N-CSRS 1 tm2124641d1_ncsrs.htm N-CSRS

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT

OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number: 811-02652

 

Name of Registrant: Vanguard Index Funds
Address of Registrant: P.O. Box 2600
  Valley Forge, PA 19482

 

Name and address of agent for service: Anne E. Robinson, Esquire
  P.O. Box 876
  Valley Forge, PA 19482

 

Registrant’s telephone number, including area code: (610) 669-1000

 

Date of fiscal year end: December 31

 

Date of reporting period: January 1, 2021—June 30, 2021

 

 

 

Item 1:Reports to Shareholders

 

 

 

 

  

Semiannual Report   |   June 30, 2021
Vanguard 500 Index Fund

Contents
About Your Fund’s Expenses

1
Financial Statements

4
Trustees Approve Advisory Arrangement

25
Liquidity Risk Management

27

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, 2021      
  Beginning
Account Value
12/31/2020
Ending
Account Value
6/30/2021
Expenses
Paid During
Period
Based on Actual Fund Return      
500 Index Fund      
Investor Shares $1,000.00 $1,151.80 $0.75
ETF Shares 1,000.00 1,152.40 0.16
Admiral™ Shares 1,000.00 1,152.40 0.21
Institutional Select Shares 1,000.00 1,152.60 0.05
Based on Hypothetical 5% Yearly Return      
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 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 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

500 Index Fund
Fund Allocation
As of June 30, 2021
Communication Services 11.1%
Consumer Discretionary 12.3
Consumer Staples 5.9
Energy 2.8
Financials 11.3
Health Care 13.0
Industrials 8.6
Information Technology 27.4
Materials 2.6
Real Estate 2.6
Utilities 2.4
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.
Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard and Poor’s, a division of McGraw-Hill Companies, Inc. (“S&P”), and is licensed for use by Vanguard. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classification makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of its affiliates or any third party involved in making or compiling the GICS or any GICS classification have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
3

500 Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of June 30, 2021
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 (99.5%)
Communication Services (11.1%)
* Facebook Inc. Class A  49,523,774  17,219,911
* Alphabet Inc. Class A   6,211,784  15,167,872
* Alphabet Inc. Class C   5,889,591  14,761,200
* Walt Disney Co.  37,554,585   6,600,969
  Comcast Corp. Class A  94,765,610   5,403,535
  Verizon Communications Inc.  85,569,609   4,794,465
* Netflix Inc.   9,064,871   4,788,156
  AT&T Inc. 147,572,827   4,247,146
* Charter Communications Inc. Class A   2,846,782   2,053,811
* T-Mobile US Inc.  12,112,691   1,754,281
  Activision Blizzard Inc.  16,061,180   1,532,879
* Twitter Inc.  16,499,164   1,135,307
  Electronic Arts Inc.   5,916,614     850,987
  ViacomCBS Inc. Class B  12,515,313     565,692
* Take-Two Interactive Software Inc.   2,390,149     423,104
  Omnicom Group Inc.   4,446,427     355,670
  Lumen Technologies Inc.  20,558,516     279,390
  News Corp. Class A  10,419,421     268,509
  Interpublic Group of Cos. Inc.   8,132,888     264,238
* Live Nation Entertainment Inc.   2,986,336     261,573
  Fox Corp. Class A   6,751,012     250,665
* DISH Network Corp. Class A   5,135,506     214,664
* Discovery Inc. Class C   6,224,186     180,377
  Fox Corp. Class B   3,147,387     110,788
*,1 Discovery Inc. Class A   3,471,895     106,518
  News Corp. Class B      14,719         358
       83,592,065
Consumer Discretionary (12.2%)
* Amazon.com Inc.   8,860,354  30,481,035
* Tesla Inc.  15,928,782  10,826,793
  Home Depot Inc.  21,976,017   7,007,932
  NIKE Inc. Class B  26,351,684   4,071,072
  McDonald's Corp.  15,422,665   3,562,481
  Lowe's Cos. Inc.  14,610,378   2,833,975
  Starbucks Corp.  24,354,756   2,723,105
  Target Corp.  10,225,899   2,472,009
    Shares Market
Value

($000)
* Booking Holdings Inc.     848,513   1,856,623
  TJX Cos. Inc.  24,927,708   1,680,626
* General Motors Co.  26,386,880   1,561,312
* Ford Motor Co.  81,047,181   1,204,361
  Dollar General Corp.   4,882,840   1,056,598
  eBay Inc.  13,374,943     939,055
  Ross Stores Inc.   7,369,749     913,849
* Chipotle Mexican Grill Inc. Class A     581,853     902,070
* Aptiv plc   5,591,382     879,692
* O'Reilly Automotive Inc.   1,441,786     816,354
* Marriott International Inc. Class A   5,518,394     753,371
  Yum! Brands Inc.   6,156,582     708,192
* Hilton Worldwide Holdings Inc.   5,756,268     694,321
* AutoZone Inc.     446,967     666,973
  DR Horton Inc.   6,782,220     612,909
  Lennar Corp. Class A   5,640,669     560,400
  VF Corp.   6,645,771     545,219
* Etsy Inc.   2,626,756     540,691
  Best Buy Co. Inc.   4,607,060     529,720
* Expedia Group Inc.   2,923,204     478,558
* Dollar Tree Inc.   4,793,562     476,959
  Garmin Ltd.   3,097,094     447,964
* Caesars Entertainment Inc.   4,313,173     447,492
  Tractor Supply Co.   2,381,935     443,183
* CarMax Inc.   3,371,684     435,453
* Carnival Corp.  16,498,012     434,888
  Darden Restaurants Inc.   2,704,215     394,788
* Ulta Beauty Inc.   1,132,008     391,414
* Royal Caribbean Cruises Ltd.   4,525,199     385,909
  Pool Corp.     829,423     380,423
  Genuine Parts Co.   2,985,686     377,600
  Domino's Pizza Inc.     802,514     374,365
  MGM Resorts International   8,414,735     358,888
* Las Vegas Sands Corp.   6,790,168     357,774
* NVR Inc.      70,593     351,080
  L Brands Inc.   4,842,112     348,923
  PulteGroup Inc.   5,464,846     298,217
* LKQ Corp.   5,745,617     282,799
  Whirlpool Corp.   1,294,059     282,131
  Advance Auto Parts Inc.   1,352,602     277,473
4

500 Index Fund
    Shares Market
Value

($000)
* Wynn Resorts Ltd.   2,175,900     266,113
* Tapestry Inc.   5,764,591     250,644
  Hasbro Inc.   2,644,223     249,932
  BorgWarner Inc. (XNYS)   4,956,646     240,596
* Mohawk Industries Inc.   1,210,107     232,570
* Norwegian Cruise Line Holdings Ltd.   7,645,441     224,852
  Newell Brands Inc.   7,821,600     214,859
* Penn National Gaming Inc.   2,768,812     211,786
* PVH Corp.   1,473,115     158,492
  Gap Inc.   4,292,541     144,444
  Leggett & Platt Inc.   2,755,746     142,775
  Hanesbrands Inc.   7,219,055     134,780
  Ralph Lauren Corp. Class A     998,350     117,616
* Under Armour Inc. Class A   3,906,439      82,621
* Under Armour Inc. Class C   4,052,908      75,263
  Lennar Corp. Class B      76,975       6,270
       92,180,632
Consumer Staples (5.8%)
  Procter & Gamble Co.  50,602,920   6,827,852
  Coca-Cola Co.  80,205,846   4,339,938
  PepsiCo Inc.  28,556,256   4,231,180
  Walmart Inc.  28,378,386   4,001,920
  Costco Wholesale Corp.   9,137,202   3,615,317
  Philip Morris International Inc.  32,213,284   3,192,659
  Altria Group Inc.  38,244,852   1,823,515
  Mondelez International Inc. Class A  29,034,917   1,812,940
  Estee Lauder Cos. Inc. Class A   4,793,351   1,524,669
  Colgate-Palmolive Co.  17,486,519   1,422,528
  Kimberly-Clark Corp.   6,975,551     933,189
  Sysco Corp.  10,576,195     822,299
  Constellation Brands Inc. Class A   3,492,489     816,858
  Walgreens Boots Alliance Inc.  14,826,606     780,028
  General Mills Inc.  12,605,465     768,051
  Archer-Daniels-Midland Co.  11,546,462     699,716
* Monster Beverage Corp.   7,646,088     698,470
  Kroger Co.  14,646,054     561,090
  Kraft Heinz Co.  13,397,251     546,340
  Hershey Co.   3,026,353     527,130
  Clorox Co.   2,570,282     462,419
  McCormick & Co. Inc.   5,146,076     454,501
  Tyson Foods Inc. Class A   6,091,810     449,332
  Church & Dwight Co. Inc.   5,068,606     431,947
  Conagra Brands Inc.   9,919,011     360,854
  Kellogg Co.   5,206,975     334,965
  J M Smucker Co.   2,265,676     293,564
  Brown-Forman Corp. Class B   3,776,101     282,981
  Hormel Foods Corp.   5,825,146     278,151
  Lamb Weston Holdings Inc.   3,025,196     244,012
    Shares Market
Value

