Semiannual Report  |  June 30, 2022
Vanguard U.S. Stock Index Funds
Mid-Capitalization Portfolios
Vanguard Extended Market Index Fund
Vanguard Mid-Cap Index Fund
Vanguard Mid-Cap Growth Index Fund
Vanguard Mid-Cap Value Index Fund

 

Contents
About Your Fund's Expenses

1
Extended Market Index Fund

3
Mid-Cap Index Fund

48
Mid-Cap Growth Index Fund

68
Mid-Cap Value Index Fund

82
Trustees Approve Advisory Arrangements

97
Liquidity Risk Management

98

 

About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund‘s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
1

 

Six Months Ended June 30, 2022      
  Beginning
Account Value
12/31/2021
Ending
Account Value
6/30/2022
Expenses
Paid During
Period
Based on Actual Fund Return
Extended Market Index Fund      
Investor Shares $1,000.00 $718.70 $0.81
ETF Shares 1,000.00 719.20 0.26
Admiral™ Shares 1,000.00 719.20 0.26
Institutional Shares 1,000.00 719.20 0.21
Institutional Plus Shares 1,000.00 719.30 0.17
Institutional Select Shares 1,000.00 719.40 0.09
Mid-Cap Index Fund      
Investor Shares $1,000.00 $777.50 $0.75
ETF Shares 1,000.00 778.00 0.18
Admiral Shares 1,000.00 777.90 0.22
Institutional Shares 1,000.00 777.90 0.18
Institutional Plus Shares 1,000.00 778.00 0.13
Mid-Cap Growth Index Fund      
Investor Shares $1,000.00 $690.70 $0.80
ETF Shares 1,000.00 691.10 0.29
Admiral Shares 1,000.00 691.00 0.29
Mid-Cap Value Index Fund      
Investor Shares $1,000.00 $869.30 $0.88
ETF Shares 1,000.00 869.80 0.32
Admiral Shares 1,000.00 869.80 0.32
Based on Hypothetical 5% Yearly Return
Extended Market Index Fund      
Investor Shares $1,000.00 $1,023.85 $0.95
ETF Shares 1,000.00 1,024.50 0.30
Admiral Shares 1,000.00 1,024.50 0.30
Institutional Shares 1,000.00 1,024.55 0.25
Institutional Plus Shares 1,000.00 1,024.60 0.20
Institutional Select Shares 1,000.00 1,024.70 0.10
Mid-Cap Index Fund      
Investor Shares $1,000.00 $1,023.95 $0.85
ETF Shares 1,000.00 1,024.60 0.20
Admiral Shares 1,000.00 1,024.55 0.25
Institutional Shares 1,000.00 1,024.60 0.20
Institutional Plus Shares 1,000.00 1,024.65 0.15
Mid-Cap Growth Index Fund      
Investor Shares $1,000.00 $1,023.85 $0.95
ETF Shares 1,000.00 1,024.45 0.35
Admiral Shares 1,000.00 1,024.45 0.35
Mid-Cap Value Index Fund      
Investor Shares $1,000.00 $1,023.85 $0.95
ETF Shares 1,000.00 1,024.45 0.35
Admiral Shares 1,000.00 1,024.45 0.35
The calculations are based on expenses incurred in the most recent six-month period. The funds’ annualized six-month expense ratios for that period are: for the Extended Market Index Fund, 0.19% for Investor Shares, 0.06% for ETF Shares, 0.06% for Admiral Shares, 0.05% for Institutional Shares, 0.04% for Institutional Plus Shares, and 0.02% for Institutional Select Shares; for the Mid-Cap Index Fund, 0.17% for Investor Shares, 0.04% for ETF Shares, 0.05% for Admiral Shares, 0.04% for Institutional Shares, and 0.03% for Institutional Plus Shares; for the Mid-Cap Growth Index Fund, 0.19% for Investor Shares, 0.07% for ETF Shares, and 0.07% for Admiral Shares; and for the Mid-Cap Value Index Fund, 0.19% for Investor Shares, 0.07% for ETF Shares, and 0.07% for Admiral Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (181/365).
2

 

Extended Market Index Fund
Fund Allocation
As of June 30, 2022
Communication Services 3.7%
Consumer Discretionary 10.6
Consumer Staples 3.0
Energy 4.6
Financials 16.0
Health Care 13.4
Industrials 14.4
Information Technology 19.7
Materials 4.3
Other 0.0
Real Estate 7.7
Utilities 2.6
The table reflects the fund’s investments, except for short-term investments and derivatives. Sector categories are based on the Global Industry Classification Standard (“GICS”), except for the “Other” category (if applicable), which includes securities that have not been provided a GICS classification as of the effective reporting period.
The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, attempting to remain fully invested and tracking its target index as closely as possible.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard and Poor’s, a division of McGraw-Hill Companies, Inc. (“S&P”), and is licensed for use by Vanguard. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classification makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of its affiliates or any third party involved in making or compiling the GICS or any GICS classification have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
3

