Net (-0.1%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(775671)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**1490277459** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $110,918. |
| 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 $111,728 was received for securities on loan. |
| 5 | "Other" represents securities that are not classified by the fund's benchmark index. |
|  | CVR—Contingent Value Rights. |

---

------

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini S&P 500 Index | September 2025 | 1492 | 466530 | &nbsp;&nbsp;7987 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps |
| Reference Entity | Termination<br> Date | &nbsp;&nbsp;&nbsp;Counterparty | &nbsp;&nbsp;&nbsp;Notional<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Floating<br> Interest Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> (Depreciation)<br> ($000) |
| Bank of America Corp. | 1/30/26 | &nbsp;&nbsp;&nbsp;CITNA | &nbsp;&nbsp;&nbsp;160888 | &nbsp;&nbsp;&nbsp;(5.187) | &nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;&nbsp;— |
| Bank of America Corp. | 1/30/26 | &nbsp;&nbsp;&nbsp;CITNA | &nbsp;&nbsp;&nbsp;146692 | &nbsp;&nbsp;&nbsp;(5.187) | &nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;&nbsp;— |
| Bank of America Corp. | 1/30/26 | &nbsp;&nbsp;&nbsp;CITNA | &nbsp;&nbsp;&nbsp;141960 | &nbsp;&nbsp;&nbsp;(5.187) | &nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;&nbsp;— |
| Citigroup Inc. | 8/31/26 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;90993 | &nbsp;&nbsp;&nbsp;(5.087) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(330) |
| Citigroup Inc. | 8/31/26 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;85120 | &nbsp;&nbsp;&nbsp;(5.087) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(309) |
| Citigroup Inc. | 8/31/26 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;76608 | &nbsp;&nbsp;&nbsp;(5.087) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(278) |
| Citigroup Inc. | 8/31/26 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;48944 | &nbsp;&nbsp;&nbsp;(5.087) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(178) |
| Citigroup Inc. | 8/31/26 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;21791 | &nbsp;&nbsp;&nbsp;(5.087) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(79) |
| Citigroup Inc. | 8/31/26 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;21280 | &nbsp;&nbsp;&nbsp;(5.187) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(79) |
| Ford Motor Co. | 8/29/25 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;16275 | &nbsp;&nbsp;&nbsp;(4.983) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(31) |
| Global Payments Inc. | 8/29/25 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;84442 | &nbsp;&nbsp;&nbsp;(5.087) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(63) |
| Global Payments Inc. | 8/29/25 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;29615 | &nbsp;&nbsp;&nbsp;(5.087) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(22) |
| Global Payments Inc. | 8/29/25 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;12006 | &nbsp;&nbsp;&nbsp;(5.087) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(9) |
| Global Payments Inc. | 8/29/25 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;7604 | &nbsp;&nbsp;&nbsp;(4.983) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(14) |
| Global Payments Inc. | 8/29/25 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;6003 | &nbsp;&nbsp;&nbsp;(5.087) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5) |
| Goldman Sachs Group Inc. | 8/29/25 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;109701 | &nbsp;&nbsp;&nbsp;(5.087) | &nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;— |
| Goldman Sachs Group Inc. | 8/29/25 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;103332 | &nbsp;&nbsp;&nbsp;(5.037) | &nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;— |
| Goldman Sachs Group Inc. | 8/29/25 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;70775 | &nbsp;&nbsp;&nbsp;(5.037) | &nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;— |
| Goldman Sachs Group Inc. | 8/29/25 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;9201 | &nbsp;&nbsp;&nbsp;(5.087) | &nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;— |
| Invesco Ltd. | 8/31/26 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;5125 | &nbsp;&nbsp;&nbsp;(4.984) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(12) |
| JPMorgan Chase & Co. | 8/31/26 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;289910 | &nbsp;&nbsp;&nbsp;(5.037) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1071) |
| JPMorgan Chase & Co. | 8/31/26 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;86973 | &nbsp;&nbsp;&nbsp;(5.037) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(321) |
| Kroger Co. | 1/30/26 | &nbsp;&nbsp;&nbsp;GSI | &nbsp;&nbsp;&nbsp;66010 | &nbsp;&nbsp;&nbsp;(4.333) | &nbsp;&nbsp;&nbsp;5609 | &nbsp;&nbsp;&nbsp;— |
| NetApp Inc. | 8/29/25 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;10122 | &nbsp;&nbsp;&nbsp;(4.984) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(24) |
| PACCAR Inc. | 8/29/25 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;23765 | &nbsp;&nbsp;&nbsp;(4.983) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(45) |
| Paycom Software Inc. | 8/29/25 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;5554 | &nbsp;&nbsp;&nbsp;(5.187) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(17) |

---

------

500 Index Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Total Return Swaps (continued) | Over-the-Counter Total Return Swaps (continued) | Over-the-Counter Total Return Swaps (continued) | Over-the-Counter Total Return Swaps (continued) | Over-the-Counter Total Return Swaps (continued) | Over-the-Counter Total Return Swaps (continued) | Over-the-Counter Total Return Swaps (continued) |
| Reference Entity | Termination<br> Date | &nbsp;&nbsp;&nbsp;Counterparty | &nbsp;&nbsp;&nbsp;Notional<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Floating<br> Interest Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> (Depreciation)<br> ($000) |
| Paycom Software Inc. | 8/29/25 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;3008 | &nbsp;&nbsp;&nbsp;(5.187) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(9) |
| Paycom Software Inc. | 8/29/25 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;2777 | &nbsp;&nbsp;&nbsp;(4.984) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(8) |
| VICI Properties Inc. | 8/29/25 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;60310 | &nbsp;&nbsp;&nbsp;(5.087) | &nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;— |
| VICI Properties Inc. | 8/29/25 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;24450 | &nbsp;&nbsp;&nbsp;(5.087) | &nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;&nbsp;— |
| Visa Inc. Class A | 8/29/25 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;88763 | &nbsp;&nbsp;&nbsp;(4.337) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(171) |
| Willis Towers Watson plc | 8/29/25 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;18390 | &nbsp;&nbsp;&nbsp;(4.983) | &nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;— |
| Willis Towers Watson plc | 8/29/25 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;10728 | &nbsp;&nbsp;&nbsp;(4.887) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(11) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;7364 | &nbsp;&nbsp;&nbsp;(3086) |

---

---

| | |
|:---|:---|
| 1 | Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. |
|  | BANA—Bank of America, N.A. |
|  | CITNA—Citibank, N.A. |
|  | GSI—Goldman Sachs International. |

---

At June 30, 2025, the counterparties had deposited in segregated accounts securities with a value of $145,247 in connection with open over-the-counter swap contracts.

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

------

500 Index Fund

Statement of Assets and Liabilities

As of June 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $912,157,542) | 1487866088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $3,187,057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3187058 |
| Total Investments in Securities | 1491053146 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37306 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7341 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146279 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668365 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761121 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566360 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11021 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7364 |
| **Total Assets** | **1493258303** |
| **Liabilities** |  |
| Securities Sold Short, at Value (Proceeds $15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15514 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111728 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498108 |
| Payables for Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2333588 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18804 |
| Unrealized Depreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3086 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2980844** |
| **Net Assets** | **1490277459** |
| 1 Includes $110,918 of securities on loan. |  |
| **At June 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;880887608 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;609389851 |
| **Net Assets** | **1490277459** |
| **Investor Shares—Net Assets** |  |
| **Applicable to 5,057,174 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2896192** |
| **Net Asset Value Per Share—Investor Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$572.69** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 1,201,525,065 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;**682720422** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$568.21** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 1,024,474,627 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;**586598497** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$572.58** |
| **Institutional Select Shares—Net Assets** |  |
| **Applicable to 718,314,045 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;**218062348** |
| **Net Asset Value Per Share—Institutional Select Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$303.58** |

---

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

------

500 Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> June 30, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;9125448 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35466 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 |
| Total Income | &nbsp;&nbsp;9161044 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Institutional Select Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Institutional Select Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215 |
| Shareholders' Reports and Proxy Fees—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Shareholders' Reports and Proxy Fees—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4068 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789 |
| Shareholders' Reports and Proxy Fees—Institutional Select Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;214174 |
| **Net Investment Income** | &nbsp;&nbsp;**8946870** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | 55212465 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;138860 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;154645 |
| **Realized Net Gain (Loss)** | **55505970** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | 25436886 |
| Investment Securities—Short Positions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29202 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5525 |
| **Change in Unrealized Appreciation (Depreciation)** | **25471612** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **89924452** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $2,194. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $33,524, $4, and ($24), respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $57,283,602 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

500 Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> June 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> December 31,<br> 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8946870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15819710 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55505970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77345213 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25471612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161368477 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89924452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254533400 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16971) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37970) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4176205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6547996) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3645852) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6954054) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Select Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1362357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2413955) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9201385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15953975) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(312198) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(771742) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59279639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117435352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6021576) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1393046) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Select Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6276600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16133970 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59222465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131404534 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;139945532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369983959 |
| **Net Assets** |  |  |
| **Beginning of Period** | **1350331927** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**980347968** |
| **End of Period** | **1490277459** | &nbsp;&nbsp;&nbsp;**1350331927** |

---

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

------

500 Index Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$542.84** | &nbsp;&nbsp;&nbsp;**$440.05** | &nbsp;&nbsp;&nbsp;**$354.17** | &nbsp;&nbsp;&nbsp;**$439.86** | &nbsp;&nbsp;&nbsp;**$346.60** | &nbsp;&nbsp;&nbsp;**$298.16** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.128 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;29.930 | &nbsp;&nbsp;&nbsp;&nbsp;102.834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.860 | &nbsp;&nbsp;&nbsp;&nbsp;(85.733) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93.389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.323 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;33.116 | &nbsp;&nbsp;&nbsp;&nbsp;108.981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91.850 | &nbsp;&nbsp;&nbsp;&nbsp;(80.128) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.451 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(3.266) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.191) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.970) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.562) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.039) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.011) |
| Distributions from Realized Capital Gains |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(3.266) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.191) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.970) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.562) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.039) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.011) |
| **Net Asset Value, End of Period** | **$572.69** | &nbsp;&nbsp;&nbsp;**$542.84** | &nbsp;&nbsp;&nbsp;**$440.05** | &nbsp;&nbsp;&nbsp;**$354.17** | &nbsp;&nbsp;&nbsp;**$439.86** | &nbsp;&nbsp;&nbsp;**$346.60** |
| **Total Return<sup>2</sup>** | **6.13%** | &nbsp;&nbsp;&nbsp;**24.84%** | &nbsp;&nbsp;&nbsp;**26.11%** | &nbsp;&nbsp;&nbsp;**-18.23%** | &nbsp;&nbsp;&nbsp;**28.53%** | &nbsp;&nbsp;&nbsp;**18.25%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $2896 | &nbsp;&nbsp;&nbsp;$3059 | &nbsp;&nbsp;&nbsp;$3177 | &nbsp;&nbsp;&nbsp;$3093 | &nbsp;&nbsp;&nbsp;$4512 | &nbsp;&nbsp;&nbsp;$4504 |
| Ratio of Total Expenses to Average Net Assets | 0.14% | &nbsp;&nbsp;&nbsp;0.14%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.14%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.14%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;0.14% |
| Ratio of Net Investment Income to Average Net Assets | 1.20% | &nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;1.73% |
| Portfolio Turnover Rate<sup>4</sup> | 1% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;4% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.14%. |
| 4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

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

------

500 Index Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **ETF Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$538.61** | &nbsp;&nbsp;&nbsp;**$436.63** | &nbsp;&nbsp;&nbsp;**$351.41** | &nbsp;&nbsp;&nbsp;**$436.47** | &nbsp;&nbsp;&nbsp;**$343.93** | &nbsp;&nbsp;&nbsp;**$295.87** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.413 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;29.693 | &nbsp;&nbsp;&nbsp;&nbsp;101.983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.165 | &nbsp;&nbsp;&nbsp;&nbsp;(85.125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92.624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.950 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;33.157 | &nbsp;&nbsp;&nbsp;&nbsp;108.684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91.577 | &nbsp;&nbsp;&nbsp;&nbsp;(79.113) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.363 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(3.557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.947) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.303) |
| Distributions from Realized Capital Gains |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(3.557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.947) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.303) |
| **Net Asset Value, End of Period** | **$568.21** | &nbsp;&nbsp;&nbsp;**$538.61** | &nbsp;&nbsp;&nbsp;**$436.63** | &nbsp;&nbsp;&nbsp;**$351.41** | &nbsp;&nbsp;&nbsp;**$436.47** | &nbsp;&nbsp;&nbsp;**$343.93** |
| **Total Return<sup>2</sup>** | **6.19%** | &nbsp;&nbsp;&nbsp;**24.98%** | &nbsp;&nbsp;&nbsp;**26.25%** | &nbsp;&nbsp;&nbsp;**-18.15%** | &nbsp;&nbsp;&nbsp;**28.66%** | &nbsp;&nbsp;&nbsp;**18.35%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $682720 | &nbsp;&nbsp;&nbsp;$584624 | &nbsp;&nbsp;&nbsp;$372051 | &nbsp;&nbsp;&nbsp;$262211 | &nbsp;&nbsp;&nbsp;$279850 | &nbsp;&nbsp;&nbsp;$177991 |
| Ratio of Total Expenses to Average Net Assets | 0.03% | &nbsp;&nbsp;&nbsp;0.03%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.03%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.03%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;0.03% |
| Ratio of Net Investment Income to Average Net Assets | 1.32% | &nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;1.83% |
| Portfolio Turnover Rate<sup>4</sup> | 1% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;4% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.03%. |
| 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.

------

500 Index Fund

Financial Highlights

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$542.76** | &nbsp;&nbsp;&nbsp;**$439.99** | &nbsp;&nbsp;&nbsp;**$354.11** | &nbsp;&nbsp;&nbsp;**$439.83** | &nbsp;&nbsp;&nbsp;**$346.57** | &nbsp;&nbsp;&nbsp;**$298.14** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.427 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;29.920 | &nbsp;&nbsp;&nbsp;&nbsp;102.799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.843 | &nbsp;&nbsp;&nbsp;&nbsp;(85.767) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93.371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.314 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;33.376 | &nbsp;&nbsp;&nbsp;&nbsp;109.475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92.247 | &nbsp;&nbsp;&nbsp;&nbsp;(79.767) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.741 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(3.556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.705) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.311) |
| Distributions from Realized Capital Gains |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(3.556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.705) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.311) |
| **Net Asset Value, End of Period** | **$572.58** | &nbsp;&nbsp;&nbsp;**$542.76** | &nbsp;&nbsp;&nbsp;**$439.99** | &nbsp;&nbsp;&nbsp;**$354.11** | &nbsp;&nbsp;&nbsp;**$439.83** | &nbsp;&nbsp;&nbsp;**$346.57** |
| **Total Return<sup>2</sup>** | **6.18%** | &nbsp;&nbsp;&nbsp;**24.97%** | &nbsp;&nbsp;&nbsp;**26.24%** | &nbsp;&nbsp;&nbsp;**-18.15%** | &nbsp;&nbsp;&nbsp;**28.66%** | &nbsp;&nbsp;&nbsp;**18.37%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $586598 | &nbsp;&nbsp;&nbsp;$562187 | &nbsp;&nbsp;&nbsp;$456812 | &nbsp;&nbsp;&nbsp;$367498 | &nbsp;&nbsp;&nbsp;$453239 | &nbsp;&nbsp;&nbsp;$359553 |
| Ratio of Total Expenses to Average Net Assets | 0.04% | &nbsp;&nbsp;&nbsp;0.04%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.04%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.04%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;0.04% |
| Ratio of Net Investment Income to Average Net Assets | 1.30% | &nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;1.62% | &nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;1.83% |
| Portfolio Turnover Rate<sup>4</sup> | 1% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;4% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%. |
| 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.

------

500 Index Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional Select Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$287.75** | &nbsp;&nbsp;&nbsp;**$233.22** | &nbsp;&nbsp;&nbsp;**$187.66** | &nbsp;&nbsp;&nbsp;**$233.06** | &nbsp;&nbsp;&nbsp;**$183.64** | &nbsp;&nbsp;&nbsp;**$157.98** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.924 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;15.872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.493 | &nbsp;&nbsp;&nbsp;&nbsp;(45.458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.597 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;17.748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.955 | &nbsp;&nbsp;&nbsp;&nbsp;(42.209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.521 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(1.918) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.581) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.395) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.191) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.943) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.861) |
| 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;(1.918) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.581) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.395) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.191) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.943) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.861) |
| **Net Asset Value, End of Period** | **$303.58** | &nbsp;&nbsp;&nbsp;**$287.75** | &nbsp;&nbsp;&nbsp;**$233.22** | &nbsp;&nbsp;&nbsp;**$187.66** | &nbsp;&nbsp;&nbsp;**$233.06** | &nbsp;&nbsp;&nbsp;**$183.64** |
| **Total Return** | **6.20%** | &nbsp;&nbsp;&nbsp;**25.00%** | &nbsp;&nbsp;&nbsp;**26.28%** | &nbsp;&nbsp;&nbsp;**-18.13%** | &nbsp;&nbsp;&nbsp;**28.70%** | &nbsp;&nbsp;&nbsp;**18.40%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $218062 | &nbsp;&nbsp;&nbsp;$200461 | &nbsp;&nbsp;&nbsp;$148309 | &nbsp;&nbsp;&nbsp;$111968 | &nbsp;&nbsp;&nbsp;$118481 | &nbsp;&nbsp;&nbsp;$94870 |
| Ratio of Total Expenses to Average Net Assets | 0.01% | &nbsp;&nbsp;&nbsp;0.01%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.01%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.01%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;0.01% |
| Ratio of Net Investment Income to Average Net Assets | 1.33% | &nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;1.62% | &nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;1.86% |
| Portfolio Turnover Rate<sup>3</sup> | 1% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;4% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.01%. |
| 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.

------

500 Index Fund

Notes to Financial Statements

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

**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. Short Sales: Short sales are the sales of securities that the fund does not own. The fund sells a security it does not own in anticipation of a decline in the value of that security. In order to deliver the security to the purchaser, the fund borrows the security from a broker-dealer. The fund must segregate, as collateral for its obligation to return the borrowed security, an amount of cash and long security positions at least equal to the market value of the security sold short. In the absence of a default, the collateral segregated by the fund cannot be repledged, resold or rehypothecated. This results in the fund holding a significant portion of its assets in cash. The fund later closes out the position by returning the security to the lender, typically by purchasing the security in the open market. A gain, limited to the price at which the fund sold the security short, or a loss, theoretically unlimited in size, is recognized upon the termination of the short sale. The fund is charged a fee on borrowed securities, based on the market value of each borrowed security and a variable rate that is dependent upon the availability of such security, and the fund may receive a portion of the income from the investment of collateral which offsets the borrowing fee. The net amounts of fees or income are recorded as borrowing expense on securities sold short (for net fees charged) or interest income (for net income received) on the Statement of Operations. Dividends on securities sold short are reported as an expense in the Statement of Operations. Cash collateral segregated for securities sold short is recorded as an asset in the Statement of Assets and Liabilities. Long security positions segregated as collateral are shown in the Schedule of Investments.

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

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

During the six months ended June 30, 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.

4. 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.

------

500 Index Fund

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

During the six months ended June 30, 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.

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

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

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

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

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

For the six months ended June 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

9. Other: Dividend income (or dividend expense on short positions) 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 June 30, 2025, the fund had contributed to Vanguard capital in the amount of $37,306,000, representing less than 0.01% of the fund's net assets and 14.92% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

------

500 Index Fund

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

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

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

The following table summarizes the market value of the fund's investments and derivatives as of June 30, 2025, based on the inputs used to value them:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | 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 | 1487866088 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1487866088 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3187058 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3187058 |
| Total | 1491053146 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1491053146 |
| Liabilities |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 7987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7987 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7364 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7364 |
| Total | 7987 | &nbsp;&nbsp;&nbsp;&nbsp;7364 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;15351 |
| Liabilities |  |  |  |  |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3086) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3086) |

---

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.** As of June 30, 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;915848538 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;604399172 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(29186577) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;575212595 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2024, the fund had available capital losses totaling $21,245,874,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2025; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**E.** During the six months ended June 30, 2025, the fund purchased $15,818,082,000 of investment securities and sold $10,911,525,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $134,558,606,000 and $80,243,281,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended June 30, 2025, such purchases were $1,229,295,000 and sales were $2,052,915,000, resulting in net realized loss of $517,741,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

------

500 Index Fund

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> June 30, 2025 | Six Months Ended<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> December 31, 2024 | &nbsp;&nbsp;&nbsp;Year Ended<br> December 31, 2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Investor Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(412704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(765) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(976107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1989) |
| Net Increase (Decrease)—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;(312198) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(578) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(771742) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1584) |
| **ETF Shares** |  |  |  |  |
| Issued | 138122875 | &nbsp;&nbsp;&nbsp;&nbsp;262595 | &nbsp;&nbsp;&nbsp;&nbsp;224894779 | &nbsp;&nbsp;&nbsp;&nbsp;440252 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (78843236) | &nbsp;&nbsp;(146500) | &nbsp;&nbsp;(107459427) | &nbsp;&nbsp;(206925) |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;59279639 | &nbsp;&nbsp;&nbsp;&nbsp;116095 | &nbsp;&nbsp;&nbsp;&nbsp;117435352 | &nbsp;&nbsp;&nbsp;&nbsp;233327 |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;25458916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46155954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92644 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;3164712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6056945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11734 |
| Redeemed | (34645204) | &nbsp;&nbsp;&nbsp;&nbsp;(64761) | &nbsp;&nbsp;&nbsp;&nbsp;(53605945) | &nbsp;&nbsp;(106815) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;(6021576) | &nbsp;&nbsp;&nbsp;&nbsp;(11328) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1393046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2437) |
| **Institutional Select Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;20895768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42156771 | &nbsp;&nbsp;&nbsp;&nbsp;150767 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;1362357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2413955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8810 |
| Redeemed | (15981525) | &nbsp;&nbsp;&nbsp;&nbsp;(55833) | &nbsp;&nbsp;&nbsp;&nbsp;(28436756) | &nbsp;&nbsp;&nbsp;&nbsp;(98846) |
| Net Increase (Decrease)—Institutional Select Shares | &nbsp;&nbsp;&nbsp;&nbsp;6276600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16133970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60731 |

---

**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.

Q402 082025

------

![](tm2519836d8usstklargcapfi001.jpg)

#### Financial Statements

#### For the six-months ended June 30, 2025

#### Vanguard U.S. Stock Index Funds Large-Capitalization Portfolios
Vanguard Growth Index Fund <br> Vanguard Value Index Fund <br> Vanguard Large-Cap Index Fund

------

#### Contents

---

| | |
|:---|:---|
| Growth Index Fund<br>| 1 |
| Value Index Fund<br>| 16 |
| Large-Cap Index Fund<br>| 34 |

---

------

Growth Index Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of June 30, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (99.9%)** | **Common Stocks (99.9%)** | **Common Stocks (99.9%)** | **Common Stocks (99.9%)** |
| **Basic Materials (0.4%)** | **Basic Materials (0.4%)** | **Basic Materials (0.4%)** | **Basic Materials (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;Ecolab Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2784532 | &nbsp;&nbsp;&nbsp;&nbsp; 750265 |
|  | &nbsp;&nbsp;&nbsp;Fastenal Co. | 12840935 | &nbsp;&nbsp;&nbsp;&nbsp; 539319 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1289584** |
| **Consumer Discretionary (18.8%)** | **Consumer Discretionary (18.8%)** | **Consumer Discretionary (18.8%)** | **Consumer Discretionary (18.8%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 92896256 | &nbsp;&nbsp;&nbsp;&nbsp; 20380510 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tesla Inc. | 28173355 | &nbsp;&nbsp;&nbsp;&nbsp; 8949548 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Netflix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4392228 | &nbsp;&nbsp;&nbsp;&nbsp; 5881764 |
|  | &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4585888 | &nbsp;&nbsp;&nbsp;&nbsp; 4539754 |
|  | &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7467727 | &nbsp;&nbsp;&nbsp;&nbsp; 2181846 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | 21940198 | &nbsp;&nbsp;&nbsp;&nbsp; 2047020 |
|  | &nbsp;&nbsp;&nbsp;Booking Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341239 | &nbsp;&nbsp;&nbsp;&nbsp; 1975514 |
|  | &nbsp;&nbsp;&nbsp;TJX Cos. Inc. | 11785669 | &nbsp;&nbsp;&nbsp;&nbsp; 1455412 |
|  | &nbsp;&nbsp;&nbsp;Starbucks Corp. | 12145586 | &nbsp;&nbsp;&nbsp;&nbsp; 1112900 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9251816 | &nbsp;&nbsp;&nbsp;&nbsp; 833866 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill Inc. | 14669833 | &nbsp;&nbsp;&nbsp;&nbsp; 823711 |
|  | &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2615644 | &nbsp;&nbsp;&nbsp;&nbsp; 696651 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Roblox Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6607781 | &nbsp;&nbsp;&nbsp;&nbsp; 695139 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AutoZone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183640 | &nbsp;&nbsp;&nbsp;&nbsp; 681714 |
|  | &nbsp;&nbsp;&nbsp;Marriott International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2416619 | &nbsp;&nbsp;&nbsp;&nbsp; 660244 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Airbnb Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4317462 | &nbsp;&nbsp;&nbsp;&nbsp; 571373 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Flutter Entertainment plc | &nbsp;&nbsp;&nbsp;&nbsp;1993605 | &nbsp;&nbsp;&nbsp;&nbsp; 569693 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Carvana Co. | &nbsp;&nbsp;&nbsp;&nbsp;1448235 | &nbsp;&nbsp;&nbsp;&nbsp; 487997 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Copart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9821419 | &nbsp;&nbsp;&nbsp;&nbsp; 481937 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1960938 | &nbsp;&nbsp;&nbsp;&nbsp; 476214 |
|  | &nbsp;&nbsp;&nbsp;Yum! Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3164261 | &nbsp;&nbsp;&nbsp;&nbsp; 468880 |
|  | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1418081 | &nbsp;&nbsp;&nbsp;&nbsp; 444058 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trade Desk Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5233811 | &nbsp;&nbsp;&nbsp;&nbsp; 376782 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1292861 | &nbsp;&nbsp;&nbsp;&nbsp; 307158 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Live Nation Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1998015 | &nbsp;&nbsp;&nbsp;&nbsp; 302260 |
|  | &nbsp;&nbsp;&nbsp;Ross Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2005236 | &nbsp;&nbsp;&nbsp;&nbsp; 255828 |
|  | &nbsp;&nbsp;&nbsp;Expedia Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1506418 | &nbsp;&nbsp;&nbsp;&nbsp; 254103 |
|  | &nbsp;&nbsp;&nbsp;Rollins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3776055 | &nbsp;&nbsp;&nbsp;&nbsp; 213045 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Burlington Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832480 | &nbsp;&nbsp;&nbsp;&nbsp; 193668 |
|  | &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4403576 | &nbsp;&nbsp;&nbsp;&nbsp; 191600 |
|  | &nbsp;&nbsp;&nbsp;Domino's Pizza Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414064 | &nbsp;&nbsp;&nbsp;&nbsp; 186577 |
|  | &nbsp;&nbsp;&nbsp;Warner Music Group Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2466444 | &nbsp;&nbsp;&nbsp;&nbsp; 67186 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **58763952** |
| **Consumer Staples (0.2%)** | **Consumer Staples (0.2%)** | **Consumer Staples (0.2%)** | **Consumer Staples (0.2%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Monster Beverage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7715825 | &nbsp;&nbsp;&nbsp;&nbsp; 483319 |
|  | &nbsp;&nbsp;&nbsp;Church & Dwight Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1728180 | &nbsp;&nbsp;&nbsp;&nbsp; 166096 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **649415** |
| **Energy (0.6%)** | **Energy (0.6%)** | **Energy (0.6%)** | **Energy (0.6%)** |
|  | &nbsp;&nbsp;&nbsp;Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3188802 | &nbsp;&nbsp;&nbsp;&nbsp; 441777 |
|  | &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2497154 | &nbsp;&nbsp;&nbsp;&nbsp; 434704 |
|  | &nbsp;&nbsp;&nbsp;Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;6289916 | &nbsp;&nbsp;&nbsp;&nbsp; 241155 |
|  | &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3883072 | &nbsp;&nbsp;&nbsp;&nbsp; 226461 |
|  | &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135766 | &nbsp;&nbsp;&nbsp;&nbsp; 143422 |
|  | &nbsp;&nbsp;&nbsp;Coterra Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5515903 | &nbsp;&nbsp;&nbsp;&nbsp; 139993 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;First Solar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800126 | &nbsp;&nbsp;&nbsp;&nbsp; 132453 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Venture Global Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3735804 | &nbsp;&nbsp;&nbsp;&nbsp; 58204 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1818169** |
| **Financials (2.9%)** | **Financials (2.9%)** | **Financials (2.9%)** | **Financials (2.9%)** |
|  | &nbsp;&nbsp;&nbsp;S&P Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3301327 | &nbsp;&nbsp;&nbsp;&nbsp; 1740757 |
|  | &nbsp;&nbsp;&nbsp;Blackstone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7796289 | &nbsp;&nbsp;&nbsp;&nbsp; 1166169 |
|  | &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1659508 | &nbsp;&nbsp;&nbsp;&nbsp; 832393 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Robinhood Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;8467679 | &nbsp;&nbsp;&nbsp;&nbsp; 792829 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coinbase Global Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2239472 | &nbsp;&nbsp;&nbsp;&nbsp; 784913 |
|  | &nbsp;&nbsp;&nbsp;Apollo Global Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4440730 | &nbsp;&nbsp;&nbsp;&nbsp; 630006 |