($000)
* Molson Coors Beverage Co. Class B   3,894,897     209,117
  Campbell Soup Co.   4,199,111     191,438
       43,938,970
Energy (2.8%)
  Exxon Mobil Corp.  87,495,385   5,519,209
  Chevron Corp.  39,942,482   4,183,576
  ConocoPhillips  27,935,544   1,701,275
  EOG Resources Inc.  12,061,031   1,006,372
  Schlumberger NV  28,898,041     925,026
  Marathon Petroleum Corp.  13,167,646     795,589
  Pioneer Natural Resources Co.   4,789,426     778,378
  Phillips 66   9,049,201     776,602
  Kinder Morgan Inc.  40,249,671     733,752
  Valero Energy Corp.   8,447,605     659,589
  Williams Cos. Inc.  21,505,626     570,974
  Occidental Petroleum Corp.  17,361,672     542,899
  ONEOK Inc.   9,207,970     512,331
  Hess Corp.   5,673,093     495,374
  Halliburton Co.  18,387,903     425,128
  Devon Energy Corp.  12,311,179     359,363
  Diamondback Energy Inc.   3,740,788     351,223
  Baker Hughes Co. Class A  15,031,029     343,760
  Marathon Oil Corp.  16,295,443     221,944
  APA Corp.   7,807,101     168,868
  Cabot Oil & Gas Corp.   8,246,434     143,983
* NOV Inc.   8,073,490     123,686
       21,338,901
Financials (11.2%)
* Berkshire Hathaway Inc. Class B  38,987,484  10,835,402
  JPMorgan Chase & Co.  62,561,484   9,730,813
  Bank of America Corp. 155,841,150   6,425,331
  Wells Fargo & Co.  85,430,794   3,869,161
  Citigroup Inc.  42,717,324   3,022,251
  Morgan Stanley  30,764,598   2,820,806
  Goldman Sachs Group Inc.   7,032,285   2,668,963
  BlackRock Inc.   2,931,934   2,565,354
  Charles Schwab Corp.  31,001,115   2,257,191
  American Express Co.  13,448,769   2,222,140
  S&P Global Inc.   4,979,184   2,043,706
  PNC Financial Services Group Inc.   8,779,867   1,674,847
  U.S. Bancorp  28,062,336   1,598,711
  CME Group Inc.   7,422,451   1,578,607
  Truist Financial Corp.  27,839,575   1,545,096
  Marsh & McLennan Cos. Inc.  10,511,316   1,478,732
  Chubb Ltd.   9,294,738   1,477,306
  Capital One Financial Corp.   9,330,746   1,443,373
  Intercontinental Exchange Inc.  11,630,181   1,380,502
  Moody's Corp.   3,327,121   1,205,649
  Progressive Corp.  12,093,815   1,187,734
  Aon plc Class A (XNYS)   4,664,455   1,113,685
  T Rowe Price Group Inc.   4,688,299     928,143
 
5

500 Index Fund
    Shares Market
Value

($000)
  MetLife Inc.  15,377,573     920,348
  MSCI Inc. Class A   1,703,869     908,298
  Bank of New York Mellon Corp.  16,673,010     854,158
  American International Group Inc.  17,734,384     844,157
  Prudential Financial Inc.   8,142,085     834,319
  Allstate Corp.   6,186,044     806,908
  Travelers Cos. Inc.   5,197,295     778,087
  Discover Financial Services   6,300,847     745,327
  Aflac Inc.  13,062,488     700,933
  First Republic Bank   3,637,111     680,758
* SVB Financial Group   1,122,542     624,616
  Willis Towers Watson plc   2,665,235     613,057
  Ameriprise Financial Inc.   2,395,518     596,197
  Arthur J Gallagher & Co.   4,234,361     593,149
  Fifth Third Bancorp  14,548,890     556,204
  Synchrony Financial  11,177,833     542,348
  Northern Trust Corp.   4,301,464     497,335
  Hartford Financial Services Group Inc.   7,384,436     457,614
  Huntington Bancshares Inc.  30,495,785     435,175
  State Street Corp.   5,286,999     435,014
  Nasdaq Inc.   2,373,921     417,335
  KeyCorp.  20,056,728     414,171
  Citizens Financial Group Inc.   8,802,478     403,770
  Regions Financial Corp.  19,866,383     400,904
  M&T Bank Corp.   2,660,172     386,550
  MarketAxess Holdings Inc.     785,331     364,072
  Cincinnati Financial Corp.   3,097,569     361,239
  Principal Financial Group Inc.   5,227,819     330,346
  Raymond James Financial Inc.   2,527,204     328,284
  Cboe Global Markets Inc.   2,204,778     262,479
  Loews Corp.   4,623,196     252,658
  Lincoln National Corp.   3,698,440     232,410
  W R Berkley Corp.   2,899,110     215,781
  Invesco Ltd.   7,820,851     209,051
  Everest Re Group Ltd.     828,414     208,769
  Comerica Inc.   2,885,553     205,855
  Assurant Inc.   1,251,726     195,495
  Globe Life Inc.   1,960,645     186,751
  Franklin Resources Inc.   5,624,515     179,928
  Zions Bancorp NA   3,381,083     178,724
  People's United Financial Inc.   8,838,111     151,485
  Unum Group   4,221,669     119,895
* Berkshire Hathaway Inc. Class A         124      51,907
       84,555,364
Health Care (13.0%)
  Johnson & Johnson  54,428,748   8,966,592
  UnitedHealth Group Inc.  19,503,281   7,809,894
  Pfizer Inc. 115,696,924   4,530,692
    Shares Market
Value

($000)
  Abbott Laboratories  36,722,288   4,257,215
  AbbVie Inc.  36,505,435   4,111,972
  Thermo Fisher Scientific Inc.   8,123,475   4,098,049
  Merck & Co. Inc.  52,333,846   4,070,003
  Eli Lilly & Co.  16,452,216   3,776,113
  Danaher Corp.  13,119,120   3,520,647
  Medtronic plc  27,851,495   3,457,206
  Bristol-Myers Squibb Co.  46,171,394   3,085,173
  Amgen Inc.  11,875,253   2,894,593
  CVS Health Corp.  27,254,091   2,274,081
* Intuitive Surgical Inc.   2,447,101   2,250,452
  Anthem Inc.   5,059,847   1,931,850
  Zoetis Inc.   9,812,753   1,828,705
  Gilead Sciences Inc.  25,922,451   1,785,020
  Stryker Corp.   6,773,631   1,759,315
  Cigna Corp.   7,091,460   1,681,172
  Becton Dickinson and Co.   6,009,999   1,461,572
* Illumina Inc.   3,017,284   1,427,809
* Edwards Lifesciences Corp.  12,846,688   1,330,531
* Boston Scientific Corp.  29,364,371   1,255,620
* Regeneron Pharmaceuticals Inc.   2,163,519   1,208,412
  Humana Inc.   2,666,151   1,180,358
  HCA Healthcare Inc.   5,431,252   1,122,857
* IDEXX Laboratories Inc.   1,762,358   1,113,017
* Vertex Pharmaceuticals Inc.   5,349,641   1,078,648
* Biogen Inc.   3,112,165   1,077,649
* IQVIA Holdings Inc.   3,961,043     959,840
  Agilent Technologies Inc.   6,271,278     926,958
* Align Technology Inc.   1,488,319     909,363
* Centene Corp.  12,042,515     878,261
* DexCom Inc.   1,998,494     853,357
* Alexion Pharmaceuticals Inc.   4,567,637     839,121
  Baxter International Inc.  10,391,822     836,542
  ResMed Inc.   3,007,203     741,336
  Zimmer Biomet Holdings Inc.   4,308,596     692,908
* Mettler-Toledo International Inc.     480,830     666,113
  McKesson Corp.   3,269,045     625,172
* Laboratory Corp. of America Holdings   2,017,860     556,627
  West Pharmaceutical Services Inc.   1,525,703     547,880
  Cerner Corp.   6,226,504     486,664
* Waters Corp.   1,275,580     440,853
  STERIS plc   2,018,116     416,337
  Cooper Cos. Inc.   1,017,723     403,293
  Teleflex Inc.     965,845     388,067
* Charles River Laboratories International Inc.   1,038,737     384,250
* Catalent Inc.   3,520,354     380,621
  PerkinElmer Inc.   2,316,729     357,726
  Viatris Inc.  24,977,818     356,933
 
6

500 Index Fund
    Shares Market
Value

($000)
  Quest Diagnostics Inc.   2,699,757     356,287
* Hologic Inc.   5,295,355     353,306
  AmerisourceBergen Corp. Class A   3,056,323     349,918
  Cardinal Health Inc.   5,995,959     342,309
* Incyte Corp.   3,866,041     325,250
* ABIOMED Inc.     936,040     292,147
* Bio-Rad Laboratories Inc. Class A     445,081     286,761
  DENTSPLY SIRONA Inc.   4,511,860     285,420
  Universal Health Services Inc. Class B   1,611,412     235,959
* Henry Schein Inc.   2,907,653     215,719
* DaVita Inc.   1,449,810     174,601
* Organon & Co.   5,234,530     158,397
  Perrigo Co. plc   2,760,788     126,582
       97,496,095
Industrials (8.5%)
  Honeywell International Inc.  14,355,610   3,148,903
  United Parcel Service Inc. Class B  14,950,303   3,109,214
  Union Pacific Corp.  13,730,059   3,019,652
* Boeing Co.  11,362,380   2,721,972
  Raytheon Technologies Corp.  31,314,013   2,671,398
  Caterpillar Inc.  11,322,514   2,464,119
  General Electric Co. 181,450,755   2,442,327
  3M Co.  11,981,282   2,379,842
  Deere & Co.   6,447,834   2,274,216
  Lockheed Martin Corp.   5,055,163   1,912,621
  CSX Corp.  46,967,632   1,506,722
  FedEx Corp.   5,045,959   1,505,361
  Norfolk Southern Corp.   5,172,798   1,372,912
  Illinois Tool Works Inc.   5,941,570   1,328,297
  Eaton Corp. plc   8,236,966   1,220,554
  Emerson Electric Co.  12,394,620   1,192,858
  Northrop Grumman Corp.   3,094,456   1,124,618
  Waste Management Inc.   8,025,642   1,124,473
  Roper Technologies Inc.   2,175,558   1,022,947
  Johnson Controls International plc  14,816,243   1,016,839
  L3Harris Technologies Inc.   4,236,273     915,670
  Trane Technologies plc   4,943,929     910,375
  General Dynamics Corp.   4,730,385     890,542
  IHS Markit Ltd.   7,741,943     872,207
  Carrier Global Corp.  16,883,171     820,522
  Parker-Hannifin Corp.   2,667,006     819,064
  Cummins Inc.   3,021,335     736,632
* TransDigm Group Inc.   1,134,867     734,588
  Cintas Corp.   1,823,565     696,602
  Rockwell Automation Inc.   2,399,723     686,369
  Stanley Black & Decker Inc.   3,337,452     684,144
  Otis Worldwide Corp.   8,336,460     681,672
* Southwest Airlines Co.  12,220,731     648,799
    Shares Market
Value