 

Extended Market Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of June 30, 2022
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 Market
Value

($000)
Common Stocks (99.1%)
Communication Services (3.7%)
* Liberty Broadband Corp. Class C  1,879,733    217,372
* Snap Inc. Class A 14,637,403    192,189
* Liberty Media Corp.-Liberty Formula One Class C  2,690,256    170,751
* Pinterest Inc. Class A  7,683,628    139,535
* ZoomInfo Technologies Inc. Class A  4,067,807    135,214
* Roku Inc.  1,611,128    132,338
* Liberty Global plc Class C  4,935,038    109,015
*,1 AMC Entertainment Holdings Inc. Class A  6,946,743     94,128
  Nexstar Media Group Inc. Class A    541,748     88,240
* IAC/InterActiveCorp  1,127,680     85,670
  Cable One Inc.     65,673     84,674
* Liberty Media Corp.-Liberty SiriusXM Class C  2,124,735     76,597
* Frontier Communications Parent Inc.  2,799,711     65,905
* Iridium Communications Inc.  1,727,526     64,886
  New York Times Co. Class A  2,250,305     62,784
  TEGNA Inc.  2,947,582     61,811
1 Sirius XM Holdings Inc.  8,115,809     49,750
* Ziff Davis Inc.    641,043     47,777
* Liberty Media Corp.-Liberty SiriusXM Class A  1,066,088     38,422
  Warner Music Group Corp. Class A  1,553,309     37,839
  World Wrestling Entertainment Inc. Class A    586,208     36,632
* Madison Square Garden Sports Corp.    229,430     34,644
  Cogent Communications Holdings Inc.    562,648     34,186
* Altice USA Inc. Class A  3,053,535     28,245
  John Wiley & Sons Inc. Class A    590,596     28,207
* Bumble Inc. Class A    971,079     27,336
* Liberty Global plc Class A  1,280,628     26,957
* Cargurus Inc. Class A  1,160,660     24,943
* Yelp Inc. Class A    897,360     24,920
* TripAdvisor Inc.  1,328,136     23,641
* TechTarget Inc.    353,949     23,262
* Cinemark Holdings Inc.  1,423,338     21,379
  Telephone & Data Systems Inc.  1,305,896     20,620
  Gray Television Inc.  1,200,954     20,284
* Liberty Media Corp.-Liberty Formula One Class A    347,370     20,137
* Playtika Holding Corp.  1,383,802     18,322
* Madison Square Garden Entertainment Corp.    341,038     17,945
* Liberty Broadband Corp. Class A    144,598     16,419
  Scholastic Corp.    414,892     14,924
  Shenandoah Telecommunications Co.    667,438     14,817
* Gogo Inc.    896,250     14,510
* Lions Gate Entertainment Corp. Class B  1,636,798     14,453
* Radius Global Infrastructure Inc.    941,711     14,371
* Liberty Latin America Ltd. Class C  1,777,809     13,849
* Magnite Inc.  1,535,293     13,633
* WideOpenWest Inc.    705,213     12,842
* Vimeo Inc.  2,104,607     12,670
  Sinclair Broadcast Group Inc. Class A    584,220     11,918
* iHeartMedia Inc. Class A  1,466,089     11,567
* AMC Networks Inc. Class A    395,142     11,507
* Liberty Media Corp.-Liberty Braves Class C    465,517     11,172
* Globalstar Inc.  8,873,742     10,915
* Eventbrite Inc. Class A  1,023,993     10,516
* Anterix Inc.    246,503     10,124
* EchoStar Corp. Class A    520,312     10,042
* Cardlytics Inc.    446,196      9,955
* EW Scripps Co. Class A    775,311      9,668
* PubMatic Inc. Class A    596,843      9,484
          Shares Market
Value

