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

 

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Table of Contents
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.
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Table of Contents
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      
Small-Cap Index Fund      
Investor Shares $1,000.00 $783.00 $0.75
ETF Shares 1,000.00 783.50 0.22
Admiral™ Shares 1,000.00 783.50 0.22
Institutional Shares 1,000.00 783.50 0.18
Institutional Plus Shares 1,000.00 783.50 0.13
Small-Cap Growth Index Fund      
Investor Shares $1,000.00 $700.10 $0.80
ETF Shares 1,000.00 700.60 0.30
Admiral Shares 1,000.00 700.60 0.30
Institutional Shares 1,000.00 700.60 0.25
Small-Cap Value Index Fund      
Investor Shares $1,000.00 $844.60 $0.87
ETF Shares 1,000.00 845.20 0.32
Admiral Shares 1,000.00 845.20 0.32
Institutional Shares 1,000.00 845.20 0.27
Based on Hypothetical 5% Yearly Return      
Small-Cap Index Fund      
Investor Shares $1,000.00 $1,023.95 $0.85
ETF Shares 1,000.00 1,024.55 0.25
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
Small-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
Institutional Shares 1,000.00 1,024.50 0.30
Small-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
Institutional Shares 1,000.00 1,024.50 0.30
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 Small-Cap Index Fund, 0.17% for Investor Shares, 0.05% for ETF Shares, 0.05% for Admiral Shares, 0.04% for Institutional Shares, and 0.03% for Institutional Plus Shares; for the Small-Cap Growth Index Fund, 0.19% for Investor Shares, 0.07% for ETF Shares, 0.07% for Admiral Shares, and 0.06% for Institutional Shares; and for the Small-Cap Value Index Fund, 0.19% for Investor Shares, 0.07% for ETF Shares, 0.07% for Admiral Shares, and 0.06% for Institutional 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).
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Table of Contents
Small-Cap Index Fund
Fund Allocation
As of June 30, 2022
Basic Materials 4.0%
Consumer Discretionary 14.1
Consumer Staples 3.5
Energy 5.4
Financials 15.3
Health Care 11.5
Industrials 19.6
Real Estate 9.2
Technology 11.9
Telecommunications 1.5
Utilities 4.0
The table reflects the fund’s investments, except for short-term investments and derivatives. Sector categories are based on the Industry Classification Benchmark (“ICB”), except for the “Other” category (if applicable), which includes securities that have not been provided an ICB 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 Industry Classification Benchmark (“ICB”) is owned by FTSE. FTSE does not accept any liability to any person for any loss or damage arising out of any error or omission in the ICB.
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Table of Contents
Small-Cap 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 (99.3%)
Basic Materials (4.0%)
Steel Dynamics Inc.  4,530,833     299,715
Reliance Steel & Aluminum Co.  1,565,656     265,942
Alcoa Corp.  4,661,493     212,471
* Cleveland-Cliffs Inc. 11,937,082     183,473
Royal Gold Inc.  1,658,881     177,135
Olin Corp.  3,645,872     168,731
* RBC Bearings Inc.    729,579     134,936
Valvoline Inc.  4,504,243     129,857
Ashland Global Holdings Inc.  1,240,432     127,826
Huntsman Corp.  4,508,582     127,818
Chemours Co.  3,929,000     125,807
Hexcel Corp.  2,123,251     111,067
* Univar Solutions Inc.  4,275,800     106,339
United States Steel Corp.  5,930,800     106,221
Element Solutions Inc.  5,946,582     105,849
UFP Industries Inc.  1,504,337     102,506
Commercial Metals Co.  3,068,418     101,565
Balchem Corp.    730,263      94,744
* Livent Corp.  4,087,792      92,752
Avient Corp.  2,309,974      92,584
Cabot Corp.  1,426,459      90,994
Timken Co.  1,686,555      89,472
Sensient Technologies Corp.  1,062,436      85,590
*,1 MP Materials Corp.  2,465,413      79,090
Scotts Miracle-Gro Co.    980,198      77,426
* Arconic Corp.  2,672,310      74,958
Mueller Industries Inc.  1,366,971      72,846
* Ingevity Corp.    977,557      61,723
Innospec Inc.    627,142      60,074
Boise Cascade Co.    997,751      59,356
NewMarket Corp.    193,939      58,368
Stepan Co.    535,783      54,302
Hecla Mining Co. 13,622,109      53,399
Minerals Technologies Inc.    831,167      50,984
          Shares Market
Value