---

------

Growth Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;MSCI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835840 | &nbsp;&nbsp;&nbsp;&nbsp; 482062 |
|  | &nbsp;&nbsp;&nbsp;Aon plc Class A (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;1174410 | &nbsp;&nbsp;&nbsp;&nbsp; 418982 |
|  | &nbsp;&nbsp;&nbsp;Ares Management Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2356177 | &nbsp;&nbsp;&nbsp;&nbsp; 408090 |
|  | &nbsp;&nbsp;&nbsp;Brown & Brown Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3310167 | &nbsp;&nbsp;&nbsp;&nbsp; 366998 |
|  | &nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937443 | &nbsp;&nbsp;&nbsp;&nbsp; 351513 |
|  | &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1390775 | &nbsp;&nbsp;&nbsp;&nbsp; 338000 |
|  | &nbsp;&nbsp;&nbsp;Tradeweb Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1521792 | &nbsp;&nbsp;&nbsp;&nbsp; 222790 |
|  | &nbsp;&nbsp;&nbsp;FactSet Research Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495296 | &nbsp;&nbsp;&nbsp;&nbsp; 221536 |
|  | &nbsp;&nbsp;&nbsp;Interactive Brokers Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2994379 | &nbsp;&nbsp;&nbsp;&nbsp; 165919 |
|  | &nbsp;&nbsp;&nbsp;Blue Owl Capital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5608876 | &nbsp;&nbsp;&nbsp;&nbsp; 107746 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **9030703** |
| **Health Care (5.4%)** | **Health Care (5.4%)** | **Health Care (5.4%)** | **Health Care (5.4%)** |
|  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;8788642 | &nbsp;&nbsp;&nbsp;&nbsp; 6851010 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intuitive Surgical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3750853 | &nbsp;&nbsp;&nbsp;&nbsp; 2038251 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | 15592800 | &nbsp;&nbsp;&nbsp;&nbsp; 1674823 |
|  | &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3640248 | &nbsp;&nbsp;&nbsp;&nbsp; 1440191 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2730637 | &nbsp;&nbsp;&nbsp;&nbsp; 1215680 |
|  | &nbsp;&nbsp;&nbsp;Zoetis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4372442 | &nbsp;&nbsp;&nbsp;&nbsp; 681882 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IDEXX Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911177 | &nbsp;&nbsp;&nbsp;&nbsp; 488701 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1488214 | &nbsp;&nbsp;&nbsp;&nbsp; 485292 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Veeva Systems Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1660753 | &nbsp;&nbsp;&nbsp;&nbsp; 478264 |
|  | &nbsp;&nbsp;&nbsp;ResMed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1684039 | &nbsp;&nbsp;&nbsp;&nbsp; 434482 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dexcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4546733 | &nbsp;&nbsp;&nbsp;&nbsp; 396884 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Waters Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740752 | &nbsp;&nbsp;&nbsp;&nbsp; 258552 |
|  | &nbsp;&nbsp;&nbsp;West Pharmaceutical Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940985 | &nbsp;&nbsp;&nbsp;&nbsp; 205887 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Insulet Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508900 | &nbsp;&nbsp;&nbsp;&nbsp; 159886 |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;ABIOMED Inc. CVR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **16809785** |
| **Industrials (8.9%)** | **Industrials (8.9%)** | **Industrials (8.9%)** | **Industrials (8.9%)** |
|  | &nbsp;&nbsp;&nbsp;Visa Inc. Class A | 17188833 | &nbsp;&nbsp;&nbsp;&nbsp; 6102895 |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;8378949 | &nbsp;&nbsp;&nbsp;&nbsp; 4708467 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boeing Co. | &nbsp;&nbsp;&nbsp;&nbsp;7935516 | &nbsp;&nbsp;&nbsp;&nbsp; 1662729 |
|  | &nbsp;&nbsp;&nbsp;GE Vernova Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2888444 | &nbsp;&nbsp;&nbsp;&nbsp; 1528420 |
|  | &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;5364567 | &nbsp;&nbsp;&nbsp;&nbsp; 1380786 |
|  | &nbsp;&nbsp;&nbsp;Automatic Data Processing Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4295551 | &nbsp;&nbsp;&nbsp;&nbsp; 1324748 |
|  | &nbsp;&nbsp;&nbsp;Accenture plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;3348938 | &nbsp;&nbsp;&nbsp;&nbsp; 1000964 |
|  | &nbsp;&nbsp;&nbsp;TransDigm Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606359 | &nbsp;&nbsp;&nbsp;&nbsp; 922054 |
|  | &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;2437561 | &nbsp;&nbsp;&nbsp;&nbsp; 836961 |
|  | &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3715688 | &nbsp;&nbsp;&nbsp;&nbsp; 828115 |
|  | &nbsp;&nbsp;&nbsp;Howmet Aerospace Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4394882 | &nbsp;&nbsp;&nbsp;&nbsp; 818019 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axon Enterprise Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815294 | &nbsp;&nbsp;&nbsp;&nbsp; 675015 |
|  | &nbsp;&nbsp;&nbsp;Quanta Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1644676 | &nbsp;&nbsp;&nbsp;&nbsp; 621819 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fiserv Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3114589 | &nbsp;&nbsp;&nbsp;&nbsp; 536986 |
|  | &nbsp;&nbsp;&nbsp;WW Grainger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509329 | &nbsp;&nbsp;&nbsp;&nbsp; 529824 |
|  | &nbsp;&nbsp;&nbsp;Paychex Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3607130 | &nbsp;&nbsp;&nbsp;&nbsp; 524693 |
|  | &nbsp;&nbsp;&nbsp;Verisk Analytics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1576398 | &nbsp;&nbsp;&nbsp;&nbsp; 491048 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fair Isaac Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262726 | &nbsp;&nbsp;&nbsp;&nbsp; 480253 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Block Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;6391939 | &nbsp;&nbsp;&nbsp;&nbsp; 434205 |
|  | &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;1526836 | &nbsp;&nbsp;&nbsp;&nbsp; 398229 |
|  | &nbsp;&nbsp;&nbsp;Equifax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1443553 | &nbsp;&nbsp;&nbsp;&nbsp; 374414 |
|  | &nbsp;&nbsp;&nbsp;Old Dominion Freight Line Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2235133 | &nbsp;&nbsp;&nbsp;&nbsp; 362762 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mettler-Toledo International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251764 | &nbsp;&nbsp;&nbsp;&nbsp; 295752 |
|  | &nbsp;&nbsp;&nbsp;HEICO Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887397 | &nbsp;&nbsp;&nbsp;&nbsp; 229614 |
|  | &nbsp;&nbsp;&nbsp;Martin Marietta Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392319 | &nbsp;&nbsp;&nbsp;&nbsp; 215368 |
|  | &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1665673 | &nbsp;&nbsp;&nbsp;&nbsp; 168150 |
|  | &nbsp;&nbsp;&nbsp;HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485406 | &nbsp;&nbsp;&nbsp;&nbsp; 159213 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **27611503** |
| **Real Estate (1.3%)** | **Real Estate (1.3%)** | **Real Estate (1.3%)** | **Real Estate (1.3%)** |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5008380 | &nbsp;&nbsp;&nbsp;&nbsp; 1106952 |
|  | &nbsp;&nbsp;&nbsp;Welltower Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6991607 | &nbsp;&nbsp;&nbsp;&nbsp; 1074820 |
|  | &nbsp;&nbsp;&nbsp;Equinix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1051626 | &nbsp;&nbsp;&nbsp;&nbsp; 836537 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CoStar Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4906972 | &nbsp;&nbsp;&nbsp;&nbsp; 394520 |
|  | &nbsp;&nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5447124 | &nbsp;&nbsp;&nbsp;&nbsp; 313809 |
|  | &nbsp;&nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1304714 | &nbsp;&nbsp;&nbsp;&nbsp; 306399 |
|  | &nbsp;&nbsp;&nbsp;Sun Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1025851 | &nbsp;&nbsp;&nbsp;&nbsp; 129760 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4162797** |

---

------

Growth Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Technology (60.4%)** | **Technology (60.4%)** | **Technology (60.4%)** | **Technology (60.4%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 73843292 | &nbsp;&nbsp;&nbsp;&nbsp; 36730392 |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 229852479 | &nbsp;&nbsp;&nbsp;&nbsp; 36314393 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 147731158 | &nbsp;&nbsp;&nbsp;&nbsp; 30310002 |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | 19332106 | &nbsp;&nbsp;&nbsp;&nbsp; 14268834 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | 48303296 | &nbsp;&nbsp;&nbsp;&nbsp; 13314804 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | 56229050 | &nbsp;&nbsp;&nbsp;&nbsp; 9909246 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class C | 44831081 | &nbsp;&nbsp;&nbsp;&nbsp; 7952585 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palantir Technologies Inc. Class A | 22361380 | &nbsp;&nbsp;&nbsp;&nbsp; 3048303 |
|  | &nbsp;&nbsp;&nbsp;Salesforce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9462425 | &nbsp;&nbsp;&nbsp;&nbsp; 2580309 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc. | 16990600 | &nbsp;&nbsp;&nbsp;&nbsp; 2410966 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ServiceNow Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2163206 | &nbsp;&nbsp;&nbsp;&nbsp; 2223949 |
|  | &nbsp;&nbsp;&nbsp;Intuit Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2771794 | &nbsp;&nbsp;&nbsp;&nbsp; 2183148 |
|  | &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9537146 | &nbsp;&nbsp;&nbsp;&nbsp; 1980102 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adobe Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4472438 | &nbsp;&nbsp;&nbsp;&nbsp; 1730297 |
|  | &nbsp;&nbsp;&nbsp;Applied Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8489759 | &nbsp;&nbsp;&nbsp;&nbsp; 1554220 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7055437 | &nbsp;&nbsp;&nbsp;&nbsp; 1443825 |
|  | &nbsp;&nbsp;&nbsp;Lam Research Corp. | 13625588 | &nbsp;&nbsp;&nbsp;&nbsp; 1326315 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2520116 | &nbsp;&nbsp;&nbsp;&nbsp; 1283520 |
|  | &nbsp;&nbsp;&nbsp;Amphenol Corp. Class A | 12874020 | &nbsp;&nbsp;&nbsp;&nbsp; 1271310 |
|  | &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1410551 | &nbsp;&nbsp;&nbsp;&nbsp; 1263487 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MicroStrategy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2720444 | &nbsp;&nbsp;&nbsp;&nbsp; 1099685 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AppLovin Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2629785 | &nbsp;&nbsp;&nbsp;&nbsp; 920635 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cadence Design Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2950010 | &nbsp;&nbsp;&nbsp;&nbsp; 909046 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DoorDash Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3679766 | &nbsp;&nbsp;&nbsp;&nbsp; 907099 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Synopsys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1683067 | &nbsp;&nbsp;&nbsp;&nbsp; 862875 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fortinet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7098934 | &nbsp;&nbsp;&nbsp;&nbsp; 750499 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Snowflake Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3292579 | &nbsp;&nbsp;&nbsp;&nbsp; 736780 |
|  | &nbsp;&nbsp;&nbsp;Marvell Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9517136 | &nbsp;&nbsp;&nbsp;&nbsp; 736626 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Autodesk Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2344767 | &nbsp;&nbsp;&nbsp;&nbsp; 725870 |
|  | &nbsp;&nbsp;&nbsp;Roper Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1181037 | &nbsp;&nbsp;&nbsp;&nbsp; 669459 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cloudflare Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3276786 | &nbsp;&nbsp;&nbsp;&nbsp; 641693 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Workday Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2393570 | &nbsp;&nbsp;&nbsp;&nbsp; 574457 |
|  | &nbsp;&nbsp;&nbsp;Vertiv Holdings Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4301304 | &nbsp;&nbsp;&nbsp;&nbsp; 552330 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Datadog Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3485031 | &nbsp;&nbsp;&nbsp;&nbsp; 468144 |
|  | &nbsp;&nbsp;&nbsp;Monolithic Power Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532852 | &nbsp;&nbsp;&nbsp;&nbsp; 389717 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Atlassian Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1906830 | &nbsp;&nbsp;&nbsp;&nbsp; 387258 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zscaler Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1181956 | &nbsp;&nbsp;&nbsp;&nbsp; 371063 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ANSYS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1036141 | &nbsp;&nbsp;&nbsp;&nbsp; 363913 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gartner Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857881 | &nbsp;&nbsp;&nbsp;&nbsp; 346773 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;HubSpot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588667 | &nbsp;&nbsp;&nbsp;&nbsp; 327670 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tyler Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521642 | &nbsp;&nbsp;&nbsp;&nbsp; 309250 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Super Micro Computer Inc. (XNGS) | &nbsp;&nbsp;&nbsp;&nbsp;6305535 | &nbsp;&nbsp;&nbsp;&nbsp; 309034 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GoDaddy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1711323 | &nbsp;&nbsp;&nbsp;&nbsp; 308141 |
|  | &nbsp;&nbsp;&nbsp;VeriSign Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979166 | &nbsp;&nbsp;&nbsp;&nbsp; 282783 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pinterest Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;7129857 | &nbsp;&nbsp;&nbsp;&nbsp; 255677 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Okta Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2150650 | &nbsp;&nbsp;&nbsp;&nbsp; 215001 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MongoDB Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1004439 | &nbsp;&nbsp;&nbsp;&nbsp; 210922 |
|  | &nbsp;&nbsp;&nbsp;Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;1449966 | &nbsp;&nbsp;&nbsp;&nbsp; 209274 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;CoreWeave Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681690 | &nbsp;&nbsp;&nbsp;&nbsp; 111156 |
|  | &nbsp;&nbsp;&nbsp;Bentley Systems Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;1678285 | &nbsp;&nbsp;&nbsp;&nbsp; 90577 |
|  | &nbsp;&nbsp;&nbsp;Teradyne Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953880 | &nbsp;&nbsp;&nbsp;&nbsp; 85773 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Snap Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;8320298 | &nbsp;&nbsp;&nbsp;&nbsp; 72303 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**188301490** |
| **Telecommunications (0.8%)** | **Telecommunications (0.8%)** | **Telecommunications (0.8%)** | **Telecommunications (0.8%)** |
|  | &nbsp;&nbsp;&nbsp;T-Mobile US Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4835972 | &nbsp;&nbsp;&nbsp;&nbsp; 1152219 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arista Networks Inc. | 10757777 | &nbsp;&nbsp;&nbsp;&nbsp; 1100628 |
|  | &nbsp;&nbsp;&nbsp;Motorola Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964830 | &nbsp;&nbsp;&nbsp;&nbsp; 405672 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2658519** |
| **Utilities (0.2%)** | **Utilities (0.2%)** | **Utilities (0.2%)** | **Utilities (0.2%)** |
|  | &nbsp;&nbsp;&nbsp;Waste Connections Inc. (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;2887427 | &nbsp;&nbsp;&nbsp;&nbsp; 539140 |
| **Total Common Stocks (Cost $140,495,177)** | **Total Common Stocks (Cost $140,495,177)** | **Total Common Stocks (Cost $140,495,177)** | &nbsp;&nbsp;&nbsp;&nbsp;**311635057** |

---

------

Growth Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** |
| **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** |
| <sup>3,4</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.355% **(Cost** $**470,928)** | 4709952 | &nbsp;&nbsp;&nbsp;&nbsp; **470948** |
| **Total Investments (100.1%) (Cost $140,966,105)** | **Total Investments (100.1%) (Cost $140,966,105)** | **Total Investments (100.1%) (Cost $140,966,105)** | &nbsp;&nbsp;&nbsp;&nbsp;**312106005** |
| **Other Assets and Liabilities—Net (-0.1%)** | **Other Assets and Liabilities—Net (-0.1%)** | **Other Assets and Liabilities—Net (-0.1%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(236318)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**311869687** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $154,717. |
| 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 $160,031 was received for securities on loan. |

---

CVR—Contingent Value Rights.

------

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini NASDAQ 100 Index | September 2025 | 166 | 76006 | &nbsp;&nbsp;730 |
| E-mini S&P 500 Index | September 2025 | 98 | 30643 | &nbsp;&nbsp;1070 |
|  |  |  |  | &nbsp;&nbsp;1800 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps |
| Reference Entity | Termination<br> Date | &nbsp;&nbsp;&nbsp;Counterparty | &nbsp;&nbsp;&nbsp;Notional<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Floating<br> Interest Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> (Depreciation)<br> ($000) |
| Visa Inc. Class A | 8/29/25 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;157997 | &nbsp;&nbsp;&nbsp;(4.337) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(305) |

---

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.

------

Growth Index Fund

Statement of Assets and Liabilities

As of June 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $140,495,177) | 311635057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $470,928) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470948 |
| Total Investments in Securities | 312106005 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7683 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14315 |
| Cash Collateral Pledged—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7670 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217041 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39102 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98562 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337 |
| **Total Assets** | **312491715** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5653 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5177 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160031 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230427 |
| Payables for Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215058 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5377 |
| Unrealized Depreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**622028** |
| **Net Assets** | **311869687** |
| 1 Includes $154,717 of securities on loan. |  |
| **At June 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 148424220 |
| Total Distributable Earnings (Loss) | 163445467 |
| **Net Assets** | **311869687** |
| **Investor Shares—Net Assets** |  |
| **Applicable to 2,088,903 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**471639** |
| **Net Asset Value Per Share—Investor Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$225.78** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 400,162,784 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **175455218** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$438.46** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 417,784,911 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**94292971** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$225.70** |
| **Institutional Shares—Net Assets** |  |
| **Applicable to 184,528,513 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**41649859** |
| **Net Asset Value Per Share—Institutional Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$225.71** |

---

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

------

Growth Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> June 30, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;730776 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6346 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;737695 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652 |
| Shareholders' Reports and Proxy Fees—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Shareholders' Reports and Proxy Fees—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2760 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 |
| Shareholders' Reports and Proxy Fees—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60419 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;**677276** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | &nbsp;&nbsp;5364224 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33191 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14571 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;**5411987** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | 15210402 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3470 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) |
| **Change in Unrealized Appreciation (Depreciation)** | **15213828** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **21303091** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $268. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $6,024, $16, and ($37), respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $7,567,051 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

Growth Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> June 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> December 31,<br> 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245609 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;5411987 | &nbsp;&nbsp;&nbsp;&nbsp;14411043 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;15213828 | &nbsp;&nbsp;&nbsp;&nbsp;52171819 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;21303091 | &nbsp;&nbsp;&nbsp;&nbsp;67828471 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(796) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1780) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(396748) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(692274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211891) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(410384) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95732) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180563) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(705167) | &nbsp;&nbsp;&nbsp;&nbsp;(1285001) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44976) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;7719293 | &nbsp;&nbsp;&nbsp;&nbsp;16028719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(1226166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684120 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;6296028 | &nbsp;&nbsp;&nbsp;&nbsp;17882739 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;26893952 | &nbsp;&nbsp;&nbsp;&nbsp;84426209 |
| **Net Assets** |  |  |
| **Beginning of Period** | **284975735** | &nbsp;&nbsp;&nbsp;**200549526** |
| **End of Period** | **311869687** | &nbsp;&nbsp;&nbsp;**284975735** |

---

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

------

Growth Index Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$211.29** | &nbsp;&nbsp;&nbsp;**$160.06** | &nbsp;&nbsp;&nbsp;**$109.76** | &nbsp;&nbsp;&nbsp;**$165.20** | &nbsp;&nbsp;&nbsp;**$130.50** | &nbsp;&nbsp;&nbsp;&nbsp;**$93.87** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.728 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;14.502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.316 | &nbsp;&nbsp;&nbsp;&nbsp;(55.480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.631 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;14.864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.051 | &nbsp;&nbsp;&nbsp;&nbsp;(54.842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.359 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.740) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.598) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.596) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.729) |
| 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;(.374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.740) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.598) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.596) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.729) |
| **Net Asset Value, End of Period** | **$225.78** | &nbsp;&nbsp;&nbsp;**$211.29** | &nbsp;&nbsp;&nbsp;**$160.06** | &nbsp;&nbsp;&nbsp;**$109.76** | &nbsp;&nbsp;&nbsp;**$165.20** | &nbsp;&nbsp;&nbsp;**$130.50** |
| **Total Return<sup>2</sup>** | **7.05%** | &nbsp;&nbsp;&nbsp;**32.50%** | &nbsp;&nbsp;&nbsp;**46.60%** | &nbsp;&nbsp;&nbsp;**-33.22%** | &nbsp;&nbsp;&nbsp;**27.10%** | &nbsp;&nbsp;&nbsp;**40.01%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $472 | &nbsp;&nbsp;&nbsp;$487 | &nbsp;&nbsp;&nbsp;$415 | &nbsp;&nbsp;&nbsp;$345 | &nbsp;&nbsp;&nbsp;$692 | &nbsp;&nbsp;&nbsp;$750 |
| Ratio of Total Expenses to Average Net Assets | 0.17% | &nbsp;&nbsp;&nbsp;0.17%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.17%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.17%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;0.17% |
| Ratio of Net Investment Income to Average Net Assets | 0.36% | &nbsp;&nbsp;&nbsp;0.38% | &nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;0.69% |
| Portfolio Turnover Rate<sup>4</sup> | 5% | &nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;6% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.17%. |
| 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.

------

Growth Index Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **ETF Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$410.34** | &nbsp;&nbsp;&nbsp;**$310.82** | &nbsp;&nbsp;&nbsp;**$213.14** | &nbsp;&nbsp;&nbsp;**$320.83** | &nbsp;&nbsp;&nbsp;**$253.44** | &nbsp;&nbsp;&nbsp;**$182.31** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.683 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;28.155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.696 | &nbsp;&nbsp;&nbsp;&nbsp;(107.775) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67.447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.131 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;29.124 | &nbsp;&nbsp;&nbsp;&nbsp;101.433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.482 | &nbsp;&nbsp;&nbsp;&nbsp;(106.191) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72.814 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(1.004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.913) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.499) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.540) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.684) |
| 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;(1.004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.913) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.499) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.540) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.684) |
| **Net Asset Value, End of Period** | **$438.46** | &nbsp;&nbsp;&nbsp;**$410.34** | &nbsp;&nbsp;&nbsp;**$310.82** | &nbsp;&nbsp;&nbsp;**$213.14** | &nbsp;&nbsp;&nbsp;**$320.83** | &nbsp;&nbsp;&nbsp;**$253.44** |
| **Total Return** | **7.12%** | &nbsp;&nbsp;&nbsp;**32.68%** | &nbsp;&nbsp;&nbsp;**46.78%** | &nbsp;&nbsp;&nbsp;**-33.13%** | &nbsp;&nbsp;&nbsp;**27.26%** | &nbsp;&nbsp;&nbsp;**40.16%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $175455 | &nbsp;&nbsp;&nbsp;$155885 | &nbsp;&nbsp;&nbsp;$104484 | &nbsp;&nbsp;&nbsp;$68198 | &nbsp;&nbsp;&nbsp;$90506 | &nbsp;&nbsp;&nbsp;$68474 |
| Ratio of Total Expenses to Average Net Assets | 0.04% | &nbsp;&nbsp;&nbsp;0.04%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.04%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.04%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;0.04% |
| Ratio of Net Investment Income to Average Net Assets | 0.49% | &nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;0.81% |
| Portfolio Turnover Rate<sup>3</sup> | 5% | &nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;6% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%. |
| 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.