($000)
  PACCAR Inc.   7,173,882     640,269
  AMETEK Inc.   4,771,762     637,030
  Fastenal Co.  11,868,815     617,178
  Equifax Inc.   2,515,994     602,606
  Verisk Analytics Inc. Class A   3,349,700     585,260
* Delta Air Lines Inc.  13,227,423     572,218
* Copart Inc.   4,302,417     567,188
* Generac Holdings Inc.   1,301,020     540,118
  Kansas City Southern   1,879,395     532,564
  Old Dominion Freight Line Inc.   1,965,273     498,786
  Fortive Corp.   6,995,656     487,877
  Republic Services Inc. Class A   4,351,317     478,688
* United Rentals Inc.   1,495,889     477,204
  Dover Corp.   2,974,319     447,932
  Xylem Inc.   3,720,494     446,310
  Expeditors International of Washington Inc.   3,490,204     441,860
* Teledyne Technologies Inc.     959,900     402,035
  WW Grainger Inc.     904,616     396,222
* Ingersoll Rand Inc.   7,715,029     376,571
  Jacobs Engineering Group Inc.   2,691,295     359,073
* United Airlines Holdings Inc.   6,687,012     349,664
  IDEX Corp.   1,569,365     345,339
  Textron Inc.   4,664,927     320,807
  Masco Corp.   5,243,997     308,924
  Westinghouse Air Brake Technologies Corp.   3,671,433     302,159
  Fortune Brands Home & Security Inc.   2,862,192     285,103
  JB Hunt Transport Services Inc.   1,725,819     281,222
* American Airlines Group Inc.  13,254,933     281,137
* Howmet Aerospace Inc.   8,078,966     278,482
  Leidos Holdings Inc.   2,747,266     277,749
  Quanta Services Inc.   2,880,262     260,865
  Allegion plc   1,859,353     259,008
  CH Robinson Worldwide Inc.   2,748,098     257,414
  Snap-on Inc.   1,118,386     249,881
  Pentair plc   3,435,825     231,884
  Robert Half International Inc.   2,330,467     207,342
  A O Smith Corp.   2,778,791     200,240
  Nielsen Holdings plc   7,409,373     182,789
  Huntington Ingalls Industries Inc.     831,419     175,222
  Rollins Inc.   4,575,932     156,497
* Alaska Air Group Inc.   2,573,652     155,217
       64,130,965
Information Technology (27.3%)
  Apple Inc. 324,220,488  44,405,238
  Microsoft Corp. 155,669,485  42,170,863
  NVIDIA Corp.  12,876,785  10,302,716
  Visa Inc. Class A  34,717,256   8,117,589
* PayPal Holdings Inc.  24,280,315   7,077,226
  Mastercard Inc. Class A  18,080,552   6,601,029
* Adobe Inc.   9,879,737   5,785,969
 
7

500 Index Fund
    Shares Market
Value

($000)
  Intel Corp.  83,460,441   4,685,469
* salesforce.com Inc.  19,139,536   4,675,214
  Cisco Systems Inc.  87,102,010   4,616,407
  Broadcom Inc.   8,439,079   4,024,090
  Accenture plc Class A  13,137,798   3,872,891
  Texas Instruments Inc.  19,087,922   3,670,607
  QUALCOMM Inc.  23,314,573   3,332,352
  Oracle Corp.  37,547,686   2,922,712
  Intuit Inc.   5,648,064   2,768,512
  International Business Machines Corp.  18,467,705   2,707,181
  Applied Materials Inc.  18,967,843   2,701,021
* Advanced Micro Devices Inc.  25,114,039   2,358,962
* ServiceNow Inc.   4,081,254   2,242,853
* Micron Technology Inc.  23,179,309   1,969,778
  Lam Research Corp.   2,947,976   1,918,248
  Fidelity National Information Services Inc.  12,817,666   1,815,879
  Automatic Data Processing Inc.   8,795,436   1,746,949
* Autodesk Inc.   4,547,958   1,327,549
* Fiserv Inc.  12,311,493   1,315,975
  Analog Devices Inc.   7,623,950   1,312,539
  NXP Semiconductors NV   5,700,217   1,172,649
  Global Payments Inc.   6,101,000   1,144,182
  KLA Corp.   3,168,771   1,027,347
  TE Connectivity Ltd.   6,824,217     922,702
* Synopsys Inc.   3,153,753     869,774
  Microchip Technology Inc.   5,652,657     846,429
  Amphenol Corp. Class A  12,349,583     844,835
* Cadence Design Systems Inc.   5,752,981     787,123
  Motorola Solutions Inc.   3,506,477     760,380
  Cognizant Technology Solutions Corp. Class A  10,899,711     754,914
  HP Inc.  24,835,609     749,787
  Xilinx Inc.   5,080,478     734,840
  Paychex Inc.   6,629,328     711,327
* Fortinet Inc.   2,801,502     667,290
  Corning Inc.  16,010,123     654,814
  Skyworks Solutions Inc.   3,411,811     654,215
* ANSYS Inc.   1,801,154     625,108
* Keysight Technologies Inc.   3,807,159     587,863
* Zebra Technologies Corp. Class A   1,105,905     585,566
  Maxim Integrated Products Inc.   5,549,095     584,653
* Enphase Energy Inc.   2,804,385     514,969
  CDW Corp.   2,897,374     506,026
* VeriSign Inc.   2,048,134     466,340
  Teradyne Inc.   3,435,996     460,286
* Qorvo Inc.   2,326,828     455,244
* Western Digital Corp.   6,333,028     450,722
* FleetCor Technologies Inc.   1,723,348     441,280
* Gartner Inc.   1,779,529     431,002
* Trimble Inc.   5,187,221     424,470
* Arista Networks Inc.   1,136,003     411,585
    Shares Market
Value

($000)
  Hewlett Packard Enterprise Co.  26,986,562     393,464
* Akamai Technologies Inc.   3,369,540     392,888
  Broadridge Financial Solutions Inc.   2,400,143     387,695
* Tyler Technologies Inc.     841,970     380,882
  NetApp Inc.   4,602,647     376,589
* Paycom Software Inc.   1,015,112     368,963
  Seagate Technology Holdings plc   4,115,019     361,834
  Monolithic Power Systems Inc.     888,902     331,960
  NortonLifeLock Inc.  11,985,476     326,245
* PTC Inc.   2,173,723     307,060
  Citrix Systems Inc.   2,566,055     300,921
  Jack Henry & Associates Inc.   1,535,227     251,025
* F5 Networks Inc.   1,232,114     229,986
* DXC Technology Co.   5,268,461     205,154
  Western Union Co.   8,458,413     194,290
  Juniper Networks Inc.   6,776,479     185,337
* IPG Photonics Corp.     743,016     156,605
      205,844,438
Materials (2.6%)
  Linde plc  10,751,765   3,108,335
  Sherwin-Williams Co.   4,947,569   1,347,965
  Air Products and Chemicals Inc.   4,574,563   1,316,010
  Freeport-McMoRan Inc.  30,295,362   1,124,261
  Ecolab Inc.   5,142,288   1,059,157
  Newmont Corp.  16,561,297   1,049,655
  Dow Inc.  15,436,990     976,853
  DuPont de Nemours Inc.  10,996,953     851,274
  PPG Industries Inc.   4,901,471     832,123
  International Flavors & Fragrances Inc.   5,144,079     768,525
  Corteva Inc.  15,232,839     675,577
  Nucor Corp.   6,184,128     593,243
  Ball Corp.   6,786,703     549,859
  LyondellBasell Industries NV Class A   5,320,198     547,289
  International Paper Co.   8,094,911     496,299
  Vulcan Materials Co.   2,741,433     477,201
  Martin Marietta Materials Inc.   1,288,830     453,423
  Albemarle Corp.   2,412,223     406,363
  Amcor plc  31,856,984     365,081
  Avery Dennison Corp.   1,716,501     360,877
  Celanese Corp. Class A   2,327,827     352,899
  Eastman Chemical Co.   2,821,318     329,389
  Westrock Co.   5,499,108     292,663
  FMC Corp.   2,663,303     288,169
  Packaging Corp. of America   1,962,797     265,802
  CF Industries Holdings Inc.   4,433,307     228,094
  Mosaic Co.   7,142,867     227,929
  Sealed Air Corp.   3,143,702     186,264
       19,530,579
 
