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.

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
Communication Services Index Fund
ETF Shares	$1,000.00	$969.90	$0.49
Admiral™ Shares	1,000.00	969.80	0.49
Consumer Discretionary Index Fund
ETF Shares	$1,000.00	$967.70	$0.49
Admiral Shares	1,000.00	967.70	0.49
Consumer Staples Index Fund
ETF Shares	$1,000.00	$1,005.70	$0.50
Admiral Shares	1,000.00	1,005.70	0.50
Energy Index Fund
ETF Shares	$1,000.00	$1,052.60	$0.51
Admiral Shares	1,000.00	1,053.20	0.51
Financials Index Fund
ETF Shares	$1,000.00	$1,089.30	$0.52
Admiral Shares	1,000.00	1,089.40	0.52
Health Care Index Fund
ETF Shares	$1,000.00	$1,022.40	$0.50
Admiral Shares	1,000.00	1,022.50	0.50
Industrials Index Fund
ETF Shares	$1,000.00	$1,101.20	$0.52
Admiral Shares	1,000.00	1,101.20	0.52
Information Technology Index Fund
ETF Shares	$1,000.00	$1,013.40	$0.50
Admiral Shares	1,000.00	1,013.30	0.50
Materials Index Fund
ETF Shares	$1,000.00	$1,103.90	$0.52
Admiral Shares	1,000.00	1,103.90	0.52
Utilities Index Fund
ETF Shares	$1,000.00	$895.90	$0.47
Admiral Shares	1,000.00	896.00	0.47

Six Months Ended February 28, 2023
	Beginning Account Value 8/31/2022	Ending Account Value 2/28/2023	Expenses Paid During Period
Based on Hypothetical 5% Yearly Return
Communication Services Index Fund
ETF Shares	$1,000.00	$1,024.30	$0.50
Admiral Shares	1,000.00	1,024.30	0.50
Consumer Discretionary Index Fund
ETF Shares	$1,000.00	$1,024.30	$0.50
Admiral Shares	1,000.00	1,024.30	0.50
Consumer Staples Index Fund
ETF Shares	$1,000.00	$1,024.30	$0.50
Admiral Shares	1,000.00	1,024.30	0.50
Energy Index Fund
ETF Shares	$1,000.00	$1,024.30	$0.50
Admiral Shares	1,000.00	1,024.30	0.50
Financials Index Fund
ETF Shares	$1,000.00	$1,024.30	$0.50
Admiral Shares	1,000.00	1,024.30	0.50
Health Care Index Fund
ETF Shares	$1,000.00	$1,024.30	$0.50
Admiral Shares	1,000.00	1,024.30	0.50
Industrials Index Fund
ETF Shares	$1,000.00	$1,024.30	$0.50
Admiral Shares	1,000.00	1,024.30	0.50
Information Technology Index Fund
ETF Shares	$1,000.00	$1,024.30	$0.50
Admiral Shares	1,000.00	1,024.30	0.50
Materials Index Fund
ETF Shares	$1,000.00	$1,024.30	$0.50
Admiral Shares	1,000.00	1,024.30	0.50
Utilities Index Fund
ETF Shares	$1,000.00	$1,024.30	$0.50
Admiral Shares	1,000.00	1,024.30	0.50

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 Communication Services Index Fund, 0.10% for ETF Shares and 0.10% for Admiral Shares; for the Consumer Discretionary Index Fund, 0.10% for ETF Shares and 0.10% for Admiral Shares; for the Consumer Staples Index Fund, 0.10% for ETF Shares and 0.10% for Admiral Shares; for the Energy Index Fund, 0.10% for ETF Shares and 0.10% for Admiral Shares; for the Financials Index Fund, 0.10% for ETF Shares and 0.10% for Admiral Shares; for the Health Care Index Fund, 0.10% for ETF Shares and 0.10% for Admiral Shares; for the Industrials Index Fund, 0.10% for ETF Shares and 0.10% for Admiral Shares; for the Information Technology Index Fund, 0.10% for ETF Shares and 0.10% for Admiral Shares; for the Materials Index Fund, 0.10% for ETF Shares and 0.10% for Admiral Shares; and for the Utilities Index Fund, 0.10% for ETF Shares and 0.10% 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).

Communication Services Index Fund

Fund Allocation

As of February 28, 2023

Diversified Telecommunication Services	13.0%
Entertainment	23.5
Interactive Media & Services	41.0
Media	18.5
Wireless Telecommunication Services	4.0

The table reflects the fund’s investments, except 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.

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.

