Semiannual Report  |  February 28, 2023
Vanguard S&P Small-Cap 600 Index Funds
Vanguard S&P Small-Cap 600 Index Fund
Vanguard S&P Small-Cap 600 Value Index Fund
Vanguard S&P Small-Cap 600 Growth Index Fund

 

Contents

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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 February 28, 2023      
  Beginning
Account Value
8/31/2022
Ending
Account Value
2/28/2023
Expenses
Paid During
Period
Based on Actual Fund Return      
S&P Small-Cap 600 Index Fund      
ETF Shares $1,000.00 $1,063.60 $0.51
Institutional Shares 1,000.00 1,063.80 0.41
S&P Small-Cap 600 Value Index Fund      
ETF Shares $1,000.00 $1,095.30 $0.78
Institutional Shares 1,000.00 1,095.90 0.42
S&P Small-Cap 600 Growth Index Fund      
ETF Shares $1,000.00 $1,031.70 $0.76
Based on Hypothetical 5% Yearly Return      
S&P Small-Cap 600 Index Fund      
ETF Shares $1,000.00 $1,024.30 $0.50
Institutional Shares 1,000.00 1,024.40 0.40
S&P Small-Cap 600 Value Index Fund      
ETF Shares $1,000.00 $1,024.05 $0.75
Institutional Shares 1,000.00 1,024.40 0.40
S&P Small-Cap 600 Growth Index Fund      
ETF Shares $1,000.00 $1,024.05 $0.75
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 S&P Small-Cap 600 Index Fund, 0.10% for ETF Shares and 0.08% for Institutional Shares; for the S&P Small-Cap 600 Value Index Fund, 0.15% for ETF Shares and 0.08% for Institutional Shares; and for the S&P Small-Cap 600 Growth Index Fund, 0.15% for ETF 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
S&P Small-Cap 600 Index Fund
Fund Allocation
As of February 28, 2023
Communication Services 2.1%
Consumer Discretionary 13.6
Consumer Staples 5.2
Energy 4.7
Financials 17.6
Health Care 10.6
Industrials 17.5
Information Technology 13.6
Materials 6.0
Real Estate 6.9
Utilities 2.2
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.
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Table of Contents
S&P Small-Cap 600 Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of February 28, 2023
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 (99.9%)
Communication Services (2.1%)
Cogent Communications Holdings Inc.   199,394    12,909
* Yelp Inc. Class A   325,258     9,764
Shutterstock Inc.   112,038     8,428
* Cinemark Holdings Inc.   499,055     6,792
Scholastic Corp.   138,412     6,313
Telephone & Data Systems Inc.   464,638     5,896
* Cars.com Inc.   288,867     5,546
* Gogo Inc.   302,569     4,980
* TechTarget Inc.   125,616     4,740
Shenandoah Telecommunications Co.   233,770     4,563
* QuinStreet Inc.   234,769     3,984
* Thryv Holdings Inc.   143,233     3,415
* EW Scripps Co. Class A   269,909     3,406
* AMC Networks Inc. Class A   131,276     2,935
ATN International Inc.    50,039     2,104
* Gannett Co. Inc.   676,976     2,051
1 Marcus Corp.   113,917     1,833
* Consolidated Communications Holdings Inc.   345,371     1,047
                     90,706
Consumer Discretionary (13.6%)
* Asbury Automotive Group Inc.   103,227    23,443
Academy Sports & Outdoors Inc.   371,975    22,002
* Meritage Homes Corp.   170,534    18,627
Signet Jewelers Ltd.   215,731    15,451
Group 1 Automotive Inc.    68,015    15,036
* National Vision Holdings Inc.   368,186    13,755
LCI Industries   118,624    13,382
Installed Building Products Inc.   109,430    12,626
Steven Madden Ltd.   341,649    12,402
* Dorman Products Inc.   131,929    12,273
          Shares Market
Value