8

500 Index Fund
    Shares Market
Value

($000)
Real Estate (2.6%)
  American Tower Corp.   9,398,018   2,538,781
  Prologis Inc.  15,290,577   1,827,683
  Crown Castle International Corp.   8,933,053   1,742,839
  Equinix Inc.   1,851,601   1,486,095
  Public Storage   3,147,050     946,286
  Simon Property Group Inc.   6,791,727     886,185
  Digital Realty Trust Inc.   5,819,185     875,555
  SBA Communications Corp. Class A   2,260,583     720,448
  Welltower Inc.   8,628,182     717,002
  AvalonBay Communities Inc.   2,884,932     602,056
* CBRE Group Inc. Class A   6,936,755     594,688
  Equity Residential   7,110,409     547,501
  Weyerhaeuser Co.  15,483,308     532,935
  Alexandria Real Estate Equities Inc.   2,834,688     515,743
  Realty Income Corp.   7,719,928     515,228
  Extra Space Storage Inc.   2,763,592     452,732
  Ventas Inc.   7,752,349     442,659
  Essex Property Trust Inc.   1,343,975     403,206
  Mid-America Apartment Communities Inc.   2,366,080     398,495
  Healthpeak Properties Inc.  11,136,886     370,747
  Duke Realty Corp.   7,749,678     366,947
  Boston Properties Inc.   2,935,042     336,326
  UDR Inc.   6,137,540     300,617
  Iron Mountain Inc.   5,968,832     252,601
* Host Hotels & Resorts Inc.  14,592,051     249,378
  Regency Centers Corp.   3,263,408     209,087
  Kimco Realty Corp.   8,958,056     186,775
  Federal Realty Investment Trust   1,462,226     171,329
  Vornado Realty Trust   3,247,925     151,581
       19,341,505
Utilities (2.4%)
  NextEra Energy Inc.  40,539,888   2,970,763
  Duke Energy Corp.  15,899,689   1,569,617
  Southern Co.  21,882,024   1,324,081
  Dominion Energy Inc.  16,670,557   1,226,453
  Exelon Corp.  20,194,186     894,804
  American Electric Power Co. Inc.  10,331,409     873,934
  Sempra Energy   6,511,128     862,594
    Shares Market
Value

($000)
  Xcel Energy Inc.  11,126,891     733,040
  Public Service Enterprise Group Inc.  10,437,954     623,563
  WEC Energy Group Inc.   6,521,639     580,100
  American Water Works Co. Inc.   3,750,057     577,996
  Eversource Energy   7,097,692     569,519
  DTE Energy Co.   4,003,952     518,912
  Edison International   7,841,139     453,375
  PPL Corp.  15,900,749     444,744
  Ameren Corp.   5,281,064     422,696
  FirstEnergy Corp.  11,240,224     418,249
  Entergy Corp.   4,146,796     413,436
  AES Corp.  13,768,099     358,934
  CMS Energy Corp.   5,982,122     353,424
  Consolidated Edison Inc.   4,684,116     335,945
  CenterPoint Energy Inc.  11,996,401     294,152
  Alliant Energy Corp.   5,169,988     288,278
  Evergy Inc.   4,738,294     286,335
  Atmos Energy Corp.   2,700,746     259,569
  NRG Energy Inc.   5,061,686     203,986
  NiSource Inc.   8,110,466     198,706
  Pinnacle West Capital Corp.   2,331,900     191,146
       18,248,351
Total Common Stocks (Cost $391,980,002) 750,197,865
Temporary Cash Investments (0.5%)
Money Market Fund (0.5%)
2,3 Vanguard Market Liquidity Fund, 0.056% (Cost $3,654,902)  36,556,991            3,655,699
Total Investments (100.0%) (Cost $395,634,904) 753,853,564
Other Assets and Liabilities—Net (0.0%) (328,073)
Net Assets (100%) 753,525,491
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 $28,612,000.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
3 Collateral of $28,911,000 was received for securities on loan.
 
9

500 Index Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts
      ($000)
  Expiration Number of
Long (Short)
Contracts
Notional
Amount
Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts        
E-mini S&P 500 Index September 2021 13,371 2,867,144 35,426
    
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)
Consolidated Edison Inc. 8/31/21 BOANA 100,408 (0.636) 1,030
Consolidated Edison Inc. 8/31/21 BOANA 71,720 (0.486) 745
Kroger Co. 1/31/22 GSI 37,870 (0.082) 439
Netflix Inc. 8/31/21 BOANA 52,821 (0.086) (3)
Penn National Gaming Inc. 8/31/21 BOANA 22,947 (0.536) (12)
State Street Corp. 8/31/22 BOANA 156,332 (0.586) 910
Visa Inc. 8/31/21 BOANA 58,455 0.014 81
Williams Cos. Inc. 8/31/21 BOANA 95,580 (0.486) 1,439
          4,644 (15)
1 Based on 1M USD London Interbank Offered Rate (LIBOR ) as of the most recent payment date. Floating interest payment received/paid monthly.
  1M—1-month.
  BOANA—Bank of America, N.A.
  GSI—Goldman Sachs International.
At June 30, 2021, the counterparties had deposited in segregated accounts securities with a value of $1,346,000 in connection with open over-the-counter swap contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
10

500 Index Fund
Statement of Assets and Liabilities
As of June 30, 2021
($000s, except shares and per-share amounts) Amount
Assets  
Investments in Securities, at Value  
Unaffiliated Issuers (Cost $391,980,002) 750,197,865
Affiliated Issuers (Cost $3,654,902) 3,655,699
Total Investments in Securities 753,853,564
Investment in Vanguard 25,688
Cash 152,852
Cash Collateral Pledged—Futures Contracts 152,479
Cash Collateral Pledged—Over-the-Counter Swap Contracts 15,540
Receivables for Investment Securities Sold 3,719,577
Receivables for Accrued Income 436,163
Receivables for Capital Shares Issued 299,500
Variation Margin Receivable—Futures Contracts 4,455
Unrealized Appreciation—Over-the-Counter Swap Contracts 4,644
Total Assets 758,664,462
Liabilities  
Payables for Investment Securities Purchased 176,748
Collateral for Securities on Loan 28,911
Payables for Capital Shares Redeemed 4,135,865
Payables for Distributions 787,228
Payables to Vanguard 10,204
Unrealized Depreciation—Over-the-Counter Swap Contracts 15
Total Liabilities 5,138,971
Net Assets 753,525,491
11

500 Index Fund
Statement of Assets and Liabilities (continued)

At June 30, 2021, net assets consisted of:  
($000s, except shares and per-share amounts) Amount
Paid-in Capital 392,898,851
Total Distributable Earnings (Loss) 360,626,640
Net Assets 753,525,491
 
Investor Shares—Net Assets  
Applicable to 12,033,436 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
4,773,674
Net Asset Value Per Share—Investor Shares $396.70
 
ETF Shares—Net Assets  
Applicable to 591,338,298 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
232,771,820
Net Asset Value Per Share—ETF Shares $393.64
 
Admiral Shares—Net Assets  
Applicable to 1,033,855,285 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
410,092,485
Net Asset Value Per Share—Admiral Shares $396.66
 
Institutional Select Shares—Net Assets  
Applicable to 503,781,827 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
105,887,512
Net Asset Value Per Share—Institutional Select Shares $210.19
  
See accompanying Notes, which are an integral part of the Financial Statements.
12

500 Index Fund
Statement of Operations
  Six Months Ended
June 30, 2021
  ($000)
Investment Income  
Income  
Dividends 4,839,278
Interest1 944
Securities Lending—Net 3,296
Total Income 4,843,518
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 5,650
Management and Administrative—Investor Shares 3,060
Management and Administrative—ETF Shares 23,991
Management and Administrative—Admiral Shares 67,020
Management and Administrative—Institutional Select Shares 4,020
Marketing and Distribution—Investor Shares 96
Marketing and Distribution—ETF Shares 3,445
Marketing and Distribution—Admiral Shares 4,396
Marketing and Distribution—Institutional Select Shares 1
Custodian Fees 1,377
Shareholders’ Reports—Investor Shares 7
Shareholders’ Reports—ETF Shares 1,294
Shareholders’ Reports—Admiral Shares 830
Shareholders’ Reports—Institutional Select Shares
Trustees’ Fees and Expenses 95
Total Expenses 115,282
Net Investment Income 4,728,236
Realized Net Gain (Loss)  
Investment Securities Sold1,2 10,463,836
Futures Contracts 345,153
Swap Contracts 72,959
Realized Net Gain (Loss) 10,881,948
Change in Unrealized Appreciation (Depreciation)  
Investment Securities1 83,438,495
Futures Contracts 6,591
Swap Contracts (794)
Change in Unrealized Appreciation (Depreciation) 83,444,292
Net Increase (Decrease) in Net Assets Resulting from Operations 99,054,476
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $918,000, $129,000, and ($129,000), respectively. Purchases and sales are for temporary cash investment purposes.
2 Includes $10,348,047,000 of net gain (loss) resulting from in-kind redemptions.
  