------

Growth Index Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$211.22** | &nbsp;&nbsp;&nbsp;**$160.00** | &nbsp;&nbsp;&nbsp;**$109.72** | &nbsp;&nbsp;&nbsp;**$165.15** | &nbsp;&nbsp;&nbsp;**$130.46** | &nbsp;&nbsp;&nbsp;&nbsp;**$93.84** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.855 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;14.498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.289 | &nbsp;&nbsp;&nbsp;&nbsp;(55.471) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.621 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;14.986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.194 | &nbsp;&nbsp;&nbsp;&nbsp;(54.672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.476 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.506) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.966) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.914) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.758) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.778) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.856) |
| 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;(.506) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.966) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.914) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.758) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.778) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.856) |
| **Net Asset Value, End of Period** | **$225.70** | &nbsp;&nbsp;&nbsp;**$211.22** | &nbsp;&nbsp;&nbsp;**$160.00** | &nbsp;&nbsp;&nbsp;**$109.72** | &nbsp;&nbsp;&nbsp;**$165.15** | &nbsp;&nbsp;&nbsp;**$130.46** |
| **Total Return<sup>2</sup>** | **7.11%** | &nbsp;&nbsp;&nbsp;**32.66%** | &nbsp;&nbsp;&nbsp;**46.77%** | &nbsp;&nbsp;&nbsp;**-33.14%** | &nbsp;&nbsp;&nbsp;**27.26%** | &nbsp;&nbsp;&nbsp;**40.19%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $94293 | &nbsp;&nbsp;&nbsp;$89498 | &nbsp;&nbsp;&nbsp;$67555 | &nbsp;&nbsp;&nbsp;$45295 | &nbsp;&nbsp;&nbsp;$68372 | &nbsp;&nbsp;&nbsp;$53928 |
| Ratio of Total Expenses to Average Net Assets | 0.05% | &nbsp;&nbsp;&nbsp;0.05%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.05%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.05%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;0.05% |
| Ratio of Net Investment Income to Average Net Assets | 0.48% | &nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;0.80% |
| Portfolio Turnover Rate<sup>4</sup> | 5% | &nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;6% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.05%. |
| 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.

------

Growth Index Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$211.23** | &nbsp;&nbsp;&nbsp;**$160.00** | &nbsp;&nbsp;&nbsp;**$109.72** | &nbsp;&nbsp;&nbsp;**$165.16** | &nbsp;&nbsp;&nbsp;**$130.47** | &nbsp;&nbsp;&nbsp;&nbsp;**$93.85** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.867 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;14.498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.288 | &nbsp;&nbsp;&nbsp;&nbsp;(55.481) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.620 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;14.997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.208 | &nbsp;&nbsp;&nbsp;&nbsp;(54.669) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.487 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.517) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.984) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.928) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.771) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.793) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.867) |
| 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;(.517) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.984) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.928) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.771) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.793) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.867) |
| **Net Asset Value, End of Period** | **$225.71** | &nbsp;&nbsp;&nbsp;**$211.23** | &nbsp;&nbsp;&nbsp;**$160.00** | &nbsp;&nbsp;&nbsp;**$109.72** | &nbsp;&nbsp;&nbsp;**$165.16** | &nbsp;&nbsp;&nbsp;**$130.47** |
| **Total Return** | **7.12%** | &nbsp;&nbsp;&nbsp;**32.68%** | &nbsp;&nbsp;&nbsp;**46.78%** | &nbsp;&nbsp;&nbsp;**-33.14%** | &nbsp;&nbsp;&nbsp;**27.27%** | &nbsp;&nbsp;&nbsp;**40.20%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $41650 | &nbsp;&nbsp;&nbsp;$39106 | &nbsp;&nbsp;&nbsp;$28096 | &nbsp;&nbsp;&nbsp;$18465 | &nbsp;&nbsp;&nbsp;$27688 | &nbsp;&nbsp;&nbsp;$22582 |
| Ratio of Total Expenses to Average Net Assets | 0.04% | &nbsp;&nbsp;&nbsp;0.04%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.04%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.04%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;0.04% |
| Ratio of Net Investment Income to Average Net Assets | 0.49% | &nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;0.82% |
| Portfolio Turnover Rate<sup>3</sup> | 5% | &nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;6% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%. |
| 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.

------

Growth Index Fund

Notes to Financial Statements

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

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

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

2. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).

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

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

During the six months ended June 30, 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.

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

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

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

During the six months ended June 30, 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.

------

Growth Index Fund

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

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

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

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

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

For the six months ended June 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

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

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 June 30, 2025, the fund had contributed to Vanguard capital in the amount of $7,683,000, representing less than 0.01% of the fund's net assets and 3.07% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

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

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

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

------

Growth Index Fund

The following table summarizes the market value of the fund's investments and derivatives as of June 30, 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 | 311635057 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;311635057 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470948 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470948 |
| Total | 312106005 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;312106005 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1800 |
| Liabilities |  |  |  |  |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(305) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(305) |

---

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.** As of June 30, 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;141047272 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;171678057 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(617524) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;171060533 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2024, the fund had available capital losses totaling $13,049,913,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2025; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**E.** During the six months ended June 30, 2025, the fund purchased $13,758,316,000 of investment securities and sold $14,050,212,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $17,038,930,000 and $10,386,503,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended June 30, 2025, such purchases were $3,136,842,000 and sales were $2,709,383,000, resulting in net realized loss of $529,308,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> June 30, 2025 | Six Months Ended<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> December 31, 2024 | &nbsp;&nbsp;&nbsp;Year Ended<br> December 31, 2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Investor Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79268) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(381) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115248) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(629) |
| Net Increase (Decrease)—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44976) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52184) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288) |
| **ETF Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;18272095 | &nbsp;&nbsp;&nbsp;&nbsp;46867 | &nbsp;&nbsp;&nbsp;&nbsp;38014914 | &nbsp;&nbsp;&nbsp;101467 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (10552802) | &nbsp;&nbsp;(26600) | &nbsp;&nbsp;(21986195) | &nbsp;&nbsp;(57725) |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;7719293 | &nbsp;&nbsp;&nbsp;&nbsp;20267 | &nbsp;&nbsp;&nbsp;&nbsp;16028719 | &nbsp;&nbsp;&nbsp;&nbsp;43742 |

---

------

Growth Index Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> June 30, 2025 | Six Months Ended<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> December 31, 2024 | &nbsp;&nbsp;&nbsp;Year Ended<br> December 31, 2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;6073918 | &nbsp;&nbsp;&nbsp;&nbsp;29773 | &nbsp;&nbsp;&nbsp;&nbsp;11543561 | &nbsp;&nbsp;&nbsp;&nbsp;62150 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870 |
| Redeemed | &nbsp;&nbsp;(7489192) | &nbsp;&nbsp;(36608) | &nbsp;&nbsp;(11688593) | &nbsp;&nbsp;(62531) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;(1226166) | &nbsp;&nbsp;&nbsp;&nbsp;(5934) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489 |
| **Institutional Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;2474909 | &nbsp;&nbsp;&nbsp;&nbsp;12056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5575624 | &nbsp;&nbsp;&nbsp;&nbsp;30102 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888 |
| Redeemed | &nbsp;&nbsp;(2719485) | &nbsp;&nbsp;(13103) | &nbsp;&nbsp;&nbsp;&nbsp;(4065966) | &nbsp;&nbsp;(21450) |
| Net Increase (Decrease)—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;(152123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(606) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9540 |

---

**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.

------

Value Index Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of June 30, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (99.7%)** | **Common Stocks (99.7%)** | **Common Stocks (99.7%)** | **Common Stocks (99.7%)** |
| **Basic Materials (2.4%)** | **Basic Materials (2.4%)** | **Basic Materials (2.4%)** | **Basic Materials (2.4%)** |
|  | &nbsp;&nbsp;&nbsp;Linde plc | 4177306 | &nbsp;&nbsp;&nbsp;&nbsp; 1959909 |
|  | &nbsp;&nbsp;&nbsp;Newmont Corp. (XNYS) | 9874947 | &nbsp;&nbsp;&nbsp;&nbsp; 575314 |
|  | &nbsp;&nbsp;&nbsp;Air Products & Chemicals Inc. | 1974516 | &nbsp;&nbsp;&nbsp;&nbsp; 556932 |
|  | &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc. | 12741577 | &nbsp;&nbsp;&nbsp;&nbsp; 552347 |
|  | &nbsp;&nbsp;&nbsp;Nucor Corp. | 2047845 | &nbsp;&nbsp;&nbsp;&nbsp; 265278 |
|  | &nbsp;&nbsp;&nbsp;International Paper Co. | 4684915 | &nbsp;&nbsp;&nbsp;&nbsp; 219395 |
|  | &nbsp;&nbsp;&nbsp;International Flavors & Fragrances Inc. | 2270207 | &nbsp;&nbsp;&nbsp;&nbsp; 166974 |
|  | &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV Class A | 2281620 | &nbsp;&nbsp;&nbsp;&nbsp; 132015 |
|  | &nbsp;&nbsp;&nbsp;Steel Dynamics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;625751 | &nbsp;&nbsp;&nbsp;&nbsp; 80102 |
|  | &nbsp;&nbsp;&nbsp;CF Industries Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;718958 | &nbsp;&nbsp;&nbsp;&nbsp; 66144 |
|  | &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;347298 | &nbsp;&nbsp;&nbsp;&nbsp; 60940 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4635350** |
| **Consumer Discretionary (8.9%)** | **Consumer Discretionary (8.9%)** | **Consumer Discretionary (8.9%)** | **Consumer Discretionary (8.9%)** |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | 39047201 | &nbsp;&nbsp;&nbsp;&nbsp; 3818035 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | 8828290 | &nbsp;&nbsp;&nbsp;&nbsp; 3236804 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 15953019 | &nbsp;&nbsp;&nbsp;&nbsp; 1978334 |
|  | &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | 4965938 | &nbsp;&nbsp;&nbsp;&nbsp; 1101793 |
|  | &nbsp;&nbsp;&nbsp;NIKE Inc. Class B | 10452481 | &nbsp;&nbsp;&nbsp;&nbsp; 742544 |
|  | &nbsp;&nbsp;&nbsp;General Motors Co. | 8533914 | &nbsp;&nbsp;&nbsp;&nbsp; 419954 |
|  | &nbsp;&nbsp;&nbsp;Target Corp. | 4030309 | &nbsp;&nbsp;&nbsp;&nbsp; 397590 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Co. | 34666403 | &nbsp;&nbsp;&nbsp;&nbsp; 376130 |
|  | &nbsp;&nbsp;&nbsp;Electronic Arts Inc. | 2224511 | &nbsp;&nbsp;&nbsp;&nbsp; 355254 |
|  | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 1084636 | &nbsp;&nbsp;&nbsp;&nbsp; 339643 |
|  | &nbsp;&nbsp;&nbsp;DR Horton Inc. | 2453703 | &nbsp;&nbsp;&nbsp;&nbsp; 316331 |
|  | &nbsp;&nbsp;&nbsp;eBay Inc. | 4091708 | &nbsp;&nbsp;&nbsp;&nbsp; 304669 |
|  | &nbsp;&nbsp;&nbsp;Garmin Ltd. | 1452481 | &nbsp;&nbsp;&nbsp;&nbsp; 303162 |
|  | &nbsp;&nbsp;&nbsp;Delta Air Lines Inc. | 5795625 | &nbsp;&nbsp;&nbsp;&nbsp; 285029 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Carnival Corp. | 9318456 | &nbsp;&nbsp;&nbsp;&nbsp; 262035 |
|  | &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 4705626 | &nbsp;&nbsp;&nbsp;&nbsp; 248316 |
|  | &nbsp;&nbsp;&nbsp;Lennar Corp. Class A | 2112477 | &nbsp;&nbsp;&nbsp;&nbsp; 233661 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Airlines Holdings Inc. | 2907978 | &nbsp;&nbsp;&nbsp;&nbsp; 231562 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Warner Bros Discovery Inc. | 19765487 | &nbsp;&nbsp;&nbsp;&nbsp; 226512 |
|  | &nbsp;&nbsp;&nbsp;Darden Restaurants Inc. | 1038838 | &nbsp;&nbsp;&nbsp;&nbsp; 226436 |
|  | &nbsp;&nbsp;&nbsp;Dollar General Corp. | 1951996 | &nbsp;&nbsp;&nbsp;&nbsp; 223269 |
|  | &nbsp;&nbsp;&nbsp;PulteGroup Inc. | 1778843 | &nbsp;&nbsp;&nbsp;&nbsp; 187597 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ulta Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400696 | &nbsp;&nbsp;&nbsp;&nbsp; 187454 |
|  | &nbsp;&nbsp;&nbsp;Ross Stores Inc. | 1457645 | &nbsp;&nbsp;&nbsp;&nbsp; 185966 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NVR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24625 | &nbsp;&nbsp;&nbsp;&nbsp; 181872 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dollar Tree Inc. | 1771858 | &nbsp;&nbsp;&nbsp;&nbsp; 175485 |
|  | &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 5058492 | &nbsp;&nbsp;&nbsp;&nbsp; 164097 |
|  | &nbsp;&nbsp;&nbsp;Estee Lauder Cos. Inc. Class A | 1870737 | &nbsp;&nbsp;&nbsp;&nbsp; 151156 |
|  | &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 1231560 | &nbsp;&nbsp;&nbsp;&nbsp; 149401 |
|  | &nbsp;&nbsp;&nbsp;News Corp. Class A | 4206127 | &nbsp;&nbsp;&nbsp;&nbsp; 125006 |
|  | &nbsp;&nbsp;&nbsp;Best Buy Co. Inc. | 1690764 | &nbsp;&nbsp;&nbsp;&nbsp; 113501 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class A | 1677945 | &nbsp;&nbsp;&nbsp;&nbsp; 94032 |
|  | &nbsp;&nbsp;&nbsp;Omnicom Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;868558 | &nbsp;&nbsp;&nbsp;&nbsp; 62484 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class B | 1082753 | &nbsp;&nbsp;&nbsp;&nbsp; 55903 |
|  | &nbsp;&nbsp;&nbsp;News Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;209976 | &nbsp;&nbsp;&nbsp;&nbsp; 7204 |
|  | &nbsp;&nbsp;&nbsp;Lennar Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15602 | &nbsp;&nbsp;&nbsp;&nbsp; 1642 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aptiv plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025 | &nbsp;&nbsp;&nbsp;&nbsp; 70 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **17469933** |
| **Consumer Staples (9.3%)** | **Consumer Staples (9.3%)** | **Consumer Staples (9.3%)** | **Consumer Staples (9.3%)** |
|  | &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 20805196 | &nbsp;&nbsp;&nbsp;&nbsp; 3314684 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | 13811950 | &nbsp;&nbsp;&nbsp;&nbsp; 2515570 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 30556409 | &nbsp;&nbsp;&nbsp;&nbsp; 2161866 |
|  | &nbsp;&nbsp;&nbsp;PepsiCo Inc. | 12165797 | &nbsp;&nbsp;&nbsp;&nbsp; 1606372 |
|  | &nbsp;&nbsp;&nbsp;Altria Group Inc. | 14946088 | &nbsp;&nbsp;&nbsp;&nbsp; 876289 |
|  | &nbsp;&nbsp;&nbsp;McKesson Corp. | 1110124 | &nbsp;&nbsp;&nbsp;&nbsp; 813477 |
|  | &nbsp;&nbsp;&nbsp;Mondelez International Inc. Class A | 11488546 | &nbsp;&nbsp;&nbsp;&nbsp; 774787 |

---

------

Value Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | 11224279 | &nbsp;&nbsp;&nbsp;&nbsp; 774251 |
|  | &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 7189404 | &nbsp;&nbsp;&nbsp;&nbsp; 653517 |
|  | &nbsp;&nbsp;&nbsp;Cencora Inc. | 1634180 | &nbsp;&nbsp;&nbsp;&nbsp; 490009 |
|  | &nbsp;&nbsp;&nbsp;Corteva Inc. | 6059771 | &nbsp;&nbsp;&nbsp;&nbsp; 451635 |
|  | &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 2943239 | &nbsp;&nbsp;&nbsp;&nbsp; 379442 |
|  | &nbsp;&nbsp;&nbsp;Keurig Dr Pepper Inc. | 11445891 | &nbsp;&nbsp;&nbsp;&nbsp; 378401 |
|  | &nbsp;&nbsp;&nbsp;Kenvue Inc. | 17040375 | &nbsp;&nbsp;&nbsp;&nbsp; 356655 |
|  | &nbsp;&nbsp;&nbsp;Sysco Corp. | 4302103 | &nbsp;&nbsp;&nbsp;&nbsp; 325841 |
|  | &nbsp;&nbsp;&nbsp;Kroger Co. | 4318912 | &nbsp;&nbsp;&nbsp;&nbsp; 309796 |
|  | &nbsp;&nbsp;&nbsp;General Mills Inc. | 4855065 | &nbsp;&nbsp;&nbsp;&nbsp; 251541 |
|  | &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 4264053 | &nbsp;&nbsp;&nbsp;&nbsp; 225057 |
|  | &nbsp;&nbsp;&nbsp;Hershey Co. | 1313377 | &nbsp;&nbsp;&nbsp;&nbsp; 217955 |
|  | &nbsp;&nbsp;&nbsp;Constellation Brands Inc. Class A | 1263818 | &nbsp;&nbsp;&nbsp;&nbsp; 205598 |
|  | &nbsp;&nbsp;&nbsp;Kellanova | 2463823 | &nbsp;&nbsp;&nbsp;&nbsp; 195948 |
|  | &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 7352770 | &nbsp;&nbsp;&nbsp;&nbsp; 189848 |
|  | &nbsp;&nbsp;&nbsp;McCormick & Co. Inc. | 2242410 | &nbsp;&nbsp;&nbsp;&nbsp; 170019 |
|  | &nbsp;&nbsp;&nbsp;Tyson Foods Inc. Class A | 2540556 | &nbsp;&nbsp;&nbsp;&nbsp; 142119 |
|  | &nbsp;&nbsp;&nbsp;Clorox Co. | 1093789 | &nbsp;&nbsp;&nbsp;&nbsp; 131331 |
|  | &nbsp;&nbsp;&nbsp;Church & Dwight Co. Inc. | 1091434 | &nbsp;&nbsp;&nbsp;&nbsp; 104898 |
|  | &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 2684455 | &nbsp;&nbsp;&nbsp;&nbsp; 81205 |
|  | &nbsp;&nbsp;&nbsp;Brown-Forman Corp. Class B | 1317687 | &nbsp;&nbsp;&nbsp;&nbsp; 35459 |
|  | &nbsp;&nbsp;&nbsp;Brown-Forman Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;150049 | &nbsp;&nbsp;&nbsp;&nbsp; 4122 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **18137692** |
| **Energy (6.5%)** | **Energy (6.5%)** | **Energy (6.5%)** | **Energy (6.5%)** |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 38243980 | &nbsp;&nbsp;&nbsp;&nbsp; 4122701 |
|  | &nbsp;&nbsp;&nbsp;Chevron Corp. | 14723281 | &nbsp;&nbsp;&nbsp;&nbsp; 2108226 |
|  | &nbsp;&nbsp;&nbsp;ConocoPhillips | 11202493 | &nbsp;&nbsp;&nbsp;&nbsp; 1005312 |
|  | &nbsp;&nbsp;&nbsp;Williams Cos. Inc. | 10833677 | &nbsp;&nbsp;&nbsp;&nbsp; 680463 |
|  | &nbsp;&nbsp;&nbsp;EOG Resources Inc. | 4842847 | &nbsp;&nbsp;&nbsp;&nbsp; 579253 |
|  | &nbsp;&nbsp;&nbsp;Kinder Morgan Inc. | 16756801 | &nbsp;&nbsp;&nbsp;&nbsp; 492650 |
|  | &nbsp;&nbsp;&nbsp;Cheniere Energy Inc. | 1869949 | &nbsp;&nbsp;&nbsp;&nbsp; 455370 |
|  | &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 2725440 | &nbsp;&nbsp;&nbsp;&nbsp; 452723 |
|  | &nbsp;&nbsp;&nbsp;ONEOK Inc. | 5541262 | &nbsp;&nbsp;&nbsp;&nbsp; 452333 |
|  | &nbsp;&nbsp;&nbsp;Phillips 66 | 3614592 | &nbsp;&nbsp;&nbsp;&nbsp; 431221 |
|  | &nbsp;&nbsp;&nbsp;Schlumberger NV | 12072271 | &nbsp;&nbsp;&nbsp;&nbsp; 408043 |
|  | &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 2778425 | &nbsp;&nbsp;&nbsp;&nbsp; 373476 |
|  | &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 6550100 | &nbsp;&nbsp;&nbsp;&nbsp; 275170 |
|  | &nbsp;&nbsp;&nbsp;Diamondback Energy Inc. | 1685448 | &nbsp;&nbsp;&nbsp;&nbsp; 231580 |
|  | &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 5692609 | &nbsp;&nbsp;&nbsp;&nbsp; 181082 |
|  | &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 4391683 | &nbsp;&nbsp;&nbsp;&nbsp; 168377 |
|  | &nbsp;&nbsp;&nbsp;Halliburton Co. | 6867068 | &nbsp;&nbsp;&nbsp;&nbsp; 139951 |
|  | &nbsp;&nbsp;&nbsp;Coterra Energy Inc. | 3214253 | &nbsp;&nbsp;&nbsp;&nbsp; 81578 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **12639509** |
| **Financials (22.8%)** | **Financials (22.8%)** | **Financials (22.8%)** | **Financials (22.8%)** |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 24360477 | &nbsp;&nbsp;&nbsp;&nbsp; 7062346 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Inc. Class B | 13588086 | &nbsp;&nbsp;&nbsp;&nbsp; 6600685 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 57201500 | &nbsp;&nbsp;&nbsp;&nbsp; 2706775 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 28876393 | &nbsp;&nbsp;&nbsp;&nbsp; 2313577 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 2596862 | &nbsp;&nbsp;&nbsp;&nbsp; 1837929 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 10677372 | &nbsp;&nbsp;&nbsp;&nbsp; 1504015 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 15317279 | &nbsp;&nbsp;&nbsp;&nbsp; 1397549 |
|  | &nbsp;&nbsp;&nbsp;Progressive Corp. | 5201897 | &nbsp;&nbsp;&nbsp;&nbsp; 1388178 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 15285885 | &nbsp;&nbsp;&nbsp;&nbsp; 1301135 |
|  | &nbsp;&nbsp;&nbsp;Blackrock Inc. | 1237389 | &nbsp;&nbsp;&nbsp;&nbsp; 1298330 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1768 | &nbsp;&nbsp;&nbsp;&nbsp; 1288518 |
|  | &nbsp;&nbsp;&nbsp;Chubb Ltd. | 3378290 | &nbsp;&nbsp;&nbsp;&nbsp; 978758 |
|  | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | 4373999 | &nbsp;&nbsp;&nbsp;&nbsp; 956331 |
|  | &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | 5090379 | &nbsp;&nbsp;&nbsp;&nbsp; 933932 |
|  | &nbsp;&nbsp;&nbsp;CME Group Inc. | 3197584 | &nbsp;&nbsp;&nbsp;&nbsp; 881318 |
|  | &nbsp;&nbsp;&nbsp;KKR & Co. Inc. | 5926903 | &nbsp;&nbsp;&nbsp;&nbsp; 788456 |
|  | &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | 2272259 | &nbsp;&nbsp;&nbsp;&nbsp; 727396 |
|  | &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. | 3509502 | &nbsp;&nbsp;&nbsp;&nbsp; 654241 |
|  | &nbsp;&nbsp;&nbsp;US Bancorp | 13823493 | &nbsp;&nbsp;&nbsp;&nbsp; 625513 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 6348314 | &nbsp;&nbsp;&nbsp;&nbsp; 578395 |
|  | &nbsp;&nbsp;&nbsp;Travelers Cos. Inc. | 2010238 | &nbsp;&nbsp;&nbsp;&nbsp; 537819 |
|  | &nbsp;&nbsp;&nbsp;Aflac Inc. | 4798939 | &nbsp;&nbsp;&nbsp;&nbsp; 506096 |
|  | &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 11617310 | &nbsp;&nbsp;&nbsp;&nbsp; 499428 |
|  | &nbsp;&nbsp;&nbsp;Allstate Corp. | 2350374 | &nbsp;&nbsp;&nbsp;&nbsp; 473154 |
|  | &nbsp;&nbsp;&nbsp;Ameriprise Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;844808 | &nbsp;&nbsp;&nbsp;&nbsp; 450899 |