($000)
Kontoor Brands Inc.   230,408    12,016
American Eagle Outfitters Inc.   812,828    11,680
* Sonos Inc.   593,876    11,539
* Tri Pointe Homes Inc.   471,009    11,229
* Cavco Industries Inc.    38,656    11,017
* Boot Barn Holdings Inc.   139,110    10,774
* Frontdoor Inc.   380,329    10,744
Bloomin' Brands Inc.   409,792    10,696
* LGI Homes Inc.    95,637     9,976
MDC Holdings Inc.   266,102     9,846
* Gentherm Inc.   154,912     9,838
* Shake Shack Inc. Class A   174,186     9,718
* Six Flags Entertainment Corp.   345,431     9,119
Winnebago Industries Inc.   142,346     9,048
Strategic Education Inc.   103,891     8,857
* Leslie's Inc.   692,116     8,728
* ODP Corp.   188,202     8,522
Cheesecake Factory Inc.   222,714     8,338
* Adtalem Global Education Inc.   211,477     8,273
Oxford Industries Inc.    69,689     8,196
* Stride Inc.   190,383     8,086
* Sally Beauty Holdings Inc.   498,440     8,020
Century Communities Inc.   131,690     7,876
* Dave & Buster's Entertainment Inc.   195,444     7,822
* Brinker International Inc.   205,064     7,792
Jack in the Box Inc.    98,062     7,688
* Vista Outdoor Inc.   263,448     7,524
* Urban Outfitters Inc.   279,034     7,520
Monro Inc.   146,516     7,390
* M/I Homes Inc.   127,756     7,389
Patrick Industries Inc.   100,270     7,305
* Abercrombie & Fitch Co. Class A   230,315     6,774
La-Z-Boy Inc.   200,416     6,490
Upbound Group Inc.   233,357     6,266
Wolverine World Wide Inc.   366,770     6,143
* XPEL Inc.    91,316     6,101
Buckle Inc.   137,702     5,617
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Table of Contents
S&P Small-Cap 600 Index Fund
          Shares Market
Value

($000)
Dine Brands Global Inc.    73,020     5,598
* iRobot Corp.   126,855     5,213
Sturm Ruger & Co. Inc.    82,259     4,793
* American Axle & Manufacturing Holdings Inc.   534,284     4,702
Monarch Casino & Resort Inc.    61,887     4,556
Caleres Inc.   170,200     4,444
Sonic Automotive Inc. Class A    77,832     4,428
* Perdoceo Education Corp.   312,797     4,312
Hibbett Inc.    59,644     4,290
* Golden Entertainment Inc.   102,240     4,203
* Sleep Number Corp.   102,460     4,084
* Green Brick Partners Inc.   126,515     3,947
* BJ's Restaurants Inc.   108,936     3,486
* Mister Car Wash Inc.   370,029     3,415
Standard Motor Products Inc.    87,388     3,406
* MarineMax Inc.   100,298     3,368
* Chico's FAS Inc.   582,555     3,350
* G-III Apparel Group Ltd.   199,033     3,307
Ethan Allen Interiors Inc.   106,285     3,141
Guess? Inc.   142,682     3,002
* Chuy's Holdings Inc.    83,835     2,997
Ruth's Hospitality Group Inc.   141,336     2,636
* Genesco Inc.    57,824     2,600
Movado Group Inc.    74,048     2,564
* Children's Place Inc.    60,690     2,541
Haverty Furniture Cos. Inc.    61,735     2,330
Designer Brands Inc. Class A   236,785     2,318
* America's Car-Mart Inc.    27,013     2,295
Shoe Carnival Inc.    79,628     2,098
Aaron's Co. Inc.   144,384     2,072
Big Lots Inc.   135,581     1,946
PetMed Express Inc.    98,414     1,848
* Zumiez Inc.    72,532     1,687
* Motorcar Parts of America Inc.    90,225     1,181
El Pollo Loco Holdings Inc.    91,087     1,090
* WW International Inc.   250,385       916
* Universal Electronics Inc.    56,570       720
*,1 Bed Bath & Beyond Inc.   354,891       500
                    594,338
Consumer Staples (5.2%)
* elf Beauty Inc.   234,600    17,536
* Hostess Brands Inc. Class A   624,651    15,429
* Simply Good Foods Co.   392,562    15,031
* TreeHouse Foods Inc.   235,546    11,492
* United Natural Foods Inc.   272,110    11,083
WD-40 Co.    63,371    10,990
          Shares Market
Value