See accompanying Notes, which are an integral part of the Financial Statements.
13

500 Index Fund
Statement of Changes in Net Assets
  Six Months Ended
June 30,
2021
  Year Ended
December 31,
2020
  ($000)   ($000)
Increase (Decrease) in Net Assets      
Operations      
Net Investment Income 4,728,236   10,026,083
Realized Net Gain (Loss) 10,881,948   26,755,026
Change in Unrealized Appreciation (Depreciation) 83,444,292   63,111,484
Net Increase (Decrease) in Net Assets Resulting from Operations 99,054,476   99,892,593
Distributions      
Investor Shares (29,570)   (71,146)
ETF Shares (1,501,696)   (2,722,198)
Admiral Shares (2,675,684)   (5,575,193)
Institutional Select Shares (727,085)   (1,461,548)
Total Distributions (4,934,035)   (9,830,085)
Capital Share Transactions      
Investor Shares (352,578)   (861,357)
ETF Shares 26,848,864   21,243,502
Admiral Shares (1,252,290)   (10,267,593)
Institutional Select Shares (2,756,182)   434,639
Net Increase (Decrease) from Capital Share Transactions 22,487,814   10,549,191
Total Increase (Decrease) 116,608,255   100,611,699
Net Assets      
Beginning of Period 636,917,236   536,305,537
End of Period 753,525,491   636,917,236
  
See accompanying Notes, which are an integral part of the Financial Statements.
14

500 Index Fund
Financial Highlights
Investor Shares            
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $346.60 $298.16 $231.44 $246.82 $206.57 $188.48
Investment Operations            
Net Investment Income 2.3151 5.1281 4.8011 4.8961 4.2211 3.997
Net Realized and Unrealized Gain (Loss) on Investments 50.185 48.323 67.211 (15.776) 40.205 18.069
Total from Investment Operations 52.500 53.451 72.012 (10.880) 44.426 22.066
Distributions            
Dividends from Net Investment Income (2.400) (5.011) (5.292) (4.500) (4.176) (3.976)
Distributions from Realized Capital Gains
Total Distributions (2.400) (5.011) (5.292) (4.500) (4.176) (3.976)
Net Asset Value, End of Period $396.70 $346.60 $298.16 $231.44 $246.82 $206.57
Total Return2 15.18% 18.25% 31.33% -4.52% 21.67% 11.82%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $4,774 $4,504 $4,723 $23,162 $27,656 $26,652
Ratio of Total Expenses to Average Net Assets 0.14% 0.14% 0.14% 0.14% 0.14% 0.14%
Ratio of Net Investment Income to Average Net Assets 1.25% 1.73% 1.82% 1.95% 1.87% 2.05%
Portfolio Turnover Rate3 1% 4% 4% 4% 3% 4%
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.
15

500 Index Fund
Financial Highlights
ETF Shares            
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $343.93 $295.87 $229.68 $244.94 $205.00 $187.05
Investment Operations            
Net Investment Income 2.5121 5.4131 5.2981 5.1961 4.4341 4.155
Net Realized and Unrealized Gain (Loss) on Investments 49.793 47.950 66.463 (15.719) 39.874 17.933
Total from Investment Operations 52.305 53.363 71.761 (10.523) 44.308 22.088
Distributions            
Dividends from Net Investment Income (2.595) (5.303) (5.571) (4.737) (4.368) (4.138)
Distributions from Realized Capital Gains
Total Distributions (2.595) (5.303) (5.571) (4.737) (4.368) (4.138)
Net Asset Value, End of Period $393.64 $343.93 $295.87 $229.68 $244.94 $205.00
Total Return 15.24% 18.35% 31.46% -4.42% 21.78% 11.93%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $232,772 $177,991 $130,728 $90,639 $83,640 $56,648
Ratio of Total Expenses to Average Net Assets 0.03% 0.03% 0.03% 0.03% 0.04% 0.04%
Ratio of Net Investment Income to Average Net Assets 1.36% 1.83% 1.98% 2.06% 1.97% 2.15%
Portfolio Turnover Rate2 1% 4% 4% 4% 3% 4%
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.
  
See accompanying Notes, which are an integral part of the Financial Statements.
16

500 Index Fund
Financial Highlights
Admiral Shares            
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $346.57 $298.14 $231.44 $246.82 $206.57 $188.48
Investment Operations            
Net Investment Income 2.5041 5.4271 5.3191 5.1811 4.4581 4.185
Net Realized and Unrealized Gain (Loss) on Investments 50.180 48.314 66.962 (15.808) 40.193 18.074
Total from Investment Operations 52.684 53.741 72.281 (10.627) 44.651 22.259
Distributions            
Dividends from Net Investment Income (2.594) (5.311) (5.581) (4.753) (4.401) (4.169)
Distributions from Realized Capital Gains
Total Distributions (2.594) (5.311) (5.581) (4.753) (4.401) (4.169)
Net Asset Value, End of Period $396.66 $346.57 $298.14 $231.44 $246.82 $206.57
Total Return2 15.24% 18.37% 31.46% -4.43% 21.79% 11.93%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $410,092 $359,553 $319,624 $230,375 $235,232 $181,513
Ratio of Total Expenses to Average Net Assets 0.04% 0.04% 0.04% 0.04% 0.04% 0.04%
Ratio of Net Investment Income to Average Net Assets 1.35% 1.83% 1.97% 2.05% 1.97% 2.15%
Portfolio Turnover Rate3 1% 4% 4% 4% 3% 4%
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.
17

500 Index Fund
Financial Highlights
Institutional Select Shares            
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2021
Year Ended December 31, June 24,
20161 to
December 31,
2016
2020 2019 2018 2017  
Net Asset Value, Beginning of Period $183.64 $157.98 $122.64 $130.79 $109.45 $99.57
Investment Operations            
Net Investment Income 1.3562 2.9242 2.8572 2.8082 2.4232 1.200
Net Realized and Unrealized Gain (Loss) on Investments 26.599 25.597 35.484 (8.400) 21.283 9.859
Total from Investment Operations 27.955 28.521 38.341 (5.592) 23.706 11.059
Distributions            
Dividends from Net Investment Income (1.405) (2.861) (3.001) (2.558) (2.366) (1.179)
Distributions from Realized Capital Gains
Total Distributions (1.405) (2.861) (3.001) (2.558) (2.366) (1.179)
Net Asset Value, End of Period $210.19 $183.64 $157.98 $122.64 $130.79 $109.45
Total Return 15.26% 18.40% 31.49% -4.40% 21.83% 11.12%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $105,888 $94,870 $81,230 $56,531 $44,907 $17,753
Ratio of Total Expenses to Average Net Assets 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%3
Ratio of Net Investment Income to Average Net Assets 1.38% 1.86% 2.00% 2.08% 2.00% 2.26%3
Portfolio Turnover Rate4 1% 4% 4% 4% 3% 4%5
The expense ratio and net investment income ratio for the current period have been annualized.
1 Inception.
2 Calculated based on average shares outstanding.
3 Annualized.
4 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.
5 Reflects the fund’s portfolio turnover for the fiscal year ended December 31, 2016.
  
See accompanying Notes, which are an integral part of the Financial Statements.
18

500 Index Fund
Notes to Financial Statements
Vanguard 500 Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers four classes of shares: Investor Shares, ETF Shares, Admiral Shares, and Institutional Select 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.
Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus 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 materially 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 board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
During the six months ended June 30, 2021, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
19

500 Index Fund
3.  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 June 30, 2021, 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.
4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute 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.
20

500 Index Fund
5. 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.
6. 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.
7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 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, 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; these fees 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 a rate based upon the higher of the one-month London Interbank Offered Rate (or an acceptable alternate rate, if necessary), federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread, except that 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.
21

500 Index Fund
For the six months ended June 30, 2021, the fund did not utilize the credit facilities or the Interfund Lending Program.
8. 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. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. 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.
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.
B. 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 June 30, 2021, the fund had contributed to Vanguard capital in the amount of $25,688,000, representing less than 0.01% of the fund’s net assets and 10.27% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. 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.
22

500 Index Fund
The following table summarizes the market value of the fund’s investments and derivatives as of June 30, 2021, based on the inputs used to value them:
  Level 1
($000)
Level 2
($000)
Level 3
($000)
Total
($000)
Investments        
Assets        
Common Stocks 750,197,865 750,197,865
Temporary Cash Investments 3,655,699 3,655,699
Total 753,853,564 753,853,564
Derivative Financial Instruments        
Assets        
Futures Contracts1 35,426 35,426
Swap Contracts 4,644 4,644
Total 35,426 4,644 40,070
Liabilities        
Swap Contracts 15 15
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
D. As of June 30, 2021, 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 395,789,858
Gross Unrealized Appreciation 364,474,876
Gross Unrealized Depreciation (6,375,744)
Net Unrealized Appreciation (Depreciation) 358,099,132
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2020, the fund had available capital losses totaling $8,461,187,000 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 December 31, 2021; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
E. During the six months ended June 30, 2021, the fund purchased $43,649,683,000 of investment securities and sold $21,215,555,000 of investment securities, other than temporary cash investments. Purchases and sales include $34,322,180,000 and $13,612,534,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.
23

500 Index Fund
F. Capital share transactions for each class of shares were:
    
  Six Months Ended
June 30, 2021
  Year Ended
December 31, 2020
  Amount
($000)
Shares
(000)
  Amount
($000)
Shares
(000)
Investor Shares          
Issued 96,609 260   200,895 689
Issued in Lieu of Cash Distributions 29,567 78   71,140 244
Redeemed (478,754) (1,299)   (1,133,392) (3,781)
Net Increase (Decrease)—Investor Shares (352,578) (961)   (861,357) (2,848)
ETF Shares          
Issued 36,789,455 100,769   63,687,902 221,707
Issued in Lieu of Cash Distributions  
Redeemed (9,940,591) (26,950)   (42,444,400) (146,025)
Net Increase (Decrease)—ETF Shares 26,848,864 73,819   21,243,502 75,682
Admiral Shares          
Issued 21,777,288 58,931   41,835,006 146,878
Issued in Lieu of Cash Distributions 2,343,630 6,200   4,891,793 16,726
Redeemed (25,373,208) (68,727)   (56,994,392) (198,197)
Net Increase (Decrease)—Admiral Shares (1,252,290) (3,596)   (10,267,593) (34,593)
Institutional Select Shares          
Issued 3,516,141 18,196   6,510,968 41,288
Issued in Lieu of Cash Distributions 727,085 3,629   1,461,548 9,420
Redeemed (6,999,408) (34,640)   (7,537,877) (48,280)
Net Increase (Decrease)—Institutional Select Shares (2,756,182) (12,815)   434,639 2,428
G. Management has determined that no events or transactions occurred subsequent to June 30, 2021, that would require recognition or disclosure in these financial statements.
24

Trustees Approve Advisory Arrangement
The board of trustees of Vanguard 500 Index Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index Group. The board determined that continuing the fund’s internalized management structure was in the best interests of the fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made monthly presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.
The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.
In addition, the board received monthly reports, which included a Market and Economic Report, a Fund Dashboard Monthly Summary, and a Fund Performance Report.
Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board reviewed the quality of the fund’s investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Equity Index Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.
Investment performance
The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance compared with its target index and peer group. The board concluded that the performance was such that the advisory arrangement should continue.
Cost
The board concluded that the fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that the fund’s advisory expenses were also well below the peer-group average.
25