($000)
*,1 Charge Enterprises Inc.  1,978,844      9,439
* Cars.com Inc.    867,497      8,180
* Lions Gate Entertainment Corp. Class A    815,797      7,595
* Consolidated Communications Holdings Inc.    986,925      6,908
* Liberty Latin America Ltd. Class A    879,551      6,861
* Clear Channel Outdoor Holdings Inc.  6,384,120      6,831
* QuinStreet Inc.    676,110      6,802
*,1 fuboTV Inc.  2,745,486      6,781
  ATN International Inc.    141,007      6,615
*,1 Starry Group Holdings Inc. Class A  1,493,239      6,152
* IDT Corp. Class B    235,246      5,916
* Bandwidth Inc. Class A    313,027      5,891
* Gannett Co. Inc.  1,971,172      5,716
* Stagwell Inc.    999,489      5,427
* United States Cellular Corp.    183,457      5,313
* Thryv Holdings Inc.    234,203      5,244
* Advantage Solutions Inc.  1,360,664      5,171
* Nextdoor Holdings Inc.  1,529,837      5,064
* Boston Omaha Corp. Class A    231,795      4,787
* Marcus Corp.    317,813      4,694
*,1 Playstudios Inc.  1,092,288      4,675
* Angi Inc. Class A  1,020,572      4,674
* Sciplay Corp. Class A    327,501      4,575
*,1 Skillz Inc. Class A  3,616,291      4,484
*,1 Liberty Media Corp.-Liberty Braves Class A    177,664      4,468
  Entravision Communications Corp. Class A    835,184      3,808
* Ooma Inc.    300,626      3,559
*,1 AST SpaceMobile Inc.    546,884      3,434
*,1 Genius Brands International Inc.  3,944,268      2,986
* Daily Journal Corp.     11,157      2,887
* DHI Group Inc.    580,240      2,884
* TrueCar Inc.  1,107,250      2,868
* MediaAlpha Inc. Class A    279,154      2,750
* Reservoir Media Inc.    380,922      2,484
* EverQuote Inc. Class A    258,096      2,282
* ZipRecruiter Inc. Class A    151,403      2,244
* Integral Ad Science Holding Corp.    204,655      2,032
*,1 AdTheorent Holding Co. Inc.    653,683      2,020
* Hemisphere Media Group Inc. Class A    260,645      1,989
* comScore Inc.    908,163      1,871
*,1 Cumulus Media Inc. Class A    227,630      1,760
  Spok Holdings Inc.    269,844      1,700
*,1 System1 Inc.    237,301      1,654
*,1 Golden Matrix Group Inc.    363,580      1,629
  Saga Communications Inc. Class A     62,836      1,561
* Emerald Holding Inc.    366,898      1,493
* Audacy Inc. Class A  1,584,481      1,493
*,1 Leafly Holdings Inc.    331,500      1,492
*,1 KORE Group Holdings Inc.    434,608      1,334
*,1 Arena Group Holdings Inc.    147,317      1,326
* Lee Enterprises Inc.     68,380      1,299
* Innovid Corp.    687,821      1,142
* Townsquare Media Inc. Class A    136,294      1,116
*,1 Urban One Inc. Class A    203,760      1,113
* Loyalty Ventures Inc.    269,437        962
*,1 Cinedigm Corp. Class A  1,867,441        919
*,1 Redbox Entertainment Inc.    112,252        831
* Gaia Inc. Class A    194,110        825
1 National CineMedia Inc.    868,027        795
* Liberty TripAdvisor Holdings Inc. Class A  1,017,762        770
4

 

Extended Market Index Fund
          Shares Market
Value

($000)
* Reading International Inc. Class A    211,846        765
* Fluent Inc.    638,538        760
*,1 Chicken Soup For The Soul Entertainment Inc.    102,374        759
* IZEA Worldwide Inc.    784,653        705
*,1 CuriosityStream Inc.    392,105        663
*,1 LiveOne Inc.    762,327        653
*,1 Wejo Group Ltd.    529,730        630
* Travelzoo    102,326        620
* Ballantyne Strong Inc.    249,405        601
* Outbrain Inc.    105,760        532
* Marchex Inc. Class B    400,100        528
* BuzzFeed Inc.    337,800        520
* Zedge Inc. Class B    160,734        463
* Super League Gaming Inc.    414,943        423
*,1,2 NII Holdings Inc.  1,297,367        337
  DallasNews Corp.     52,044        329
* Salem Media Group Inc. Class A    133,017        282
*,1 Dolphin Entertainment Inc.     86,444        273
* NextPlay Technologies Inc.    510,817        178
* Stran & Co. Inc.    103,686        172
* Beasley Broadcast Group Inc. Class A    109,596        140
*,1 Society Pass Inc.     71,319        138
* Insignia Systems Inc.     17,904        137
* SPAR Group Inc.    108,259        128
*,1 Paltalk Inc.     62,318        125
* Creatd Inc.    149,216        110
* Kubient Inc.    128,879         85
* Cuentas Inc.    114,035         71
* Mediaco Holding Inc. Class A     32,748         68
* Creative Realities Inc.    103,597         63
*,1 Troika Media Group Inc.     69,905         53
*,1 Professional Diversity Network Inc.     73,847         52
* AutoWeb Inc.    128,788         49
* Grom Social Enterprises Inc.    105,935         43
* Motorsport Games Inc. Class A     62,787         41
*,1 Moving Image Technologies Inc.     28,721         37
* Direct Digital Holdings Inc. Class A     28,276         36
* Urban One Inc.      7,400         32
* NextPlat Corp.        300          1
                    2,871,090
Consumer Discretionary (10.5%)
* Airbnb Inc. Class A  4,915,308    437,856
* Lululemon Athletica Inc.  1,562,496    425,952
  Service Corp. International  2,130,867    147,286
* DoorDash Inc. Class A  2,242,610    143,908
* Burlington Stores Inc.    886,071    120,709
  Vail Resorts Inc.    544,625    118,755
  Lithia Motors Inc. Class A    385,973    106,069
  Aramark  3,457,654    105,908
* Mattel Inc.  4,731,166    105,647
  Williams-Sonoma Inc.    936,043    103,854
*,1 GameStop Corp. Class A    829,316    101,425
  Lear Corp.    802,049    100,970
*,1 Lucid Group Inc.  5,742,776     98,546
* Deckers Outdoor Corp.    367,031     93,721
* Floor & Decor Holdings Inc. Class A  1,422,442     89,557
  Churchill Downs Inc.    457,765     87,676
  Gentex Corp.  3,128,974     87,517
* Five Below Inc.    740,894     84,040
* Capri Holdings Ltd.  1,988,886     81,564
  Wyndham Hotels & Resorts Inc.  1,221,706     80,291
* Planet Fitness Inc. Class A  1,144,211     77,818
  H&R Block Inc.  2,142,910     75,688
  Autoliv Inc.  1,047,842     74,994
  Polaris Inc.    746,348     74,097
* TopBuild Corp.    437,464     73,126
  Macy's Inc.  3,807,863     69,760
  Murphy USA Inc.    294,734     68,635
* Bright Horizons Family Solutions Inc.    794,396     67,142
          Shares Market
Value