($000)
Edgewell Personal Care Co.   241,880    10,328
Cal-Maine Foods Inc.   176,769    10,040
Inter Parfums Inc.    83,137    10,011
J & J Snack Foods Corp.    69,725     9,846
Nu Skin Enterprises Inc. Class A   230,638     9,189
Vector Group Ltd.   614,508     8,155
PriceSmart Inc.   116,896     8,150
* Central Garden & Pet Co. Class A   193,932     7,453
* Hain Celestial Group Inc.   415,931     7,416
MGP Ingredients Inc.    71,692     7,272
Andersons Inc.   145,014     6,617
Universal Corp.   114,354     5,785
Medifast Inc.    50,896     5,707
* Chefs' Warehouse Inc.   158,619     5,163
* National Beverage Corp.   108,863     5,078
Fresh Del Monte Produce Inc.   143,089     4,476
SpartanNash Co.   164,376     4,399
B&G Foods Inc.   334,369     4,236
John B Sanfilippo & Son Inc.    41,596     3,734
Tootsie Roll Industries Inc.    82,958     3,653
* USANA Health Sciences Inc.    51,940     3,157
Calavo Growers Inc.    82,568     2,664
* Central Garden & Pet Co.    44,975     1,822
* Seneca Foods Corp. Class A    24,812     1,380
                    227,292
Energy (4.7%)
Helmerich & Payne Inc.   491,096    20,665
Civitas Resources Inc.   242,212    16,996
SM Energy Co.   572,626    16,898
Patterson-UTI Energy Inc. 1,011,462    13,857
Northern Oil & Gas Inc.   316,188     9,815
* Oceaneering International Inc.   467,964     9,776
* Green Plains Inc.   276,764     9,595
* Callon Petroleum Co.   238,693     9,252
CONSOL Energy Inc.   152,672     8,356
World Fuel Services Corp.   288,402     7,917
* Par Pacific Holdings Inc.   258,465     7,180
Archrock Inc.   623,442     6,902
* Nabors Industries Ltd.    41,662     6,262
* Helix Energy Solutions Group Inc.   665,333     5,509
* Dril-Quip Inc.   158,193     5,418
* Talos Energy Inc.   303,833     5,411
Core Laboratories NV   216,093     5,158
Comstock Resources Inc.   424,698     5,156
* US Silica Holdings Inc.   353,465     4,291
* Vital Energy Inc.    78,301     4,024
* ProPetro Holding Corp.   448,050     3,947
 
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Table of Contents
S&P Small-Cap 600 Index Fund
          Shares Market
Value

($000)
Ranger Oil Corp.    89,042     3,695
RPC Inc.   389,162     3,413
Dorian LPG Ltd.   148,962     3,270
* Bristow Group Inc. Class A   109,965     2,995
* Oil States International Inc.   298,091     2,722
* REX American Resources Corp.    72,422     2,391
* DMC Global Inc.    86,420     2,313
                    203,184
Financials (17.6%)
Assured Guaranty Ltd.   279,693    17,456
Independent Bank Corp.   212,916    16,965
ServisFirst Bancshares Inc.   228,068    16,866
United Community Banks Inc.   495,350    16,401
First Hawaiian Inc.   595,566    16,289
Community Bank System Inc.   250,679    15,304
* Mr Cooper Group Inc.   329,120    15,281
CVB Financial Corp.   613,131    14,672
Ameris Bancorp   304,138    14,559
* Genworth Financial Inc. Class A 2,316,024    14,429
Pacific Premier Bancorp Inc.   443,361    14,374
WSFS Financial Corp.   287,281    14,338
American Equity Investment Life Holding Co.   323,789    13,486
Simmons First National Corp. Class A   592,351    13,168
BankUnited Inc.   360,487    12,768
First Bancorp   861,447    12,500
Walker & Dunlop Inc.   143,223    12,493
* Axos Financial Inc.   249,144    11,807
Seacoast Banking Corp. of Florida   385,544    11,763
First Financial Bancorp   442,644    10,907
Banner Corp.   159,631    10,054
Piper Sandler Cos.    65,963     9,960
* Trupanion Inc.   164,125     9,746
Independent Bank Group Inc.   165,360     9,733
Bread Financial Holdings Inc.   232,676     9,556
Renasant Corp.   261,209     9,398
* NMI Holdings Inc. Class A   390,202     9,107
* Bancorp Inc.   261,354     9,040
Park National Corp.    67,417     8,614
Lakeland Financial Corp.   118,068     8,456
Trustmark Corp.   283,897     8,347
Provident Financial Services Inc.   351,432     8,206
Northwest Bancshares Inc.   592,987     8,195
NBT Bancorp Inc.   199,529     8,099
* StoneX Group Inc.    80,208     8,087
          Shares Market
Value