Communication Services 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 (99.6%)
Diversified Telecommunication Services (13.0%)
	Verizon Communications Inc.	3,174,206	123,191
	AT&T Inc.	6,450,135	121,972
^*	Iridium Communications Inc.	303,179	18,606
^*	Liberty Global plc Class C	793,179	16,855
^*	Frontier Communications Parent Inc.	583,507	15,965
^*	Liberty Global plc Class A	583,573	11,957
	Cogent Communications Holdings Inc.	158,865	10,285
	Lumen Technologies Inc.	2,006,703	6,823
^*	Liberty Latin America Ltd. Class C	553,811	4,862
^*	Radius Global Infrastructure Inc. Class A (XNMS)	302,351	4,121
^*	Globalstar Inc.	2,679,358	3,430
^*	EchoStar Corp. Class A	125,972	2,514
^*	IDT Corp. Class B	73,249	2,228
	ATN International Inc.	41,380	1,740
^*	Anterix Inc.	49,306	1,489
^*	Bandwidth Inc. Class A	87,519	1,392
^*	Liberty Latin America Ltd. Class A	143,555	1,266
^*	Consolidated Communications Holdings Inc.	280,690	851
^*	Charge Enterprises Inc.	430,363	486
			350,033
Entertainment (23.2%)
^*	Walt Disney Co.	1,677,262	167,072
^*	Netflix Inc.	360,398	116,095
	Activision Blizzard Inc.	882,627	67,300
^*	Warner Bros Discovery Inc.	2,964,420	46,304
	Electronic Arts Inc.	356,827	39,586
^*	Take-Two Interactive Software Inc.	246,210	26,972
^*	Liberty Media Corp.-Liberty Formula One Class C	354,302	24,047
^*	Live Nation Entertainment Inc.	283,953	20,462
^*	Roblox Corp. Class A	486,039	17,809
	Warner Music Group Corp. Class A	452,570	14,283
	World Wrestling Entertainment Inc. Class A	161,111	13,533
^*	Roku Inc.	202,562	13,104
^*,1	AMC Entertainment Holdings Inc. Class A	1,703,635	12,164
	Madison Square Garden Sports Corp.	54,403	10,399
^*	Endeavor Group Holdings Inc. Class A	317,352	7,080
^*	Madison Square Garden Entertainment Corp.	91,666	5,549

		Shares	Market Value• ($000)
^*	Cinemark Holdings Inc.	403,721	5,495
^*	Liberty Media Corp.- Liberty Braves Class C	146,998	4,920
^*	Lions Gate Entertainment Corp. Class B	398,352	3,964
^*	Imax Corp.	167,431	3,087
^*	Lions Gate Entertainment Corp. Class A	276,950	2,938
^*	Playtika Holding Corp.	150,240	1,442
	Marcus Corp.	82,477	1,327
^*	Liberty Media Corp.- Liberty Braves Class A	29,009	994
^*	Skillz Inc. Class A	924,684	578
^*,1	Vivid Seats Inc. Class A	70,298	539
			627,043
Interactive Media & Services (40.9%)
^*	Meta Platforms Inc. Class A	2,109,957	369,116
^*	Alphabet Inc. Class A	3,539,743	318,789
^*	Alphabet Inc. Class C	3,071,533	277,360
^*	Pinterest Inc. Class A	845,039	21,219
^*	Snap Inc. Class A	1,613,070	16,373
^*	Match Group Inc.	374,957	15,531
^*	Ziff Davis Inc.	157,298	12,423
^*	ZoomInfo Technologies Inc. Class A	389,037	9,403
^*	IAC Inc.	180,886	9,395
^*	TripAdvisor Inc.	372,522	8,035
^*	Yelp Inc. Class A	262,828	7,890
	Shutterstock Inc.	94,165	7,083
^*	Bumble Inc. Class A	265,329	6,416
^*	Cargurus Inc.	324,108	5,526
^*	Cars.com Inc.	241,083	4,629
^*	QuinStreet Inc.	189,294	3,212
^*	Eventbrite Inc. Class A	300,642	2,634
^*	ZipRecruiter Inc. Class A	137,363	2,343
^*	Vimeo Inc.	556,938	2,133
^*	Mediaalpha Inc. Class A	87,061	1,318
^*,1	fuboTV Inc.	660,674	1,262
^*	Nextdoor Holdings Inc.	347,197	715
^*	Angi Inc. Class A	274,588	703
^*,1	System1 Inc.	87,075	383
^*	Outbrain Inc.	41,257	182
			1,104,073
Media (18.5%)
	Comcast Corp. Class A	3,184,950	118,385
^*	Charter Communications Inc. Class A	133,130	48,940
	Omnicom Group Inc.	319,042	28,896
^*	Trade Desk Inc. Class A	467,373	26,154
	Interpublic Group of Cos. Inc.	682,778	24,266
	Fox Corp. Class A	604,428	21,167
^*	Liberty Broadband Corp. Class C	220,272	19,091
	Nexstar Media Group Inc. Class A	94,235	17,518