($000)
Quaker Chemical Corp.    338,754      50,650
Tronox Holdings plc Class A  2,950,532      49,569
* GCP Applied Technologies Inc.  1,403,386      43,898
Westlake Corp.    405,821      39,779
Materion Corp.    516,427      38,076
GrafTech International Ltd.  4,924,095      34,813
Carpenter Technology Corp.  1,219,247      34,029
Worthington Industries Inc.    760,913      33,556
Kaiser Aluminum Corp.    400,813      31,700
Compass Minerals International Inc.    860,760      30,462
Schnitzer Steel Industries Inc. Class A    620,609      20,381
Schweitzer-Mauduit International Inc.    788,126      19,798
* Coeur Mining Inc.  6,396,800      19,446
Ecovyst Inc.  1,592,859      15,690
Koppers Holdings Inc.    511,478      11,580
*,1 Amyris Inc.  5,282,904       9,773
* Century Aluminum Co.  1,271,065       9,368
Glatfelter Corp.    557,922       3,838
* Hycroft Mining Holding Corp. Warrants Exp. 10/22/22         19          —
                     4,332,326
Consumer Discretionary (14.0%)
* Liberty Media Corp.-Liberty Formula One Class C  4,894,705     310,667
Service Corp. International  3,810,915     263,410
* BJ's Wholesale Club Holdings Inc.  3,409,102     212,455
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Table of Contents
Small-Cap Index Fund
          Shares Market
Value

($000)
Lithia Motors Inc. Class A    731,278     200,962
Aramark  6,501,821     199,151
* Mattel Inc.  8,908,239     198,921
Williams-Sonoma Inc.  1,769,874     196,367
Tapestry Inc.  6,364,117     194,233
Newell Brands Inc.  9,403,677     179,046
* Deckers Outdoor Corp.    688,403     175,784
Pool Corp.    481,186     169,007
Gentex Corp.  5,925,528     165,737
Churchill Downs Inc.    864,732     165,622
* Floor & Decor Holdings Inc. Class A  2,541,170     159,992
* Five Below Inc.  1,402,776     159,117
Nexstar Media Group Inc. Class A    969,961     157,987
* Capri Holdings Ltd.  3,730,612     152,992
Wyndham Hotels & Resorts Inc.  2,327,638     152,972
Nielsen Holdings plc  6,363,817     147,768
* Planet Fitness Inc. Class A  2,146,402     145,977
H&R Block Inc.  4,033,179     142,452
Polaris Inc.  1,428,200     141,792
Interpublic Group of Cos. Inc.  4,974,295     136,942
* SiteOne Landscape Supply Inc.  1,135,162     134,937
Macy's Inc.  7,198,958     131,885
* AutoNation Inc.  1,179,243     131,792
Murphy USA Inc.    550,706     128,243
* Penn National Gaming Inc.  4,215,078     128,223
* Alaska Air Group Inc.  3,184,601     127,543
* Bright Horizons Family Solutions Inc.  1,500,905     126,856
Texas Roadhouse Inc. Class A  1,722,713     126,103
Toll Brothers Inc.  2,814,571     125,530
* Terminix Global Holdings Inc.  3,069,596     124,779
* Skechers USA Inc. Class A  3,408,480     121,274
TEGNA Inc.  5,631,993     118,103
*,1 Norwegian Cruise Line Holdings Ltd. 10,587,339     117,731
Leggett & Platt Inc.  3,374,477     116,689
Kohl's Corp.  3,249,349     115,969
* Light & Wonder Inc.  2,417,023     113,576
Vail Resorts Inc.    512,500     111,751
New York Times Co. Class A  4,001,129     111,631
* IAA Inc.  3,385,945     110,957
Choice Hotels International Inc.    986,760     110,152
          Shares Market
Value