($000)
* PRA Group Inc.   182,012     7,746
Two Harbors Investment Corp.   450,140     7,459
BancFirst Corp.    81,141     7,323
* Enova International Inc.   146,920     7,162
Hope Bancorp Inc.   556,458     7,128
National Bank Holdings Corp. Class A   175,494     7,106
Hilltop Holdings Inc.   213,580     7,084
* Palomar Holdings Inc.   117,508     7,050
Horace Mann Educators Corp.   190,473     7,040
First Commonwealth Financial Corp.   434,883     6,962
Apollo Commercial Real Estate Finance Inc.   604,138     6,942
Westamerica Bancorp   125,316     6,907
First Bancorp (XNGS)   166,315     6,900
Pathward Financial Inc.   134,063     6,839
City Holding Co.    69,195     6,795
S&T Bancorp Inc.   181,690     6,770
OFG Bancorp   221,581     6,740
Veritex Holdings Inc.   251,487     6,705
Virtus Investment Partners Inc.    31,652     6,660
Eagle Bancorp Inc.   148,637     6,512
* Triumph Financial Inc.   105,695     6,432
FB Financial Corp.   163,934     6,179
Berkshire Hills Bancorp Inc.   209,675     6,093
Stellar Bancorp Inc.   207,020     6,055
* PROG Holdings Inc.   233,131     5,763
Employers Holdings Inc.   126,755     5,629
* Encore Capital Group Inc.   108,886     5,627
Safety Insurance Group Inc.    68,665     5,541
Southside Bancshares Inc.   142,138     5,428
PennyMac Mortgage Investment Trust   415,565     5,415
Franklin BSP Realty Trust Inc.   384,218     5,383
Stewart Information Services Corp.   126,315     5,367
*,1 Avantax Inc.   186,725     5,338
Brookline Bancorp Inc.   410,559     5,321
Ready Capital Corp.   459,622     5,175
Capitol Federal Financial Inc.   601,201     5,044
ProAssurance Corp.   251,285     4,998
* Donnelley Financial Solutions Inc.   116,609     4,934
AMERISAFE Inc.    89,219     4,866
Dime Community Bancshares Inc.   151,237     4,634
New York Mortgage Trust Inc. 1,728,967     4,616
Banc of California Inc.   260,949     4,580
 
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Table of Contents
S&P Small-Cap 600 Index Fund
          Shares Market
Value