---

------

Value Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;American International Group Inc. | 5115722 | &nbsp;&nbsp;&nbsp;&nbsp; 437855 |
|  | &nbsp;&nbsp;&nbsp;MetLife Inc. | 5061968 | &nbsp;&nbsp;&nbsp;&nbsp; 407083 |
|  | &nbsp;&nbsp;&nbsp;Nasdaq Inc. | 4331630 | &nbsp;&nbsp;&nbsp;&nbsp; 387334 |
|  | &nbsp;&nbsp;&nbsp;Prudential Financial Inc. | 3139935 | &nbsp;&nbsp;&nbsp;&nbsp; 337355 |
|  | &nbsp;&nbsp;&nbsp;Aon plc Class A (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;910394 | &nbsp;&nbsp;&nbsp;&nbsp; 324792 |
|  | &nbsp;&nbsp;&nbsp;Hartford Insurance Group Inc. | 2521864 | &nbsp;&nbsp;&nbsp;&nbsp; 319949 |
|  | &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | 3159819 | &nbsp;&nbsp;&nbsp;&nbsp; 287702 |
|  | &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 1424611 | &nbsp;&nbsp;&nbsp;&nbsp; 276360 |
|  | &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;879363 | &nbsp;&nbsp;&nbsp;&nbsp; 269525 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | 2404765 | &nbsp;&nbsp;&nbsp;&nbsp; 255723 |
|  | &nbsp;&nbsp;&nbsp;Raymond James Financial Inc. | 1611615 | &nbsp;&nbsp;&nbsp;&nbsp; 247173 |
|  | &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 5923271 | &nbsp;&nbsp;&nbsp;&nbsp; 243624 |
|  | &nbsp;&nbsp;&nbsp;Cboe Global Markets Inc. | &nbsp;&nbsp;&nbsp;&nbsp;929392 | &nbsp;&nbsp;&nbsp;&nbsp; 216743 |
|  | &nbsp;&nbsp;&nbsp;Huntington Bancshares Inc. | 12912549 | &nbsp;&nbsp;&nbsp;&nbsp; 216414 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Markel Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;106945 | &nbsp;&nbsp;&nbsp;&nbsp; 213608 |
|  | &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 1640479 | &nbsp;&nbsp;&nbsp;&nbsp; 207996 |
|  | &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 1387162 | &nbsp;&nbsp;&nbsp;&nbsp; 206576 |
|  | &nbsp;&nbsp;&nbsp;T Rowe Price Group Inc. | 1955554 | &nbsp;&nbsp;&nbsp;&nbsp; 188711 |
|  | &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 7977279 | &nbsp;&nbsp;&nbsp;&nbsp; 187626 |
|  | &nbsp;&nbsp;&nbsp;W R Berkley Corp. | 2525140 | &nbsp;&nbsp;&nbsp;&nbsp; 185522 |
|  | &nbsp;&nbsp;&nbsp;KeyCorp. | 9726050 | &nbsp;&nbsp;&nbsp;&nbsp; 169428 |
|  | &nbsp;&nbsp;&nbsp;Citizens Financial Group Inc. | 3656298 | &nbsp;&nbsp;&nbsp;&nbsp; 163619 |
|  | &nbsp;&nbsp;&nbsp;Principal Financial Group Inc. | 1989852 | &nbsp;&nbsp;&nbsp;&nbsp; 158054 |
|  | &nbsp;&nbsp;&nbsp;Loews Corp. | 1489801 | &nbsp;&nbsp;&nbsp;&nbsp; 136555 |
|  | &nbsp;&nbsp;&nbsp;Interactive Brokers Group Inc. Class A | 1837173 | &nbsp;&nbsp;&nbsp;&nbsp; 101798 |
|  | &nbsp;&nbsp;&nbsp;Corebridge Financial Inc. | 2198684 | &nbsp;&nbsp;&nbsp;&nbsp; 78053 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Financial Inc. | 1159273 | &nbsp;&nbsp;&nbsp;&nbsp; 64989 |
|  | &nbsp;&nbsp;&nbsp;Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;189008 | &nbsp;&nbsp;&nbsp;&nbsp; 64234 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Rocket Cos. Inc. Class A | 2129673 | &nbsp;&nbsp;&nbsp;&nbsp; 30199 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **44675373** |
| **Health Care (13.9%)** | **Health Care (13.9%)** | **Health Care (13.9%)** | **Health Care (13.9%)** |
|  | &nbsp;&nbsp;&nbsp;Johnson & Johnson | 21350326 | &nbsp;&nbsp;&nbsp;&nbsp; 3261262 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | 15674053 | &nbsp;&nbsp;&nbsp;&nbsp; 2909418 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 8049325 | &nbsp;&nbsp;&nbsp;&nbsp; 2511148 |
|  | &nbsp;&nbsp;&nbsp;Abbott Laboratories | 15438680 | &nbsp;&nbsp;&nbsp;&nbsp; 2099815 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 22280861 | &nbsp;&nbsp;&nbsp;&nbsp; 1763753 |
|  | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc. | 3349761 | &nbsp;&nbsp;&nbsp;&nbsp; 1358194 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | 4771226 | &nbsp;&nbsp;&nbsp;&nbsp; 1332174 |
|  | &nbsp;&nbsp;&nbsp;Gilead Sciences Inc. | 11038055 | &nbsp;&nbsp;&nbsp;&nbsp; 1223789 |
|  | &nbsp;&nbsp;&nbsp;Pfizer Inc. | 50446134 | &nbsp;&nbsp;&nbsp;&nbsp; 1222814 |
|  | &nbsp;&nbsp;&nbsp;Danaher Corp. | 5715420 | &nbsp;&nbsp;&nbsp;&nbsp; 1129024 |
|  | &nbsp;&nbsp;&nbsp;Medtronic plc | 11380410 | &nbsp;&nbsp;&nbsp;&nbsp; 992030 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 18056713 | &nbsp;&nbsp;&nbsp;&nbsp; 835845 |
|  | &nbsp;&nbsp;&nbsp;Cigna Group | 2370332 | &nbsp;&nbsp;&nbsp;&nbsp; 783584 |
|  | &nbsp;&nbsp;&nbsp;Elevance Health Inc. | 2004450 | &nbsp;&nbsp;&nbsp;&nbsp; 779651 |
|  | &nbsp;&nbsp;&nbsp;HCA Healthcare Inc. | 1494100 | &nbsp;&nbsp;&nbsp;&nbsp; 572390 |
|  | &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;941732 | &nbsp;&nbsp;&nbsp;&nbsp; 494409 |
|  | &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 2542664 | &nbsp;&nbsp;&nbsp;&nbsp; 437974 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp. | 5206579 | &nbsp;&nbsp;&nbsp;&nbsp; 407207 |
|  | &nbsp;&nbsp;&nbsp;Cardinal Health Inc. | 2118362 | &nbsp;&nbsp;&nbsp;&nbsp; 355885 |
|  | &nbsp;&nbsp;&nbsp;Agilent Technologies Inc. | 2528553 | &nbsp;&nbsp;&nbsp;&nbsp; 298395 |
|  | &nbsp;&nbsp;&nbsp;GE HealthCare Technologies Inc. | 3860789 | &nbsp;&nbsp;&nbsp;&nbsp; 285969 |
|  | &nbsp;&nbsp;&nbsp;Humana Inc. | 1071164 | &nbsp;&nbsp;&nbsp;&nbsp; 261878 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Centene Corp. | 4416263 | &nbsp;&nbsp;&nbsp;&nbsp; 239715 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IQVIA Holdings Inc. | 1458565 | &nbsp;&nbsp;&nbsp;&nbsp; 229855 |
|  | &nbsp;&nbsp;&nbsp;STERIS plc | &nbsp;&nbsp;&nbsp;&nbsp;872143 | &nbsp;&nbsp;&nbsp;&nbsp; 209506 |
|  | &nbsp;&nbsp;&nbsp;Labcorp Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;742863 | &nbsp;&nbsp;&nbsp;&nbsp; 195009 |
|  | &nbsp;&nbsp;&nbsp;Quest Diagnostics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;990651 | &nbsp;&nbsp;&nbsp;&nbsp; 177951 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Biogen Inc. | 1300453 | &nbsp;&nbsp;&nbsp;&nbsp; 163324 |
|  | &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings Inc. | 1756116 | &nbsp;&nbsp;&nbsp;&nbsp; 160175 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Molina Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;481013 | &nbsp;&nbsp;&nbsp;&nbsp; 143294 |
|  | &nbsp;&nbsp;&nbsp;Baxter International Inc. | 4554704 | &nbsp;&nbsp;&nbsp;&nbsp; 137917 |
|  | &nbsp;&nbsp;&nbsp;Royalty Pharma plc Class A | 3178937 | &nbsp;&nbsp;&nbsp;&nbsp; 114537 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cooper Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;888581 | &nbsp;&nbsp;&nbsp;&nbsp; 63231 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hologic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp; 65 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Align Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;&nbsp;&nbsp; 59 |
|  | &nbsp;&nbsp;&nbsp;Viatris Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5302 | &nbsp;&nbsp;&nbsp;&nbsp; 47 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Moderna Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1561 | &nbsp;&nbsp;&nbsp;&nbsp; 43 |

---

------

Value Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Illumina Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp; 34 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **27151370** |
| **Industrials (16.2%)** | **Industrials (16.2%)** | **Industrials (16.2%)** | **Industrials (16.2%)** |
|  | &nbsp;&nbsp;&nbsp;RTX Corp. | 11855058 | &nbsp;&nbsp;&nbsp;&nbsp; 1731076 |
|  | &nbsp;&nbsp;&nbsp;Caterpillar Inc. | 4173477 | &nbsp;&nbsp;&nbsp;&nbsp; 1620185 |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | 4352209 | &nbsp;&nbsp;&nbsp;&nbsp; 1388268 |
|  | &nbsp;&nbsp;&nbsp;Honeywell International Inc. | 5702770 | &nbsp;&nbsp;&nbsp;&nbsp; 1328061 |
|  | &nbsp;&nbsp;&nbsp;Eaton Corp. plc | 3472317 | &nbsp;&nbsp;&nbsp;&nbsp; 1239582 |
|  | &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 5302126 | &nbsp;&nbsp;&nbsp;&nbsp; 1219913 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 5675796 | &nbsp;&nbsp;&nbsp;&nbsp; 1207582 |
|  | &nbsp;&nbsp;&nbsp;Deere & Co. | 2288078 | &nbsp;&nbsp;&nbsp;&nbsp; 1163465 |
|  | &nbsp;&nbsp;&nbsp;General Electric Co. | 4494897 | &nbsp;&nbsp;&nbsp;&nbsp; 1156942 |
|  | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 2079021 | &nbsp;&nbsp;&nbsp;&nbsp; 962878 |
|  | &nbsp;&nbsp;&nbsp;Trane Technologies plc | 1978928 | &nbsp;&nbsp;&nbsp;&nbsp; 865603 |
|  | &nbsp;&nbsp;&nbsp;Accenture plc Class A | 2777580 | &nbsp;&nbsp;&nbsp;&nbsp; 830191 |
|  | &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 1133801 | &nbsp;&nbsp;&nbsp;&nbsp; 791926 |
|  | &nbsp;&nbsp;&nbsp;3M Co. | 4775087 | &nbsp;&nbsp;&nbsp;&nbsp; 726959 |
|  | &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 4990780 | &nbsp;&nbsp;&nbsp;&nbsp; 665421 |
|  | &nbsp;&nbsp;&nbsp;United Parcel Service Inc. Class B (XNYS) | 6509585 | &nbsp;&nbsp;&nbsp;&nbsp; 657077 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PayPal Holdings Inc. | 8630350 | &nbsp;&nbsp;&nbsp;&nbsp; 641408 |
|  | &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 1277010 | &nbsp;&nbsp;&nbsp;&nbsp; 638479 |
|  | &nbsp;&nbsp;&nbsp;Johnson Controls International plc | 5839620 | &nbsp;&nbsp;&nbsp;&nbsp; 616781 |
|  | &nbsp;&nbsp;&nbsp;Illinois Tool Works Inc. | 2469877 | &nbsp;&nbsp;&nbsp;&nbsp; 610677 |
|  | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 2024158 | &nbsp;&nbsp;&nbsp;&nbsp; 590366 |
|  | &nbsp;&nbsp;&nbsp;CRH plc | 5994489 | &nbsp;&nbsp;&nbsp;&nbsp; 550294 |
|  | &nbsp;&nbsp;&nbsp;CSX Corp. | 16667600 | &nbsp;&nbsp;&nbsp;&nbsp; 543864 |
|  | &nbsp;&nbsp;&nbsp;Carrier Global Corp. | 7225662 | &nbsp;&nbsp;&nbsp;&nbsp; 528846 |
|  | &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 2000076 | &nbsp;&nbsp;&nbsp;&nbsp; 511959 |
|  | &nbsp;&nbsp;&nbsp;PACCAR Inc. | 4656783 | &nbsp;&nbsp;&nbsp;&nbsp; 442674 |
|  | &nbsp;&nbsp;&nbsp;FedEx Corp. | 1913830 | &nbsp;&nbsp;&nbsp;&nbsp; 435033 |
|  | &nbsp;&nbsp;&nbsp;United Rentals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;576551 | &nbsp;&nbsp;&nbsp;&nbsp; 434374 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fiserv Inc. | 2461480 | &nbsp;&nbsp;&nbsp;&nbsp; 424384 |
|  | &nbsp;&nbsp;&nbsp;L3Harris Technologies Inc. | 1658442 | &nbsp;&nbsp;&nbsp;&nbsp; 416004 |
|  | &nbsp;&nbsp;&nbsp;Cummins Inc. | 1221984 | &nbsp;&nbsp;&nbsp;&nbsp; 400200 |
|  | &nbsp;&nbsp;&nbsp;Ferguson Enterprises Inc. | 1762538 | &nbsp;&nbsp;&nbsp;&nbsp; 383793 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Information Services Inc. | 4664359 | &nbsp;&nbsp;&nbsp;&nbsp; 379725 |
|  | &nbsp;&nbsp;&nbsp;AMETEK Inc. | 2049101 | &nbsp;&nbsp;&nbsp;&nbsp; 370805 |
|  | &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 3502923 | &nbsp;&nbsp;&nbsp;&nbsp; 346859 |
|  | &nbsp;&nbsp;&nbsp;Rockwell Automation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;999862 | &nbsp;&nbsp;&nbsp;&nbsp; 332124 |
|  | &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 1518692 | &nbsp;&nbsp;&nbsp;&nbsp; 317938 |
|  | &nbsp;&nbsp;&nbsp;Ingersoll Rand Inc. (XYNS) | 3578258 | &nbsp;&nbsp;&nbsp;&nbsp; 297639 |
|  | &nbsp;&nbsp;&nbsp;Xylem Inc. | 2158260 | &nbsp;&nbsp;&nbsp;&nbsp; 279193 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Keysight Technologies Inc. | 1533813 | &nbsp;&nbsp;&nbsp;&nbsp; 251331 |
|  | &nbsp;&nbsp;&nbsp;DuPont de Nemours Inc. | 3342985 | &nbsp;&nbsp;&nbsp;&nbsp; 229295 |
|  | &nbsp;&nbsp;&nbsp;PPG Industries Inc. | 2014748 | &nbsp;&nbsp;&nbsp;&nbsp; 229178 |
|  | &nbsp;&nbsp;&nbsp;Synchrony Financial | 3378825 | &nbsp;&nbsp;&nbsp;&nbsp; 225503 |
|  | &nbsp;&nbsp;&nbsp;Dover Corp. | 1216872 | &nbsp;&nbsp;&nbsp;&nbsp; 222967 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Teledyne Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;415882 | &nbsp;&nbsp;&nbsp;&nbsp; 213060 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corpay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;594555 | &nbsp;&nbsp;&nbsp;&nbsp; 197285 |
|  | &nbsp;&nbsp;&nbsp;Global Payments Inc. | 2165772 | &nbsp;&nbsp;&nbsp;&nbsp; 173348 |
|  | &nbsp;&nbsp;&nbsp;Dow Inc. | 6263079 | &nbsp;&nbsp;&nbsp;&nbsp; 165846 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trimble Inc. | 2114904 | &nbsp;&nbsp;&nbsp;&nbsp; 160690 |
|  | &nbsp;&nbsp;&nbsp;Fortive Corp. | 3016568 | &nbsp;&nbsp;&nbsp;&nbsp; 157254 |
|  | &nbsp;&nbsp;&nbsp;TransUnion | 1731597 | &nbsp;&nbsp;&nbsp;&nbsp; 152381 |
|  | &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;798583 | &nbsp;&nbsp;&nbsp;&nbsp; 150493 |
|  | &nbsp;&nbsp;&nbsp;Martin Marietta Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;267624 | &nbsp;&nbsp;&nbsp;&nbsp; 146915 |
|  | &nbsp;&nbsp;&nbsp;Snap-on Inc. | &nbsp;&nbsp;&nbsp;&nbsp;464200 | &nbsp;&nbsp;&nbsp;&nbsp; 144450 |
|  | &nbsp;&nbsp;&nbsp;Jacobs Solutions Inc. | 1066592 | &nbsp;&nbsp;&nbsp;&nbsp; 140204 |
|  | &nbsp;&nbsp;&nbsp;Expeditors International of Washington Inc. | 1215726 | &nbsp;&nbsp;&nbsp;&nbsp; 138897 |
|  | &nbsp;&nbsp;&nbsp;Veralto Corp. | 1045173 | &nbsp;&nbsp;&nbsp;&nbsp; 105510 |
|  | &nbsp;&nbsp;&nbsp;Hubbell Inc. | &nbsp;&nbsp;&nbsp;&nbsp;236779 | &nbsp;&nbsp;&nbsp;&nbsp; 96703 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;225879 | &nbsp;&nbsp;&nbsp;&nbsp; 69652 |
|  | &nbsp;&nbsp;&nbsp;Ball Corp. | 1232503 | &nbsp;&nbsp;&nbsp;&nbsp; 69131 |
|  | &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;936906 | &nbsp;&nbsp;&nbsp;&nbsp; 60299 |
|  | &nbsp;&nbsp;&nbsp;JB Hunt Transport Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;352116 | &nbsp;&nbsp;&nbsp;&nbsp; 50564 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ralliant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;503515 | &nbsp;&nbsp;&nbsp;&nbsp; 24415 |
|  | &nbsp;&nbsp;&nbsp;Textron Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807 | &nbsp;&nbsp;&nbsp;&nbsp; 65 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **31623984** |

---

------

Value Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Real Estate (2.9%)** | **Real Estate (2.9%)** | **Real Estate (2.9%)** | **Real Estate (2.9%)** |
|  | &nbsp;&nbsp;&nbsp;Prologis Inc. | 8217844 | &nbsp;&nbsp;&nbsp;&nbsp; 863860 |
|  | &nbsp;&nbsp;&nbsp;Digital Realty Trust Inc. | 2988033 | &nbsp;&nbsp;&nbsp;&nbsp; 520904 |
|  | &nbsp;&nbsp;&nbsp;Simon Property Group Inc. | 2750815 | &nbsp;&nbsp;&nbsp;&nbsp; 442221 |
|  | &nbsp;&nbsp;&nbsp;Public Storage | 1400727 | &nbsp;&nbsp;&nbsp;&nbsp; 411001 |
|  | &nbsp;&nbsp;&nbsp;Crown Castle Inc. | 3864463 | &nbsp;&nbsp;&nbsp;&nbsp; 396996 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CBRE Group Inc. Class A | 2646035 | &nbsp;&nbsp;&nbsp;&nbsp; 370762 |
|  | &nbsp;&nbsp;&nbsp;VICI Properties Inc. | 9378624 | &nbsp;&nbsp;&nbsp;&nbsp; 305743 |
|  | &nbsp;&nbsp;&nbsp;Extra Space Storage Inc. | 1883371 | &nbsp;&nbsp;&nbsp;&nbsp; 277684 |
|  | &nbsp;&nbsp;&nbsp;Iron Mountain Inc. | 2618439 | &nbsp;&nbsp;&nbsp;&nbsp; 268573 |
|  | &nbsp;&nbsp;&nbsp;AvalonBay Communities Inc. | 1263638 | &nbsp;&nbsp;&nbsp;&nbsp; 257150 |
|  | &nbsp;&nbsp;&nbsp;Ventas Inc. | 4005462 | &nbsp;&nbsp;&nbsp;&nbsp; 252945 |
|  | &nbsp;&nbsp;&nbsp;Realty Income Corp. | 4008080 | &nbsp;&nbsp;&nbsp;&nbsp; 230906 |
|  | &nbsp;&nbsp;&nbsp;Equity Residential | 3203522 | &nbsp;&nbsp;&nbsp;&nbsp; 216206 |
|  | &nbsp;&nbsp;&nbsp;Invitation Homes Inc. | 5168146 | &nbsp;&nbsp;&nbsp;&nbsp; 169515 |
|  | &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | 6437598 | &nbsp;&nbsp;&nbsp;&nbsp; 165382 |
|  | &nbsp;&nbsp;&nbsp;Essex Property Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;571438 | &nbsp;&nbsp;&nbsp;&nbsp; 161946 |
|  | &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities Inc. | 1038890 | &nbsp;&nbsp;&nbsp;&nbsp; 153766 |
|  | &nbsp;&nbsp;&nbsp;Sun Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;566462 | &nbsp;&nbsp;&nbsp;&nbsp; 71652 |
|  | &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;768551 | &nbsp;&nbsp;&nbsp;&nbsp; 55820 |
|  | &nbsp;&nbsp;&nbsp;WP Carey Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982 | &nbsp;&nbsp;&nbsp;&nbsp; 61 |
|  | &nbsp;&nbsp;&nbsp;UDR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476 | &nbsp;&nbsp;&nbsp;&nbsp; 60 |
|  | &nbsp;&nbsp;&nbsp;Healthpeak Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3122 | &nbsp;&nbsp;&nbsp;&nbsp; 55 |
|  | &nbsp;&nbsp;&nbsp;Lineage Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5593214** |
| **Technology (7.2%)** | **Technology (7.2%)** | **Technology (7.2%)** | **Technology (7.2%)** |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | 14929781 | &nbsp;&nbsp;&nbsp;&nbsp; 3264098 |
|  | &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 8246897 | &nbsp;&nbsp;&nbsp;&nbsp; 2431020 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | 9742889 | &nbsp;&nbsp;&nbsp;&nbsp; 1551652 |
|  | &nbsp;&nbsp;&nbsp;Micron Technology Inc. | 9916100 | &nbsp;&nbsp;&nbsp;&nbsp; 1222159 |
|  | &nbsp;&nbsp;&nbsp;Analog Devices Inc. | 4403163 | &nbsp;&nbsp;&nbsp;&nbsp; 1048041 |
|  | &nbsp;&nbsp;&nbsp;Intel Corp. | 34833074 | &nbsp;&nbsp;&nbsp;&nbsp; 780261 |
|  | &nbsp;&nbsp;&nbsp;TE Connectivity plc | 2630793 | &nbsp;&nbsp;&nbsp;&nbsp; 443736 |
|  | &nbsp;&nbsp;&nbsp;Corning Inc. | 6837146 | &nbsp;&nbsp;&nbsp;&nbsp; 359565 |
|  | &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. Class A | 4374991 | &nbsp;&nbsp;&nbsp;&nbsp; 341381 |
|  | &nbsp;&nbsp;&nbsp;Microchip Technology Inc. | 4787189 | &nbsp;&nbsp;&nbsp;&nbsp; 336874 |
|  | &nbsp;&nbsp;&nbsp;Dell Technologies Inc. Class C | 2597761 | &nbsp;&nbsp;&nbsp;&nbsp; 318485 |
|  | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 11658023 | &nbsp;&nbsp;&nbsp;&nbsp; 238407 |
|  | &nbsp;&nbsp;&nbsp;CDW Corp. | 1168623 | &nbsp;&nbsp;&nbsp;&nbsp; 208704 |
|  | &nbsp;&nbsp;&nbsp;HP Inc. | 8335972 | &nbsp;&nbsp;&nbsp;&nbsp; 203898 |
|  | &nbsp;&nbsp;&nbsp;Western Digital Corp. | 3096354 | &nbsp;&nbsp;&nbsp;&nbsp; 198136 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp. | 3708806 | &nbsp;&nbsp;&nbsp;&nbsp; 194379 |
|  | &nbsp;&nbsp;&nbsp;NetApp Inc. | 1780337 | &nbsp;&nbsp;&nbsp;&nbsp; 189695 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zoom Communications Inc. | 2079528 | &nbsp;&nbsp;&nbsp;&nbsp; 162162 |
|  | &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc. | 1860937 | &nbsp;&nbsp;&nbsp;&nbsp; 154086 |
|  | &nbsp;&nbsp;&nbsp;Gen Digital Inc. (XNGS) | 4955616 | &nbsp;&nbsp;&nbsp;&nbsp; 145695 |
|  | &nbsp;&nbsp;&nbsp;Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;941687 | &nbsp;&nbsp;&nbsp;&nbsp; 135914 |
|  | &nbsp;&nbsp;&nbsp;Leidos Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;571240 | &nbsp;&nbsp;&nbsp;&nbsp; 90119 |
|  | &nbsp;&nbsp;&nbsp;Teradyne Inc. | &nbsp;&nbsp;&nbsp;&nbsp;355506 | &nbsp;&nbsp;&nbsp;&nbsp; 31967 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Snap Inc. Class A | 2355292 | &nbsp;&nbsp;&nbsp;&nbsp; 20467 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GoDaddy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 | &nbsp;&nbsp;&nbsp;&nbsp; 114 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Akamai Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669 | &nbsp;&nbsp;&nbsp;&nbsp; 53 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **14071068** |
| **Telecommunications (3.7%)** | **Telecommunications (3.7%)** | **Telecommunications (3.7%)** | **Telecommunications (3.7%)** |
|  | &nbsp;&nbsp;&nbsp;Cisco Systems Inc. | 31625925 | &nbsp;&nbsp;&nbsp;&nbsp; 2194207 |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 63851258 | &nbsp;&nbsp;&nbsp;&nbsp; 1847855 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 33672233 | &nbsp;&nbsp;&nbsp;&nbsp; 1456998 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. Class A | 33053196 | &nbsp;&nbsp;&nbsp;&nbsp; 1179669 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Charter Communications Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;809934 | &nbsp;&nbsp;&nbsp;&nbsp; 331109 |
|  | &nbsp;&nbsp;&nbsp;Motorola Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;740761 | &nbsp;&nbsp;&nbsp;&nbsp; 311460 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7321298** |
| **Utilities (5.9%)** | **Utilities (5.9%)** | **Utilities (5.9%)** | **Utilities (5.9%)** |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy Inc. | 17266803 | &nbsp;&nbsp;&nbsp;&nbsp; 1198661 |
|  | &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 2796034 | &nbsp;&nbsp;&nbsp;&nbsp; 902448 |
|  | &nbsp;&nbsp;&nbsp;Southern Co. | 9762835 | &nbsp;&nbsp;&nbsp;&nbsp; 896521 |
|  | &nbsp;&nbsp;&nbsp;Waste Management Inc. | 3570984 | &nbsp;&nbsp;&nbsp;&nbsp; 817113 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 6894954 | &nbsp;&nbsp;&nbsp;&nbsp; 813605 |
|  | &nbsp;&nbsp;&nbsp;Vistra Corp. | 3010458 | &nbsp;&nbsp;&nbsp;&nbsp; 583457 |
|  | &nbsp;&nbsp;&nbsp;American Electric Power Co. Inc. | 4739337 | &nbsp;&nbsp;&nbsp;&nbsp; 491754 |

---

------

Value Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Republic Services Inc. | 1803125 | &nbsp;&nbsp;&nbsp;&nbsp; 444669 |
|  | &nbsp;&nbsp;&nbsp;Sempra | 5785317 | &nbsp;&nbsp;&nbsp;&nbsp; 438353 |
|  | &nbsp;&nbsp;&nbsp;Dominion Energy Inc. | 7564757 | &nbsp;&nbsp;&nbsp;&nbsp; 427560 |
|  | &nbsp;&nbsp;&nbsp;Exelon Corp. | 8960182 | &nbsp;&nbsp;&nbsp;&nbsp; 389051 |
|  | &nbsp;&nbsp;&nbsp;Public Service Enterprise Group Inc. | 4428675 | &nbsp;&nbsp;&nbsp;&nbsp; 372806 |
|  | &nbsp;&nbsp;&nbsp;Xcel Energy Inc. | 5116284 | &nbsp;&nbsp;&nbsp;&nbsp; 348419 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Edison Inc. | 3197399 | &nbsp;&nbsp;&nbsp;&nbsp; 320859 |
|  | &nbsp;&nbsp;&nbsp;Entergy Corp. | 3823230 | &nbsp;&nbsp;&nbsp;&nbsp; 317787 |
|  | &nbsp;&nbsp;&nbsp;WEC Energy Group Inc. | 2832318 | &nbsp;&nbsp;&nbsp;&nbsp; 295127 |
|  | &nbsp;&nbsp;&nbsp;PG&E Corp. | 18996040 | &nbsp;&nbsp;&nbsp;&nbsp; 264805 |
|  | &nbsp;&nbsp;&nbsp;American Water Works Co. Inc. | 1730588 | &nbsp;&nbsp;&nbsp;&nbsp; 240742 |
|  | &nbsp;&nbsp;&nbsp;Ameren Corp. | 2450849 | &nbsp;&nbsp;&nbsp;&nbsp; 235380 |
|  | &nbsp;&nbsp;&nbsp;DTE Energy Co. | 1657463 | &nbsp;&nbsp;&nbsp;&nbsp; 219548 |
|  | &nbsp;&nbsp;&nbsp;CenterPoint Energy Inc. | 5793277 | &nbsp;&nbsp;&nbsp;&nbsp; 212845 |
|  | &nbsp;&nbsp;&nbsp;PPL Corp. | 6233030 | &nbsp;&nbsp;&nbsp;&nbsp; 211237 |
|  | &nbsp;&nbsp;&nbsp;Eversource Energy | 3260583 | &nbsp;&nbsp;&nbsp;&nbsp; 207438 |
|  | &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 4865663 | &nbsp;&nbsp;&nbsp;&nbsp; 195892 |
|  | &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 2651267 | &nbsp;&nbsp;&nbsp;&nbsp; 183680 |
|  | &nbsp;&nbsp;&nbsp;Edison International | 3414370 | &nbsp;&nbsp;&nbsp;&nbsp; 176181 |
|  | &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 2280095 | &nbsp;&nbsp;&nbsp;&nbsp; 137877 |
|  | &nbsp;&nbsp;&nbsp;NiSource Inc. | 2088534 | &nbsp;&nbsp;&nbsp;&nbsp; 84251 |
|  | &nbsp;&nbsp;&nbsp;Evergy Inc. | 1019895 | &nbsp;&nbsp;&nbsp;&nbsp; 70301 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **11498367** |
| **Total Common Stocks (Cost $142,215,231)** | **Total Common Stocks (Cost $142,215,231)** | **Total Common Stocks (Cost $142,215,231)** | &nbsp;&nbsp;&nbsp;&nbsp;**194817158** |
| **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** |
| **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** |
| <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.355% **(Cost** $**1,207,952)** | 12080740 | &nbsp;&nbsp;&nbsp;&nbsp; **1207953** |
| **Total Investments (100.3%) (Cost $143,423,183)** | **Total Investments (100.3%) (Cost $143,423,183)** | **Total Investments (100.3%) (Cost $143,423,183)** | &nbsp;&nbsp;&nbsp;&nbsp;**196025111** |
| **Other Assets and Liabilities—Net (-0.3%)** | **Other Assets and Liabilities—Net (-0.3%)** | **Other Assets and Liabilities—Net (-0.3%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(508307)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**195516804** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $14,020. |
| 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 $14,831 was received for securities on loan. |