($000)
*,1 DraftKings Inc. Class A  9,393,933     109,627
Marriott Vacations Worldwide Corp.    942,311     109,497
* Avis Budget Group Inc.    732,166     107,687
AMERCO    222,960     106,626
Harley-Davidson Inc.  3,353,618     106,176
* RH    498,561     105,825
* American Airlines Group Inc.  8,205,017     104,040
1 Dick's Sporting Goods Inc.  1,366,868     103,021
*,1 GameStop Corp. Class A    819,831     100,265
Thor Industries Inc.  1,320,201      98,659
* Helen of Troy Ltd.    602,325      97,824
PVH Corp.  1,706,880      97,121
Boyd Gaming Corp.  1,937,722      96,402
Lear Corp.    755,480      95,107
* Asbury Automotive Group Inc.    559,341      94,719
Ralph Lauren Corp.  1,028,297      92,187
* Hyatt Hotels Corp. Class A  1,230,309      90,932
Hanesbrands Inc.  8,818,148      90,739
*,1 Hertz Global Holdings Inc.  5,727,802      90,728
Tempur Sealy International Inc.  4,214,324      90,060
* YETI Holdings Inc.  2,068,054      89,485
*,1 AMC Entertainment Holdings Inc. Class A  6,529,534      88,475
* Fox Factory Holding Corp.  1,064,844      85,763
Wendy's Co.  4,332,701      81,801
* Hilton Grand Vacations Inc.  2,278,787      81,421
Travel + Leisure Co.  2,050,460      79,599
Academy Sports & Outdoors Inc.  2,181,288      77,523
Bath & Body Works Inc.  2,864,042      77,100
* Grand Canyon Education Inc.    816,866      76,941
* Goodyear Tire & Rubber Co.  7,139,614      76,465
* Coty Inc. Class A  9,543,200      76,441
* Wynn Resorts Ltd.  1,318,836      75,147
* Dorman Products Inc.    675,246      74,081
* Visteon Corp.    710,541      73,598
* Crocs Inc.  1,478,492      71,958
* Callaway Golf Co.  3,500,074      71,401
* Ollie's Bargain Outlet Holdings Inc.  1,206,447      70,879
Penske Automotive Group Inc.    671,132      70,261
 
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Table of Contents
Small-Cap Index Fund
          Shares Market
Value

($000)
LCI Industries    610,053      68,253
World Wrestling Entertainment Inc. Class A  1,091,554      68,211
Carter's Inc.    966,481      68,118
Papa John's International Inc.    814,397      68,018
* JetBlue Airways Corp.  8,106,658      67,853
* Peloton Interactive Inc. Class A  7,378,935      67,739
Group 1 Automotive Inc.    398,837      67,722
* Meritage Homes Corp.    927,716      67,259
* Taylor Morrison Home Corp. Class A  2,873,105      67,116
*,1 Spirit Airlines Inc.  2,746,116      65,467
* Skyline Champion Corp.  1,365,107      64,733
Columbia Sportswear Co.    874,490      62,596
Foot Locker Inc.  2,426,131      61,260
Signet Jewelers Ltd.  1,138,846      60,883
KB Home  2,130,303      60,628
* Madison Square Garden Sports Corp.    397,395      60,007
Nordstrom Inc.  2,813,834      59,456
Rush Enterprises Inc. Class A  1,217,546      58,686
* Victoria's Secret & Co.  2,094,906      58,594
Steven Madden Ltd.  1,814,716      58,452
* Sonos Inc.  3,234,294      58,347
* Chegg Inc.  3,017,608      56,671
* National Vision Holdings Inc.  2,059,492      56,636
Wingstop Inc.    755,479      56,487
Gap Inc.  6,531,511      53,820
Graham Holdings Co. Class B     94,021      53,295
* Leslie's Inc.  3,460,309      52,527
* Gentherm Inc.    836,162      52,185
John Wiley & Sons Inc. Class A  1,058,524      50,555
MillerKnoll Inc.  1,911,139      50,206
* Frontdoor Inc.  2,080,416      50,096
Cracker Barrel Old Country Store Inc.    585,667      48,897
* SeaWorld Entertainment Inc.  1,103,173      48,738
* Lyft Inc. Class A  3,639,152      48,328
* Sabre Corp.  8,233,254      48,000
Kontoor Brands Inc.  1,413,340      47,163
MDC Holdings Inc.  1,434,658      46,354
Dana Inc.  3,253,643      45,779
*,1 Duolingo Inc. Class A    521,477      45,655
* TripAdvisor Inc.  2,560,336      45,574
          Shares Market
Value