($000)
Heritage Financial Corp.   163,476     4,556
Tompkins Financial Corp.    59,109     4,421
* Customers Bancorp Inc.   142,309     4,383
Preferred Bank    61,516     4,331
Mercury General Corp.   123,746     4,214
James River Group Holdings Ltd.   174,433     4,204
* Green Dot Corp. Class A   217,794     4,123
Redwood Trust Inc.   527,594     4,015
KKR Real Estate Finance Trust Inc.   267,097     3,873
Brightsphere Investment Group Inc.   150,937     3,784
* Ambac Financial Group Inc.   209,448     3,466
Ellington Financial Inc.   267,072     3,437
Hanmi Financial Corp.   141,995     3,354
ARMOUR Residential REIT Inc.   615,322     3,341
TrustCo Bank Corp.    88,709     3,323
WisdomTree Inc.   518,469     3,095
1 B. Riley Financial Inc.    74,628     2,969
United Fire Group Inc.   101,328     2,892
Northfield Bancorp Inc.   195,845     2,881
Central Pacific Financial Corp.   126,813     2,844
* SiriusPoint Ltd.   397,564     2,823
Universal Insurance Holdings Inc.   128,382     2,482
* EZCORP Inc. Class A   251,011     2,214
HomeStreet Inc.    82,969     2,093
Invesco Mortgage Capital Inc.   165,006     2,067
HCI Group Inc.    32,418     1,702
* LendingTree Inc.    50,733     1,671
Granite Point Mortgage Trust Inc.   244,959     1,467
* World Acceptance Corp.    15,484     1,446
                    770,143
Health Care (10.6%)
Ensign Group Inc.   258,819    23,159
* Cytokinetics Inc.   441,493    19,143
* Merit Medical Systems Inc.   265,484    18,738
* AMN Healthcare Services Inc.   202,126    18,193
* Prestige Consumer Healthcare Inc.   231,082    13,923
CONMED Corp.   142,207    13,679
Select Medical Holdings Corp.   485,860    13,210
* Integer Holdings Corp.   154,550    11,588
* NuVasive Inc.   244,155    10,555
* Glaukos Corp.   222,567    10,512
* NeoGenomics Inc.   588,199     9,911
* Supernus Pharmaceuticals Inc.   252,322     9,485
* Corcept Therapeutics Inc.   447,107     9,313
          Shares Market
Value

($000)
* Pacira BioSciences Inc.   214,174     9,117
* Xencor Inc.   279,759     8,989
Embecta Corp.   270,076     8,629
* Veradigm Inc.   510,018     8,471
* Addus HomeCare Corp.    75,017     8,150
* Vir Biotechnology Inc.   354,186     8,075
* CorVel Corp.    42,735     7,704
* Myriad Genetics Inc.   377,369     7,140
* Ironwood Pharmaceuticals Inc. Class A   621,329     7,002
* Catalyst Pharmaceuticals Inc.   445,888     6,804
* Vericel Corp.   219,915     6,688
* Apollo Medical Holdings Inc.   184,905     6,453
US Physical Therapy Inc.    60,541     6,135
* Harmony Biosciences Holdings Inc.   138,106     6,081
* Avanos Medical Inc.   216,406     6,074
* Pediatrix Medical Group Inc.   381,465     6,004
* ModivCare Inc.    59,259     5,819
* AdaptHealth Corp. Class A   357,645     5,719
* Dynavax Technologies Corp.   552,518     5,691
* Amphastar Pharmaceuticals Inc.   175,667     5,597
* Owens & Minor Inc.   355,992     5,457
* Ligand Pharmaceuticals Inc.    74,822     5,398
* RadNet Inc.   227,020     5,354
* Avid Bioservices Inc.   289,463     4,765
* NextGen Healthcare Inc.   254,893     4,616
LeMaitre Vascular Inc.    90,093     4,515
* Arcus Biosciences Inc.   243,054     4,426
* Enanta Pharmaceuticals Inc.    90,879     4,408
* Cross Country Healthcare Inc.   165,267     4,371
* Collegium Pharmaceutical Inc.   156,679     4,157
Mesa Laboratories Inc.    23,361     4,124
* uniQure NV   191,823     4,021
* REGENXBIO Inc.   176,032     3,917
* Heska Corp.    47,492     3,867
* Cardiovascular Systems Inc.   195,235     3,848
* BioLife Solutions Inc.   159,482     3,710
* Enhabit Inc.   231,043     3,546
* Community Health Systems Inc.   583,353     3,535
* Innoviva Inc.   292,351     3,529
* Varex Imaging Corp.   185,646     3,284
* Orthofix Medical Inc.   156,908     3,232
* Fulgent Genetics Inc.    91,819     3,011
* Agiliti Inc.   156,112     2,975
 