($000)
  Texas Roadhouse Inc. Class A    909,521     66,577
* Terminix Global Holdings Inc.  1,630,804     66,292
  Brunswick Corp.  1,006,878     65,830
  Toll Brothers Inc.  1,458,734     65,060
* Skechers USA Inc. Class A  1,818,713     64,710
  Marriott Vacations Worldwide Corp.    551,849     64,125
  Harley-Davidson Inc.  1,986,638     62,897
  Leggett & Platt Inc.  1,791,832     61,962
  Kohl's Corp.  1,715,939     61,242
* Light & Wonder Inc.  1,289,850     60,610
1 Dick's Sporting Goods Inc.    773,189     58,275
*,1 DraftKings Inc. Class A  4,846,332     56,557
*,1 Rivian Automotive Inc. Class A  2,164,307     55,709
  Thor Industries Inc.    727,593     54,373
* AutoNation Inc.    478,058     53,428
  Boyd Gaming Corp.  1,061,644     52,817
* Helen of Troy Ltd.    320,643     52,076
* Hyatt Hotels Corp. Class A    677,579     50,080
* Asbury Automotive Group Inc.    295,435     50,029
  Tempur Sealy International Inc.  2,337,039     49,943
* RH    234,293     49,731
* YETI Holdings Inc.  1,142,695     49,444
  Choice Hotels International Inc.    442,386     49,384
  Hanesbrands Inc.  4,700,382     48,367
* Ollie's Bargain Outlet Holdings Inc.    786,091     46,183
* Fox Factory Holding Corp.    566,257     45,606
  Travel + Leisure Co.  1,126,203     43,719
* Hilton Grand Vacations Inc.  1,188,991     42,483
  Wendy's Co.  2,249,048     42,462
* Dorman Products Inc.    379,909     41,680
  Penske Automotive Group Inc.    396,664     41,527
*,1 Wayfair Inc. Class A    948,394     41,312
* Grand Canyon Education Inc.    427,003     40,219
  Academy Sports & Outdoors Inc.  1,126,121     40,022
* Goodyear Tire & Rubber Co.  3,731,142     39,961
* Crocs Inc.    815,382     39,685
* Visteon Corp.    372,978     38,633
  LCI Industries    337,144     37,720
  Carter's Inc.    534,593     37,678
* Peloton Interactive Inc. Class A  4,093,822     37,581
  Group 1 Automotive Inc.    220,175     37,386
* Adient plc  1,260,128     37,338
* Taylor Morrison Home Corp. Class A  1,577,590     36,853
  Papa John's International Inc.    428,531     35,791
* Meritage Homes Corp.    490,931     35,593
  Signet Jewelers Ltd.    640,028     34,216
* Skyline Champion Corp.    702,608     33,318
  Steven Madden Ltd.  1,017,385     32,770
  KB Home  1,139,508     32,430
* Chegg Inc.  1,708,268     32,081
* Callaway Golf Co.  1,556,491     31,752
  Nordstrom Inc.  1,498,548     31,664
*,1 Chewy Inc. Class A    891,790     30,963
  Columbia Sportswear Co.    428,815     30,695
* Sonos Inc.  1,689,803     30,484
* Carvana Co.  1,338,654     30,227
* National Vision Holdings Inc.  1,096,701     30,159
  Graham Holdings Co. Class B     52,914     29,994
  Wingstop Inc.    397,431     29,716
*,1 QuantumScape Corp. Class A  3,454,350     29,673
* Under Armour Inc. Class C  3,872,809     29,356
  Foot Locker Inc.  1,114,133     28,132
* Leslie's Inc.  1,845,907     28,021
* SeaWorld Entertainment Inc.    628,312     27,759
* Gentherm Inc.    444,592     27,747
* Boot Barn Holdings Inc.    395,776     27,273
  Dana Inc.  1,925,338     27,090
  Cracker Barrel Old Country Store Inc.    312,771     26,113
  Installed Building Products Inc.    311,487     25,903
 