The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.
The benefit of economies of scale
The board concluded that the fund’s arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangement again after a one-year period.
26

Liquidity Risk Management
Vanguard funds (except for the money market funds) have adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940. Rule 22e-4 requires that each fund adopt a program that is reasonably designed to assess and manage the fund’s liquidity risk, which is the risk that the fund could not meet redemption requests without significant dilution of remaining investors’ interests in the fund.
Assessment and management of a fund’s liquidity risk under the Program take into consideration certain factors, such as the fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short- and long-term cash-flow projections during both normal and reasonably foreseeable stressed conditions, and its cash and cash-equivalent holdings and access to other funding sources. As required by the rule, the Program includes policies and procedures for classification of fund portfolio holdings in four liquidity categories, maintaining certain levels of highly liquid investments, and limiting holdings of illiquid investments.
The board of trustees of Vanguard Index Funds approved the appointment of liquidity risk management program administrators responsible for administering Vanguard 500 Index Fund's Program and for carrying out the specific responsibilities set forth in the Program, including reporting to the board on at least an annual basis regarding the Program’s operation, its adequacy, and the effectiveness of its implementation for the past year (the “Program Administrator Report”). The board has reviewed the Program Administrator Report covering the period from January 1, 2020, through December 31, 2020 (the “Review Period”). The Program Administrator Report stated that during the Review Period the Program operated and was implemented effectively to manage the fund’s liquidity risk.
27

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This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.
You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.
You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.
© 2021 The Vanguard Group, Inc.
All rights reserved.
U.S. Patent Nos. 6,879,964; 7,337,138; 7,720,749; 7,925,573; 8,090,646; 8,417,623; and 8,626,636.
Vanguard Marketing Corporation, Distributor.
Q402 082021

 

 

Semiannual Report  |  June 30, 2021
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


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, 2021      
  Beginning
Account Value
12/31/2020
Ending
Account Value
6/30/2021
Expenses
Paid During
Period
Based on Actual Fund Return      
Small-Cap Index Fund      
Investor Shares $1,000.00 $1,163.30 $0.91
ETF Shares 1,000.00 1,163.90 0.27
AdmiralTM Shares 1,000.00 1,163.90 0.27
Institutional Shares 1,000.00 1,163.90 0.21
Institutional Plus Shares 1,000.00 1,164.00 0.16
Small-Cap Growth Index Fund      
Investor Shares $1,000.00 $1,084.60 $0.98
ETF Shares 1,000.00 1,085.40 0.36
Admiral Shares 1,000.00 1,085.20 0.36
Institutional Shares 1,000.00 1,085.30 0.31
Small-Cap Value Index Fund      
Investor Shares $1,000.00 $1,230.30 $1.05
ETF Shares 1,000.00 1,231.00 0.39
Admiral Shares 1,000.00 1,231.20 0.39
Institutional Shares 1,000.00 1,231.00 0.33
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).
2

Small-Cap Index Fund
Fund Allocation
As of June 30, 2021
Basic Materials 4.1%
Consumer Discretionary 15.9
Consumer Staples 3.2
Energy 4.3
Financials 13.7
Health Care 14.2
Industrials 18.5
Other 0.0
Real Estate 8.8
Technology 13.1
Telecommunications 1.4
Utilities 2.8
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

Small-Cap Index Fund
Financial Statements (unaudited)
Schedule of Investments—Investments Summary
As of June 30, 2021
This Statement summarizes the fund’s holdings by asset type. Details are reported for each of the fund’s 50 largest individual holdings and for investments that, in total for any issuer, represent more than 1% of the fund’s net assets. The total value of smaller holdings is reported as a single amount within each category.
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) four times in each fiscal year. For the second and fourth quarters the complete list of the fund’s holdings is available on vanguard.com and on Form N-CSR, or you can have it mailed to you without charge by calling 800-662-7447. For the first and third quarters of each fiscal year, the complete list of the fund’s holdings is available as an exhibit to its reports on Form N-PORT. The fund’s Form N-CSR and Form N-PORT reports are available on the SEC’s website at www.sec.gov.
        Shares Market
Value
($000)
Percentage
of Net
Assets
Common Stocks    
Basic Materials    
  Steel Dynamics Inc.  4,994,495     297,672   0.22%
Basic Materials—Other*,1   5,297,469   3.85%
                        5,595,141   4.07%
Consumer Discretionary    
  Pool Corp.    948,446     435,014   0.32%
  Tapestry Inc.*  6,941,632     301,822   0.22%
  Williams-Sonoma Inc.  1,874,202     299,216   0.22%
  RH*    418,202     283,959   0.21%
  Chegg Inc.*  3,356,058     278,922   0.20%
  Floor & Decor Holdings Inc. Class A*  2,611,902     276,078   0.20%
Consumer Discretionary—Other*,1  19,888,326  14.45%
                       21,763,337  15.82%
Consumer Staples    
  Darling Ingredients Inc.*  4,062,191     274,198   0.20%
Consumer Staples —Other*,1   4,035,802   2.93%
                        4,310,000   3.13%
Energy    
  Diamondback Energy Inc.  4,505,533     423,024   0.31%
  Enphase Energy Inc.*  1,520,262     279,166   0.20%
Energy—Other*,1   5,154,396   3.75%
                        5,856,586   4.26%
Financials    
  Signature Bank  1,433,846     352,224   0.26%
  Apollo Global Management Inc.  5,205,052     323,754   0.24%
  Brown & Brown Inc.  5,962,465     316,845   0.23%
4

Small-Cap Index Fund
        Shares Market
Value

($000)
Percentage
of Net
Assets
  Invesco Ltd. 10,339,327     276,370   0.20%
Financials—Other*,1,2  17,467,514  12.69%
                       18,736,707  13.62%
Health Care    
  Charles River Laboratories International Inc.*  1,251,206     462,846   0.34%
  Avantor Inc.* 12,317,881     437,408   0.32%
  Bio-Techne Corp.    968,271     435,974   0.32%
  PerkinElmer Inc.  2,790,564     430,891   0.31%
  Novavax Inc.*,1  1,844,526     391,611   0.28%
  Molina Healthcare Inc.*  1,453,789     367,896   0.27%
  Masimo Corp.*  1,232,476     298,814   0.22%
  Guardant Health Inc.*  2,391,570     297,009   0.22%
Health Care—Other*,1,2  16,342,718  11.87%
                       19,465,167  14.15%
Industrials    
  IDEX Corp.  1,890,302     415,961   0.30%
  Bill.com Holdings Inc.*  1,967,876     360,476   0.26%
  Fair Isaac Corp.*    680,579     342,113   0.25%
  Howmet Aerospace Inc.*  9,731,016     335,428   0.24%
  Graco Inc.  4,217,330     319,252   0.23%
  Quanta Services Inc.  3,468,793     314,169   0.23%
  Allegion plc  2,239,598     311,976   0.23%
  Lennox International Inc.1    846,207     296,849   0.22%
  Toro Co.  2,678,969     294,365   0.21%
  Trex Co. Inc.*  2,871,745     293,521   0.21%
  Booz Allen Hamilton Holding Corp. Class A  3,370,743     287,120   0.21%
  RPM International Inc.  3,224,202     285,922   0.21%
  Nordson Corp.  1,301,333     285,656   0.21%
  Axon Enterprise Inc.*  1,610,008     284,649   0.21%
  Pentair plc  4,136,647     279,182   0.20%
Industrials—Other*,1,3  20,556,656  14.95%
                       25,263,295  18.37%
Other*,2,4 59 0.00%
Real Estate    
  VICI Properties Inc. 13,370,659     414,758   0.30%
  Equity LifeStyle Properties Inc.  4,085,356     303,583   0.22%
  Medical Properties Trust Inc. 14,645,826     294,381   0.21%
Real Estate—Other*,1,2  10,989,136   8.00%
                       12,001,858   8.73%
Technology    
  Entegris Inc.  3,372,994     414,777   0.30%
  Nuance Communications Inc.*  7,123,106     387,782   0.28%
  PTC Inc.*  2,618,508     369,890   0.27%
  Ceridian HCM Holding Inc.*  3,344,195     320,775   0.23%
  Avalara Inc.*  1,942,807     314,346   0.23%
  Five9 Inc.*  1,669,222     306,119   0.22%
  Dynatrace Inc.*  4,934,533     288,275   0.21%
  Cree Inc.*  2,874,760     281,525   0.20%
Technology—Other*,1,2  15,163,493  11.03%
                       17,846,982  12.97%
5

Small-Cap Index Fund
        Shares Market
Value

($000)
Percentage
of Net
Assets
Telecommunications*,1 1,928,303 1.40%
Utilities    
  Atmos Energy Corp.  3,254,453     312,785   0.23%
  Essential Utilities Inc.  6,117,284     279,560   0.20%
Utilities—Other*   3,286,888   2.39%
                        3,879,233   2.82%
Total Common Stocks (Cost $88,662,578) 136,646,668 99.34%
      Coupon      
Temporary Cash Investments
Money Market Fund    
  Vanguard Market Liquidity Fund5,6
(Cost $3,099,342)
0.056% 30,997,404            3,099,741       2.25%
Total Investments (Cost $91,761,920) 139,746,409 101.59%
Other Assets and Liabilities—Net (2,193,233) (1.59%)
Net Assets     137,553,176 100.00%
Cost is in $000.
See Note A in Notes to Financial Statements.
Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
* Includes non-income-producing security.
1 Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $2,236,521,000.
2 Certain securities are valued using significant unobservable inputs.
3 Certain securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2021, the aggregate value of these securities was $73,256,000, representing 0.1% of net assets.
4 “Other” represents securities that are not classified by the fund’s benchmark index.
5 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
6 Collateral of $2,342,714,000 was received for securities on loan, of which $2,323,711,000 is held in Vanguard Market Liquidity Fund and $19,003,000 is held in cash.
6