7

 

Table of Contents
S&P Small-Cap 600 Index Fund
          Shares Market
Value

($000)
* HealthStream Inc.   112,283     2,880
Simulations Plus Inc.    74,877     2,848
* Cutera Inc.    83,133     2,696
* Emergent BioSolutions Inc.   206,697     2,559
* Artivion Inc.   188,078     2,490
* ANI Pharmaceuticals Inc.    56,987     2,384
* AngioDynamics Inc.   182,194     2,256
* Anika Therapeutics Inc.    68,175     2,161
* Cara Therapeutics Inc.   210,409     2,138
* OraSure Technologies Inc.   338,436     2,135
* iTeos Therapeutics Inc.   114,674     2,031
* Coherus Biosciences Inc.   299,676     2,029
* Computer Programs & Systems Inc.    66,506     1,996
* Pennant Group Inc.   131,873     1,981
* Vanda Pharmaceuticals Inc.   263,795     1,699
* Inogen Inc.   106,714     1,672
Phibro Animal Health Corp. Class A    95,237     1,496
* OptimizeRx Corp.    80,502     1,437
* Surmodics Inc.    65,508     1,431
* Eagle Pharmaceuticals Inc.    48,776     1,366
*,1 Zynex Inc.   100,382     1,297
* Nektar Therapeutics Class A   879,068     1,213
* Zimvie Inc.    96,641     1,100
* Organogenesis Holdings Inc. Class A   326,306       799
*,2 Lantheus Holdings Inc. CVR   276,566        —
*,2 OmniAb Inc. 12.5 Earnout    27,888        —
*,2 OmniAb Inc. 15 Earnout    27,888        —
                    461,911
Industrials (17.5%)
Applied Industrial Technologies Inc.   179,891    25,699
Exponent Inc.   236,155    24,300
Comfort Systems USA Inc.   166,810    24,261
* Aerojet Rocketdyne Holdings Inc.   353,057    19,891
Mueller Industries Inc.   265,184    19,616
AAON Inc.   196,014    17,829
Franklin Electric Co. Inc.   181,482    17,344
Encore Wire Corp.    85,565    16,515
John Bean Technologies Corp.   148,618    16,480
Hillenbrand Inc.   324,009    15,274
ABM Industries Inc.   308,576    14,938
Federal Signal Corp.   282,951    14,931
* SPX Technologies Inc.   210,881    14,854
Albany International Corp. Class A   145,084    14,642
* Hub Group Inc. Class A   152,305    13,971
Korn Ferry   249,001    13,917
UniFirst Corp.    70,335    13,795
Arcosa Inc.   225,590    13,671
          Shares Market
Value