---

------

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini S&P 500 Index | September 2025 | 481 | 150403 | &nbsp;&nbsp;2195 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps |
| Reference Entity | Termination<br> Date | &nbsp;&nbsp;&nbsp;Counterparty | &nbsp;&nbsp;&nbsp;Notional<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Floating<br> Interest Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> (Depreciation)<br> ($000) |
| Bank of America Corp. | 1/30/26 | &nbsp;&nbsp;&nbsp;CITNA | &nbsp;&nbsp;&nbsp;52052 | &nbsp;&nbsp;&nbsp;(5.187) | &nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;— |
| Bank of America Corp. | 1/30/26 | &nbsp;&nbsp;&nbsp;CITNA | &nbsp;&nbsp;&nbsp;44954 | &nbsp;&nbsp;&nbsp;(5.187) | &nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;— |
| Bank of America Corp. | 1/30/26 | &nbsp;&nbsp;&nbsp;CITNA | &nbsp;&nbsp;&nbsp;42588 | &nbsp;&nbsp;&nbsp;(5.187) | &nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;— |
| Citigroup Inc. | 8/31/26 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;57030 | &nbsp;&nbsp;&nbsp;(5.087) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(207) |
| Citigroup Inc. | 8/31/26 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;27664 | &nbsp;&nbsp;&nbsp;(5.087) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(100) |
| Citigroup Inc. | 8/31/26 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;12768 | &nbsp;&nbsp;&nbsp;(5.087) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(46) |
| Citigroup Inc. | 8/31/26 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;7831 | &nbsp;&nbsp;&nbsp;(5.087) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(28) |
| Citigroup Inc. | 8/31/26 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;4256 | &nbsp;&nbsp;&nbsp;(5.187) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(16) |

---

------

Value Index Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Total Return Swaps (continued) | Over-the-Counter Total Return Swaps (continued) | Over-the-Counter Total Return Swaps (continued) | Over-the-Counter Total Return Swaps (continued) | Over-the-Counter Total Return Swaps (continued) | Over-the-Counter Total Return Swaps (continued) | Over-the-Counter Total Return Swaps (continued) |
| Reference Entity | Termination<br> Date | &nbsp;&nbsp;&nbsp;Counterparty | &nbsp;&nbsp;&nbsp;Notional<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Floating<br> Interest Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> (Depreciation)<br> ($000) |
| Goldman Sachs Group Inc. | 8/29/25 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;32557 | &nbsp;&nbsp;&nbsp;(5.037) | &nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;— |
| Goldman Sachs Group Inc. | 8/29/25 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;31849 | &nbsp;&nbsp;&nbsp;(5.087) | &nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;— |
| Goldman Sachs Group Inc. | 8/29/25 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;17694 | &nbsp;&nbsp;&nbsp;(5.037) | &nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;— |
| Goldman Sachs Group Inc. | 8/30/25 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;7078 | &nbsp;&nbsp;&nbsp;(5.087) | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase & Co. | 8/31/26 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;86973 | &nbsp;&nbsp;&nbsp;(5.037) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(321) |
| Kroger Co. | 1/30/26 | &nbsp;&nbsp;&nbsp;GSI | &nbsp;&nbsp;&nbsp;66010 | &nbsp;&nbsp;&nbsp;(4.333) | &nbsp;&nbsp;&nbsp;5609 | &nbsp;&nbsp;&nbsp;— |
| NetApp Inc. | 8/29/25 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;2664 | &nbsp;&nbsp;&nbsp;(4.984) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7) |
| NextEra Energy Inc. | 1/30/26 | &nbsp;&nbsp;&nbsp;GSI | &nbsp;&nbsp;&nbsp;73780 | &nbsp;&nbsp;&nbsp;(4.333) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4484) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;5901 | &nbsp;&nbsp;&nbsp;(5209) |

---

---

| | |
|:---|:---|
| 1 | Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. |
|  | BANA—Bank of America, N.A. |
|  | CITNA—Citibank, N.A. |
|  | GSI—Goldman Sachs International. |

---

At June 30, 2025, the counterparties had deposited in segregated accounts securities with a value of $43,063 in connection with open over-the-counter swap contracts.

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

------

Value Index Fund

Statement of Assets and Liabilities

As of June 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $142,215,231) | 194817158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $1,207,952) | &nbsp;&nbsp;&nbsp;&nbsp;1207953 |
| Total Investments in Securities | 196025111 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4934 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61990 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67750 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191782 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33840 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4668 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5901 |
| **Total Assets** | **196396306** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14808 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14831 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57146 |
| Payables for Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784180 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3328 |
| Unrealized Depreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5209 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**879502** |
| **Net Assets** | **195516804** |
| 1 Includes $14,020 of securities on loan. |  |
| **At June 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 147442492 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;48074312 |
| **Net Assets** | **195516804** |
| **Investor Shares—Net Assets** |  |
| **Applicable to 2,130,938 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**146987** |
| **Net Asset Value Per Share—Investor Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$68.98** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 783,746,563 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **138523859** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$176.75** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 556,009,899 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**38337462** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$68.95** |
| **Institutional Shares—Net Assets** |  |
| **Applicable to 268,442,479 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**18508496** |
| **Net Asset Value Per Share—Institutional Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$68.95** |

---

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

------

Value Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> June 30, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends | &nbsp;&nbsp;2155862 |
| Interest<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8019 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 |
| Total Income | &nbsp;&nbsp;2164096 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544 |
| Shareholders' Reports and Proxy Fees—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Shareholders' Reports and Proxy Fees—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2305 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 |
| Shareholders' Reports and Proxy Fees—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39284 |
| **Net Investment Income** | &nbsp;&nbsp;**2124812** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1,2</sup> | &nbsp;&nbsp;4868077 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4713 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59147 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;**4931937** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | &nbsp;&nbsp;3275092 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6729 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3008 |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;**3284829** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **10341578** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $7,735, ($14), and ($4), respectively. Purchases and sales are for temporary cash investment purposes. |
| 2 | Includes $5,634,024 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

Value Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> June 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> December 31,<br> 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;2124812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3929118 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;4931937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4846689 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;3284829 | &nbsp;&nbsp;&nbsp;&nbsp;16075812 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;10341578 | &nbsp;&nbsp;&nbsp;&nbsp;24851619 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3312) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;(1539947) | &nbsp;&nbsp;&nbsp;&nbsp;(2861762) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(426901) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(861443) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(206834) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(414270) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(2175238) | &nbsp;&nbsp;&nbsp;&nbsp;(4140787) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3362) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21694) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;4337186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8221081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(504679) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(723158) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47395) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(508620) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;3781750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6967609 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;11948090 | &nbsp;&nbsp;&nbsp;&nbsp;27678441 |
| **Net Assets** |  |  |
| **Beginning of Period** | **183568714** | &nbsp;&nbsp;&nbsp;**155890273** |
| **End of Period** | **195516804** | &nbsp;&nbsp;&nbsp;**183568714** |

---

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

------

Value Index Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$66.06** | &nbsp;&nbsp;&nbsp;**$58.31** | &nbsp;&nbsp;&nbsp;**$54.78** | &nbsp;&nbsp;&nbsp;**$57.39** | &nbsp;&nbsp;&nbsp;**$46.43** | &nbsp;&nbsp;&nbsp;**$46.78** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.142 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;2.934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.557 | &nbsp;&nbsp;&nbsp;&nbsp;(2.604) | &nbsp;&nbsp;&nbsp;&nbsp;10.945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.362) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;3.646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.889 | &nbsp;&nbsp;&nbsp;&nbsp;(1.303) | &nbsp;&nbsp;&nbsp;&nbsp;12.122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.780 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.726) | &nbsp;&nbsp;&nbsp;&nbsp;(1.444) | &nbsp;&nbsp;&nbsp;&nbsp;(1.359) | &nbsp;&nbsp;&nbsp;&nbsp;(1.307) | &nbsp;&nbsp;&nbsp;&nbsp;(1.162) | &nbsp;&nbsp;&nbsp;&nbsp;(1.130) |
| 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;(.726) | &nbsp;&nbsp;&nbsp;&nbsp;(1.444) | &nbsp;&nbsp;&nbsp;&nbsp;(1.359) | &nbsp;&nbsp;&nbsp;&nbsp;(1.307) | &nbsp;&nbsp;&nbsp;&nbsp;(1.162) | &nbsp;&nbsp;&nbsp;&nbsp;(1.130) |
| **Net Asset Value, End of Period** | **$68.98** | &nbsp;&nbsp;&nbsp;**$66.06** | &nbsp;&nbsp;&nbsp;**$58.31** | &nbsp;&nbsp;&nbsp;**$54.78** | &nbsp;&nbsp;&nbsp;**$57.39** | &nbsp;&nbsp;&nbsp;**$46.43** |
| **Total Return<sup>2</sup>** | **5.53%** | &nbsp;&nbsp;&nbsp;**15.84%** | &nbsp;&nbsp;&nbsp;**9.11%** | &nbsp;&nbsp;&nbsp;**-2.18%** | &nbsp;&nbsp;&nbsp;**26.31%** | &nbsp;&nbsp;&nbsp;**2.18%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $147 | &nbsp;&nbsp;&nbsp;$144 | &nbsp;&nbsp;&nbsp;$147 | &nbsp;&nbsp;&nbsp;$233 | &nbsp;&nbsp;&nbsp;$264 | &nbsp;&nbsp;&nbsp;$273 |
| Ratio of Total Expenses to Average Net Assets | 0.17% | &nbsp;&nbsp;&nbsp;0.17%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.17%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.17%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;0.17% |
| Ratio of Net Investment Income to Average Net Assets | 2.15% | &nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;2.43% | &nbsp;&nbsp;&nbsp;2.38% | &nbsp;&nbsp;&nbsp;2.22% | &nbsp;&nbsp;&nbsp;2.75% |
| Portfolio Turnover Rate<sup>4</sup> | 3% | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;10% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.17%. |
| 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.

------

Value Index Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **ETF Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$169.28** | &nbsp;&nbsp;&nbsp;**$149.41** | &nbsp;&nbsp;&nbsp;**$140.37** | &nbsp;&nbsp;&nbsp;**$147.08** | &nbsp;&nbsp;&nbsp;**$118.98** | &nbsp;&nbsp;&nbsp;**$119.90** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.055 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.707) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.935) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.178) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.120 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(1.977) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.916) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.671) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.157) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.040) |
| 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;(1.977) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.916) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.671) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.157) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.040) |
| **Net Asset Value, End of Period** | **$176.75** | &nbsp;&nbsp;&nbsp;**$169.28** | &nbsp;&nbsp;&nbsp;**$149.41** | &nbsp;&nbsp;&nbsp;**$140.37** | &nbsp;&nbsp;&nbsp;**$147.08** | &nbsp;&nbsp;&nbsp;**$118.98** |
| **Total Return** | **5.60%** | &nbsp;&nbsp;&nbsp;**16.00%** | &nbsp;&nbsp;&nbsp;**9.26%** | &nbsp;&nbsp;&nbsp;**-2.05%** | &nbsp;&nbsp;&nbsp;**26.47%** | &nbsp;&nbsp;&nbsp;**2.23%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $138524 | &nbsp;&nbsp;&nbsp;$128419 | &nbsp;&nbsp;&nbsp;$106042 | &nbsp;&nbsp;&nbsp;$99459 | &nbsp;&nbsp;&nbsp;$92776 | &nbsp;&nbsp;&nbsp;$61580 |
| Ratio of Total Expenses to Average Net Assets | 0.04% | &nbsp;&nbsp;&nbsp;0.04%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.04%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.04%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;0.04% |
| Ratio of Net Investment Income to Average Net Assets | 2.28% | &nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;2.61% | &nbsp;&nbsp;&nbsp;2.52% | &nbsp;&nbsp;&nbsp;2.35% | &nbsp;&nbsp;&nbsp;2.87% |
| Portfolio Turnover Rate<sup>3</sup> | 3% | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;10% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%. |
| 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.

------

Value Index Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$66.04** | &nbsp;&nbsp;&nbsp;**$58.29** | &nbsp;&nbsp;&nbsp;**$54.76** | &nbsp;&nbsp;&nbsp;**$57.38** | &nbsp;&nbsp;&nbsp;**$46.41** | &nbsp;&nbsp;&nbsp;**$46.77** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.188 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;2.926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.529 | &nbsp;&nbsp;&nbsp;&nbsp;(2.618) | &nbsp;&nbsp;&nbsp;&nbsp;10.951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.367) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;3.678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.956 | &nbsp;&nbsp;&nbsp;&nbsp;(1.248) | &nbsp;&nbsp;&nbsp;&nbsp;12.196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.821 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.768) | &nbsp;&nbsp;&nbsp;&nbsp;(1.521) | &nbsp;&nbsp;&nbsp;&nbsp;(1.426) | &nbsp;&nbsp;&nbsp;&nbsp;(1.372) | &nbsp;&nbsp;&nbsp;&nbsp;(1.226) | &nbsp;&nbsp;&nbsp;&nbsp;(1.181) |
| 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;(.768) | &nbsp;&nbsp;&nbsp;&nbsp;(1.521) | &nbsp;&nbsp;&nbsp;&nbsp;(1.426) | &nbsp;&nbsp;&nbsp;&nbsp;(1.372) | &nbsp;&nbsp;&nbsp;&nbsp;(1.226) | &nbsp;&nbsp;&nbsp;&nbsp;(1.181) |
| **Net Asset Value, End of Period** | **$68.95** | &nbsp;&nbsp;&nbsp;**$66.04** | &nbsp;&nbsp;&nbsp;**$58.29** | &nbsp;&nbsp;&nbsp;**$54.76** | &nbsp;&nbsp;&nbsp;**$57.38** | &nbsp;&nbsp;&nbsp;**$46.41** |
| **Total Return<sup>2</sup>** | **5.59%** | &nbsp;&nbsp;&nbsp;**15.99%** | &nbsp;&nbsp;&nbsp;**9.24%** | &nbsp;&nbsp;&nbsp;**-2.08%** | &nbsp;&nbsp;&nbsp;**26.49%** | &nbsp;&nbsp;&nbsp;**2.29%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $38337 | &nbsp;&nbsp;&nbsp;$37224 | &nbsp;&nbsp;&nbsp;$33518 | &nbsp;&nbsp;&nbsp;$32071 | &nbsp;&nbsp;&nbsp;$31741 | &nbsp;&nbsp;&nbsp;$22486 |
| Ratio of Total Expenses to Average Net Assets | 0.05% | &nbsp;&nbsp;&nbsp;0.05%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.05%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.05%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;0.05% |
| Ratio of Net Investment Income to Average Net Assets | 2.27% | &nbsp;&nbsp;&nbsp;2.26% | &nbsp;&nbsp;&nbsp;2.60% | &nbsp;&nbsp;&nbsp;2.51% | &nbsp;&nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;2.86% |
| Portfolio Turnover Rate<sup>4</sup> | 3% | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;10% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.05%. |
| 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.

------

Value Index Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$66.03** | &nbsp;&nbsp;&nbsp;**$58.29** | &nbsp;&nbsp;&nbsp;**$54.76** | &nbsp;&nbsp;&nbsp;**$57.37** | &nbsp;&nbsp;&nbsp;**$46.41** | &nbsp;&nbsp;&nbsp;**$46.77** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.193 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;2.935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.533 | &nbsp;&nbsp;&nbsp;&nbsp;(2.609) | &nbsp;&nbsp;&nbsp;&nbsp;10.941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.368) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;3.691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.962 | &nbsp;&nbsp;&nbsp;&nbsp;(1.232) | &nbsp;&nbsp;&nbsp;&nbsp;12.191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.825 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.771) | &nbsp;&nbsp;&nbsp;&nbsp;(1.528) | &nbsp;&nbsp;&nbsp;&nbsp;(1.432) | &nbsp;&nbsp;&nbsp;&nbsp;(1.378) | &nbsp;&nbsp;&nbsp;&nbsp;(1.231) | &nbsp;&nbsp;&nbsp;&nbsp;(1.185) |
| 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;(.771) | &nbsp;&nbsp;&nbsp;&nbsp;(1.528) | &nbsp;&nbsp;&nbsp;&nbsp;(1.432) | &nbsp;&nbsp;&nbsp;&nbsp;(1.378) | &nbsp;&nbsp;&nbsp;&nbsp;(1.231) | &nbsp;&nbsp;&nbsp;&nbsp;(1.185) |
| **Net Asset Value, End of Period** | **$68.95** | &nbsp;&nbsp;&nbsp;**$66.03** | &nbsp;&nbsp;&nbsp;**$58.29** | &nbsp;&nbsp;&nbsp;**$54.76** | &nbsp;&nbsp;&nbsp;**$57.37** | &nbsp;&nbsp;&nbsp;**$46.41** |
| **Total Return** | **5.61%** | &nbsp;&nbsp;&nbsp;**15.98%** | &nbsp;&nbsp;&nbsp;**9.26%** | &nbsp;&nbsp;&nbsp;**-2.05%** | &nbsp;&nbsp;&nbsp;**26.48%** | &nbsp;&nbsp;&nbsp;**2.30%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $18508 | &nbsp;&nbsp;&nbsp;$17782 | &nbsp;&nbsp;&nbsp;$16183 | &nbsp;&nbsp;&nbsp;$16452 | &nbsp;&nbsp;&nbsp;$15446 | &nbsp;&nbsp;&nbsp;$12579 |
| Ratio of Total Expenses to Average Net Assets | 0.04% | &nbsp;&nbsp;&nbsp;0.04%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.04%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.04%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;0.04% |
| Ratio of Net Investment Income to Average Net Assets | 2.28% | &nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;2.60% | &nbsp;&nbsp;&nbsp;2.52% | &nbsp;&nbsp;&nbsp;2.35% | &nbsp;&nbsp;&nbsp;2.87% |
| Portfolio Turnover Rate<sup>3</sup> | 3% | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;10% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%. |
| 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.

------

Value Index Fund

Notes to Financial Statements

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

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

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

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

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

During the six months ended June 30, 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 six months ended June 30, 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.

------

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 six months ended June 30, 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 June 30, 2025, the fund had contributed to Vanguard capital in the amount of $4,934,000, representing less than 0.01% of the fund's net assets and 1.97% 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.**

------

Value Index Fund

The following table summarizes the market value of the fund's investments and derivatives as of June 30, 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 | 194817158 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;194817158 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;1207953 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207953 |
| Total | 196025111 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;196025111 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 2195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2195 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5901 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5901 |
| Total | 2195 | &nbsp;&nbsp;&nbsp;&nbsp;5901 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8096 |
| Liabilities |  |  |  |  |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5209) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5209) |

---

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.** As of June 30, 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;143547111 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;58548860 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(6068665) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;52480195 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2024, the fund had available capital losses totaling $9,365,357,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2025; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**E.** During the six months ended June 30, 2025, the fund purchased $5,849,037,000 of investment securities and sold $5,484,565,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $14,570,786,000 and $11,352,400,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended June 30, 2025, such purchases were $1,300,419,000 and sales were $1,533,169,000, resulting in net realized loss of $415,860,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> June 30, 2025 | Six Months Ended<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> December 31, 2024 | &nbsp;&nbsp;&nbsp;Year Ended<br> December 31, 2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Investor Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15975) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(649) |
| Net Increase (Decrease)—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3362) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21694) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(345) |
| **ETF Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;15816044 | &nbsp;&nbsp;&nbsp;&nbsp;91657 | &nbsp;&nbsp;&nbsp;&nbsp;19328812 | &nbsp;&nbsp;&nbsp;116468 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (11478858) | &nbsp;&nbsp;(66550) | &nbsp;&nbsp;(11107731) | &nbsp;&nbsp;(67550) |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;4337186 | &nbsp;&nbsp;&nbsp;&nbsp;25107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8221081 | &nbsp;&nbsp;&nbsp;&nbsp;48918 |

---

------

Value Index Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> June 30, 2025 | Six Months Ended<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> December 31, 2024 | &nbsp;&nbsp;&nbsp;Year Ended<br> December 31, 2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;2490585 | &nbsp;&nbsp;&nbsp;&nbsp;37261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4290075 | &nbsp;&nbsp;&nbsp;&nbsp;67164 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750648 | &nbsp;&nbsp;&nbsp;&nbsp;11615 |
| Redeemed | &nbsp;&nbsp;(3365960) | &nbsp;&nbsp;(50372) | &nbsp;&nbsp;&nbsp;&nbsp;(5763881) | &nbsp;&nbsp;(90125) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(504679) | &nbsp;&nbsp;&nbsp;&nbsp;(7673) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(723158) | &nbsp;&nbsp;(11346) |
| **Institutional Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;1108453 | &nbsp;&nbsp;&nbsp;&nbsp;16569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2237603 | &nbsp;&nbsp;&nbsp;&nbsp;34886 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6217 |
| Redeemed | &nbsp;&nbsp;(1355443) | &nbsp;&nbsp;(20336) | &nbsp;&nbsp;&nbsp;&nbsp;(3147947) | &nbsp;&nbsp;(49470) |
| Net Increase (Decrease)—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47395) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(508620) | &nbsp;&nbsp;&nbsp;&nbsp;(8367) |

---

**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.

------

Large-Cap Index Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of June 30, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (99.8%)** | **Common Stocks (99.8%)** | **Common Stocks (99.8%)** | **Common Stocks (99.8%)** |
| **Basic Materials (1.2%)** | **Basic Materials (1.2%)** | **Basic Materials (1.2%)** | **Basic Materials (1.2%)** |
|  | &nbsp;&nbsp;&nbsp;Linde plc | &nbsp;&nbsp;&nbsp;&nbsp;548604 | &nbsp;&nbsp;&nbsp;&nbsp; 257394 |
|  | &nbsp;&nbsp;&nbsp;Ecolab Inc. | &nbsp;&nbsp;&nbsp;&nbsp;297378 | &nbsp;&nbsp;&nbsp;&nbsp; 80125 |
|  | &nbsp;&nbsp;&nbsp;Newmont Corp. (XNYS) | 1297044 | &nbsp;&nbsp;&nbsp;&nbsp; 75566 |
|  | &nbsp;&nbsp;&nbsp;Air Products & Chemicals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;259364 | &nbsp;&nbsp;&nbsp;&nbsp; 73156 |
|  | &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc. | 1673670 | &nbsp;&nbsp;&nbsp;&nbsp; 72554 |
|  | &nbsp;&nbsp;&nbsp;Fastenal Co. | 1336982 | &nbsp;&nbsp;&nbsp;&nbsp; 56153 |
|  | &nbsp;&nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;268894 | &nbsp;&nbsp;&nbsp;&nbsp; 34833 |
|  | &nbsp;&nbsp;&nbsp;International Paper Co. | &nbsp;&nbsp;&nbsp;&nbsp;615206 | &nbsp;&nbsp;&nbsp;&nbsp; 28810 |
|  | &nbsp;&nbsp;&nbsp;International Flavors & Fragrances Inc. | &nbsp;&nbsp;&nbsp;&nbsp;298030 | &nbsp;&nbsp;&nbsp;&nbsp; 21920 |
|  | &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV Class A | &nbsp;&nbsp;&nbsp;&nbsp;299408 | &nbsp;&nbsp;&nbsp;&nbsp; 17324 |
|  | &nbsp;&nbsp;&nbsp;Steel Dynamics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82277 | &nbsp;&nbsp;&nbsp;&nbsp; 10532 |
|  | &nbsp;&nbsp;&nbsp;CF Industries Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94530 | &nbsp;&nbsp;&nbsp;&nbsp; 8697 |
|  | &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45588 | &nbsp;&nbsp;&nbsp;&nbsp; 7999 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **745063** |
| **Consumer Discretionary (14.6%)** | **Consumer Discretionary (14.6%)** | **Consumer Discretionary (14.6%)** | **Consumer Discretionary (14.6%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 11135102 | &nbsp;&nbsp;&nbsp;&nbsp; 2442930 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tesla Inc. | 3190655 | &nbsp;&nbsp;&nbsp;&nbsp; 1013543 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Netflix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;495963 | &nbsp;&nbsp;&nbsp;&nbsp; 664159 |
|  | &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;517071 | &nbsp;&nbsp;&nbsp;&nbsp; 511869 |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | 5128370 | &nbsp;&nbsp;&nbsp;&nbsp; 501452 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | 1159516 | &nbsp;&nbsp;&nbsp;&nbsp; 425125 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 2095108 | &nbsp;&nbsp;&nbsp;&nbsp; 259814 |
|  | &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;833331 | &nbsp;&nbsp;&nbsp;&nbsp; 243474 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | 2437039 | &nbsp;&nbsp;&nbsp;&nbsp; 227376 |
|  | &nbsp;&nbsp;&nbsp;Booking Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37923 | &nbsp;&nbsp;&nbsp;&nbsp; 219545 |
|  | &nbsp;&nbsp;&nbsp;TJX Cos. Inc. | 1301215 | &nbsp;&nbsp;&nbsp;&nbsp; 160687 |
|  | &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;652319 | &nbsp;&nbsp;&nbsp;&nbsp; 144730 |
|  | &nbsp;&nbsp;&nbsp;Starbucks Corp. | 1324392 | &nbsp;&nbsp;&nbsp;&nbsp; 121354 |
|  | &nbsp;&nbsp;&nbsp;NIKE Inc. Class B | 1372996 | &nbsp;&nbsp;&nbsp;&nbsp; 97538 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;996266 | &nbsp;&nbsp;&nbsp;&nbsp; 89793 |
|  | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;284829 | &nbsp;&nbsp;&nbsp;&nbsp; 89191 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill Inc. | 1570256 | &nbsp;&nbsp;&nbsp;&nbsp; 88170 |
|  | &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;277036 | &nbsp;&nbsp;&nbsp;&nbsp; 73786 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Roblox Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;697484 | &nbsp;&nbsp;&nbsp;&nbsp; 73375 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AutoZone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19496 | &nbsp;&nbsp;&nbsp;&nbsp; 72374 |
|  | &nbsp;&nbsp;&nbsp;Marriott International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;255378 | &nbsp;&nbsp;&nbsp;&nbsp; 69772 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Airbnb Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;454204 | &nbsp;&nbsp;&nbsp;&nbsp; 60109 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Flutter Entertainment plc | &nbsp;&nbsp;&nbsp;&nbsp;205913 | &nbsp;&nbsp;&nbsp;&nbsp; 58842 |
|  | &nbsp;&nbsp;&nbsp;General Motors Co. | 1120535 | &nbsp;&nbsp;&nbsp;&nbsp; 55142 |
|  | &nbsp;&nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;529511 | &nbsp;&nbsp;&nbsp;&nbsp; 52236 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Carvana Co. | &nbsp;&nbsp;&nbsp;&nbsp;149487 | &nbsp;&nbsp;&nbsp;&nbsp; 50371 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Copart Inc. | 1013313 | &nbsp;&nbsp;&nbsp;&nbsp; 49723 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Co. | 4552097 | &nbsp;&nbsp;&nbsp;&nbsp; 49390 |
|  | &nbsp;&nbsp;&nbsp;Ross Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;383238 | &nbsp;&nbsp;&nbsp;&nbsp; 48894 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200666 | &nbsp;&nbsp;&nbsp;&nbsp; 48732 |
|  | &nbsp;&nbsp;&nbsp;Yum! Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;323974 | &nbsp;&nbsp;&nbsp;&nbsp; 48007 |
|  | &nbsp;&nbsp;&nbsp;Electronic Arts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;292253 | &nbsp;&nbsp;&nbsp;&nbsp; 46673 |
|  | &nbsp;&nbsp;&nbsp;DR Horton Inc. | &nbsp;&nbsp;&nbsp;&nbsp;322190 | &nbsp;&nbsp;&nbsp;&nbsp; 41537 |
|  | &nbsp;&nbsp;&nbsp;eBay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;537246 | &nbsp;&nbsp;&nbsp;&nbsp; 40003 |
|  | &nbsp;&nbsp;&nbsp;Garmin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;190723 | &nbsp;&nbsp;&nbsp;&nbsp; 39808 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trade Desk Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;522240 | &nbsp;&nbsp;&nbsp;&nbsp; 37596 |
|  | &nbsp;&nbsp;&nbsp;Delta Air Lines Inc. | &nbsp;&nbsp;&nbsp;&nbsp;761064 | &nbsp;&nbsp;&nbsp;&nbsp; 37429 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Carnival Corp. | 1223597 | &nbsp;&nbsp;&nbsp;&nbsp; 34408 |
|  | &nbsp;&nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;617913 | &nbsp;&nbsp;&nbsp;&nbsp; 32607 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Airlines Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;381943 | &nbsp;&nbsp;&nbsp;&nbsp; 30414 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127358 | &nbsp;&nbsp;&nbsp;&nbsp; 30258 |
|  | &nbsp;&nbsp;&nbsp;Lennar Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;269385 | &nbsp;&nbsp;&nbsp;&nbsp; 29797 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Warner Bros Discovery Inc. | 2594912 | &nbsp;&nbsp;&nbsp;&nbsp; 29738 |
|  | &nbsp;&nbsp;&nbsp;Darden Restaurants Inc. | &nbsp;&nbsp;&nbsp;&nbsp;136397 | &nbsp;&nbsp;&nbsp;&nbsp; 29730 |