		Shares	Market Value• ($000)
	New York Times Co. Class A	450,071	17,328
¹	Paramount Global Inc. Class B	804,773	17,238
	News Corp. Class A	966,905	16,582
	Fox Corp. Class B	480,238	15,488
^*	Liberty Media Corp.- Liberty SiriusXM Class C	426,877	13,754
	TEGNA Inc.	729,773	12,698
	Cable One Inc.	12,946	8,941
^*	Liberty Media Corp.- Liberty SiriusXM Class A	275,319	8,918
¹	Sirius XM Holdings Inc.	2,015,250	8,847
	News Corp. Class B	474,227	8,185
	John Wiley & Sons Inc. Class A	165,146	7,347
^*	DISH Network Corp. Class A	635,704	7,253
^*	Liberty Broadband Corp. Class A	72,281	6,269
	Scholastic Corp.	109,339	4,987
^*	Magnite Inc.	442,008	4,920
^*	TechTarget Inc.	104,443	3,941
	Gray Television Inc.	287,641	3,365
^*	Altice USA Inc. Class A	807,585	3,198
^*	iHeartMedia Inc. Class A	431,550	3,133
	Sinclair Broadcast Group Inc. Class A	163,263	2,656
^*	EW Scripps Co. Class A	201,009	2,537
^*	AMC Networks Inc. Class A	106,092	2,372
^*	PubMatic Inc. Class A	151,233	2,296
^*	Clear Channel Outdoor Holdings Inc.	1,249,748	2,212
^*	WideOpenWest Inc.	197,369	2,157
^*	Thryv Holdings Inc.	77,348	1,844
^*	Boston Omaha Corp. Class A	75,192	1,811
^*	Gannett Co. Inc.	520,841	1,578
^*	Quotient Technology Inc.	195,110	738
^*	Cardlytics Inc.	123,785	675
^*	Advantage Solutions Inc.	299,771	659
			498,344
Wireless Telecommunication Services (4.0%)
^*	T-Mobile US Inc.	666,772	94,802
	Telephone and Data Systems Inc.	378,267	4,800
^*	Gogo Inc.	216,374	3,562
	Shenandoah Telecommunications Co.	177,582	3,466

Communication Services Index Fund

		Shares	Market Value• ($000)
^*	United States Cellular Corp.	58,897	1,421
			108,051
Total Common Stocks (Cost $3,614,877)			2,687,544
Preferred Stock (0.2%)
Entertainment (0.2%)
²	AMC Entertainment Holdings Inc. Class A, 0.000% (Cost $10,007)	1,931,010	3,997
Temporary Cash Investments (1.2%)
Money Market Fund (1.2%)
^3,4	Vanguard Market Liquidity Fund, 4.640% (Cost $33,815)	338,234	33,820
Total Investments (101.0%) (Cost $3,658,699)			2,725,361
Other Assets and Liabilities—Net (-1.0%)			(28,049)
Net Assets (100.0%)			2,697,312
Cost is in $000.

•	See Note A in Notes to Financial Statements.
*	Non-income-producing security.
1	Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $25,159,000.
2	Perpetual security with no stated maturity date.
3	Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
4	Collateral of $28,190,000 was received for securities on loan, of which $28,133,000 is held in Vanguard Market Liquidity Fund and $57,000 is held in cash.

Derivative Financial Instruments Outstanding as of Period End

Over-the-Counter Total Return Swaps
Reference Entity	Termination Date	Counterparty	Notional Amount ($000)	Floating Interest Rate Received (Paid)¹ (%)	Value and Unrealized Appreciation ($000)	Value and Unrealized (Depreciation) ($000)
Paramount Global	8/31/23	BANA	3,534	(4.569)	—	(14)
Sirius XM Holdings Inc.	1/31/24	GSI	3,049	(4.573)	—	(184)
					—	(198)

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

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

Communication Services Index Fund

Statement of Assets and Liabilities

As of February 28, 2023

($000s, except shares, footnotes, and per-share amounts)	Amount
Assets
Investments in Securities, at Value¹
Unaffiliated Issuers (Cost $3,624,884)	2,691,541
Affiliated Issuers (Cost $33,815)	33,820
Total Investments in Securities	2,725,361
Investment in Vanguard	100
Cash	57
Cash Collateral Pledged—Over-the-Counter Swap Contracts	50
Receivables for Investment Securities Sold	133,947
Receivables for Accrued Income	755
Receivables for Capital Shares Issued	10
Total Assets	2,860,280
Liabilities
Due to Custodian	2,023
Payables for Investment Securities Purchased	41,692
Collateral for Securities on Loan	28,190
Payables for Capital Shares Redeemed	90,764
Payables to Vanguard	101
Unrealized Depreciation—Over-the-Counter Swap Contracts	198
Total Liabilities	162,968
Net Assets	2,697,312
1 Includes $25,159,000 of securities on loan.
At February 28, 2023, net assets consisted of:

Paid-in Capital	4,127,533
Total Distributable Earnings (Loss)	(1,430,221)
Net Assets	2,697,312

ETF Shares—Net Assets
Applicable to 28,820,890 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	2,618,910
Net Asset Value Per Share—ETF Shares	$90.87

Admiral Shares—Net Assets
Applicable to 1,693,092 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	78,402
Net Asset Value Per Share—Admiral Shares	$46.31

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

Communication Services Index Fund

Statement of Operations


	Six Months Ended February 28, 2023
	($000)
Investment Income
Income
Dividends	15,260
Interest¹	115
Securities Lending—Net	1,684
Total Income	17,059
Expenses
The Vanguard Group—Note B
Investment Advisory Services	31
Management and Administrative— ETF Shares	1,090
Management and Administrative— Admiral Shares	29
Marketing and Distribution— ETF Shares	73
Marketing and Distribution— Admiral Shares	2
Shareholders’ Reports—ETF Shares	64
Shareholders’ Reports—Admiral Shares	1
Trustees’ Fees and Expenses	1
Other Expenses	6
Total Expenses	1,297
Net Investment Income	15,762
Realized Net Gain (Loss)
Investment Securities Sold^1,2	(42,679)
Swap Contracts	(1,692)
Realized Net Gain (Loss)	(44,371)
Change in Unrealized Appreciation (Depreciation)
Investment Securities¹	(65,270)
Swap Contracts	234
Change in Unrealized Appreciation (Depreciation)	(65,036)
Net Increase (Decrease) in Net Assets Resulting from Operations	(93,645)

1	Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $115,000, $3,000, less than $1,000, and $2,000, respectively. Purchases and sales are for temporary cash investment purposes.
2	Includes $56,464,000 of net gain (loss) resulting from in-kind redemptions.

Statement of Changes in Net Assets


	Six Months Ended February 28, 2023	Year Ended August 31, 2022
	($000)	($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income	15,762	35,113
Realized Net Gain (Loss)	(44,371)	301,906
Change in Unrealized Appreciation (Depreciation)	(65,036)	(2,110,443)
Net Increase (Decrease) in Net Assets Resulting from Operations	(93,645)	(1,773,424)
Distributions
ETF Shares	(11,174)	(36,456)
Admiral Shares	(285)	(937)
Total Distributions	(11,459)	(37,393)
Capital Share Transactions
ETF Shares	3,833	(303,025)
Admiral Shares	11,166	(10,410)
Net Increase (Decrease) from Capital Share Transactions	14,999	(313,435)
Total Increase (Decrease)	(90,105)	(2,124,252)
Net Assets
Beginning of Period	2,787,417	4,911,669
End of Period	2,697,312	2,787,417

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

Communication Services Index Fund

Financial Highlights

ETF Shares
For a Share Outstanding Throughout Each Period	Six Months Ended February 28, 2023	Year Ended August 31,
For a Share Outstanding Throughout Each Period	Six Months Ended February 28, 2023	2022	2021	2020	2019	2018
Net Asset Value, Beginning of Period	$94.12	$149.87	$108.04	$87.24	$86.83	$93.54
Investment Operations
Net Investment Income¹	.529	1.110	1.018	1.005	.917	3.067
Net Realized and Unrealized Gain (Loss) on Investments	(3.394)	(55.695)	41.708	20.743	.316	(6.297)
Total from Investment Operations	(2.865)	(54.585)	42.726	21.748	1.233	(3.230)
Distributions
Dividends from Net Investment Income	(.385)	(1.165)	(.896)	(.948)	(.823)	(3.480)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(.385)	(1.165)	(.896)	(.948)	(.823)	(3.480)
Net Asset Value, End of Period	$90.87	$94.12	$149.87	$108.04	$87.24	$86.83
Total Return	-3.01%	-36.61%	39.75%	25.15%	1.47%	-3.50%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$2,619	$2,717	$4,787	$2,914	$2,016	$1,015
Ratio of Total Expenses to Average Net Assets	0.10%	0.10%	0.10%	0.10%	0.10%	0.10%
Ratio of Net Investment Income to Average Net Assets	1.20%	0.92%	0.80%	1.09%	1.09%	3.48%
Portfolio Turnover Rate²	10%	16%	15%	15%	33%	84%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