($000)
Moog Inc. Class A   135,134    13,327
Forward Air Corp.   124,032    12,801
Boise Cascade Co.   184,022    12,718
* Resideo Technologies Inc.   680,310    12,477
* Atlas Air Worldwide Holdings Inc.   120,279    12,125
* GMS Inc.   197,887    12,014
Brady Corp. Class A   216,455    11,940
Matson Inc.   176,290    11,725
ESCO Technologies Inc.   120,665    11,245
* RXO Inc.   537,146    11,049
ArcBest Corp.   113,938    10,961
Trinity Industries Inc.   379,918    10,603
EnPro Industries Inc.    97,077    10,436
* AeroVironment Inc.   116,637    10,000
Barnes Group Inc.   235,994     9,945
Veritiv Corp.    62,791     9,509
* MYR Group Inc.    77,321     9,326
Granite Construction Inc.   204,181     8,821
Alamo Group Inc.    47,924     8,741
* AAR Corp.   155,229     8,443
MillerKnoll Inc.   352,824     8,422
Griffon Corp.   221,105     8,064
Lindsay Corp.    51,277     7,717
* Gibraltar Industries Inc.   144,213     7,702
* Allegiant Travel Co.    73,041     7,490
* KAR Auction Services Inc.   507,194     7,248
Enerpac Tool Group Corp. Class A   264,871     7,133
* NOW Inc.   514,361     6,609
Standex International Corp.    55,821     6,457
Tennant Co.    86,607     6,133
Wabash National Corp.   223,267     6,117
* NV5 Global Inc.    57,970     6,100
HNI Corp.   192,643     6,020
* 3D Systems Corp.   610,765     5,979
Marten Transport Ltd.   268,188     5,919
* PGT Innovations Inc.   279,336     5,908
* Masterbrand Inc.   606,240     5,905
Matthews International Corp. Class A   142,662     5,444
* CoreCivic Inc.   535,484     5,200
* GEO Group Inc.   578,171     5,065
Greenbrier Cos. Inc.   152,653     4,902
Astec Industries Inc.   105,958     4,771
Apogee Enterprises Inc.   103,360     4,730
AZZ Inc.   115,960     4,714
Healthcare Services Group Inc.   345,695     4,587
* SkyWest Inc.   235,921     4,499
Quanex Building Products Corp.   154,179     4,001
* Proto Labs Inc.   126,243     3,969
* American Woodmark Corp.    77,370     3,944
* Triumph Group Inc.   302,683     3,820
Deluxe Corp.   200,851     3,704
 
8

 

Table of Contents
S&P Small-Cap 600 Index Fund
          Shares Market
Value

($000)
Heartland Express Inc.   216,981     3,500
Kaman Corp.   130,996     3,406
Pitney Bowes Inc.   753,573     3,270
Heidrick & Struggles International Inc.    92,859     3,188
* Harsco Corp.   370,048     3,131
* Sun Country Airlines Holdings Inc.   151,961     3,047
* Titan International Inc.   237,065     2,942
* TrueBlue Inc.   152,067     2,844
* CIRCOR International Inc.    95,161     2,785
Insteel Industries Inc.    90,991     2,707
Kelly Services Inc. Class A   161,430     2,701
Resources Connection Inc.   149,026     2,691
* Hawaiian Holdings Inc.   239,473     2,682
* Viad Corp.    96,765     2,488
Interface Inc. Class A   270,907     2,389
* DXP Enterprises Inc.    73,217     2,117
Powell Industries Inc.    42,429     1,882
* Forrester Research Inc.    52,391     1,723
National Presto Industries Inc.    23,776     1,632
* Liquidity Services Inc.   126,525     1,602
Park Aerospace Corp.    90,268     1,482
                    762,616
Information Technology (13.6%)
* SPS Commerce Inc.   168,149    25,330
* Rambus Inc.   501,237    22,170
* Fabrinet   170,677    20,800
* Axcelis Technologies Inc.   153,223    19,695
* Diodes Inc.   211,981    19,437
* Onto Innovation Inc.   230,906    19,043
* Insight Enterprises Inc.   141,308    18,924
Badger Meter Inc.   136,541    16,606
Advanced Energy Industries Inc.   174,415    16,235
* Sanmina Corp.   267,903    16,197
Kulicke & Soffa Industries Inc.   270,791    14,433
* Rogers Corp.    87,750    12,917
* Plexus Corp.   129,132    12,382
* Alarm.com Holdings Inc.   232,871    11,837
* Itron Inc.   210,829    11,758
* Viavi Solutions Inc. 1,056,349    11,556
* MaxLinear Inc. Class A   337,123    11,533
Progress Software Corp.   200,652    11,525
* Extreme Networks Inc.   613,023    11,476
* Perficient Inc.   161,550    11,438
* Verra Mobility Corp. Class A   651,803    11,231
EVERTEC Inc.   304,278    11,200
* FormFactor Inc.   359,413    10,818
InterDigital Inc.   125,576     9,166
* Semtech Corp.   297,492     9,166
* NetScout Systems Inc.   320,342     9,111
* DoubleVerify Holdings Inc.   345,505     9,076
          Shares Market
Value