---

------

Large-Cap Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;256327 | &nbsp;&nbsp;&nbsp;&nbsp; 29319 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Live Nation Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;190929 | &nbsp;&nbsp;&nbsp;&nbsp; 28884 |
|  | &nbsp;&nbsp;&nbsp;PulteGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;233530 | &nbsp;&nbsp;&nbsp;&nbsp; 24628 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ulta Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52606 | &nbsp;&nbsp;&nbsp;&nbsp; 24610 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NVR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3239 | &nbsp;&nbsp;&nbsp;&nbsp; 23922 |
|  | &nbsp;&nbsp;&nbsp;Expedia Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;141684 | &nbsp;&nbsp;&nbsp;&nbsp; 23899 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dollar Tree Inc. | &nbsp;&nbsp;&nbsp;&nbsp;232601 | &nbsp;&nbsp;&nbsp;&nbsp; 23037 |
|  | &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | &nbsp;&nbsp;&nbsp;&nbsp;663929 | &nbsp;&nbsp;&nbsp;&nbsp; 21538 |
|  | &nbsp;&nbsp;&nbsp;Estee Lauder Cos. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;245536 | &nbsp;&nbsp;&nbsp;&nbsp; 19839 |
|  | &nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;161618 | &nbsp;&nbsp;&nbsp;&nbsp; 19606 |
|  | &nbsp;&nbsp;&nbsp;Rollins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;338680 | &nbsp;&nbsp;&nbsp;&nbsp; 19108 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Burlington Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73345 | &nbsp;&nbsp;&nbsp;&nbsp; 17063 |
|  | &nbsp;&nbsp;&nbsp;Domino's Pizza Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35878 | &nbsp;&nbsp;&nbsp;&nbsp; 16167 |
|  | &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;370250 | &nbsp;&nbsp;&nbsp;&nbsp; 16110 |
|  | &nbsp;&nbsp;&nbsp;Best Buy Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;221780 | &nbsp;&nbsp;&nbsp;&nbsp; 14888 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;230179 | &nbsp;&nbsp;&nbsp;&nbsp; 12899 |
|  | &nbsp;&nbsp;&nbsp;News Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;430175 | &nbsp;&nbsp;&nbsp;&nbsp; 12785 |
|  | &nbsp;&nbsp;&nbsp;Omnicom Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113819 | &nbsp;&nbsp;&nbsp;&nbsp; 8188 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;130920 | &nbsp;&nbsp;&nbsp;&nbsp; 6759 |
|  | &nbsp;&nbsp;&nbsp;News Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;140432 | &nbsp;&nbsp;&nbsp;&nbsp; 4818 |
|  | &nbsp;&nbsp;&nbsp;Warner Music Group Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80703 | &nbsp;&nbsp;&nbsp;&nbsp; 2198 |
|  | &nbsp;&nbsp;&nbsp;Lennar Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10490 | &nbsp;&nbsp;&nbsp;&nbsp; 1104 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **8942870** |
| **Consumer Staples (4.0%)** | **Consumer Staples (4.0%)** | **Consumer Staples (4.0%)** | **Consumer Staples (4.0%)** |
|  | &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 2732456 | &nbsp;&nbsp;&nbsp;&nbsp; 435335 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | 1813988 | &nbsp;&nbsp;&nbsp;&nbsp; 330382 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 4013060 | &nbsp;&nbsp;&nbsp;&nbsp; 283924 |
|  | &nbsp;&nbsp;&nbsp;PepsiCo Inc. | 1597897 | &nbsp;&nbsp;&nbsp;&nbsp; 210986 |
|  | &nbsp;&nbsp;&nbsp;Altria Group Inc. | 1963097 | &nbsp;&nbsp;&nbsp;&nbsp; 115096 |
|  | &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;145804 | &nbsp;&nbsp;&nbsp;&nbsp; 106842 |
|  | &nbsp;&nbsp;&nbsp;Mondelez International Inc. Class A | 1509025 | &nbsp;&nbsp;&nbsp;&nbsp; 101769 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | 1474270 | &nbsp;&nbsp;&nbsp;&nbsp; 101695 |
|  | &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;944497 | &nbsp;&nbsp;&nbsp;&nbsp; 85855 |
|  | &nbsp;&nbsp;&nbsp;Cencora Inc. | &nbsp;&nbsp;&nbsp;&nbsp;214579 | &nbsp;&nbsp;&nbsp;&nbsp; 64342 |
|  | &nbsp;&nbsp;&nbsp;Corteva Inc. | &nbsp;&nbsp;&nbsp;&nbsp;796029 | &nbsp;&nbsp;&nbsp;&nbsp; 59328 |
|  | &nbsp;&nbsp;&nbsp;Kroger Co. | &nbsp;&nbsp;&nbsp;&nbsp;698382 | &nbsp;&nbsp;&nbsp;&nbsp; 50095 |
|  | &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;386716 | &nbsp;&nbsp;&nbsp;&nbsp; 49855 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Monster Beverage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;795593 | &nbsp;&nbsp;&nbsp;&nbsp; 49836 |
|  | &nbsp;&nbsp;&nbsp;Keurig Dr Pepper Inc. | 1503755 | &nbsp;&nbsp;&nbsp;&nbsp; 49714 |
|  | &nbsp;&nbsp;&nbsp;Kenvue Inc. | 2237756 | &nbsp;&nbsp;&nbsp;&nbsp; 46836 |
|  | &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;564892 | &nbsp;&nbsp;&nbsp;&nbsp; 42785 |
|  | &nbsp;&nbsp;&nbsp;General Mills Inc. | &nbsp;&nbsp;&nbsp;&nbsp;638197 | &nbsp;&nbsp;&nbsp;&nbsp; 33065 |
|  | &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;559932 | &nbsp;&nbsp;&nbsp;&nbsp; 29553 |
|  | &nbsp;&nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;172463 | &nbsp;&nbsp;&nbsp;&nbsp; 28620 |
|  | &nbsp;&nbsp;&nbsp;Church & Dwight Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;286988 | &nbsp;&nbsp;&nbsp;&nbsp; 27582 |
|  | &nbsp;&nbsp;&nbsp;Constellation Brands Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;165924 | &nbsp;&nbsp;&nbsp;&nbsp; 26993 |
|  | &nbsp;&nbsp;&nbsp;Kellanova | &nbsp;&nbsp;&nbsp;&nbsp;323454 | &nbsp;&nbsp;&nbsp;&nbsp; 25724 |
|  | &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;965564 | &nbsp;&nbsp;&nbsp;&nbsp; 24931 |
|  | &nbsp;&nbsp;&nbsp;McCormick & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;294339 | &nbsp;&nbsp;&nbsp;&nbsp; 22317 |
|  | &nbsp;&nbsp;&nbsp;Tyson Foods Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;333329 | &nbsp;&nbsp;&nbsp;&nbsp; 18646 |
|  | &nbsp;&nbsp;&nbsp;Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;143491 | &nbsp;&nbsp;&nbsp;&nbsp; 17229 |
|  | &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;352875 | &nbsp;&nbsp;&nbsp;&nbsp; 10675 |
|  | &nbsp;&nbsp;&nbsp;Brown-Forman Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;172866 | &nbsp;&nbsp;&nbsp;&nbsp; 4652 |
|  | &nbsp;&nbsp;&nbsp;Brown-Forman Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19909 | &nbsp;&nbsp;&nbsp;&nbsp; 547 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2455209** |
| **Energy (3.0%)** | **Energy (3.0%)** | **Energy (3.0%)** | **Energy (3.0%)** |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 5022542 | &nbsp;&nbsp;&nbsp;&nbsp; 541430 |
|  | &nbsp;&nbsp;&nbsp;Chevron Corp. | 1933535 | &nbsp;&nbsp;&nbsp;&nbsp; 276863 |
|  | &nbsp;&nbsp;&nbsp;ConocoPhillips | 1471244 | &nbsp;&nbsp;&nbsp;&nbsp; 132029 |
|  | &nbsp;&nbsp;&nbsp;Williams Cos. Inc. | 1422972 | &nbsp;&nbsp;&nbsp;&nbsp; 89377 |
|  | &nbsp;&nbsp;&nbsp;EOG Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;636078 | &nbsp;&nbsp;&nbsp;&nbsp; 76081 |
|  | &nbsp;&nbsp;&nbsp;Kinder Morgan Inc. | 2201222 | &nbsp;&nbsp;&nbsp;&nbsp; 64716 |
|  | &nbsp;&nbsp;&nbsp;Cheniere Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;245545 | &nbsp;&nbsp;&nbsp;&nbsp; 59795 |
|  | &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;358028 | &nbsp;&nbsp;&nbsp;&nbsp; 59472 |
|  | &nbsp;&nbsp;&nbsp;ONEOK Inc. | &nbsp;&nbsp;&nbsp;&nbsp;727941 | &nbsp;&nbsp;&nbsp;&nbsp; 59422 |
|  | &nbsp;&nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;474829 | &nbsp;&nbsp;&nbsp;&nbsp; 56647 |
|  | &nbsp;&nbsp;&nbsp;Schlumberger NV | 1585357 | &nbsp;&nbsp;&nbsp;&nbsp; 53585 |
|  | &nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;365012 | &nbsp;&nbsp;&nbsp;&nbsp; 49065 |
|  | &nbsp;&nbsp;&nbsp;Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;324373 | &nbsp;&nbsp;&nbsp;&nbsp; 44939 |

---

------

Large-Cap Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 1154712 | &nbsp;&nbsp;&nbsp;&nbsp; 44272 |
|  | &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;252798 | &nbsp;&nbsp;&nbsp;&nbsp; 44007 |
|  | &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;860195 | &nbsp;&nbsp;&nbsp;&nbsp; 36137 |
|  | &nbsp;&nbsp;&nbsp;Diamondback Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;221316 | &nbsp;&nbsp;&nbsp;&nbsp; 30409 |
|  | &nbsp;&nbsp;&nbsp;Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;748137 | &nbsp;&nbsp;&nbsp;&nbsp; 23798 |
|  | &nbsp;&nbsp;&nbsp;Coterra Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;844761 | &nbsp;&nbsp;&nbsp;&nbsp; 21440 |
|  | &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;348677 | &nbsp;&nbsp;&nbsp;&nbsp; 20335 |
|  | &nbsp;&nbsp;&nbsp;Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;901195 | &nbsp;&nbsp;&nbsp;&nbsp; 18366 |
|  | &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10727 | &nbsp;&nbsp;&nbsp;&nbsp; 11332 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;First Solar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59446 | &nbsp;&nbsp;&nbsp;&nbsp; 9841 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Venture Global Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79015 | &nbsp;&nbsp;&nbsp;&nbsp; 1231 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1824589** |
| **Financials (11.2%)** | **Financials (11.2%)** | **Financials (11.2%)** | **Financials (11.2%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Inc. Class B | 2037747 | &nbsp;&nbsp;&nbsp;&nbsp; 989876 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3238788 | &nbsp;&nbsp;&nbsp;&nbsp; 938957 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 7900076 | &nbsp;&nbsp;&nbsp;&nbsp; 373832 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 3792491 | &nbsp;&nbsp;&nbsp;&nbsp; 303854 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;357609 | &nbsp;&nbsp;&nbsp;&nbsp; 253098 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 1402319 | &nbsp;&nbsp;&nbsp;&nbsp; 197531 |
|  | &nbsp;&nbsp;&nbsp;S&P Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;365837 | &nbsp;&nbsp;&nbsp;&nbsp; 192902 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 2176729 | &nbsp;&nbsp;&nbsp;&nbsp; 185283 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 2011675 | &nbsp;&nbsp;&nbsp;&nbsp; 183545 |
|  | &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;683191 | &nbsp;&nbsp;&nbsp;&nbsp; 182316 |
|  | &nbsp;&nbsp;&nbsp;Blackrock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;162505 | &nbsp;&nbsp;&nbsp;&nbsp; 170508 |
|  | &nbsp;&nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;443705 | &nbsp;&nbsp;&nbsp;&nbsp; 128550 |
|  | &nbsp;&nbsp;&nbsp;Blackstone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;850349 | &nbsp;&nbsp;&nbsp;&nbsp; 127195 |
|  | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;574448 | &nbsp;&nbsp;&nbsp;&nbsp; 125597 |
|  | &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | &nbsp;&nbsp;&nbsp;&nbsp;668545 | &nbsp;&nbsp;&nbsp;&nbsp; 122658 |
|  | &nbsp;&nbsp;&nbsp;CME Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;419974 | &nbsp;&nbsp;&nbsp;&nbsp; 115753 |
|  | &nbsp;&nbsp;&nbsp;KKR & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;778480 | &nbsp;&nbsp;&nbsp;&nbsp; 103561 |
|  | &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;298459 | &nbsp;&nbsp;&nbsp;&nbsp; 95543 |
|  | &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;178219 | &nbsp;&nbsp;&nbsp;&nbsp; 89393 |
|  | &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;461034 | &nbsp;&nbsp;&nbsp;&nbsp; 85946 |
|  | &nbsp;&nbsp;&nbsp;Aon plc Class A (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;239076 | &nbsp;&nbsp;&nbsp;&nbsp; 85293 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Robinhood Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;893904 | &nbsp;&nbsp;&nbsp;&nbsp; 83696 |
|  | &nbsp;&nbsp;&nbsp;US Bancorp | 1815847 | &nbsp;&nbsp;&nbsp;&nbsp; 82167 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coinbase Global Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;234055 | &nbsp;&nbsp;&nbsp;&nbsp; 82034 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;833852 | &nbsp;&nbsp;&nbsp;&nbsp; 75972 |
|  | &nbsp;&nbsp;&nbsp;Travelers Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;264063 | &nbsp;&nbsp;&nbsp;&nbsp; 70647 |
|  | &nbsp;&nbsp;&nbsp;Aflac Inc. | &nbsp;&nbsp;&nbsp;&nbsp;630159 | &nbsp;&nbsp;&nbsp;&nbsp; 66457 |
|  | &nbsp;&nbsp;&nbsp;Apollo Global Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;466295 | &nbsp;&nbsp;&nbsp;&nbsp; 66153 |
|  | &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 1526309 | &nbsp;&nbsp;&nbsp;&nbsp; 65616 |
|  | &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;308637 | &nbsp;&nbsp;&nbsp;&nbsp; 62132 |
|  | &nbsp;&nbsp;&nbsp;Ameriprise Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;110978 | &nbsp;&nbsp;&nbsp;&nbsp; 59232 |
|  | &nbsp;&nbsp;&nbsp;American International Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;671746 | &nbsp;&nbsp;&nbsp;&nbsp; 57495 |
|  | &nbsp;&nbsp;&nbsp;MetLife Inc. | &nbsp;&nbsp;&nbsp;&nbsp;665014 | &nbsp;&nbsp;&nbsp;&nbsp; 53480 |
|  | &nbsp;&nbsp;&nbsp;Nasdaq Inc. | &nbsp;&nbsp;&nbsp;&nbsp;568803 | &nbsp;&nbsp;&nbsp;&nbsp; 50862 |
|  | &nbsp;&nbsp;&nbsp;MSCI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85917 | &nbsp;&nbsp;&nbsp;&nbsp; 49552 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp; 46643 |
|  | &nbsp;&nbsp;&nbsp;Prudential Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;412585 | &nbsp;&nbsp;&nbsp;&nbsp; 44328 |
|  | &nbsp;&nbsp;&nbsp;Hartford Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;331147 | &nbsp;&nbsp;&nbsp;&nbsp; 42013 |
|  | &nbsp;&nbsp;&nbsp;Ares Management Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;237995 | &nbsp;&nbsp;&nbsp;&nbsp; 41221 |
|  | &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;414919 | &nbsp;&nbsp;&nbsp;&nbsp; 37778 |
|  | &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;187072 | &nbsp;&nbsp;&nbsp;&nbsp; 36290 |
|  | &nbsp;&nbsp;&nbsp;Brown & Brown Inc. | &nbsp;&nbsp;&nbsp;&nbsp;322743 | &nbsp;&nbsp;&nbsp;&nbsp; 35783 |
|  | &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;115555 | &nbsp;&nbsp;&nbsp;&nbsp; 35418 |
|  | &nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93201 | &nbsp;&nbsp;&nbsp;&nbsp; 34948 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;315801 | &nbsp;&nbsp;&nbsp;&nbsp; 33582 |
|  | &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;136897 | &nbsp;&nbsp;&nbsp;&nbsp; 33270 |
|  | &nbsp;&nbsp;&nbsp;Raymond James Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;211628 | &nbsp;&nbsp;&nbsp;&nbsp; 32457 |
|  | &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;777871 | &nbsp;&nbsp;&nbsp;&nbsp; 31994 |
|  | &nbsp;&nbsp;&nbsp;Cboe Global Markets Inc. | &nbsp;&nbsp;&nbsp;&nbsp;122039 | &nbsp;&nbsp;&nbsp;&nbsp; 28461 |
|  | &nbsp;&nbsp;&nbsp;Huntington Bancshares Inc. | 1697257 | &nbsp;&nbsp;&nbsp;&nbsp; 28446 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Markel Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14046 | &nbsp;&nbsp;&nbsp;&nbsp; 28055 |
|  | &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;215406 | &nbsp;&nbsp;&nbsp;&nbsp; 27311 |
|  | &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;182147 | &nbsp;&nbsp;&nbsp;&nbsp; 27125 |
|  | &nbsp;&nbsp;&nbsp;Interactive Brokers Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;482451 | &nbsp;&nbsp;&nbsp;&nbsp; 26733 |
|  | &nbsp;&nbsp;&nbsp;T Rowe Price Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;256735 | &nbsp;&nbsp;&nbsp;&nbsp; 24775 |
|  | &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 1047186 | &nbsp;&nbsp;&nbsp;&nbsp; 24630 |

---

------

Large-Cap Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;W R Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;331545 | &nbsp;&nbsp;&nbsp;&nbsp; 24359 |
|  | &nbsp;&nbsp;&nbsp;KeyCorp. | 1276432 | &nbsp;&nbsp;&nbsp;&nbsp; 22236 |
|  | &nbsp;&nbsp;&nbsp;Citizens Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;479891 | &nbsp;&nbsp;&nbsp;&nbsp; 21475 |
|  | &nbsp;&nbsp;&nbsp;Principal Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;261157 | &nbsp;&nbsp;&nbsp;&nbsp; 20744 |
|  | &nbsp;&nbsp;&nbsp;Tradeweb Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;135641 | &nbsp;&nbsp;&nbsp;&nbsp; 19858 |
|  | &nbsp;&nbsp;&nbsp;FactSet Research Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44201 | &nbsp;&nbsp;&nbsp;&nbsp; 19770 |
|  | &nbsp;&nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;195414 | &nbsp;&nbsp;&nbsp;&nbsp; 17912 |
|  | &nbsp;&nbsp;&nbsp;Corebridge Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;288317 | &nbsp;&nbsp;&nbsp;&nbsp; 10235 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;152230 | &nbsp;&nbsp;&nbsp;&nbsp; 8534 |
|  | &nbsp;&nbsp;&nbsp;Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24817 | &nbsp;&nbsp;&nbsp;&nbsp; 8434 |
|  | &nbsp;&nbsp;&nbsp;Blue Owl Capital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;364604 | &nbsp;&nbsp;&nbsp;&nbsp; 7004 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Rocket Cos. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;280286 | &nbsp;&nbsp;&nbsp;&nbsp; 3975 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **6862483** |
| **Health Care (8.8%)** | **Health Care (8.8%)** | **Health Care (8.8%)** | **Health Care (8.8%)** |
|  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;994044 | &nbsp;&nbsp;&nbsp;&nbsp; 774887 |
|  | &nbsp;&nbsp;&nbsp;Johnson & Johnson | 2804088 | &nbsp;&nbsp;&nbsp;&nbsp; 428324 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | 2058585 | &nbsp;&nbsp;&nbsp;&nbsp; 382115 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 1057185 | &nbsp;&nbsp;&nbsp;&nbsp; 329810 |
|  | &nbsp;&nbsp;&nbsp;Abbott Laboratories | 2027648 | &nbsp;&nbsp;&nbsp;&nbsp; 275780 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 2926386 | &nbsp;&nbsp;&nbsp;&nbsp; 231653 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intuitive Surgical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;417702 | &nbsp;&nbsp;&nbsp;&nbsp; 226983 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | 1724156 | &nbsp;&nbsp;&nbsp;&nbsp; 185192 |
|  | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc. | &nbsp;&nbsp;&nbsp;&nbsp;439953 | &nbsp;&nbsp;&nbsp;&nbsp; 178383 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;626654 | &nbsp;&nbsp;&nbsp;&nbsp; 174968 |
|  | &nbsp;&nbsp;&nbsp;Gilead Sciences Inc. | 1449694 | &nbsp;&nbsp;&nbsp;&nbsp; 160728 |
|  | &nbsp;&nbsp;&nbsp;Pfizer Inc. | 6626015 | &nbsp;&nbsp;&nbsp;&nbsp; 160615 |
|  | &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;400847 | &nbsp;&nbsp;&nbsp;&nbsp; 158587 |
|  | &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;750675 | &nbsp;&nbsp;&nbsp;&nbsp; 148288 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;299277 | &nbsp;&nbsp;&nbsp;&nbsp; 133238 |
|  | &nbsp;&nbsp;&nbsp;Medtronic plc | 1494734 | &nbsp;&nbsp;&nbsp;&nbsp; 130296 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 2371706 | &nbsp;&nbsp;&nbsp;&nbsp; 109786 |
|  | &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;311333 | &nbsp;&nbsp;&nbsp;&nbsp; 102920 |
|  | &nbsp;&nbsp;&nbsp;Elevance Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;263308 | &nbsp;&nbsp;&nbsp;&nbsp; 102416 |
|  | &nbsp;&nbsp;&nbsp;HCA Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;196256 | &nbsp;&nbsp;&nbsp;&nbsp; 75186 |
|  | &nbsp;&nbsp;&nbsp;Zoetis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;466967 | &nbsp;&nbsp;&nbsp;&nbsp; 72824 |
|  | &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;123709 | &nbsp;&nbsp;&nbsp;&nbsp; 64947 |
|  | &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;334026 | &nbsp;&nbsp;&nbsp;&nbsp; 57536 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp. | &nbsp;&nbsp;&nbsp;&nbsp;683636 | &nbsp;&nbsp;&nbsp;&nbsp; 53467 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IDEXX Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93723 | &nbsp;&nbsp;&nbsp;&nbsp; 50267 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;151953 | &nbsp;&nbsp;&nbsp;&nbsp; 49550 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Veeva Systems Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;170661 | &nbsp;&nbsp;&nbsp;&nbsp; 49147 |
|  | &nbsp;&nbsp;&nbsp;Cardinal Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;278140 | &nbsp;&nbsp;&nbsp;&nbsp; 46728 |
|  | &nbsp;&nbsp;&nbsp;ResMed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;170880 | &nbsp;&nbsp;&nbsp;&nbsp; 44087 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dexcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;456957 | &nbsp;&nbsp;&nbsp;&nbsp; 39888 |
|  | &nbsp;&nbsp;&nbsp;Agilent Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;332288 | &nbsp;&nbsp;&nbsp;&nbsp; 39213 |
|  | &nbsp;&nbsp;&nbsp;GE HealthCare Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;506947 | &nbsp;&nbsp;&nbsp;&nbsp; 37550 |
|  | &nbsp;&nbsp;&nbsp;Humana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;140656 | &nbsp;&nbsp;&nbsp;&nbsp; 34388 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;&nbsp;&nbsp;579922 | &nbsp;&nbsp;&nbsp;&nbsp; 31478 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IQVIA Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;191541 | &nbsp;&nbsp;&nbsp;&nbsp; 30185 |
|  | &nbsp;&nbsp;&nbsp;STERIS plc | &nbsp;&nbsp;&nbsp;&nbsp;114499 | &nbsp;&nbsp;&nbsp;&nbsp; 27505 |
|  | &nbsp;&nbsp;&nbsp;Labcorp Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97535 | &nbsp;&nbsp;&nbsp;&nbsp; 25604 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Waters Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69341 | &nbsp;&nbsp;&nbsp;&nbsp; 24203 |
|  | &nbsp;&nbsp;&nbsp;Quest Diagnostics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130074 | &nbsp;&nbsp;&nbsp;&nbsp; 23365 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Biogen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;170731 | &nbsp;&nbsp;&nbsp;&nbsp; 21442 |
|  | &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;230498 | &nbsp;&nbsp;&nbsp;&nbsp; 21024 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Molina Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63124 | &nbsp;&nbsp;&nbsp;&nbsp; 18805 |
|  | &nbsp;&nbsp;&nbsp;West Pharmaceutical Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83676 | &nbsp;&nbsp;&nbsp;&nbsp; 18308 |
|  | &nbsp;&nbsp;&nbsp;Baxter International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;597710 | &nbsp;&nbsp;&nbsp;&nbsp; 18099 |
|  | &nbsp;&nbsp;&nbsp;Royalty Pharma plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;416937 | &nbsp;&nbsp;&nbsp;&nbsp; 15022 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Insulet Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41058 | &nbsp;&nbsp;&nbsp;&nbsp; 12900 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cooper Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116695 | &nbsp;&nbsp;&nbsp;&nbsp; 8304 |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;ABIOMED Inc. CVR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5405991** |
| **Industrials (11.6%)** | **Industrials (11.6%)** | **Industrials (11.6%)** | **Industrials (11.6%)** |
|  | &nbsp;&nbsp;&nbsp;Visa Inc. Class A | 1844124 | &nbsp;&nbsp;&nbsp;&nbsp; 654756 |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;945391 | &nbsp;&nbsp;&nbsp;&nbsp; 531253 |
|  | &nbsp;&nbsp;&nbsp;General Electric Co. | 1180635 | &nbsp;&nbsp;&nbsp;&nbsp; 303884 |
|  | &nbsp;&nbsp;&nbsp;RTX Corp. | 1556930 | &nbsp;&nbsp;&nbsp;&nbsp; 227343 |
|  | &nbsp;&nbsp;&nbsp;Accenture plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;729586 | &nbsp;&nbsp;&nbsp;&nbsp; 218066 |