Small-Cap Index Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts
      ($000)
  Expiration Number of
Long (Short)
Contracts
Notional
Amount
Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts
E-mini Russell 2000 Index September 2021 3,204 369,710 (3,074)
E-mini S&P Mid-Cap 400 Index September 2021 1,829 492,440 (9,071)
        (12,145)
    
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)
Alcoa Corp. 8/31/21 BOANA 13,488 (0.586) (969)
Avalara Inc. 8/31/21 BOANA 11,895 (0.086) 2,665
Bandwidth Inc. Class A 8/31/21 BOANA 16,561 (0.536) 2,742
National Fuel Gas Co. 8/31/21 BOANA 4,670 (0.486) 72
New York Community Bancorp Inc. 8/31/21 BOANA 2,394 (0.436) (191)
Ollie's Bargain Outlet Holdings Inc. 1/31/22 GSI 26,403 (0.082) (1,165)
Penn National Gaming Inc. 8/31/21 BOANA 32,788 (0.536) (2,206)
Popular Inc. 8/31/21 BOANA 11,425 (0.486) (866)
United Therapeutics Corp. 8/31/21 BOANA 22,308 (0.086) (779)
          5,479 (6,176)
1 Based on 1M USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating interest payment received/paid monthly.
  1M—1-month.
  BOANA—Bank of America, N.A.
  GSI—Goldman Sachs International.
At June 30, 2021, the counterparties had deposited in segregated accounts securities with a value of $930,000 in connection with open over-the-counter swap contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
7

Small-Cap Index Fund
Statement of Assets and Liabilities
As of June 30, 2021
($000s, except shares and per-share amounts) Amount
Assets  
Investments in Securities, at Value  
Unaffiliated Issuers (Cost $88,662,578) 136,646,668
Affiliated Issuers (Cost $3,099,342) 3,099,741
Total Investments in Securities 139,746,409
Investment in Vanguard 4,698
Cash 19,003
Cash Collateral Pledged—Futures Contracts 45,519
Cash Collateral Pledged—Over-the-Counter Swap Contracts 1,200
Receivables for Investment Securities Sold 571,301
Receivables for Accrued Income 105,731
Receivables for Capital Shares Issued 35,238
Variation Margin Receivable—Futures Contracts 988
Unrealized Appreciation—Over-the-Counter Swap Contracts 5,479
Total Assets 140,535,566
Liabilities  
Due to Custodian 304,917
Payables for Investment Securities Purchased 202,826
Collateral for Securities on Loan 2,342,714
Payables for Capital Shares Redeemed 123,091
Payables to Vanguard 2,666
Unrealized Depreciation—Over-the-Counter Swap Contracts 6,176
Total Liabilities 2,982,390
Net Assets 137,553,176
8

Small-Cap Index Fund
Statement of Assets and Liabilities (continued)

At June 30, 2021, net assets consisted of:  
($000s, except shares and per-share amounts) Amount
Paid-in Capital 90,234,123
Total Distributable Earnings (Loss) 47,319,053
Net Assets 137,553,176
 
Investor Shares—Net Assets  
Applicable to 6,976,458 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
752,875
Net Asset Value Per Share—Investor Shares $107.92
 
ETF Shares—Net Assets  
Applicable to 209,093,163 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
47,099,455
Net Asset Value Per Share—ETF Shares $225.26
 
Admiral Shares—Net Assets  
Applicable to 515,744,189 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
55,668,104
Net Asset Value Per Share—Admiral Shares $107.94
 
Institutional Shares—Net Assets  
Applicable to 207,660,777 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
22,413,608
Net Asset Value Per Share—Institutional Shares $107.93
 
Institutional Plus Shares—Net Assets  
Applicable to 37,296,198 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
11,619,134
Net Asset Value Per Share—Institutional Plus Shares $311.54
See accompanying Notes, which are an integral part of the Financial Statements.
9

Small-Cap Index Fund
Statement of Operations
  Six Months Ended
June 30, 2021
  ($000)
Investment Income  
Income  
Dividends 632,102
Interest1 323
Securities Lending—Net 23,011
Total Income 655,436
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 1,895
Management and Administrative—Investor Shares 607
Management and Administrative—ETF Shares 8,429
Management and Administrative—Admiral Shares 11,184
Management and Administrative—Institutional Shares 3,508
Management and Administrative—Institutional Plus Shares 1,384
Marketing and Distribution—Investor Shares 18
Marketing and Distribution—ETF Shares 778
Marketing and Distribution—Admiral Shares 751
Marketing and Distribution—Institutional Shares 248
Marketing and Distribution—Institutional Plus Shares 70
Custodian Fees 435
Shareholders’ Reports—Investor Shares 2
Shareholders’ Reports—ETF Shares 890
Shareholders’ Reports—Admiral Shares 251
Shareholders’ Reports—Institutional Shares 89
Shareholders’ Reports—Institutional Plus Shares 29
Trustees’ Fees and Expenses 18
Total Expenses 30,586
Net Investment Income 624,850
Realized Net Gain (Loss)  
Investment Securities Sold1,2 6,382,455
Futures Contracts 132,320
Swap Contracts (4,061)
Realized Net Gain (Loss) 6,510,714
10

Small-Cap Index Fund
Statement of Operations (continued)
  Six Months Ended
June 30, 2021
  ($000)
Change in Unrealized Appreciation (Depreciation)  
Investment Securities1 11,793,333
Futures Contracts (25,843)
Swap Contracts (8,104)
Change in Unrealized Appreciation (Depreciation) 11,759,386
Net Increase (Decrease) in Net Assets Resulting from Operations 18,894,950
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $323,000, $12,000, and ($11,000), respectively. Purchases and sales are for temporary cash investment purposes.
2 Includes $4,495,802,000 of net gain (loss) resulting from in-kind redemptions.
See accompanying Notes, which are an integral part of the Financial Statements.
11

Small-Cap Index Fund
Statement of Changes in Net Assets
  Six Months Ended
June 30,
2021
  Year Ended
December 31,
2020
  ($000)   ($000)
Increase (Decrease) in Net Assets      
Operations      
Net Investment Income 624,850   1,296,033
Realized Net Gain (Loss) 6,510,714   3,870,929
Change in Unrealized Appreciation (Depreciation) 11,759,386   13,074,363
Net Increase (Decrease) in Net Assets Resulting from Operations 18,894,950   18,241,325
Distributions      
Investor Shares (3,438)   (8,214)
ETF Shares (229,993)   (413,915)
Admiral Shares (275,127)   (548,152)
Institutional Shares (111,439)   (223,749)
Institutional Plus Shares (59,915)   (122,453)
Total Distributions (679,912)   (1,316,483)
Capital Share Transactions      
Investor Shares (65,706)   (147,445)
ETF Shares 3,631,351   4,228,769
Admiral Shares 853,560   (1,839,081)
Institutional Shares 438,987   (1,146,922)
Institutional Plus Shares (163,044)   (141,850)
Net Increase (Decrease) from Capital Share Transactions 4,695,148   953,471
Total Increase (Decrease) 22,910,186   17,878,313
Net Assets      
Beginning of Period 114,642,990   96,764,677
End of Period 137,553,176   114,642,990
See accompanying Notes, which are an integral part of the Financial Statements.
12

Small-Cap Index Fund
Financial Highlights
Investor Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $93.20 $79.35 $63.21 $70.76 $61.75 $53.03
Investment Operations            
Net Investment Income .4391 .9281 .8321 .9671 .8761 .843
Net Realized and Unrealized Gain (Loss) on Investments 14.754 13.897 16.319 (7.552) 9.011 8.734
Total from Investment Operations 15.193 14.825 17.151 (6.585) 9.887 9.577
Distributions            
Dividends from Net Investment Income (.473) (.975) (1.011) (.965) (.877) (.857)
Distributions from Realized Capital Gains
Total Distributions (.473) (.975) (1.011) (.965) (.877) (.857)
Net Asset Value, End of Period $107.92 $93.20 $79.35 $63.21 $70.76 $61.75
Total Return2 16.33% 18.96% 27.22% -9.43% 16.10% 18.17%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $753 $709 $754 $3,332 $4,345 $4,401
Ratio of Total Expenses to Average Net Assets 0.17% 0.17% 0.17% 0.17% 0.17% 0.18%
Ratio of Net Investment Income to Average Net Assets 0.88% 1.26% 1.14% 1.34% 1.36% 1.55%
Portfolio Turnover Rate3 9% 22% 16% 15% 15% 14%
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.
13

Small-Cap Index Fund
Financial Highlights
ETF Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $194.54 $165.64 $131.94 $147.71 $128.90 $110.71
Investment Operations            
Net Investment Income 1.0261 2.2621 2.2981 2.2391 2.0371 1.899
Net Realized and Unrealized Gain (Loss) on Investments 30.813 28.863 33.707 (15.808) 18.768 18.221
Total from Investment Operations 31.839 31.125 36.005 (13.569) 20.805 20.120
Distributions            
Dividends from Net Investment Income (1.119) (2.225) (2.305) (2.201) (1.995) (1.930)
Distributions from Realized Capital Gains
Total Distributions (1.119) (2.225) (2.305) (2.201) (1.995) (1.930)
Net Asset Value, End of Period $225.26 $194.54 $165.64 $131.94 $147.71 $128.90
Total Return 16.39% 19.08% 27.37% -9.30% 16.24% 18.31%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $47,099 $37,492 $27,442 $20,914 $21,605 $16,153
Ratio of Total Expenses to Average Net Assets 0.05% 0.05% 0.05% 0.05% 0.05% 0.06%
Ratio of Net Investment Income to Average Net Assets 0.98% 1.47% 1.49% 1.46% 1.48% 1.67%
Portfolio Turnover Rate2 9% 22% 16% 15% 15% 14%
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.
See accompanying Notes, which are an integral part of the Financial Statements.
14