($000)
Methode Electronics Inc.   170,775     8,322
* Cohu Inc.   222,356     8,272
CSG Systems International Inc.   141,172     7,934
* Sabre Corp. 1,532,220     7,753
* Agilysys Inc.    92,215     7,369
* LiveRamp Holdings Inc.   309,538     7,314
* Knowles Corp.   424,595     7,210
* ePlus Inc.   125,298     6,787
* Ultra Clean Holdings Inc.   212,406     6,767
* OSI Systems Inc.    72,994     6,756
* Harmonic Inc.   490,996     6,476
CTS Corp.   148,457     6,430
* TTM Technologies Inc.   475,961     6,326
ADTRAN Holdings Inc.   329,053     5,742
* Digi International Inc.   164,347     5,484
* Payoneer Global Inc.   931,820     5,405
* PDF Solutions Inc.   137,680     5,155
* Veeco Instruments Inc.   239,230     5,088
* Photronics Inc.   287,140     5,059
* Cerence Inc.   183,675     5,029
Adeia Inc.   494,623     4,877
A10 Networks Inc.   298,067     4,537
* Digital Turbine Inc.   419,576     4,506
* Avid Technology Inc.   154,865     4,500
* Ichor Holdings Ltd.   134,282     4,425
Benchmark Electronics Inc.   163,790     3,897
* SMART Global Holdings Inc.   226,213     3,778
* ScanSource Inc.   117,565     3,666
TTEC Holdings Inc.    87,956     3,541
* CEVA Inc.   107,893     3,405
* Consensus Cloud Solutions Inc.    82,310     3,378
* Clearfield Inc.    53,248     3,338
* LivePerson Inc.   326,247     3,302
* Corsair Gaming Inc.   178,772     3,128
* 8x8 Inc.   519,995     2,766
* Alpha & Omega Semiconductor Ltd.   103,343     2,760
* NETGEAR Inc.   134,680     2,438
* FARO Technologies Inc.    87,611     2,383
PC Connection Inc.    52,677     2,307
* OneSpan Inc.   164,130     2,219
* Xperi Inc.   189,611     2,217
Comtech Telecommunications Corp.   129,290     2,067
Ebix Inc.   109,635     1,905
* Unisys Corp.   315,082     1,569
* Arlo Technologies Inc.   411,821     1,565
                    594,212
Materials (5.9%)
* ATI Inc.   603,655    24,539
* Livent Corp.   836,642    19,619
Balchem Corp.   149,858    19,481
 
9

 

Table of Contents
S&P Small-Cap 600 Index Fund
          Shares Market
Value

($000)
HB Fuller Co.   248,643    17,345
* O-I Glass Inc.   723,574    16,078
Innospec Inc.   115,535    12,646
* Arconic Corp.   473,557    12,521
Quaker Chemical Corp.    63,582    12,448
Carpenter Technology Corp.   226,047    10,925
Materion Corp.    95,591    10,676
Stepan Co.    98,536    10,257
Warrior Met Coal Inc.   241,132     9,228
Minerals Technologies Inc.   151,467     9,202
Sylvamo Corp.   154,030     7,598
Mativ Holdings Inc.   255,852     6,629
Compass Minerals International Inc.   158,450     6,105
Kaiser Aluminum Corp.    74,228     5,888
AdvanSix Inc.   128,429     5,285
Myers Industries Inc.   170,541     4,407
Trinseo plc   162,836     3,774
SunCoke Energy Inc.   388,128     3,691
Hawkins Inc.    88,082     3,582
Koppers Holdings Inc.    97,398     3,496
* TimkenSteel Corp.   184,261     3,370
Haynes International Inc.    58,152     3,181
* Clearwater Paper Corp.    77,967     3,009
* Century Aluminum Co.   239,168     2,887
American Vanguard Corp.   129,475     2,702
* Rayonier Advanced Materials Inc.   298,682     2,449
Olympic Steel Inc.    44,800     2,352
Mercer International Inc.   188,562     2,033
Tredegar Corp.   116,865     1,358
FutureFuel Corp.   119,338     1,044
                    259,805
Real Estate (6.9%)