($000)
* KAR Auction Services Inc.  3,072,077      45,375
PriceSmart Inc.    623,196      44,640
* Tri Pointe Homes Inc.  2,617,767      44,162
Red Rock Resorts Inc. Class A  1,322,309      44,112
* LGI Homes Inc.    507,239      44,079
*,1 QuantumScape Corp. Class A  5,126,212      44,034
* Allegiant Travel Co.    388,423      43,927
1 American Eagle Outfitters Inc.  3,855,346      43,103
* Six Flags Entertainment Corp.  1,963,434      42,606
* Under Armour Inc. Class C  5,594,314      42,405
* Stride Inc.  1,027,404      41,908
* Wayfair Inc. Class A    953,798      41,547
* Cinemark Holdings Inc.  2,734,741      41,076
Wolverine World Wide Inc.  2,036,889      41,064
* Central Garden & Pet Co. Class A  1,023,698      40,958
* Knowles Corp.  2,318,212      40,175
Strategic Education Inc.    569,030      40,162
* Adtalem Global Education Inc.  1,081,461      38,900
* Under Armour Inc. Class A  4,628,673      38,557
* elf Beauty Inc.  1,250,977      38,380
Laureate Education Inc. Class A  3,262,504      37,747
Bloomin' Brands Inc.  2,237,217      37,183
* Shake Shack Inc. Class A    940,730      37,140
* Madison Square Garden Entertainment Corp.    689,802      36,297
* Tenneco Inc. Class A  2,104,056      36,106
* Liberty Media Corp.-Liberty Formula One Class A    621,716      36,041
* Coursera Inc.  2,540,687      36,027
Levi Strauss & Co. Class A  2,199,158      35,890
HNI Corp.  1,015,259      35,219
* Driven Brands Holdings Inc.  1,267,136      34,897
Oxford Industries Inc.    392,480      34,829
Monro Inc.    805,929      34,558
Acushnet Holdings Corp.    820,461      34,197
*,1 Fisker Inc. Class A  3,956,305      33,906
Cheesecake Factory Inc.  1,268,388      33,511
 
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Table of Contents
Small-Cap Index Fund
          Shares Market
Value

($000)
Inter Parfums Inc.    446,787      32,642
* Dave & Buster's Entertainment Inc.    983,391      32,236
* Sally Beauty Holdings Inc.  2,699,078      32,173
* ODP Corp.  1,057,199      31,970
*,1 Luminar Technologies Inc. Class A  5,097,635      30,229
Jack in the Box Inc.    531,004      29,768
*,1 Petco Health & Wellness Co. Inc. Class A  2,013,672      29,682
* Figs Inc. Class A  3,200,928      29,160
* Carvana Co.  1,267,131      28,612
Sturm Ruger & Co. Inc.    445,969      28,386
*,1 Overstock.com Inc.  1,089,015      27,236
* SkyWest Inc.  1,269,823      26,984
*,1 Dutch Bros Inc. Class A    848,257      26,847
* Revolve Group Inc. Class A  1,032,713      26,758
* Urban Outfitters Inc.  1,430,040      26,685
Dine Brands Global Inc.    401,288      26,116
* Boot Barn Holdings Inc.    376,587      25,951
La-Z-Boy Inc.  1,087,560      25,786
* Lions Gate Entertainment Corp. Class B  2,919,930      25,783
*,1 Sweetgreen Inc. Class A  2,181,024      25,409
* iRobot Corp.    686,472      25,228
Rent-A-Center Inc.  1,268,386      24,670
Qurate Retail Inc. Class A  8,501,567      24,399
* Brinker International Inc.  1,105,888      24,363
* PowerSchool Holdings Inc. Class A  1,999,361      24,092
1 Dillard's Inc. Class A    108,067      23,836
1 Krispy Kreme Inc.  1,688,408      22,962
* PROG Holdings Inc.  1,363,784      22,502
* iHeartMedia Inc. Class A  2,771,192      21,865
Sinclair Broadcast Group Inc. Class A  1,066,047      21,747
* Cavco Industries Inc.    110,832      21,722
* Abercrombie & Fitch Co. Class A  1,272,442      21,530
Matthews International Corp. Class A    747,900      21,442
Buckle Inc.    762,574      21,116
* G-III Apparel Group Ltd.  1,033,581      20,909
          Shares Market
Value