Admiral Shares
For a Share Outstanding Throughout Each Period	Six Months Ended February 28, 2023	Year Ended August 31,
For a Share Outstanding Throughout Each Period	Six Months Ended February 28, 2023	2022	2021	2020	2019	2018
Net Asset Value, Beginning of Period	$47.97	$76.38	$55.06	$44.46	$44.25	$47.67
Investment Operations
Net Investment Income¹	.271	.572	.519	.512	.470	1.554
Net Realized and Unrealized Gain (Loss) on Investments	(1.735)	(28.388)	21.259	10.571	.157	(3.199)
Total from Investment Operations	(1.464)	(27.816)	21.778	11.083	.627	(1.645)
Distributions
Dividends from Net Investment Income	(.196)	(.594)	(.458)	(.483)	(.417)	(1.775)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(.196)	(.594)	(.458)	(.483)	(.417)	(1.775)
Net Asset Value, End of Period	$46.31	$47.97	$76.38	$55.06	$44.46	$44.25
Total Return²	-3.02%	-36.61%	39.76%	25.16%	1.46%	-3.48%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$78	$70	$124	$67	$50	$46
Ratio of Total Expenses to Average Net Assets	0.10%	0.10%	0.10%	0.10%	0.10%	0.10%
Ratio of Net Investment Income to Average Net Assets	1.20%	0.93%	0.79%	1.10%	1.09%	3.48%
Portfolio Turnover Rate³	10%	16%	15%	15%	33%	84%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

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

Communication Services Index Fund

Notes to Financial Statements

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

Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.

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

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

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

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

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

During the six months ended February 28, 2023, the fund’s average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.

Communication Services Index Fund

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

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

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

6. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.4 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

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

For the six months ended February 28, 2023, the fund did not utilize the credit facilities or the Interfund Lending Program.

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

Communication Services Index Fund

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

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

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At February 28, 2023, the fund had contributed to Vanguard capital in the amount of $100,000, representing less than 0.01% of the fund’s net assets and 0.04% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.

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

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

Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.

The following table summarizes the market value of the fund’s investments and derivatives as of February 28, 2023, based on the inputs used to value them:

	Level 1 ($000)	Level 2 ($000)	Level 3 ($000)	Total ($000)
Investments
Assets
Common Stocks	2,687,544	—	—	2,687,544
Preferred Stock	3,997	—	—	3,997
Temporary Cash Investments	33,820	—	—	33,820
Total	2,725,361	—	—	2,725,361
Derivative Financial Instruments
Liabilities
Swap Contracts	—	198	—	198

D.	As of February 28, 2023, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

	Amount ($000)
Tax Cost	3,694,712
Gross Unrealized Appreciation	28,406
Gross Unrealized Depreciation	(997,757)
Net Unrealized Appreciation (Depreciation)	(969,351)

The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at August 31, 2022, the fund had available capital losses totaling $450,224,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending August 31, 2023; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

Communication Services Index Fund

During the six months ended February 28, 2023, the fund purchased $851,307,000 of investment securities and sold $833,713,000 of investment securities, other than temporary cash investments. Purchases and sales include $572,498,000 and $586,579,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended February 28, 2023, such purchases were $4,017,000 and sales were $589,000, resulting in net realized loss of $245,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

	Six Months Ended February 28, 2023		Year Ended August 31, 2022
	Amount ($000)	Shares (000)	Amount ($000)	Shares (000)
ETF Shares
Issued	592,154	6,725	1,584,130	13,653
Issued in Lieu of Cash Distributions	—	—	—	—
Redeemed	(588,321)	(6,775)	(1,887,155)	(16,725)
Net Increase (Decrease)—ETF Shares	3,833	(50)	(303,025)	(3,072)
Admiral Shares
Issued	26,620	578	39,208	630
Issued in Lieu of Cash Distributions	238	6	787	12
Redeemed	(15,692)	(350)	(50,405)	(809)
Net Increase (Decrease)—Admiral Shares	11,166	234	(10,410)	(167)

G.	Management has determined that no events or transactions occurred subsequent to February 28, 2023, that would require recognition or disclosure in these financial statements.

