Contents

AboutYour Fund's Expenses	1
Financial Statements	4
Trustees Approve Advisory Arrangement	81
Liquidity Risk Management	83

About Your Fund’s Expenses

As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.

A fund‘s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The accompanying table illustrates your fund’s costs in two ways:

•

Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“

•

Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”

The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.

1

Six Months Ended June 30, 2022
	Beginning Account Value 12/31/2021	Ending Account Value 6/30/2022	Expenses Paid During Period
Based on Actual Fund Return
Total Stock Market Index Fund
Investor Shares	$1,000.00	$785.70	$0.62
ETF Shares	1,000.00	786.20	0.13
Admiral™ Shares	1,000.00	786.20	0.18
Institutional Shares	1,000.00	786.10	0.13
Institutional Plus Shares	1,000.00	786.20	0.09
Institutional Select Shares	1,000.00	786.30	0.04
Based on Hypothetical 5% Yearly Return
Total Stock Market Index Fund
Investor Shares	$1,000.00	$1,024.10	$0.70
ETF Shares	1,000.00	1,024.65	0.15
Admiral Shares	1,000.00	1,024.60	0.20
Institutional Shares	1,000.00	1,024.65	0.15
Institutional Plus Shares	1,000.00	1,024.70	0.10
Institutional Select Shares	1,000.00	1,024.75	0.05

The calculations are based on expenses incurred in the most recent six-month period. The fund's annualized six-month expense ratios for that period are: 0.14% for Investor Shares, 0.03% for ETF Shares, 0.04% for Admiral Shares, 0.03% for Institutional Shares, 0.02% for Institutional Plus Shares, and 0.01% for Institutional Select Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (181/365).

2

Total Stock Market Index Fund

Fund Allocation

As of June 30, 2022

Basic Materials	2.1%
Consumer Discretionary	13.8
Consumer Staples	5.8
Energy	4.5
Financials	11.2
Health Care	14.3
Industrials	12.7
Real Estate	3.7
Technology	25.8
Telecommunications	2.7
Utilities	3.4

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.

3

Total Stock Market Index Fund

Financial Statements (unaudited)

Schedule of Investments

As of June 30, 2022

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

					Shares	Market Value• ($000)
Common Stocks (99.3%)
Basic Materials (2.1%)
	Linde plc				14,798,316	4,254,960
	Air Products and Chemicals Inc.				6,538,586	1,572,399
	Newmont Corp.				23,411,643	1,396,973
	Freeport-McMoRan Inc.				42,735,970	1,250,454
	Ecolab Inc.				7,582,273	1,165,850
	Dow Inc.				21,459,036	1,107,501
	International Flavors & Fragrances Inc.				7,517,350	895,467
	Fastenal Co.				16,963,707	846,828
	Nucor Corp.				7,844,622	819,057
	Albemarle Corp.				3,453,724	721,759
	LyondellBasell Industries NV Class A				7,725,769	675,696
	CF Industries Holdings Inc.				6,154,081	527,589
	Mosaic Co.				10,679,215	504,379
	International Paper Co.				10,918,437	456,718
	FMC Corp.				3,711,816	397,201
	Avery Dennison Corp.				2,408,626	389,884
	Steel Dynamics Inc.				5,282,749	349,454
	Eastman Chemical Co.				3,799,843	341,112
	Celanese Corp.				2,872,852	337,876
	Reliance Steel & Aluminum Co.				1,826,158	310,191
	Alcoa Corp.				5,442,985	248,091
*	Cleveland-Cliffs Inc.				13,893,944	213,550
	Royal Gold Inc.				1,935,653	206,689
	Olin Corp.				4,254,616	196,904
*	RBC Bearings Inc.				851,168	157,424
	Valvoline Inc.				5,243,316	151,165
	Huntsman Corp.				5,259,694	149,112
	Ashland Global Holdings Inc.				1,443,598	148,763
	Chemours Co.				4,591,457	147,018

					Shares	Market Value• ($000)
	Hexcel Corp.				2,472,043	129,313
*	Univar Solutions Inc.				4,982,674	123,919
	Element Solutions Inc.				6,959,677	123,882
	United States Steel Corp.				6,904,544	123,660
	UFP Industries Inc.				1,764,367	120,224
	Commercial Metals Co.				3,580,655	118,520
	Balchem Corp.				852,107	110,552
	Avient Corp.				2,693,401	107,952
*	Livent Corp.				4,753,552	107,858
	Cabot Corp.				1,667,668	106,381
	Timken Co.				1,965,046	104,246
	Sensient Technologies Corp.				1,244,382	100,247
	Westlake Corp.				944,050	92,536
*	MP Materials Corp.				2,871,188	92,108
	Scotts Miracle-Gro Co.				1,146,067	90,528
*	Arconic Corp.				3,121,062	87,546
	Mueller Industries Inc.				1,600,678	85,300
*	Ingevity Corp.				1,141,757	72,091
	Innospec Inc.				732,498	70,166
	Boise Cascade Co.				1,164,269	69,262
	NewMarket Corp.				227,046	68,332
	Stepan Co.				627,551	63,602
	Hecla Mining Co.				15,897,629	62,319
	Minerals Technologies Inc.				973,103	59,690
	Quaker Chemical Corp.				397,514	59,436
	Tronox Holdings plc Class A				3,437,134	57,744
*	GCP Applied Technologies Inc.				1,624,342	50,809
	Materion Corp.				606,770	44,737
	GrafTech International Ltd.				5,723,610	40,466
	Carpenter Technology Corp.				1,430,192	39,917

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Total Stock Market Index Fund

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Total Stock Market Index Fund

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Total Stock Market Index Fund

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Total Stock Market Index Fund

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Total Stock Market Index Fund

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Total Stock Market Index Fund

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Total Stock Market Index Fund