($000)
* Mister Car Wash Inc.  1,919,707      20,886
* American Axle & Manufacturing Holdings Inc.  2,756,620      20,757
*,1 ContextLogic Inc. Class A 12,854,535      20,567
1 Camping World Holdings Inc. Class A    946,902      20,444
Steelcase Inc. Class A  1,866,158      20,024
* AMC Networks Inc. Class A    676,426      19,697
* 2U Inc.  1,857,113      19,444
* EW Scripps Co. Class A  1,542,670      19,237
Designer Brands Inc. Class A  1,467,426      19,165
Interface Inc. Class A  1,516,743      19,020
* Vista Outdoor Inc.    676,667      18,879
* ACV Auctions Inc. Class A  2,840,695      18,578
* Hawaiian Holdings Inc.  1,248,435      17,865
Sonic Automotive Inc. Class A    486,177      17,809
* GoPro Inc. Class A  3,146,299      17,399
* Cardlytics Inc.    777,766      17,352
* Sleep Number Corp.    532,386      16,477
* Cars.com Inc.  1,674,182      15,788
* Life Time Group Holdings Inc.  1,218,972      15,700
* Sun Country Airlines Holdings Inc.    810,694      14,868
Scholastic Corp.    411,774      14,811
* Udemy Inc.  1,407,984      14,375
1 Big Lots Inc.    685,091      14,366
1 Guess? Inc.    829,486      14,143
* Lions Gate Entertainment Corp. Class A  1,413,487      13,160
*,1 Corsair Gaming Inc.    970,907      12,748
* BJ's Restaurants Inc.    568,918      12,334
Caleres Inc.    457,579      12,007
Aaron's Co. Inc.    733,509      10,673
* Zumiez Inc.    391,455      10,178
* Central Garden & Pet Co.    228,929       9,711
* Clear Channel Outdoor Holdings Inc.  9,072,886       9,708
*,1 Allbirds Inc. Class A  2,361,265       9,280
* Stitch Fix Inc. Class A  1,877,596       9,275
* WW International Inc.  1,342,073       8,576
* Sciplay Corp. Class A    594,235       8,301
*,1 Portillo's Inc. Class A    504,517       8,249
* Genesco Inc.    163,010       8,136
*,1 Bed Bath & Beyond Inc.  1,611,590       8,010
 
7

 