Consumer Discretionary Index Fund

Fund Allocation

As of February 28, 2023

Auto Components	2.4%
Automobiles	15.8
Distributors	1.3
Diversified Consumer Services	1.1
Hotels, Restaurants & Leisure	20.6
Household Durables	4.2
Internet & Direct Marketing Retail	22.6
Leisure Products	1.0
Multiline Retail	4.1
Specialty Retail	20.7
Textiles, Apparel & Luxury Goods	6.2

Consumer Discretionary Index Fund

Financial Statements (unaudited)

Schedule of Investments

As of February 28, 2023

		Shares	Market Value• ($000)
Common Stocks (99.8%)
Auto Components (2.4%)
^*	Aptiv plc	289,885	33,708
	BorgWarner Inc. (XNYS)	250,438	12,592
	Lear Corp.	63,210	8,827
	Autoliv Inc.	88,143	8,160
	Gentex Corp.	250,745	7,159
^*	Fox Factory Holding Corp.	45,343	5,328
^*	Visteon Corp.	30,035	5,017
^*	Adient plc	101,258	4,326
^*	Goodyear Tire & Rubber Co.	302,168	3,433
	LCI Industries	27,154	3,063
^*,1	QuantumScape Corp. Class A	286,380	2,741
^*	Dorman Products Inc.	28,528	2,654
^*	Gentherm Inc.	35,649	2,264
	Dana Inc.	137,426	2,177
^*,1	Luminar Technologies Inc. Class A	227,635	2,037
	Patrick Industries Inc.	23,204	1,690
^*	XPEL Inc.	20,652	1,380
^*	American Axle & Manufacturing Holdings Inc.	122,283	1,076
	Standard Motor Products Inc.	20,566	801
^*	Stoneridge Inc.	29,177	695
^*,1	Solid Power Inc.	111,933	378
^*	Holley Inc.	50,393	110
			109,616
Automobiles (15.7%)
^*	Tesla Inc.	2,871,307	590,657
	General Motors Co.	1,519,784	58,876
	Ford Motor Co.	4,225,354	51,000
	Harley-Davidson Inc.	148,590	7,065
^*	Rivian Automotive Inc. Class A	342,247	6,605
	Thor Industries Inc.	57,424	5,225
^*,1	Lucid Group Inc.	449,769	4,106
	Winnebago Industries Inc.	31,022	1,972
^*,1	Fisker Inc.	193,067	1,435
^*	Workhorse Group Inc.	174,902	360
^*,1	Canoo Inc.	325,047	243
^*,1	Lordstown Motors Corp. Class A	175,671	183
^*,1	Faraday Future Intelligent Electric Inc.	269,821	144
			727,871
Distributors (1.2%)
	Genuine Parts Co.	151,060	26,716
	LKQ Corp.	271,461	15,552
	Pool Corp.	41,781	14,910
^*	Funko Inc. Class A	37,454	405
			57,583
Diversified Consumer Services (1.1%)
	Service Corp. International	164,620	11,117
	H&R Block Inc.	166,335	6,121

		Shares	Market Value• ($000)
^*	Bright Horizons Family Solutions Inc.	61,893	4,880
^*	Grand Canyon Education Inc.	33,262	3,768
	Graham Holdings Co. Class B	4,123	2,584
^*	frontdoor Inc.	87,026	2,459
^*	Chegg Inc.	134,507	2,137
	Strategic Education Inc.	24,709	2,106
^*	Adtalem Global Education Inc.	48,284	1,889
^*	Stride Inc.	43,825	1,861
^*	Duolingo Inc.	20,114	1,826
	Laureate Education Inc.	150,624	1,786
	ADT Inc.	184,982	1,395
^*	Perdoceo Education Corp.	72,345	997
^*	OneSpaWorld Holdings Ltd.	71,403	828
^*,1	Mister Car Wash Inc.	81,352	751
^*	2U Inc.	82,837	742
^*	Coursera Inc.	62,387	703
	European Wax Center Inc. Class A	31,674	585
^*	Vivint Smart Home Inc.	45,523	512
	Carriage Services Inc. Class A	14,102	478
^*	Rover Group Inc. Class A	78,212	327
^*	WW International Inc.	53,564	196
^*,1	Beachbody Co. Inc.	116,708	75
			50,123
Hotels, Restaurants & Leisure (20.6%)
	McDonald's Corp.	783,477	206,767
	Starbucks Corp.	1,227,812	125,347
^*	Booking Holdings Inc.	41,492	104,726
^*	Airbnb Inc. Class A	404,811	49,905
	Marriott International Inc. Class A	287,799	48,707
^*	Chipotle Mexican Grill Inc. Class A	29,653	44,215
	Hilton Worldwide Holdings Inc.	289,311	41,808
	Yum! Brands Inc.	301,307	38,314
^*	Las Vegas Sands Corp.	367,856	21,141
	Darden Restaurants Inc.	130,981	18,729
^*	Expedia Group Inc.	161,075	17,552
^*	Royal Caribbean Cruises Ltd.	245,696	17,356
	MGM Resorts International	328,371	14,123
^*	Wynn Resorts Ltd.	115,272	12,492
^*	Caesars Entertainment Inc.	229,556	11,652
^*	Carnival Corp.	1,071,672	11,381
	Domino's Pizza Inc.	37,869	11,134
	Vail Resorts Inc.	43,137	10,072
	Aramark	249,040	9,165
	Churchill Downs Inc.	35,998	8,848
^*	DraftKings Inc. Class A	408,218	7,699
	Wyndham Hotels & Resorts Inc.	94,500	7,278
^*	Planet Fitness Inc. Class A	89,239	7,233