5

 

Extended Market Index Fund
          Shares Market
Value

($000)
* Frontdoor Inc.  1,073,602     25,852
* Victoria's Secret & Co.    909,018     25,425
* LGI Homes Inc.    285,235     24,787
  MDC Holdings Inc.    752,058     24,299
*,1 Duolingo Inc. Class A    276,690     24,224
  Red Rock Resorts Inc. Class A    709,117     23,656
  Gap Inc.  2,859,799     23,565
* Stride Inc.    572,687     23,360
* Tri Pointe Homes Inc.  1,368,965     23,094
  American Eagle Outfitters Inc.  2,037,606     22,780
* Six Flags Entertainment Corp.  1,039,960     22,567
  Wolverine World Wide Inc.  1,104,986     22,277
* Cavco Industries Inc.    113,532     22,251
* Adtalem Global Education Inc.    616,022     22,158
  Strategic Education Inc.    306,651     21,643
  Levi Strauss & Co. Class A  1,320,640     21,553
  Winnebago Industries Inc.    440,573     21,394
  Laureate Education Inc. Class A  1,829,708     21,170
  Kontoor Brands Inc.    634,338     21,168
* Vista Outdoor Inc.    753,258     21,016
* Shake Shack Inc. Class A    522,678     20,635
* Everi Holdings Inc.  1,212,258     19,772
  ADT Inc.  3,133,767     19,273
  Monro Inc.    446,742     19,156
  Acushnet Holdings Corp.    454,743     18,954
  Bloomin' Brands Inc.  1,083,163     18,002
  Century Communities Inc.    398,125     17,904
  Shutterstock Inc.    307,519     17,624
  Oxford Industries Inc.    197,548     17,530
* Tenneco Inc. Class A  1,012,285     17,371
* ODP Corp.    573,704     17,349
* Sally Beauty Holdings Inc.  1,448,094     17,261
  Cheesecake Factory Inc.    650,072     17,175
*,1 Luminar Technologies Inc. Class A  2,877,809     17,065
* Dave & Buster's Entertainment Inc.    516,335     16,925
* Urban Outfitters Inc.    873,261     16,295
*,1 Petco Health & Wellness Co. Inc. Class A  1,098,444     16,191
*,1 Fisker Inc. Class A  1,874,442     16,064
  Jack in the Box Inc.    282,850     15,857
* Coursera Inc.  1,117,960     15,853
  Patrick Industries Inc.    298,577     15,478
* M/I Homes Inc.    385,142     15,275
  Dine Brands Global Inc.    232,418     15,126
  Sturm Ruger & Co. Inc.    236,228     15,036
* Malibu Boats Inc. Class A    279,401     14,727
  Rent-A-Center Inc.    737,688     14,348
*,1 Overstock.com Inc.    571,028     14,281
  La-Z-Boy Inc.    582,416     13,809
  Qurate Retail Inc. Class A  4,807,714     13,798
* Revolve Group Inc. Class A    525,386     13,613
  Caleres Inc.    514,996     13,513
* iRobot Corp.    361,974     13,303
* Brinker International Inc.    598,532     13,186
  Franchise Group Inc.    363,365     12,743
* Playa Hotels & Resorts NV  1,812,469     12,452
* Under Armour Inc. Class A  1,446,600     12,050
* G-III Apparel Group Ltd.    588,465     11,905
*,1 Dutch Bros Inc. Class A    371,428     11,756
* American Axle & Manufacturing Holdings Inc.  1,546,990     11,649
* Green Brick Partners Inc.    587,303     11,494
* Perdoceo Education Corp.    961,212     11,323
  Standard Motor Products Inc.    251,659     11,322
* Abercrombie & Fitch Co. Class A    668,270     11,307
  Buckle Inc.    391,402     10,838
  Designer Brands Inc. Class A    829,505     10,833
* Golden Entertainment Inc.    271,818     10,750
* 2U Inc.  1,025,213     10,734
  Dillard's Inc. Class A     48,458     10,688
1 Camping World Holdings Inc. Class A    493,227     10,649
          Shares Market
Value