---

------

Large-Cap Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Caterpillar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;548113 | &nbsp;&nbsp;&nbsp;&nbsp; 212783 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boeing Co. | &nbsp;&nbsp;&nbsp;&nbsp;878717 | &nbsp;&nbsp;&nbsp;&nbsp; 184118 |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;571571 | &nbsp;&nbsp;&nbsp;&nbsp; 182320 |
|  | &nbsp;&nbsp;&nbsp;Honeywell International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;748987 | &nbsp;&nbsp;&nbsp;&nbsp; 174424 |
|  | &nbsp;&nbsp;&nbsp;GE Vernova Inc. | &nbsp;&nbsp;&nbsp;&nbsp;318074 | &nbsp;&nbsp;&nbsp;&nbsp; 168309 |
|  | &nbsp;&nbsp;&nbsp;Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;456020 | &nbsp;&nbsp;&nbsp;&nbsp; 162795 |
|  | &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;696320 | &nbsp;&nbsp;&nbsp;&nbsp; 160209 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;745464 | &nbsp;&nbsp;&nbsp;&nbsp; 158605 |
|  | &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;300496 | &nbsp;&nbsp;&nbsp;&nbsp; 152799 |
|  | &nbsp;&nbsp;&nbsp;Automatic Data Processing Inc. | &nbsp;&nbsp;&nbsp;&nbsp;473090 | &nbsp;&nbsp;&nbsp;&nbsp; 145901 |
|  | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;273052 | &nbsp;&nbsp;&nbsp;&nbsp; 126461 |
|  | &nbsp;&nbsp;&nbsp;Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;259901 | &nbsp;&nbsp;&nbsp;&nbsp; 113683 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fiserv Inc. | &nbsp;&nbsp;&nbsp;&nbsp;646284 | &nbsp;&nbsp;&nbsp;&nbsp; 111426 |
|  | &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;148913 | &nbsp;&nbsp;&nbsp;&nbsp; 104011 |
|  | &nbsp;&nbsp;&nbsp;TransDigm Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65456 | &nbsp;&nbsp;&nbsp;&nbsp; 99535 |
|  | &nbsp;&nbsp;&nbsp;3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;627205 | &nbsp;&nbsp;&nbsp;&nbsp; 95486 |
|  | &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;262852 | &nbsp;&nbsp;&nbsp;&nbsp; 90253 |
|  | &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;400006 | &nbsp;&nbsp;&nbsp;&nbsp; 89149 |
|  | &nbsp;&nbsp;&nbsp;Howmet Aerospace Inc. | &nbsp;&nbsp;&nbsp;&nbsp;470428 | &nbsp;&nbsp;&nbsp;&nbsp; 87561 |
|  | &nbsp;&nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;655547 | &nbsp;&nbsp;&nbsp;&nbsp; 87404 |
|  | &nbsp;&nbsp;&nbsp;United Parcel Service Inc. Class B (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;855150 | &nbsp;&nbsp;&nbsp;&nbsp; 86319 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PayPal Holdings Inc. | 1133609 | &nbsp;&nbsp;&nbsp;&nbsp; 84250 |
|  | &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;167738 | &nbsp;&nbsp;&nbsp;&nbsp; 83866 |
|  | &nbsp;&nbsp;&nbsp;Johnson Controls International plc | &nbsp;&nbsp;&nbsp;&nbsp;766877 | &nbsp;&nbsp;&nbsp;&nbsp; 80997 |
|  | &nbsp;&nbsp;&nbsp;Illinois Tool Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp;324411 | &nbsp;&nbsp;&nbsp;&nbsp; 80211 |
|  | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;265880 | &nbsp;&nbsp;&nbsp;&nbsp; 77547 |
|  | &nbsp;&nbsp;&nbsp;CRH plc | &nbsp;&nbsp;&nbsp;&nbsp;787420 | &nbsp;&nbsp;&nbsp;&nbsp; 72285 |
|  | &nbsp;&nbsp;&nbsp;CSX Corp. | 2189327 | &nbsp;&nbsp;&nbsp;&nbsp; 71438 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axon Enterprise Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86189 | &nbsp;&nbsp;&nbsp;&nbsp; 71359 |
|  | &nbsp;&nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;949144 | &nbsp;&nbsp;&nbsp;&nbsp; 69468 |
|  | &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;262740 | &nbsp;&nbsp;&nbsp;&nbsp; 67254 |
|  | &nbsp;&nbsp;&nbsp;Quanta Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;172701 | &nbsp;&nbsp;&nbsp;&nbsp; 65295 |
|  | &nbsp;&nbsp;&nbsp;PACCAR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;611796 | &nbsp;&nbsp;&nbsp;&nbsp; 58157 |
|  | &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;251324 | &nbsp;&nbsp;&nbsp;&nbsp; 57128 |
|  | &nbsp;&nbsp;&nbsp;United Rentals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75747 | &nbsp;&nbsp;&nbsp;&nbsp; 57068 |
|  | &nbsp;&nbsp;&nbsp;WW Grainger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53185 | &nbsp;&nbsp;&nbsp;&nbsp; 55325 |
|  | &nbsp;&nbsp;&nbsp;Paychex Inc. | &nbsp;&nbsp;&nbsp;&nbsp;377804 | &nbsp;&nbsp;&nbsp;&nbsp; 54955 |
|  | &nbsp;&nbsp;&nbsp;L3Harris Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;217873 | &nbsp;&nbsp;&nbsp;&nbsp; 54651 |
|  | &nbsp;&nbsp;&nbsp;Cummins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;160541 | &nbsp;&nbsp;&nbsp;&nbsp; 52577 |
|  | &nbsp;&nbsp;&nbsp;Verisk Analytics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;163029 | &nbsp;&nbsp;&nbsp;&nbsp; 50783 |
|  | &nbsp;&nbsp;&nbsp;Ferguson Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;231562 | &nbsp;&nbsp;&nbsp;&nbsp; 50423 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Information Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;612489 | &nbsp;&nbsp;&nbsp;&nbsp; 49863 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fair Isaac Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26949 | &nbsp;&nbsp;&nbsp;&nbsp; 49262 |
|  | &nbsp;&nbsp;&nbsp;AMETEK Inc. | &nbsp;&nbsp;&nbsp;&nbsp;269069 | &nbsp;&nbsp;&nbsp;&nbsp; 48691 |
|  | &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;459966 | &nbsp;&nbsp;&nbsp;&nbsp; 45546 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Block Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;646881 | &nbsp;&nbsp;&nbsp;&nbsp; 43943 |
|  | &nbsp;&nbsp;&nbsp;Rockwell Automation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;131359 | &nbsp;&nbsp;&nbsp;&nbsp; 43633 |
|  | &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;199428 | &nbsp;&nbsp;&nbsp;&nbsp; 41750 |
|  | &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;153962 | &nbsp;&nbsp;&nbsp;&nbsp; 40156 |
|  | &nbsp;&nbsp;&nbsp;Ingersoll Rand Inc. (XYNS) | &nbsp;&nbsp;&nbsp;&nbsp;470175 | &nbsp;&nbsp;&nbsp;&nbsp; 39109 |
|  | &nbsp;&nbsp;&nbsp;Martin Marietta Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70266 | &nbsp;&nbsp;&nbsp;&nbsp; 38573 |
|  | &nbsp;&nbsp;&nbsp;Equifax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;144743 | &nbsp;&nbsp;&nbsp;&nbsp; 37542 |
|  | &nbsp;&nbsp;&nbsp;Xylem Inc. | &nbsp;&nbsp;&nbsp;&nbsp;283597 | &nbsp;&nbsp;&nbsp;&nbsp; 36686 |
|  | &nbsp;&nbsp;&nbsp;Old Dominion Freight Line Inc. | &nbsp;&nbsp;&nbsp;&nbsp;221641 | &nbsp;&nbsp;&nbsp;&nbsp; 35972 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Keysight Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;201388 | &nbsp;&nbsp;&nbsp;&nbsp; 32999 |
|  | &nbsp;&nbsp;&nbsp;DuPont de Nemours Inc. | &nbsp;&nbsp;&nbsp;&nbsp;438957 | &nbsp;&nbsp;&nbsp;&nbsp; 30108 |
|  | &nbsp;&nbsp;&nbsp;PPG Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;264559 | &nbsp;&nbsp;&nbsp;&nbsp; 30094 |
|  | &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;443704 | &nbsp;&nbsp;&nbsp;&nbsp; 29613 |
|  | &nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;159786 | &nbsp;&nbsp;&nbsp;&nbsp; 29278 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mettler-Toledo International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24220 | &nbsp;&nbsp;&nbsp;&nbsp; 28452 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Teledyne Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54608 | &nbsp;&nbsp;&nbsp;&nbsp; 27976 |
|  | &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;274418 | &nbsp;&nbsp;&nbsp;&nbsp; 27702 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corpay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78090 | &nbsp;&nbsp;&nbsp;&nbsp; 25912 |
|  | &nbsp;&nbsp;&nbsp;Global Payments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;284379 | &nbsp;&nbsp;&nbsp;&nbsp; 22762 |
|  | &nbsp;&nbsp;&nbsp;HEICO Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87795 | &nbsp;&nbsp;&nbsp;&nbsp; 22717 |
|  | &nbsp;&nbsp;&nbsp;Dow Inc. | &nbsp;&nbsp;&nbsp;&nbsp;822223 | &nbsp;&nbsp;&nbsp;&nbsp; 21772 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trimble Inc. | &nbsp;&nbsp;&nbsp;&nbsp;277917 | &nbsp;&nbsp;&nbsp;&nbsp; 21116 |
|  | &nbsp;&nbsp;&nbsp;Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;396117 | &nbsp;&nbsp;&nbsp;&nbsp; 20650 |
|  | &nbsp;&nbsp;&nbsp;TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;227226 | &nbsp;&nbsp;&nbsp;&nbsp; 19996 |
|  | &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;104797 | &nbsp;&nbsp;&nbsp;&nbsp; 19749 |

---

------

Large-Cap Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Snap-on Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60909 | &nbsp;&nbsp;&nbsp;&nbsp; 18954 |
|  | &nbsp;&nbsp;&nbsp;Jacobs Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;139938 | &nbsp;&nbsp;&nbsp;&nbsp; 18395 |
|  | &nbsp;&nbsp;&nbsp;Expeditors International of Washington Inc. | &nbsp;&nbsp;&nbsp;&nbsp;159493 | &nbsp;&nbsp;&nbsp;&nbsp; 18222 |
|  | &nbsp;&nbsp;&nbsp;HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48268 | &nbsp;&nbsp;&nbsp;&nbsp; 15832 |
|  | &nbsp;&nbsp;&nbsp;Hubbell Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31138 | &nbsp;&nbsp;&nbsp;&nbsp; 12717 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29660 | &nbsp;&nbsp;&nbsp;&nbsp; 9146 |
|  | &nbsp;&nbsp;&nbsp;Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;161865 | &nbsp;&nbsp;&nbsp;&nbsp; 9079 |
|  | &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;122988 | &nbsp;&nbsp;&nbsp;&nbsp; 7915 |
|  | &nbsp;&nbsp;&nbsp;JB Hunt Transport Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46272 | &nbsp;&nbsp;&nbsp;&nbsp; 6645 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ralliant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66102 | &nbsp;&nbsp;&nbsp;&nbsp; 3205 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7125622** |
| **Real Estate (1.9%)** | **Real Estate (1.9%)** | **Real Estate (1.9%)** | **Real Estate (1.9%)** |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;545585 | &nbsp;&nbsp;&nbsp;&nbsp; 120585 |
|  | &nbsp;&nbsp;&nbsp;Welltower Inc. | &nbsp;&nbsp;&nbsp;&nbsp;762133 | &nbsp;&nbsp;&nbsp;&nbsp; 117163 |
|  | &nbsp;&nbsp;&nbsp;Prologis Inc. | 1079398 | &nbsp;&nbsp;&nbsp;&nbsp; 113466 |
|  | &nbsp;&nbsp;&nbsp;Equinix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113999 | &nbsp;&nbsp;&nbsp;&nbsp; 90683 |
|  | &nbsp;&nbsp;&nbsp;Digital Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;392507 | &nbsp;&nbsp;&nbsp;&nbsp; 68426 |
|  | &nbsp;&nbsp;&nbsp;Realty Income Corp. | 1052551 | &nbsp;&nbsp;&nbsp;&nbsp; 60637 |
|  | &nbsp;&nbsp;&nbsp;Simon Property Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;361392 | &nbsp;&nbsp;&nbsp;&nbsp; 58097 |
|  | &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;184020 | &nbsp;&nbsp;&nbsp;&nbsp; 53995 |
|  | &nbsp;&nbsp;&nbsp;Crown Castle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;507517 | &nbsp;&nbsp;&nbsp;&nbsp; 52137 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CBRE Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;347426 | &nbsp;&nbsp;&nbsp;&nbsp; 48681 |
|  | &nbsp;&nbsp;&nbsp;VICI Properties Inc. | 1231617 | &nbsp;&nbsp;&nbsp;&nbsp; 40151 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CoStar Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;491679 | &nbsp;&nbsp;&nbsp;&nbsp; 39531 |
|  | &nbsp;&nbsp;&nbsp;Extra Space Storage Inc. | &nbsp;&nbsp;&nbsp;&nbsp;247322 | &nbsp;&nbsp;&nbsp;&nbsp; 36465 |
|  | &nbsp;&nbsp;&nbsp;Iron Mountain Inc. | &nbsp;&nbsp;&nbsp;&nbsp;343836 | &nbsp;&nbsp;&nbsp;&nbsp; 35267 |
|  | &nbsp;&nbsp;&nbsp;AvalonBay Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;165937 | &nbsp;&nbsp;&nbsp;&nbsp; 33768 |
|  | &nbsp;&nbsp;&nbsp;Ventas Inc. | &nbsp;&nbsp;&nbsp;&nbsp;525932 | &nbsp;&nbsp;&nbsp;&nbsp; 33213 |
|  | &nbsp;&nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;125221 | &nbsp;&nbsp;&nbsp;&nbsp; 29407 |
|  | &nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;420659 | &nbsp;&nbsp;&nbsp;&nbsp; 28390 |
|  | &nbsp;&nbsp;&nbsp;Invitation Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;678351 | &nbsp;&nbsp;&nbsp;&nbsp; 22250 |
|  | &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;&nbsp;845058 | &nbsp;&nbsp;&nbsp;&nbsp; 21710 |
|  | &nbsp;&nbsp;&nbsp;Essex Property Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74999 | &nbsp;&nbsp;&nbsp;&nbsp; 21255 |
|  | &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;136346 | &nbsp;&nbsp;&nbsp;&nbsp; 20181 |
|  | &nbsp;&nbsp;&nbsp;Sun Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;148676 | &nbsp;&nbsp;&nbsp;&nbsp; 18806 |
|  | &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100921 | &nbsp;&nbsp;&nbsp;&nbsp; 7330 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1171594** |
| **Technology (38.8%)** | **Technology (38.8%)** | **Technology (38.8%)** | **Technology (38.8%)** |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 8661919 | &nbsp;&nbsp;&nbsp;&nbsp; 4308525 |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 27014013 | &nbsp;&nbsp;&nbsp;&nbsp; 4267944 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 17406253 | &nbsp;&nbsp;&nbsp;&nbsp; 3571241 |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | 2530265 | &nbsp;&nbsp;&nbsp;&nbsp; 1867563 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | 5479660 | &nbsp;&nbsp;&nbsp;&nbsp; 1510468 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | 6782402 | &nbsp;&nbsp;&nbsp;&nbsp; 1195263 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class C | 5407900 | &nbsp;&nbsp;&nbsp;&nbsp; 959307 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | 1960842 | &nbsp;&nbsp;&nbsp;&nbsp; 428699 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palantir Technologies Inc. Class A | 2505332 | &nbsp;&nbsp;&nbsp;&nbsp; 341527 |
|  | &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 1083132 | &nbsp;&nbsp;&nbsp;&nbsp; 319286 |
|  | &nbsp;&nbsp;&nbsp;Salesforce Inc. | 1058426 | &nbsp;&nbsp;&nbsp;&nbsp; 288622 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc. | 1889581 | &nbsp;&nbsp;&nbsp;&nbsp; 268132 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ServiceNow Inc. | &nbsp;&nbsp;&nbsp;&nbsp;241238 | &nbsp;&nbsp;&nbsp;&nbsp; 248012 |
|  | &nbsp;&nbsp;&nbsp;Intuit Inc. | &nbsp;&nbsp;&nbsp;&nbsp;308834 | &nbsp;&nbsp;&nbsp;&nbsp; 243247 |
|  | &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | 1058736 | &nbsp;&nbsp;&nbsp;&nbsp; 219815 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | 1279613 | &nbsp;&nbsp;&nbsp;&nbsp; 203791 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adobe Inc. | &nbsp;&nbsp;&nbsp;&nbsp;496701 | &nbsp;&nbsp;&nbsp;&nbsp; 192164 |
|  | &nbsp;&nbsp;&nbsp;Applied Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;935227 | &nbsp;&nbsp;&nbsp;&nbsp; 171212 |
|  | &nbsp;&nbsp;&nbsp;Micron Technology Inc. | 1302415 | &nbsp;&nbsp;&nbsp;&nbsp; 160523 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;777087 | &nbsp;&nbsp;&nbsp;&nbsp; 159023 |
|  | &nbsp;&nbsp;&nbsp;Lam Research Corp. | 1490670 | &nbsp;&nbsp;&nbsp;&nbsp; 145102 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;275743 | &nbsp;&nbsp;&nbsp;&nbsp; 140439 |
|  | &nbsp;&nbsp;&nbsp;Amphenol Corp. Class A | 1409654 | &nbsp;&nbsp;&nbsp;&nbsp; 139203 |
|  | &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;154112 | &nbsp;&nbsp;&nbsp;&nbsp; 138044 |
|  | &nbsp;&nbsp;&nbsp;Analog Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;578324 | &nbsp;&nbsp;&nbsp;&nbsp; 137653 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MicroStrategy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;295736 | &nbsp;&nbsp;&nbsp;&nbsp; 119545 |
|  | &nbsp;&nbsp;&nbsp;Intel Corp. | 4575142 | &nbsp;&nbsp;&nbsp;&nbsp; 102483 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AppLovin Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;286872 | &nbsp;&nbsp;&nbsp;&nbsp; 100428 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cadence Design Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;318204 | &nbsp;&nbsp;&nbsp;&nbsp; 98055 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DoorDash Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;394933 | &nbsp;&nbsp;&nbsp;&nbsp; 97355 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Synopsys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;180826 | &nbsp;&nbsp;&nbsp;&nbsp; 92706 |

---

------

Large-Cap Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fortinet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;758215 | &nbsp;&nbsp;&nbsp;&nbsp; 80159 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Snowflake Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;349958 | &nbsp;&nbsp;&nbsp;&nbsp; 78310 |
|  | &nbsp;&nbsp;&nbsp;Marvell Technology Inc. | 1006690 | &nbsp;&nbsp;&nbsp;&nbsp; 77918 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Autodesk Inc. | &nbsp;&nbsp;&nbsp;&nbsp;249339 | &nbsp;&nbsp;&nbsp;&nbsp; 77188 |
|  | &nbsp;&nbsp;&nbsp;Roper Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125307 | &nbsp;&nbsp;&nbsp;&nbsp; 71029 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cloudflare Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;343818 | &nbsp;&nbsp;&nbsp;&nbsp; 67330 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Workday Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;251724 | &nbsp;&nbsp;&nbsp;&nbsp; 60414 |
|  | &nbsp;&nbsp;&nbsp;TE Connectivity plc | &nbsp;&nbsp;&nbsp;&nbsp;345594 | &nbsp;&nbsp;&nbsp;&nbsp; 58291 |
|  | &nbsp;&nbsp;&nbsp;Vertiv Holdings Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;444122 | &nbsp;&nbsp;&nbsp;&nbsp; 57030 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Datadog Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;353709 | &nbsp;&nbsp;&nbsp;&nbsp; 47514 |
|  | &nbsp;&nbsp;&nbsp;Corning Inc. | &nbsp;&nbsp;&nbsp;&nbsp;898308 | &nbsp;&nbsp;&nbsp;&nbsp; 47242 |
|  | &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;574539 | &nbsp;&nbsp;&nbsp;&nbsp; 44831 |
|  | &nbsp;&nbsp;&nbsp;Microchip Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;628604 | &nbsp;&nbsp;&nbsp;&nbsp; 44235 |
|  | &nbsp;&nbsp;&nbsp;Dell Technologies Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;341094 | &nbsp;&nbsp;&nbsp;&nbsp; 41818 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Atlassian Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;192571 | &nbsp;&nbsp;&nbsp;&nbsp; 39109 |
|  | &nbsp;&nbsp;&nbsp;Monolithic Power Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53006 | &nbsp;&nbsp;&nbsp;&nbsp; 38768 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zscaler Inc. | &nbsp;&nbsp;&nbsp;&nbsp;117201 | &nbsp;&nbsp;&nbsp;&nbsp; 36794 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ANSYS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102463 | &nbsp;&nbsp;&nbsp;&nbsp; 35987 |
|  | &nbsp;&nbsp;&nbsp;Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;247312 | &nbsp;&nbsp;&nbsp;&nbsp; 35695 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gartner Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85214 | &nbsp;&nbsp;&nbsp;&nbsp; 34445 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;HubSpot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58384 | &nbsp;&nbsp;&nbsp;&nbsp; 32498 |
|  | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 1530811 | &nbsp;&nbsp;&nbsp;&nbsp; 31305 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GoDaddy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;166051 | &nbsp;&nbsp;&nbsp;&nbsp; 29899 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tyler Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50257 | &nbsp;&nbsp;&nbsp;&nbsp; 29794 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Super Micro Computer Inc. (XNGS) | &nbsp;&nbsp;&nbsp;&nbsp;591191 | &nbsp;&nbsp;&nbsp;&nbsp; 28974 |
|  | &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;153452 | &nbsp;&nbsp;&nbsp;&nbsp; 27405 |
|  | &nbsp;&nbsp;&nbsp;VeriSign Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93014 | &nbsp;&nbsp;&nbsp;&nbsp; 26862 |
|  | &nbsp;&nbsp;&nbsp;HP Inc. | 1094565 | &nbsp;&nbsp;&nbsp;&nbsp; 26773 |
|  | &nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;406539 | &nbsp;&nbsp;&nbsp;&nbsp; 26014 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;486976 | &nbsp;&nbsp;&nbsp;&nbsp; 25522 |
|  | &nbsp;&nbsp;&nbsp;NetApp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;236991 | &nbsp;&nbsp;&nbsp;&nbsp; 25251 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pinterest Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;657805 | &nbsp;&nbsp;&nbsp;&nbsp; 23589 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zoom Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;272930 | &nbsp;&nbsp;&nbsp;&nbsp; 21283 |
|  | &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;244221 | &nbsp;&nbsp;&nbsp;&nbsp; 20222 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Okta Inc. | &nbsp;&nbsp;&nbsp;&nbsp;194701 | &nbsp;&nbsp;&nbsp;&nbsp; 19464 |
|  | &nbsp;&nbsp;&nbsp;Gen Digital Inc. (XNGS) | &nbsp;&nbsp;&nbsp;&nbsp;650200 | &nbsp;&nbsp;&nbsp;&nbsp; 19116 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MongoDB Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90412 | &nbsp;&nbsp;&nbsp;&nbsp; 18986 |
|  | &nbsp;&nbsp;&nbsp;Leidos Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75100 | &nbsp;&nbsp;&nbsp;&nbsp; 11848 |
|  | &nbsp;&nbsp;&nbsp;Teradyne Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93576 | &nbsp;&nbsp;&nbsp;&nbsp; 8414 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;CoreWeave Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40130 | &nbsp;&nbsp;&nbsp;&nbsp; 6544 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Snap Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;619935 | &nbsp;&nbsp;&nbsp;&nbsp; 5387 |
|  | &nbsp;&nbsp;&nbsp;Bentley Systems Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85106 | &nbsp;&nbsp;&nbsp;&nbsp; 4593 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**23779227** |
| **Telecommunications (2.1%)** | **Telecommunications (2.1%)** | **Telecommunications (2.1%)** | **Telecommunications (2.1%)** |
|  | &nbsp;&nbsp;&nbsp;Cisco Systems Inc. | 4153572 | &nbsp;&nbsp;&nbsp;&nbsp; 288175 |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 8385852 | &nbsp;&nbsp;&nbsp;&nbsp; 242686 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 4422374 | &nbsp;&nbsp;&nbsp;&nbsp; 191356 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. Class A | 4340475 | &nbsp;&nbsp;&nbsp;&nbsp; 154911 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile US Inc. | &nbsp;&nbsp;&nbsp;&nbsp;529287 | &nbsp;&nbsp;&nbsp;&nbsp; 126108 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arista Networks Inc. | 1170904 | &nbsp;&nbsp;&nbsp;&nbsp; 119795 |
|  | &nbsp;&nbsp;&nbsp;Motorola Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;194524 | &nbsp;&nbsp;&nbsp;&nbsp; 81790 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Charter Communications Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;106330 | &nbsp;&nbsp;&nbsp;&nbsp; 43469 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1248290** |
| **Utilities (2.6%)** | **Utilities (2.6%)** | **Utilities (2.6%)** | **Utilities (2.6%)** |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy Inc. | 2399134 | &nbsp;&nbsp;&nbsp;&nbsp; 166548 |
|  | &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;367239 | &nbsp;&nbsp;&nbsp;&nbsp; 118530 |
|  | &nbsp;&nbsp;&nbsp;Southern Co. | 1282226 | &nbsp;&nbsp;&nbsp;&nbsp; 117747 |
|  | &nbsp;&nbsp;&nbsp;Waste Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;468997 | &nbsp;&nbsp;&nbsp;&nbsp; 107316 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;905597 | &nbsp;&nbsp;&nbsp;&nbsp; 106860 |
|  | &nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;395438 | &nbsp;&nbsp;&nbsp;&nbsp; 76640 |
|  | &nbsp;&nbsp;&nbsp;American Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;622584 | &nbsp;&nbsp;&nbsp;&nbsp; 64599 |
|  | &nbsp;&nbsp;&nbsp;Republic Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;236751 | &nbsp;&nbsp;&nbsp;&nbsp; 58385 |
|  | &nbsp;&nbsp;&nbsp;Sempra | &nbsp;&nbsp;&nbsp;&nbsp;760040 | &nbsp;&nbsp;&nbsp;&nbsp; 57588 |
|  | &nbsp;&nbsp;&nbsp;Waste Connections Inc. (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;301121 | &nbsp;&nbsp;&nbsp;&nbsp; 56225 |
|  | &nbsp;&nbsp;&nbsp;Dominion Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;993860 | &nbsp;&nbsp;&nbsp;&nbsp; 56173 |
|  | &nbsp;&nbsp;&nbsp;Exelon Corp. | 1176609 | &nbsp;&nbsp;&nbsp;&nbsp; 51088 |
|  | &nbsp;&nbsp;&nbsp;Public Service Enterprise Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;581526 | &nbsp;&nbsp;&nbsp;&nbsp; 48953 |
|  | &nbsp;&nbsp;&nbsp;Xcel Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;672173 | &nbsp;&nbsp;&nbsp;&nbsp; 45775 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Edison Inc. | &nbsp;&nbsp;&nbsp;&nbsp;419906 | &nbsp;&nbsp;&nbsp;&nbsp; 42138 |