		Shares	Market Value• ($000)
	Texas Roadhouse Inc. Class A	67,993	6,904
^*	Norwegian Cruise Line Holdings Ltd.	451,023	6,684
^*	Hyatt Hotels Corp. Class A	51,342	5,968
^*	Light & Wonder Inc.	95,203	5,961
	Marriott Vacations Worldwide Corp.	38,929	5,956
	Wingstop Inc.	32,074	5,464
	Boyd Gaming Corp.	83,710	5,452
^*	Penn Entertainment Inc.	165,962	5,067
^*	Hilton Grand Vacations Inc.	92,317	4,407
	Choice Hotels International Inc.	37,070	4,388
	Wendy's Co.	193,237	4,243
	Travel + Leisure Co.	86,990	3,649
	Papa John's International Inc.	35,875	3,012
^*	SeaWorld Entertainment Inc.	44,514	2,876
	Cracker Barrel Old Country Store Inc.	22,558	2,458
	Red Rock Resorts Inc. Class A	56,001	2,446
	Bloomin' Brands Inc.	89,651	2,340
^*	Shake Shack Inc. Class A	39,781	2,219
^*	Six Flags Entertainment Corp.	79,837	2,108
	Cheesecake Factory Inc.	49,535	1,855
^*	Everi Holdings Inc.	95,599	1,815
^*	Brinker International Inc.	46,890	1,782
	Jack in the Box Inc.	22,168	1,738
^*	Dave & Buster's Entertainment Inc.	41,182	1,648
^*,1	Dutch Bros Inc. Class A	39,031	1,302
^*	Playa Hotels & Resorts NV	138,814	1,238
	Dine Brands Global Inc.	15,901	1,219
	Monarch Casino & Resort Inc.	15,351	1,130
^*	Portillo's Inc. Class A	43,623	991
¹	Krispy Kreme Inc.	71,605	932
^*	Golden Entertainment Inc.	19,789	813
^*	BJ's Restaurants Inc.	25,011	800
	RCI Hospitality Holdings Inc.	8,888	745
^*	Denny's Corp.	61,750	721
^*	Chuy's Holdings Inc.	19,324	691
^*,1	Bally's Corp.	33,234	656
^*	Bowlero Corp.	41,563	639
	Ruth's Hospitality Group Inc.	34,196	638
^*	Life Time Group Holdings Inc.	31,083	562
^*	Accel Entertainment Inc. Class A	59,772	547
^*	Target Hospitality Corp.	31,172	462
^*	Sweetgreen Inc. Class A	51,719	451
^*	Lindblad Expeditions Holdings Inc.	36,788	316