Table of Contents
Small-Cap Index Fund
          Shares Market
Value

($000)
*,1 Vizio Holding Corp. Class A  1,165,088       7,946
*,1 Frontier Group Holdings Inc.    827,695       7,755
Global Industrial Co.    229,463       7,749
* Integral Ad Science Holding Corp.    780,125       7,747
Smith & Wesson Brands Inc.    577,539       7,583
* Latham Group Inc.  1,071,189       7,423
* Angi Inc. Class A  1,601,876       7,337
*,1 Canoo Inc.  3,948,034       7,304
*,1 Poshmark Inc. Class A    677,110       6,846
* Children's Place Inc.    160,953       6,264
* Rush Street Interactive Inc.  1,298,976       6,066
*,1 Dream Finders Homes Inc. Class A    499,013       5,309
* Selectquote Inc.  1,593,304       3,951
1 Weber Inc. Class A    535,811       3,863
*,1 Cricut Inc. Class A    606,815       3,726
* Quotient Technology Inc.  1,082,439       3,215
*,1 Traeger Inc.    742,910       3,157
*,1 Bowlero Corp.    268,724       2,846
* RealReal Inc.  1,016,330       2,531
* Arhaus Inc. Class A    534,161       2,404
Rush Enterprises Inc. Class B     48,187       2,391
*,1 Solo Brands Inc. Class A    493,496       2,004
*,1 ThredUp Inc. Class A    703,515       1,759
* Brilliant Earth Group Inc. Class A    238,057       1,131
                    15,226,840
Consumer Staples (3.4%)
Bunge Ltd.  3,834,578     347,758
* Darling Ingredients Inc.  4,081,382     244,067
* Performance Food Group Co.  3,916,561     180,083
* US Foods Holding Corp.  5,656,716     173,548
Casey's General Stores Inc.    937,677     173,451
Ingredion Inc.  1,589,251     140,108
Lamb Weston Holdings Inc.  1,824,860     130,404
Molson Coors Beverage Co. Class B  2,280,621     124,317
Flowers Foods Inc.  4,554,256     119,868
Sanderson Farms Inc.    536,453     115,622
* Post Holdings Inc.  1,381,388     113,757
* Grocery Outlet Holding Corp.  2,191,270      93,414
          Shares Market
Value

($000)
Spectrum Brands Holdings Inc.  1,029,289      84,422
* Simply Good Foods Co.  2,155,661      81,419
* Hostess Brands Inc. Class A  3,490,590      74,035
* BellRing Brands Inc.  2,930,111      72,930
* Boston Beer Co. Inc. Class A    232,304      70,381
* Sprouts Farmers Market Inc.  2,765,668      70,027
WD-40 Co.    344,851      69,439
* Celsius Holdings Inc.  1,048,071      68,397
Coca-Cola Consolidated Inc.    116,409      65,643
Lancaster Colony Corp.    485,886      62,572
* Freshpet Inc.  1,145,945      59,463
* TreeHouse Foods Inc.  1,415,268      59,187
* United Natural Foods Inc.  1,472,608      58,021
Medifast Inc.    291,128      52,552
Nu Skin Enterprises Inc. Class A  1,203,400      52,107
* Hain Celestial Group Inc.  2,152,271      51,095
Energizer Holdings Inc.  1,799,220      51,008
* Herbalife Nutrition Ltd.  2,461,115      50,330
Cal-Maine Foods Inc.  1,003,628      49,589
Edgewell Personal Care Co.  1,331,702      45,970
1 B&G Foods Inc.  1,739,304      41,361
J & J Snack Foods Corp.    292,387      40,835
* Pilgrim's Pride Corp.  1,212,234      37,858
Reynolds Consumer Products Inc.  1,321,206      36,029
Universal Corp.    586,864      35,505
Vector Group Ltd.  3,347,542      35,149
*,1 Beyond Meat Inc.  1,446,808      34,637
* Beauty Health Co.  2,473,783      31,813
Weis Markets Inc.    409,507      30,525
National Beverage Corp.    590,911      28,919
Fresh Del Monte Produce Inc.    968,297      28,594
Andersons Inc.    771,410      25,449
Utz Brands Inc.  1,734,716      23,974
Seaboard Corp.      5,861      22,756
* USANA Health Sciences Inc.    290,810      21,043
* Duckhorn Portfolio Inc.    879,233      18,517
ACCO Brands Corp.  2,343,481      15,303
 
8

 