($000)
* MarineMax Inc.    291,612     10,533
* Monarch Casino & Resort Inc.    177,477     10,413
* XPEL Inc.    223,213     10,252
  Sonic Automotive Inc. Class A    268,809      9,846
* GoPro Inc. Class A  1,726,026      9,545
* Sleep Number Corp.    304,204      9,415
* Genesco Inc.    180,621      9,015
* America's Car-Mart Inc.     83,750      8,425
  Big Lots Inc.    394,701      8,277
  Smith & Wesson Brands Inc.    626,426      8,225
* Chico's FAS Inc.  1,643,919      8,170
* Accel Entertainment Inc. Class A    766,882      8,144
*,1 Solid Power Inc.  1,488,331      8,007
  Winmark Corp.     40,280      7,878
* Bally's Corp.    393,206      7,778
* Modine Manufacturing Co.    737,935      7,770
* Funko Inc. Class A    343,585      7,669
1 Guess? Inc.    442,536      7,545
* Denny's Corp.    862,366      7,485
  Hibbett Inc.    169,254      7,398
*,1 ContextLogic Inc. Class A  4,523,462      7,238
  Arko Corp.    884,625      7,219
* Children's Place Inc.    182,342      7,097
  Ruth's Hospitality Group Inc.    429,407      6,982
* BJ's Restaurants Inc.    320,583      6,950
  Movado Group Inc.    224,390      6,940
  Clarus Corp.    359,105      6,819
  Carriage Services Inc. Class A    170,324      6,753
* PowerSchool Holdings Inc. Class A    555,757      6,697
* Life Time Group Holdings Inc.    510,512      6,575
* Stoneridge Inc.    378,045      6,483
  Aaron's Co. Inc.    427,623      6,222
*,1 Garrett Motion Inc.    781,391      6,040
*,1 Faraday Future Intelligent Electric Inc.  2,310,713      6,008
  Ethan Allen Interiors Inc.    294,625      5,954
  Johnson Outdoors Inc. Class A     96,650      5,911
*,1 Vuzix Corp.    825,641      5,862
* Mister Car Wash Inc.    529,167      5,757
1 PetMed Express Inc.    287,369      5,719
* OneSpaWorld Holdings Ltd.    793,312      5,688
*,1 Bowlero Corp.    533,638      5,651
* TravelCenters of America Inc.    163,680      5,642
*,1 EVgo Inc.    938,216      5,639
* Sportsman's Warehouse Holdings Inc.    575,524      5,519
* Chuy's Holdings Inc.    276,813      5,514
* Stitch Fix Inc. Class A  1,107,115      5,469
1 Krispy Kreme Inc.    395,317      5,376
* MasterCraft Boat Holdings Inc.    254,349      5,354
*,1 Bed Bath & Beyond Inc.  1,069,098      5,313
* Zumiez Inc.    204,139      5,308
* Allbirds Inc. Class A  1,346,815      5,293
  RCI Hospitality Holdings Inc.    108,512      5,248
* Holley Inc.    495,201      5,200
  Shoe Carnival Inc.    239,663      5,179
* OneWater Marine Inc. Class A    155,515      5,140
* Poshmark Inc. Class A    506,020      5,116
*,1 Xometry Inc. Class A    147,272      4,997
*,1 Workhorse Group Inc.  1,921,698      4,996
* Lovesac Co.    180,499      4,964
* Liquidity Services Inc.    358,341      4,816
* Beazer Homes USA Inc.    394,716      4,764
* Universal Electronics Inc.    183,853      4,701
  Haverty Furniture Cos. Inc.    202,025      4,683
* WW International Inc.    732,278      4,679
*,1 Portillo's Inc. Class A    285,618      4,670
  Bluegreen Vacations Holding Corp. Class A    178,835      4,464
*,1 AMMO Inc.  1,154,214      4,444
  European Wax Center Inc. Class A    248,641      4,381
* CarParts.com Inc.    627,648      4,356
 
6

 