Consumer Discretionary Index Fund

		Shares	Market Value• ($000)
^*	Kura Sushi USA Inc. Class A	4,627	290
^*	First Watch Restaurant Group Inc.	18,937	289
^*,1	Membership Collective Group Inc.	30,084	201
^*	Sonder Holdings Inc.	164,993	170
^*,1	Vacasa Inc.	115,183	167
^*	F45 Training Holdings Inc.	36,598	76
			952,130
Household Durables (4.2%)
	DR Horton Inc.	349,920	32,361
	Lennar Corp. Class A	272,529	26,364
^*	NVR Inc.	3,248	16,804
	Garmin Ltd.	164,073	16,100
	PulteGroup Inc.	243,626	13,319
	Whirlpool Corp.	58,341	8,050
	Tempur Sealy International Inc.	173,767	7,427
^*	TopBuild Corp.	34,217	7,103
	Toll Brothers Inc.	115,120	6,900
	Newell Brands Inc.	420,575	6,178
^*	Mohawk Industries Inc.	54,492	5,605
	Leggett & Platt Inc.	141,627	4,885
^*	Meritage Homes Corp.	39,018	4,262
^*	Skyline Champion Corp.	57,936	3,963
^*	Taylor Morrison Home Corp. Class A	110,396	3,955
	Installed Building Products Inc.	26,062	3,007
	KB Home	82,448	2,908
^*	Helen of Troy Ltd.	25,587	2,883
^*	Sonos Inc.	135,940	2,641
^*	Tri Pointe Homes Inc.	108,337	2,583
^*	Cavco Industries Inc.	9,017	2,570
^*	LGI Homes Inc.	22,347	2,331
	MDC Holdings Inc.	60,723	2,247
	Century Communities Inc.	30,558	1,828
^*	M/I Homes Inc.	29,188	1,688
	La-Z-Boy Inc.	45,894	1,486
^*	iRobot Corp.	29,084	1,195
^*	Green Brick Partners Inc.	32,007	999
	Ethan Allen Interiors Inc.	24,421	722
^*	GoPro Inc. Class A	138,236	717
^*	Beazer Homes USA Inc.	31,426	469
^*	Lovesac Co.	14,518	418
¹	Cricut Inc. Class A	28,288	302
^*,1	Dream Finders Homes Inc. Class A	21,271	256
^*	Traeger Inc.	56,805	226
^*	Snap One Holdings Corp.	15,940	186
^*	Tupperware Brands Corp.	45,032	185
			195,123
Internet & Direct Marketing Retail (22.6%)
^*	Amazon.com Inc.	9,821,797	925,508
^*	MercadoLibre Inc.	41,622	50,779
	eBay Inc.	580,604	26,650
^*	Etsy Inc.	134,465	16,325
^*	DoorDash Inc. Class A	250,422	13,688
^*,1	Chewy Inc. Class A	101,437	4,113
^*,1	Wayfair Inc. Class A	78,439	3,176
^*	Revolve Group Inc.	43,519	1,179
^*	Overstock.com Inc.	48,845	946
^*	Qurate Retail Inc. Series A	379,278	800
^*,1	Xometry Inc. Class A	14,300	435
^*	Stitch Fix Inc. Class A	92,512	431
¹	PetMed Express Inc.	21,274	400
^*	ContextLogic Inc. Class A	586,396	285

		Shares	Market Value• ($000)
^*	1-800-Flowers.com Inc. Class A	21,810	216
^*,1	Groupon Inc. Class A	17,718	133
^*	BARK Inc.	86,808	117
^*	ThredUP Inc. Class A	71,502	114
^*	Lands' End Inc.	14,201	108
			1,045,403
Leisure Products (1.0%)
	Hasbro Inc.	140,429	7,725
^*	Mattel Inc.	379,200	6,822
	Brunswick Corp.	77,557	6,780
	Polaris Inc.	58,898	6,700
^*	Peloton Interactive Inc. Class A	318,839	4,119
^*	YETI Holdings Inc.	92,104	3,590
^*	Topgolf Callaway Brands Corp.	148,088	3,433
	Acushnet Holdings Corp.	37,824	1,825
^*	Vista Outdoor Inc.	60,356	1,724
^*	Malibu Boats Inc. Class A	21,890	1,308
	Sturm Ruger & Co. Inc.	18,860	1,099
	Smith & Wesson Brands Inc.	48,731	533
	Johnson Outdoors Inc. Class A	6,192	402
	Clarus Corp.	26,016	257
^*,1	AMMO Inc.	96,937	189
^*	Latham Group Inc.	48,391	154
			46,660
Multiline Retail (4.1%)
	Target Corp.	492,427	82,974
	Dollar General Corp.	241,309	52,195
^*	Dollar Tree Inc.	236,620	34,376
	Macy's Inc.	290,090	5,935
	Kohl's Corp.	124,836	3,500
^*	Ollie's Bargain Outlet Holdings Inc.	60,094	3,458
	Nordstrom Inc.	119,373	2,325
¹	Dillard's Inc. Class A	5,624	2,005
	Franchise Group Inc.	28,687	798
	Big Lots Inc.	29,305	421
			187,987
Specialty Retail (20.7%)
	Home Depot Inc.	1,090,241	323,300
	Lowe's Cos. Inc.	646,853	133,090
	TJX Cos. Inc.	1,241,990	95,136
^*	O'Reilly Automotive Inc.	66,940	55,567
^*	AutoZone Inc.	20,305	50,489
	Ross Stores Inc.	371,265	41,040
^*	Ulta Beauty Inc.	54,792	28,426
	Tractor Supply Co.	118,121	27,553
	Best Buy Co. Inc.	216,785	18,017
^*	Burlington Stores Inc.	69,739	14,942
^*	Five Below Inc.	59,382	12,132
^*	CarMax Inc.	169,072	11,673
^*	Floor & Decor Holdings Inc. Class A	113,538	10,424
	Bath & Body Works Inc.	244,324	9,986
	Advance Auto Parts Inc.	63,405	9,191
	Williams-Sonoma Inc.	71,207	8,895
	Dick's Sporting Goods Inc.	64,022	8,235
	Lithia Motors Inc. Class A	29,247	7,463
^*	RH	20,309	6,073
	Murphy USA Inc.	22,957	5,856
^*,1