Table of Contents
Small-Cap Index Fund
          Shares Market
Value

($000)
Tootsie Roll Industries Inc.    367,137      12,978
* Sovos Brands Inc.    646,105      10,254
*,1 Rite Aid Corp.    664,397       4,478
* Honest Co. Inc.    630,658       1,842
* Vital Farms Inc.    202,288       1,770
*,1 BRC Inc. Class A    167,223       1,365
                     3,745,938
Energy (5.4%)
Targa Resources Corp.  5,762,446     343,845
APA Corp.  8,549,236     298,368
EQT Corp.  8,404,415     289,112
Ovintiv Inc.  6,523,669     288,281
Chesapeake Energy Corp.  3,215,995     260,817
Texas Pacific Land Corp.    156,485     232,853
* Antero Resources Corp.  7,075,422     216,862
Marathon Oil Corp.  8,946,549     201,118
* Southwestern Energy Co. 28,204,419     176,278
NOV Inc.  9,924,303     167,820
HF Sinclair Corp.  3,666,891     165,597
* First Solar Inc.  2,424,019     165,148
* Range Resources Corp.  6,476,992     160,306
PDC Energy Inc.  2,508,879     154,572
Matador Resources Co.  2,836,279     132,142
DT Midstream Inc.  2,444,221     119,816
Murphy Oil Corp.  3,729,935     112,607
SM Energy Co.  3,079,653     105,293
Helmerich & Payne Inc.  2,392,078     103,003
ChampionX Corp.  5,140,984     102,049
Magnolia Oil & Gas Corp. Class A  4,353,589      91,382
*,1 ChargePoint Holdings Inc.  6,368,380      87,183
Patterson-UTI Energy Inc.  5,461,123      86,067
California Resources Corp.  1,963,078      75,578
* PBF Energy Inc. Class A  2,591,798      75,214
* Denbury Inc.  1,207,383      72,431
Antero Midstream Corp.  7,861,940      71,151
Civitas Resources Inc.  1,288,925      67,398
Whiting Petroleum Corp.    990,179      67,362
Equitrans Midstream Corp. 10,372,671      65,970
* CNX Resources Corp.  3,939,035      64,837
* Peabody Energy Corp.  2,909,404      62,058
Cactus Inc. Class A  1,450,256      58,402
          Shares Market
Value

($000)
Arcosa Inc.  1,220,415      56,664
1 Arch Resources Inc.    390,961      55,943
Chord Energy Corp.    443,336      53,932
New Fortress Energy Inc. Class A  1,309,149      51,803
* NexTier Oilfield Solutions Inc.  5,235,485      49,789
* Transocean Ltd. 14,654,227      48,799
* Delek US Holdings Inc.  1,785,424      46,135
* Liberty Energy Inc. Class A  3,537,877      45,143
Enviva Inc.    755,383      43,223
* Callon Petroleum Co.  1,089,688      42,716
Warrior Met Coal Inc.  1,306,376      39,988
* Array Technologies Inc.  3,601,810      39,656
* Ameresco Inc. Class A    767,738      34,978
*,1 SunPower Corp.  2,194,103      34,689
*,1 FuelCell Energy Inc.  8,809,999      33,037
World Fuel Services Corp.  1,510,405      30,903
Archrock Inc.  3,715,296      30,725
* NOW Inc.  2,790,924      27,295
* Oceaneering International Inc.  2,527,560      26,994
* Stem Inc.  3,702,519      26,510
Alpha Metallurgical Resources Inc.    201,013      25,957
* Shoals Technologies Group Inc. Class A  1,559,668      25,703
CVR Energy Inc.    763,525      25,578
Core Laboratories NV  1,167,942      23,137
* ProPetro Holding Corp.  2,253,539      22,535
* Dril-Quip Inc.    868,316      22,403
* MRC Global Inc.  2,012,476      20,044
* Tellurian Inc.  6,452,625      19,229
* RPC Inc.  1,935,917      13,377
* Comstock Resources Inc.  1,028,894      12,429
*,1 EVgo Inc.  1,754,242      10,543
*,1 Fluence Energy Inc. Class A    904,309       8,573
*,1 ProFrac Holding Corp. Class A    398,460       7,296
* Helix Energy Solutions Group Inc.  1,868,038       5,791
Kinetik Holdings Inc. Class A    167,823       5,729
1 Crescent Energy Co. Class A    395,434       4,935
* Denbury Inc. Warrants Exp. 9/18/23          2          —
                     5,813,101
 
9

 