Extended Market Index Fund
          Shares Market
Value

($000)
* American Public Education Inc.    258,110      4,171
* Tupperware Brands Corp.    639,167      4,052
*,1 Rover Group Inc. Class A  1,045,269      3,930
* LL Flooring Holdings Inc.    405,817      3,803
* Motorcar Parts of America Inc.    274,315      3,599
*,1 Vacasa Inc. Class A  1,242,784      3,579
* Quotient Technology Inc.  1,203,275      3,574
*,1 Canoo Inc.  1,930,731      3,572
* Fossil Group Inc.    652,699      3,374
*,1 Mullen Automotive Inc.  3,305,925      3,372
  Build-A-Bear Workshop Inc.    205,300      3,371
* Vizio Holding Corp. Class A    493,729      3,367
* Universal Technical Institute Inc.    470,925      3,358
* Rush Street Interactive Inc.    718,094      3,354
* 1-800-Flowers.com Inc. Class A    350,145      3,330
*,1 Purple Innovation Inc. Class A  1,082,104      3,311
* Lindblad Expeditions Holdings Inc.    405,270      3,283
*,1 Vinco Ventures Inc.  2,325,336      3,209
1 Big 5 Sporting Goods Corp.    282,616      3,168
  Rocky Brands Inc.     91,776      3,137
*,1 Groupon Inc.    272,343      3,077
* Latham Group Inc.    438,630      3,040
*,1 Cricut Inc. Class A    491,773      3,019
  Cato Corp. Class A    259,186      3,009
* Inspired Entertainment Inc.    345,687      2,976
* Kura Sushi USA Inc. Class A     57,384      2,842
* Full House Resorts Inc.    462,908      2,814
* Container Store Group Inc.    450,433      2,806
* Unifi Inc.    198,648      2,793
* Citi Trends Inc.    117,624      2,782
* Hovnanian Enterprises Inc. Class A     64,336      2,753
*,1 Membership Collective Group Inc. Class A    422,619      2,739
* Century Casinos Inc.    380,189      2,737
* RealReal Inc.  1,077,657      2,683
* El Pollo Loco Holdings Inc.    269,009      2,647
*,1 Dream Finders Homes Inc. Class A    245,412      2,611
*,1 GrowGeneration Corp.    725,080      2,603
* Porch Group Inc.  1,013,957      2,596
*,1 Lordstown Motors Corp.  1,591,419      2,514
* Delta Apparel Inc.     85,481      2,425
  Bassett Furniture Industries Inc.    133,588      2,421
* ONE Group Hospitality Inc.    328,361      2,420
* Noodles & Co. Class A    507,164      2,384
  Nathan's Famous Inc.     40,632      2,380
  Hooker Furnishings Corp.    152,512      2,372
  Superior Group of Cos. Inc.    133,063      2,362
*,1 Inspirato Inc.    508,398      2,354
  Tilly's Inc. Class A    329,794      2,315
1 Vivid Seats Inc. Class A    294,894      2,203
* Lincoln Educational Services Corp.    346,233      2,185
*,1 Vroom Inc.  1,716,710      2,146
*,1 Volta Inc.  1,650,331      2,145
* Target Hospitality Corp.    372,679      2,128
* Udemy Inc.    207,087      2,114
* PlayAGS Inc.    404,403      2,087
*,1 Sonder Holdings Inc.  1,978,206      2,057
* VOXX International Corp. Class A    220,373      2,052
* Party City Holdco Inc.  1,517,532      2,003
* Sweetgreen Inc. Class A    170,935      1,991
* Conn's Inc.    246,065      1,973
*,1 PLBY Group Inc.    298,816      1,912
* Nerdy Inc.    893,801      1,904
* American Outdoor Brands Inc.    199,836      1,900
  Weyco Group Inc.     77,297      1,890
* Legacy Housing Corp.    144,516      1,886
* Vivint Smart Home Inc.    542,086      1,886
* Strattec Security Corp.     55,213      1,830
* Fiesta Restaurant Group Inc.    255,912      1,827
* First Watch Restaurant Group Inc.    126,490      1,824
          Shares Market
Value

($000)
* Lakeland Industries Inc.    118,707      1,823
* Xponential Fitness Inc. Class A    145,010      1,821
* Express Inc.    918,336      1,800
* Potbelly Corp.    316,599      1,789
* ThredUp Inc. Class A    706,201      1,766
  Lifetime Brands Inc.    159,603      1,762
* Red Robin Gourmet Burgers Inc.    216,678      1,740
* Lands' End Inc.    163,048      1,732
1 Weber Inc. Class A    239,722      1,728
* 1847 Goedeker Inc.  1,393,929      1,701
* Snap One Holdings Corp.    183,026      1,678
  Flexsteel Industries Inc.     92,819      1,671
* RumbleON Inc. Class B    113,553      1,670
  Escalade Inc.    128,370      1,668
* Destination XL Group Inc.    489,246      1,659
* Duluth Holdings Inc. Class B    171,333      1,635
* Drive Shack Inc.  1,191,290      1,632
* GAN Ltd.    547,456      1,620
* Vera Bradley Inc.    367,525      1,595
*,1 Warby Parker Inc. Class A    141,172      1,590
*,1 Beachbody Co. Inc.  1,290,565      1,549
*,1 XL Fleet Corp.  1,345,824      1,548
* Superior Industries International Inc.    376,611      1,488
* Lazydays Holdings Inc.    120,006      1,414
*,1 BARK Inc.  1,077,810      1,380
* Barnes & Noble Education Inc.    469,981      1,377
* JAKKS Pacific Inc.    108,436      1,373
* BBQ Holdings Inc.    129,641      1,351
* Traeger Inc.    312,006      1,326
  Marine Products Corp.    138,653      1,319
  Tile Shop Holdings Inc.    421,024      1,293
*,1 Arcimoto Inc.    391,016      1,279
* StoneMor Inc.    373,699      1,278
* Landsea Homes Corp.    187,775      1,251
1 JOANN Inc.    158,866      1,231
*,1 Boxed Inc.    656,465      1,214
*,1 Aterian Inc.    555,355      1,200
* Cooper-Standard Holdings Inc.    229,018      1,143
  Hamilton Beach Brands Holding Co. Class A     91,773      1,139
* F45 Training Holdings Inc.    281,788      1,107
  Carrols Restaurant Group Inc.    519,956      1,050
* XpresSpa Group Inc.  1,491,550      1,030
* J. Jill Inc.     54,078        989
* Arhaus Inc. Class A    179,801        809
* Biglari Holdings Inc. Class B      6,433        789
* Biglari Holdings Inc. Class A      1,330        782
* Nautilus Inc.    434,117        760
*,1 Solo Brands Inc. Class A    174,043        707
* Brilliant Earth Group Inc. Class A    148,379        705
*,1 Rent the Runway Inc. Class A    225,526        692
  Ark Restaurants Corp.     38,415        691
*,1 Koss Corp.     94,122        654
*,1 Shift Technologies Inc. Class A    963,316        648
*,1 Torrid Holdings Inc.    149,855        647
  Culp Inc.    147,635        635
*,1 Kirkland's Inc.    179,720        633
* Lulu's Fashion Lounge Holdings Inc.     55,179        599
* Charles & Colvard Ltd.    443,539        550
* BurgerFi International Inc.    167,609        541
*,1 Remark Holdings Inc.  1,193,540        526
  Crown Crafts Inc.     81,882        513
* Lottery.com Inc.    457,623        513
* Live Ventures Inc.     19,993        500
*,1 Regis Corp.    455,543        492
*,1 Hall of Fame Resort & Entertainment Co.    817,409        485
* Horizon Global Corp.    296,562        483
* 1stdibs.com Inc.     79,197        451
* Sypris Solutions Inc.    190,093        441
* Zovio Inc. Class A    419,786        407
 