---

------

Large-Cap Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;502020 | &nbsp;&nbsp;&nbsp;&nbsp; 41728 |
|  | &nbsp;&nbsp;&nbsp;WEC Energy Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;371919 | &nbsp;&nbsp;&nbsp;&nbsp; 38754 |
|  | &nbsp;&nbsp;&nbsp;PG&E Corp. | 2494326 | &nbsp;&nbsp;&nbsp;&nbsp; 34771 |
|  | &nbsp;&nbsp;&nbsp;American Water Works Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;227249 | &nbsp;&nbsp;&nbsp;&nbsp; 31613 |
|  | &nbsp;&nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;322118 | &nbsp;&nbsp;&nbsp;&nbsp; 30936 |
|  | &nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;217658 | &nbsp;&nbsp;&nbsp;&nbsp; 28831 |
|  | &nbsp;&nbsp;&nbsp;CenterPoint Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;760704 | &nbsp;&nbsp;&nbsp;&nbsp; 27948 |
|  | &nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;818284 | &nbsp;&nbsp;&nbsp;&nbsp; 27732 |
|  | &nbsp;&nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;428114 | &nbsp;&nbsp;&nbsp;&nbsp; 27237 |
|  | &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;638881 | &nbsp;&nbsp;&nbsp;&nbsp; 25721 |
|  | &nbsp;&nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;348469 | &nbsp;&nbsp;&nbsp;&nbsp; 24142 |
|  | &nbsp;&nbsp;&nbsp;Edison International | &nbsp;&nbsp;&nbsp;&nbsp;448256 | &nbsp;&nbsp;&nbsp;&nbsp; 23130 |
|  | &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;299128 | &nbsp;&nbsp;&nbsp;&nbsp; 18088 |
|  | &nbsp;&nbsp;&nbsp;NiSource Inc. | &nbsp;&nbsp;&nbsp;&nbsp;274509 | &nbsp;&nbsp;&nbsp;&nbsp; 11074 |
|  | &nbsp;&nbsp;&nbsp;Evergy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134047 | &nbsp;&nbsp;&nbsp;&nbsp; 9240 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1575510** |
| **Total Common Stocks (Cost $28,295,848)** | **Total Common Stocks (Cost $28,295,848)** | **Total Common Stocks (Cost $28,295,848)** | &nbsp;&nbsp;&nbsp;&nbsp;**61136448** |
| **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** |
| **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** |
| <sup>3,4</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.355% **(Cost** $**130,694)** | 1307075 | &nbsp;&nbsp;&nbsp;&nbsp; **130694** |
| **Total Investments (100.0%) (Cost $28,426,542)** | **Total Investments (100.0%) (Cost $28,426,542)** | **Total Investments (100.0%) (Cost $28,426,542)** | &nbsp;&nbsp;&nbsp;&nbsp;**61267142** |
| **Other Assets and Liabilities—Net (0.0%)** | **Other Assets and Liabilities—Net (0.0%)** | **Other Assets and Liabilities—Net (0.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(28997)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**61238145** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $9,551. |
| 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 $9,800 was received for securities on loan. |

---

CVR—Contingent Value Rights.

------

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini S&P 500 Index | September 2025 | 171 | 53470 | &nbsp;&nbsp;1593 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps |
| Reference Entity | Termination<br> Date | &nbsp;&nbsp;&nbsp;Counterparty | &nbsp;&nbsp;&nbsp;Notional<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Floating<br> Interest Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> (Depreciation)<br> ($000) |
| Visa Inc. Class A | 8/29/25 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;53258 | &nbsp;&nbsp;&nbsp;(4.337) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(103) |

---

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.

------

Large-Cap Index Fund

Statement of Assets and Liabilities

As of June 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $28,295,848) | 61136448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $130,694) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130694 |
| Total Investments in Securities | 61267142 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7417 |
| Cash Collateral Pledged—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3060 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83702 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29564 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8263 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584 |
| **Total Assets** | **61401258** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3556 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9800 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12441 |
| Payables for Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136142 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042 |
| Unrealized Depreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**163113** |
| **Net Assets** | **61238145** |
| 1 Includes $9,551 of securities on loan. |  |
| **At June 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 28314651 |
| Total Distributable Earnings (Loss) | 32923494 |
| **Net Assets** | **61238145** |
| **Investor Shares—Net Assets** |  |
| **Applicable to 214,635 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24741** |
| **Net Asset Value Per Share—Investor Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$115.27** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 148,648,032 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **42420817** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$285.38** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 104,064,875 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **14997711** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$144.12** |
| **Institutional Shares—Net Assets** |  |
| **Applicable to 6,397,690 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**3794876** |
| **Net Asset Value Per Share—Institutional Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$593.16** |

---

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

------

Large-Cap Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> June 30, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;371307 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1747 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
| Total Income | &nbsp;&nbsp;&nbsp;373090 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 |
| Shareholders' Reports and Proxy Fees—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shareholders' Reports and Proxy Fees—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| Shareholders' Reports and Proxy Fees—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;12130 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;**360960** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | 1691464 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5894 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4912 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Realized Net Gain (Loss)** | **1702270** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | 1660136 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1926 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |
| **Change in Unrealized Appreciation (Depreciation)** | **1662047** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **3725277** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $28. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $1,663, less than $1, and ($5), respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $1,861,200 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

Large-Cap Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> June 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> December 31,<br> 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681037 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;1702270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943661 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;1662047 | &nbsp;&nbsp;&nbsp;&nbsp;9890707 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;3725277 | &nbsp;&nbsp;&nbsp;11515405 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(323) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;(260540) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(483431) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90764) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178582) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40890) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(373449) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(703226) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5835) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;1032095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(272810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288929) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52046) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;1101099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621356 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;4452927 | &nbsp;&nbsp;&nbsp;11433535 |
| **Net Assets** |  |  |
| **Beginning of Period** | **56785218** | &nbsp;&nbsp;&nbsp;**45351683** |
| **End of Period** | **61238145** | &nbsp;&nbsp;&nbsp;**56785218** |

---

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

------

Large-Cap Index Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$108.91** | &nbsp;&nbsp;&nbsp;&nbsp;**$88.20** | &nbsp;&nbsp;&nbsp;**$70.38** | &nbsp;&nbsp;&nbsp;**$89.03** | &nbsp;&nbsp;&nbsp;**$71.00** | &nbsp;&nbsp;&nbsp;**$59.72** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.969 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.755 | &nbsp;&nbsp;&nbsp;&nbsp;17.823 | &nbsp;&nbsp;&nbsp;&nbsp;(18.646) | &nbsp;&nbsp;&nbsp;&nbsp;18.025 | &nbsp;&nbsp;&nbsp;&nbsp;11.268 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.931 | &nbsp;&nbsp;&nbsp;&nbsp;18.965 | &nbsp;&nbsp;&nbsp;&nbsp;(17.588) | &nbsp;&nbsp;&nbsp;&nbsp;18.981 | &nbsp;&nbsp;&nbsp;&nbsp;12.237 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.626) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.221) | &nbsp;&nbsp;&nbsp;&nbsp;(1.145) | &nbsp;&nbsp;&nbsp;&nbsp;(1.062) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.951) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.957) |
| 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;(.626) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.221) | &nbsp;&nbsp;&nbsp;&nbsp;(1.145) | &nbsp;&nbsp;&nbsp;&nbsp;(1.062) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.951) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.957) |
| **Net Asset Value, End of Period** | **$115.27** | &nbsp;&nbsp;&nbsp;**$108.91** | &nbsp;&nbsp;&nbsp;**$88.20** | &nbsp;&nbsp;&nbsp;**$70.38** | &nbsp;&nbsp;&nbsp;**$89.03** | &nbsp;&nbsp;&nbsp;**$71.00** |
| **Total Return<sup>2</sup>** | **6.44%** | &nbsp;&nbsp;&nbsp;**24.95%** | &nbsp;&nbsp;&nbsp;**27.12%** | &nbsp;&nbsp;&nbsp;**-19.78%** | &nbsp;&nbsp;&nbsp;**26.87%** | &nbsp;&nbsp;&nbsp;**20.89%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $25 | &nbsp;&nbsp;&nbsp;$30 | &nbsp;&nbsp;&nbsp;$23 | &nbsp;&nbsp;&nbsp;$17 | &nbsp;&nbsp;&nbsp;$36 | &nbsp;&nbsp;&nbsp;$37 |
| Ratio of Total Expenses to Average Net Assets | 0.17% | &nbsp;&nbsp;&nbsp;0.17%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.17%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.17%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;0.17% |
| Ratio of Net Investment Income to Average Net Assets | 1.15% | &nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;1.61% |
| Portfolio Turnover Rate<sup>4</sup> | 1% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;3% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.17%. |
| 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.

------

Large-Cap Index Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **ETF Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$269.66** | &nbsp;&nbsp;&nbsp;**$218.35** | &nbsp;&nbsp;&nbsp;**$174.22** | &nbsp;&nbsp;&nbsp;**$220.44** | &nbsp;&nbsp;&nbsp;**$175.80** | &nbsp;&nbsp;&nbsp;**$147.88** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.594 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;15.779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.134 | &nbsp;&nbsp;&nbsp;&nbsp;(46.233) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.890 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;17.457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.213 | &nbsp;&nbsp;&nbsp;&nbsp;(43.328) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.484 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(1.737) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.338) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.892) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.623) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.564) |
| 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;(1.737) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.338) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.892) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.623) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.564) |
| **Net Asset Value, End of Period** | **$285.38** | &nbsp;&nbsp;&nbsp;**$269.66** | &nbsp;&nbsp;&nbsp;**$218.35** | &nbsp;&nbsp;&nbsp;**$174.22** | &nbsp;&nbsp;&nbsp;**$220.44** | &nbsp;&nbsp;&nbsp;**$175.80** |
| **Total Return** | **6.51%** | &nbsp;&nbsp;&nbsp;**25.12%** | &nbsp;&nbsp;&nbsp;**27.29%** | &nbsp;&nbsp;&nbsp;**-19.68%** | &nbsp;&nbsp;&nbsp;**27.02%** | &nbsp;&nbsp;&nbsp;**20.99%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $42421 | &nbsp;&nbsp;&nbsp;$39086 | &nbsp;&nbsp;&nbsp;$30728 | &nbsp;&nbsp;&nbsp;$24137 | &nbsp;&nbsp;&nbsp;$28242 | &nbsp;&nbsp;&nbsp;$21540 |
| Ratio of Total Expenses to Average Net Assets | 0.04% | &nbsp;&nbsp;&nbsp;0.04%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.04%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.04%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;0.04% |
| Ratio of Net Investment Income to Average Net Assets | 1.27% | &nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;1.74% |
| Portfolio Turnover Rate<sup>3</sup> | 1% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;3% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%. |
| 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.

------

Large-Cap Index Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$136.18** | &nbsp;&nbsp;&nbsp;**$110.27** | &nbsp;&nbsp;&nbsp;&nbsp;**$87.98** | &nbsp;&nbsp;&nbsp;**$111.33** | &nbsp;&nbsp;&nbsp;&nbsp;**$88.79** | &nbsp;&nbsp;&nbsp;**$74.69** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.303 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.293 | &nbsp;&nbsp;&nbsp;&nbsp;(23.348) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.530 | &nbsp;&nbsp;&nbsp;&nbsp;14.084 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.837 | &nbsp;&nbsp;&nbsp;&nbsp;(21.892) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.855 | &nbsp;&nbsp;&nbsp;&nbsp;15.387 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.673) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.315) | &nbsp;&nbsp;&nbsp;&nbsp;(1.287) |
| 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;(.870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.673) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.315) | &nbsp;&nbsp;&nbsp;&nbsp;(1.287) |
| **Net Asset Value, End of Period** | **$144.12** | &nbsp;&nbsp;&nbsp;**$136.18** | &nbsp;&nbsp;&nbsp;**$110.27** | &nbsp;&nbsp;&nbsp;&nbsp;**$87.98** | &nbsp;&nbsp;&nbsp;**$111.33** | &nbsp;&nbsp;&nbsp;**$88.79** |
| **Total Return<sup>2</sup>** | **6.50%** | &nbsp;&nbsp;&nbsp;**25.10%** | &nbsp;&nbsp;&nbsp;**27.28%** | &nbsp;&nbsp;&nbsp;**-19.70%** | &nbsp;&nbsp;&nbsp;**27.01%** | &nbsp;&nbsp;&nbsp;**21.03%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $14998 | &nbsp;&nbsp;&nbsp;$14446 | &nbsp;&nbsp;&nbsp;$11953 | &nbsp;&nbsp;&nbsp;$9583 | &nbsp;&nbsp;&nbsp;$11847 | &nbsp;&nbsp;&nbsp;$9338 |
| Ratio of Total Expenses to Average Net Assets | 0.05% | &nbsp;&nbsp;&nbsp;0.05%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.05%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.05%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;0.05% |
| Ratio of Net Investment Income to Average Net Assets | 1.26% | &nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;1.73% |
| Portfolio Turnover Rate<sup>4</sup> | 1% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;3% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.05%. |
| 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.

------

Large-Cap Index Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, | &nbsp;&nbsp;&nbsp;Year Ended December 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> June 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$560.49** | &nbsp;&nbsp;&nbsp;**$453.84** | &nbsp;&nbsp;&nbsp;**$362.12** | &nbsp;&nbsp;&nbsp;**$458.22** | &nbsp;&nbsp;&nbsp;**$365.43** | &nbsp;&nbsp;&nbsp;**$307.39** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.389 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;32.771 | &nbsp;&nbsp;&nbsp;&nbsp;106.860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91.727 | &nbsp;&nbsp;&nbsp;&nbsp;(96.092) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92.764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.981 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;36.282 | &nbsp;&nbsp;&nbsp;&nbsp;113.587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.128 | &nbsp;&nbsp;&nbsp;&nbsp;(90.060) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.370 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(3.612) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.937) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.408) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.451) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.330) |
| Distributions from Realized Capital Gains |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(3.612) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.937) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.408) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.451) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.330) |
| **Net Asset Value, End of Period** | **$593.16** | &nbsp;&nbsp;&nbsp;**$560.49** | &nbsp;&nbsp;&nbsp;**$453.84** | &nbsp;&nbsp;&nbsp;**$362.12** | &nbsp;&nbsp;&nbsp;**$458.22** | &nbsp;&nbsp;&nbsp;**$365.43** |
| **Total Return** | **6.51%** | &nbsp;&nbsp;&nbsp;**25.12%** | &nbsp;&nbsp;&nbsp;**27.28%** | &nbsp;&nbsp;&nbsp;**-19.69%** | &nbsp;&nbsp;&nbsp;**27.03%** | &nbsp;&nbsp;&nbsp;**21.05%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $3795 | &nbsp;&nbsp;&nbsp;$3224 | &nbsp;&nbsp;&nbsp;$2648 | &nbsp;&nbsp;&nbsp;$2071 | &nbsp;&nbsp;&nbsp;$2524 | &nbsp;&nbsp;&nbsp;$2149 |
| Ratio of Total Expenses to Average Net Assets | 0.04% | &nbsp;&nbsp;&nbsp;0.04%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.04%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.04%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;0.04% |
| Ratio of Net Investment Income to Average Net Assets | 1.28% | &nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;1.74% |
| Portfolio Turnover Rate<sup>3</sup> | 1% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;3% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%. |
| 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.

------

Large-Cap Index Fund

Notes to Financial Statements

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

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

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

2. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).

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

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

During the six months ended June 30, 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.

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

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

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

During the six months ended June 30, 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.

------

Large-Cap Index Fund

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

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

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

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

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

For the six months ended June 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

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

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 June 30, 2025, the fund had contributed to Vanguard capital in the amount of $1,526,000, representing less than 0.01% of the fund's net assets and 0.61% 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.**

------

Large-Cap Index Fund

The following table summarizes the market value of the fund's investments and derivatives as of June 30, 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 | 61136448 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;61136448 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130694 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130694 |
| Total | 61267142 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;61267142 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 1593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1593 |
| Liabilities |  |  |  |  |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(103) | &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.** As of June 30, 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;28470017 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;33370987 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(572269) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;32798718 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2024, the fund had available capital losses totaling $1,589,687,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2025; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**E.** During the six months ended June 30, 2025, the fund purchased $897,041,000 of investment securities and sold $735,067,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $3,370,934,000 and $2,437,978,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended June 30, 2025, such purchases were $162,997,000 and sales were $251,897,000, resulting in net realized loss of $103,102,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> June 30, 2025 | Six Months Ended<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> December 31, 2024 | &nbsp;&nbsp;&nbsp;Year Ended<br> December 31, 2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Investor Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7913) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9443) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100) |
| Net Increase (Decrease)—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5835) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| **ETF Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;3475309 | &nbsp;&nbsp;&nbsp;13351 | &nbsp;&nbsp;&nbsp;&nbsp;2433714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9967 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (2443214) | &nbsp;&nbsp;(9650) | &nbsp;&nbsp;(1472966) | &nbsp;&nbsp;&nbsp;&nbsp;(5750) |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;1032095 | &nbsp;&nbsp;&nbsp;&nbsp;3701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4217 |

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------

Large-Cap Index Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> June 30, 2025 | Six Months Ended<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> December 31, 2024 | &nbsp;&nbsp;&nbsp;Year Ended<br> December 31, 2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;762078 | &nbsp;&nbsp;&nbsp;&nbsp;5731 | &nbsp;&nbsp;&nbsp;&nbsp;1557760 | &nbsp;&nbsp;&nbsp;&nbsp;12519 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129 |
| Redeemed | (1108721) | &nbsp;&nbsp;(8283) | &nbsp;&nbsp;(1992403) | &nbsp;&nbsp;(15965) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;(272810) | &nbsp;&nbsp;(2015) | &nbsp;&nbsp;&nbsp;&nbsp;(288929) | &nbsp;&nbsp;&nbsp;&nbsp;(2317) |
| **Institutional Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;521545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 |
| Redeemed | &nbsp;&nbsp;&nbsp;(192307) | &nbsp;&nbsp;&nbsp;&nbsp;(345) | &nbsp;&nbsp;&nbsp;&nbsp;(623777) | &nbsp;&nbsp;&nbsp;&nbsp;(1216) |
| Net Increase (Decrease)—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;347649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83) |

---

**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.

Q03072 082025

------

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies.**

At a special meeting of shareholders on February 26, 2025, shareholders of Vanguard Index Funds (the "Trust") approved the following proposal:

Proposal 1—Elect Trustees for each fund.\*

The individuals listed in the table below were elected as Trustees. All Trustees with the exception of Mr. Murphy; Ms. Patterson; Mr. Ramji; and Ms. Venneman, served as Trustees prior to the shareholder meeting. Each vote reported below represents one dollar of the total combined net asset value of the Trust's shares held on the record date of November 26, 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
| Trustee | Votes For | Votes Withheld | Abstained | Broker<br> Non-Votes |
| Tara Bunch | 3241505677653 | 52033287755 | N/A | N/A |
| Mark Loughridge | 3207473844123 | 86065121290 | N/A | N/A |
| Scott C. Malpass | 3217781421588 | 75757543824 | N/A | N/A |
| John Murphy | 3250531221976 | 43007743432 | N/A | N/A |
| Lubos Pastor | 3250323453375 | 43215512028 | N/A | N/A |
| Rebecca Patterson | 3253657324381 | 39881641031 | N/A | N/A |
| André F. Perold | 3239704461012 | 53834504390 | N/A | N/A |
| Salim Ramji | 3239014341871 | 54524623531 | N/A | N/A |
| Sarah Bloom Raskin | 3226915067114 | 66623898288 | N/A | N/A |
| Grant Reid | 3240421718367 | 53117247044 | N/A | N/A |
| David Thomas | 3245221763895 | 48317201506 | N/A | N/A |
| Barbara Venneman | 3251687975712 | 41850989695 | N/A | N/A |
| Peter F. Volanakis | 3207397368930 | 86141596475 | N/A | N/A |

---

\* Results are for all funds within the same Trust.

**Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable. The Trustees' Fees and Expenses are included in the financial statements filed under Item 7 of this Form.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts.**

**Trustees Approve Advisory Arrangement – 500 Index Fund**

The board of trustees of Vanguard 500 Index Fund has renewed the fund's investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index Group. The board determined that continuing the fund's internalized management structure was in the best interests of the fund and its shareholders.

The board based its decision upon an evaluation of the advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard's Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Oversight and Manager Search team met regularly with the advisor and made presentations to the board during the fiscal year that directed the board's focus to relevant information and topics.

The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor's assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the board received periodic reports throughout the year, which included information about the portfolio's performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Oversight and Manager Search team's ongoing assessment of the advisor.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board's decision.

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

The board reviewed the quality of the fund's investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Equity Index Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.

The board concluded that Vanguard's experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.

**Investment performance**

The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance compared with its target index and peer group. The board concluded that the performance was such that the advisory arrangement should continue.

**Cost**

The board concluded that the fund's expense ratio was below the average expense ratio charged by funds in its peer group and that the fund's advisory expenses were also below the peer-group average.

The board does not conduct a profitability analysis of Vanguard because of Vanguard's unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

**The benefit of economies of scale**

The board concluded that the fund's arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.

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

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

The board of trustees of Vanguard Growth Index Fund, Vanguard Value Index Fund, and Vanguard Large-Cap Index Fund has renewed each fund's investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index Group. The board determined that continuing each fund's internalized management structure was in the best interests of the fund and its shareholders.

The board based its decisions upon an evaluation of the advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard's Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Oversight and Manager Search team met regularly with the advisor and made presentations to the board during the fiscal year that directed the board's focus to relevant information and topics.

The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor's assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the board received periodic reports throughout the year, which included information about the portfolio's performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Oversight and Manager Search team's ongoing assessment of the advisor.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board's decisions.

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

The board reviewed the quality of each fund's investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Equity Index Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.

The board concluded that Vanguard's experience, stability, depth, and performance, among other factors, warranted continuation of each advisory arrangement.

**Investment performance**

The board considered the short- and long-term performance of each fund, including any periods of outperformance or underperformance compared with its target index and peer group. The board concluded that the performance was such that each advisory arrangement should continue.

**Cost**

The board concluded that each fund's expense ratio was below the average expense ratio charged by funds in its peer group and that each fund's advisory expenses were also below the peer-group average.

The board does not conduct a profitability analysis of Vanguard because of Vanguard's unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

**The benefit of economies of scale**

The board concluded that the funds' arrangements with Vanguard ensure that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.

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

**Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13: Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14**: **Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15**: **Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16**: **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Internal Control Over Financial Reporting. There were no changes in the Registrant's Internal Control Over Financial Reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17**: **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18: Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19: Exhibits.**

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| | |
|:---|:---|
| (a)(1) | Not applicable. |
| [(a)(2)](tm2519836d8_ex99-cert.htm) | [Certifications filed herewith.](tm2519836d8_ex99-cert.htm) |
| [(a)(2)](tm2519836d8_ex99-906cert.htm) | [Certifications filed herewith.](tm2519836d8_ex99-906cert.htm) |

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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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

---

Date: August 18, 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.

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

---

Date: August 18, 2025

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

---

Date: August 18, 2025

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| | |
|:---|:---|
| \* By: | /s/ Tonya T. Robinson |

---

Tonya T. Robinson, 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.Cert

**Exhibit 99.CERT**

<u>CERTIFICATIONS</u>

I, Salim Ramji, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard Index 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: August 18, 2025

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| |
|:---|
| /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 Index 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: August 18, 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 Index 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:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the issuer.

Date: August 18, 2025

---

| |
|:---|
| /s/ Salim Ramji |
| Salim Ramji |
| Chief Executive Officer |

---

**Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Name of Issuer: **<u>Vanguard Index 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:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the issuer.

Date: August 18, 2025

---

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

---