Table of Contents
Small-Cap Index Fund
          Shares Market
Value

($000)
Financials (15.2%)
LPL Financial Holdings Inc.  1,919,875     354,179
Brown & Brown Inc.  5,707,346     332,967
First Horizon Corp. 13,521,042     295,570
American Financial Group Inc.  1,828,127     253,762
Comerica Inc.  3,305,586     242,564
Assurant Inc.  1,367,127     236,308
Signature Bank  1,298,861     232,769
East West Bancorp Inc.  3,586,925     232,433
Carlyle Group Inc.  6,399,315     202,602
Reinsurance Group of America Inc.  1,692,641     198,530
First Citizens BancShares Inc. Class A    303,249     198,258
Zions Bancorp NA  3,826,230     194,755
Webster Financial Corp.  4,501,439     189,736
Invesco Ltd. 11,501,778     185,524
Western Alliance Bancorp  2,599,964     183,557
Commerce Bancshares Inc.  2,746,713     180,322
RenaissanceRe Holdings Ltd.  1,116,581     174,600
Cullen/Frost Bankers Inc.  1,458,155     169,802
SEI Investments Co.  3,125,062     168,816
Old Republic International Corp.  7,013,753     156,828
Morningstar Inc.    647,884     156,678
Starwood Property Trust Inc.  7,365,096     153,857
Voya Financial Inc.  2,583,404     153,790
Prosperity Bancshares Inc.  2,214,403     151,177
SouthState Corp.  1,907,681     147,178
Unum Group  4,319,612     146,953
AGNC Investment Corp. 13,219,664     146,342
Stifel Financial Corp.  2,558,931     143,351
First American Financial Corp.  2,578,609     136,460
Popular Inc.  1,766,073     135,864
* Alleghany Corp.    161,584     134,616
First Financial Bankshares Inc.  3,425,669     134,526
Glacier Bancorp Inc.  2,798,058     132,684
Pinnacle Financial Partners Inc.  1,834,195     132,631
Selective Insurance Group Inc.  1,524,662     132,554
RLI Corp.  1,087,428     126,783
          Shares Market
Value

($000)
Kinsale Capital Group Inc.    549,868     126,272
Synovus Financial Corp.  3,490,438     125,830
*,1 Robinhood Markets Inc. Class A 15,036,231     123,598
Erie Indemnity Co. Class A    642,051     123,396
Wintrust Financial Corp.  1,523,586     122,115
United Bankshares Inc.  3,419,132     119,909
Hanover Insurance Group Inc.    809,267     118,355
Primerica Inc.    983,319     117,693
Jefferies Financial Group Inc.  4,237,136     117,030
Cadence Bank  4,866,086     114,256
Affiliated Managers Group Inc.    977,470     113,973
Valley National Bancorp 10,878,109     113,241
Blackstone Mortgage Trust Inc. Class A  4,088,228     113,121
Axis Capital Holdings Ltd.  1,939,840     110,745
New Residential Investment Corp. 11,798,565     109,963
Old National Bancorp  7,409,108     109,581
Globe Life Inc.  1,121,671     109,329
SLM Corp.  6,803,979     108,455
Bank OZK  2,885,665     108,299
OneMain Holdings Inc.  2,849,457     106,513
1 Blue Owl Capital Inc. Class A 10,573,836     106,056
Home BancShares Inc.  4,937,310     102,548
New York Community Bancorp Inc. 11,216,136     102,403
Houlihan Lokey Inc. Class A  1,279,946     101,026
Essent Group Ltd.  2,581,803     100,432
MGIC Investment Corp.  7,828,772      98,643
ServisFirst Bancshares Inc.  1,234,561      97,432
FNB Corp.  8,881,557      96,454
Hancock Whitney Corp.  2,074,371      91,957
Umpqua Holdings Corp.  5,481,127      91,918
Lincoln National Corp.  1,956,153      91,489
*,1 SoFi Technologies Inc. 17,358,221      91,478
First Interstate BancSystem Inc. Class A  2,352,879      89,668
 
10

 

Table of Contents
Small-Cap Index Fund
          Shares Market
Value

($000)
Independent Bank Corp. (Massachusetts)  1,123,202      89,216
White Mountains Insurance Group Ltd.     71,547      89,157
1 Lazard Ltd. Class A  2,708,787      87,792
Community Bank System Inc.  1,360,172      86,072
Assured Guaranty Ltd.  1,539,775      85,904
Radian Group Inc.  4,367,659      85,824
UMB Financial Corp.    978,776      84,273
CVB Financial Corp.  3,386,240      84,013