7

 

Extended Market Index Fund
          Shares Market
Value

($000)
* LMP Automotive Holdings Inc.     85,415        406
* CarLotz Inc.    906,418        357
  AMCON Distributing Co.      2,113        344
* Aspen Group Inc.    331,830        325
* Vince Holding Corp.     40,117        315
* AYRO Inc.    351,561        295
*,1 Harbor Custom Development Inc.    201,700        280
  Educational Development Corp.     64,641        273
* Rave Restaurant Group Inc.    246,099        268
  Flanigan's Enterprises Inc.      8,326        250
*,1 Kaival Brands Innovations Group Inc.    154,970        245
* Dixie Group Inc.    188,449        241
* iMedia Brands Inc.    185,283        224
* Waitr Holdings Inc.  1,410,517        215
* Tuesday Morning Corp.    585,590        211
* Forward Industries Inc.    139,573        207
* Xcel Brands Inc.    113,019        133
* Envela Corp.     17,179        122
* Esports Entertainment Group Inc.    298,412        122
* Allied Esports Entertainment Inc.     77,728        111
*,1 Enjoy Technology Inc.    483,593        105
* Good Times Restaurants Inc.     33,267        100
* Volcon Inc.     47,761         88
*,1 Greenlane Holdings Inc. Class A    361,747         71
  Canterbury Park Holding Corp.      2,678         69
* Nephros Inc.     44,580         68
* Amesite Inc.    145,556         67
* EBET Inc.     27,374         66
* TRxADE HEALTH Inc.     39,629         61
* Yunhong CTI Ltd.     80,660         58
* Emerson Radio Corp.     68,379         45
* iPower Inc.     42,702         45
*,1 Nova Lifestyle Inc.     60,182         43
*,2 Zagg Inc. CVR    448,712         40
* Kidpik Corp.     19,500         26
* Unique Fabricating Inc.     17,733         24
*,1 Toughbuilt Industries Inc.      8,301         19
  Jerash Holdings US Inc.      2,870         14
* Digital Brands Group Inc.     59,422         12
* Amergent Hospitality Group Inc.     19,975          5
*,2 Ocuphire Pharma Inc. CVR     13,673          2
* Worksport Ltd.        700          1
                    8,126,424
Consumer Staples (3.0%)
  Bunge Ltd.  2,031,789    184,263
* Darling Ingredients Inc.  2,165,371    129,489
* BJ's Wholesale Club Holdings Inc.  1,804,051    112,428
* Performance Food Group Co.  2,071,399     95,243
  Casey's General Stores Inc.    498,419     92,198
* US Foods Holding Corp.  3,001,527     92,087
  Ingredion Inc.    877,209     77,335
  Flowers Foods Inc.  2,668,558     70,236
* Post Holdings Inc.    746,344     61,461
  Sanderson Farms Inc.    276,163     59,521
* Grocery Outlet Holding Corp.  1,177,528     50,198
* Simply Good Foods Co.  1,209,437     45,680