Small-Cap Index Fund
Financial Highlights
Admiral Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $93.22 $79.37 $63.23 $70.78 $61.77 $53.05
Investment Operations            
Net Investment Income .4961 1.0291 1.1081 1.0671 .9701 .910
Net Realized and Unrealized Gain (Loss) on Investments 14.760 13.887 16.136 (7.563) 8.997 8.733
Total from Investment Operations 15.256 14.916 17.244 (6.496) 9.967 9.643
Distributions            
Dividends from Net Investment Income (.536) (1.066) (1.104) (1.054) (.957) (.923)
Distributions from Realized Capital Gains
Total Distributions (.536) (1.066) (1.104) (1.054) (.957) (.923)
Net Asset Value, End of Period $107.94 $93.22 $79.37 $63.23 $70.78 $61.77
Total Return2 16.39% 19.11% 27.37% -9.31% 16.24% 18.30%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $55,668 $47,313 $42,386 $31,382 $33,801 $27,778
Ratio of Total Expenses to Average Net Assets 0.05% 0.05% 0.05% 0.05% 0.05% 0.06%
Ratio of Net Investment Income to Average Net Assets 0.99% 1.40% 1.50% 1.46% 1.48% 1.67%
Portfolio Turnover Rate3 9% 22% 16% 15% 15% 14%
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.
15

Small-Cap Index Fund
Financial Highlights
Institutional Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $93.22 $79.37 $63.22 $70.78 $61.77 $53.05
Investment Operations            
Net Investment Income .5011 1.0341 1.1011 1.0761 .9751 .915
Net Realized and Unrealized Gain (Loss) on Investments 14.750 13.889 16.161 (7.575) 8.998 8.734
Total from Investment Operations 15.251 14.923 17.262 (6.499) 9.973 9.649
Distributions            
Dividends from Net Investment Income (.541) (1.073) (1.112) (1.061) (.963) (.929)
Distributions from Realized Capital Gains
Total Distributions (.541) (1.073) (1.112) (1.061) (.963) (.929)
Net Asset Value, End of Period $107.93 $93.22 $79.37 $63.22 $70.78 $61.77
Total Return 16.39% 19.12% 27.40% -9.32% 16.25% 18.32%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $22,414 $18,957 $17,337 $14,454 $15,352 $13,030
Ratio of Total Expenses to Average Net Assets 0.04% 0.04% 0.04% 0.04% 0.04% 0.05%
Ratio of Net Investment Income to Average Net Assets 1.00% 1.41% 1.49% 1.47% 1.49% 1.68%
Portfolio Turnover Rate2 9% 22% 16% 15% 15% 14%
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.
See accompanying Notes, which are an integral part of the Financial Statements.
16

Small-Cap Index Fund
Financial Highlights
Institutional Plus Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $269.07 $229.09 $182.49 $204.30 $178.28 $153.11
Investment Operations            
Net Investment Income 1.4651 2.9881 3.1861 3.1021 2.8351 2.660
Net Realized and Unrealized Gain (Loss) on Investments 42.581 40.111 46.645 (21.825) 25.980 25.213
Total from Investment Operations 44.046 43.099 49.831 (18.723) 28.815 27.873
Distributions            
Dividends from Net Investment Income (1.576) (3.119) (3.231) (3.087) (2.795) (2.703)
Distributions from Realized Capital Gains
Total Distributions (1.576) (3.119) (3.231) (3.087) (2.795) (2.703)
Net Asset Value, End of Period $311.54 $269.07 $229.09 $182.49 $204.30 $178.28
Total Return 16.40% 19.13% 27.40% -9.30% 16.27% 18.33%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $11,619 $10,172 $8,846 $7,866 $9,531 $8,080
Ratio of Total Expenses to Average Net Assets 0.03% 0.03% 0.03% 0.03% 0.03% 0.04%
Ratio of Net Investment Income to Average Net Assets 1.01% 1.41% 1.49% 1.48% 1.50% 1.69%
Portfolio Turnover Rate2 9% 22% 16% 15% 15% 14%
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.
See accompanying Notes, which are an integral part of the Financial Statements.
17

Small-Cap Index Fund
Notes to Financial Statements
Vanguard Small-Cap Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers five classes of shares: Investor Shares, ETF Shares, Admiral Shares, Institutional Shares, and Institutional Plus 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.
Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus 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 materially 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 board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
18

Small-Cap Index Fund
During the six months ended June 30, 2021, the fund’s average investments in long and short futures contracts represented 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
3. 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 June 30, 2021, 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.
4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute 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
19

Small-Cap Index Fund
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.
5. 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.
6. 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.
7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 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, 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; these fees 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 a rate based upon the higher of the one-month London Interbank Offered Rate (or an acceptable alternate rate, if necessary), federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread, except that borrowings under the uncommitted credit facility may bear interest based upon an alternative 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
20

Small-Cap Index Fund
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 June 30, 2021, the fund did not utilize the credit facilities or the Interfund Lending Program.
8. 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. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. 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.
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.
B. 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 June 30, 2021, the fund had contributed to Vanguard capital in the amount of $4,698,000, representing less than 0.01% of the fund’s net assets and 1.88% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. 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.
21

Small-Cap Index Fund
The following table summarizes the market value of the fund's investments and derivatives as of June 30, 2021, based on the inputs used to value them:
  Level 1
($000)
Level 2
($000)
Level 3
($000)
Total
($000)
Investments        
Assets        
Common Stocks 136,644,793 1,875 136,646,668
Temporary Cash Investments 3,099,741 3,099,741
Total 139,744,534 1,875 139,746,409
Derivative Financial Instruments        
Assets        
Swap Contracts 5,479 5,479
Liabilities        
Futures Contracts1 12,145 12,145
Swap Contracts 6,176 6,176
Total 12,145 6,176 18,321
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
D. As of June 30, 2021, 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 92,055,550
Gross Unrealized Appreciation 52,659,228
Gross Unrealized Depreciation (4,981,211)
Net Unrealized Appreciation (Depreciation) 47,678,017
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2020, the fund had available capital losses totaling $6,934,547,000 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 December 31, 2021; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
E. During the six months ended June 30, 2021, the fund purchased $22,519,646,000 of investment securities and sold $17,791,269,000 of investment securities, other than temporary cash investments. Purchases and sales include $8,749,645,000 and $6,121,147,000, 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 June 30, 2021, such purchases and sales were $316,484,000 and $3,741,966,000,
22

Small-Cap Index Fund
respectively; 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
June 30, 2021
  Year Ended
December 31, 2020
  Amount
($000)
Shares
(000)
  Amount
($000)
Shares
(000)
Investor Shares          
Issued 57,522 561   52,197 745
Issued in Lieu of Cash Distributions 3,438 33   8,214 109
Redeemed (126,666) (1,221)   (207,856) (2,748)
Net Increase (Decrease)—Investor Shares (65,706) (627)   (147,445) (1,894)
ETF Shares          
Issued 9,393,196 42,746   16,291,928 103,198
Issued in Lieu of Cash Distributions  
Redeemed (5,761,845) (26,375)   (12,063,159) (76,150)
Net Increase (Decrease)—ETF Shares 3,631,351 16,371   4,228,769 27,048
Admiral Shares          
Issued 5,333,361 51,813   7,197,182 101,668
Issued in Lieu of Cash Distributions 245,642 2,388   488,424 6,445
Redeemed (4,725,443) (45,975)   (9,524,687) (134,614)
Net Increase (Decrease)—Admiral Shares 853,560 8,226   (1,839,081) (26,501)
Institutional Shares          
Issued 2,949,087 28,561   3,037,642 42,453
Issued in Lieu of Cash Distributions 105,507 1,026   210,983 2,787
Redeemed (2,615,607) (25,286)   (4,395,547) (60,308)
Net Increase (Decrease)—Institutional Shares 438,987 4,301   (1,146,922) (15,068)
Institutional Plus Shares          
Issued 1,313,683 4,419   1,822,548 8,480
Issued in Lieu of Cash Distributions 59,915 202   122,453 562
Redeemed (1,536,642) (5,131)   (2,086,851) (9,851)
Net Increase (Decrease)—Institutional Plus Shares (163,044) (510)   (141,850) (809)
G. Management has determined that no events or transactions occurred subsequent to June 30, 2021, that would require recognition or disclosure in these financial statements.
23

Small-Cap Growth Index Fund
Fund Allocation
As of June 30, 2021
Basic Materials 1.7%
Consumer Discretionary 15.4
Consumer Staples 2.9
Energy 2.9
Financials 4.0
Health Care 23.8
Industrials 16.7
Other 0.0
Real Estate 7.8
Technology 21.7
Telecommunications 1.7
Utilities 1.4
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.
24

Small-Cap Growth Index Fund
Financial Statements (unaudited)
Schedule of Investments—Investments Summary
As of June 30, 2021
This Statement summarizes the fund’s holdings by asset type. Details are reported for each of the fund’s 50 largest individual holdings and for investments that, in total for any issuer, represent more than 1% of the fund’s net assets. The total value of smaller holdings is reported as a single amount within each category.
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) four times in each fiscal year. For the second and fourth quarters the complete list of the fund’s holdings is available on vanguard.com and on Form N-CSR, or you can have it mailed to you without charge by calling 800-662-7447. For the first and third quarters of each fiscal year, the complete list of the fund’s holdings is available as an exhibit to its reports on Form N-PORT. The fund’s Form N-CSR and Form N-PORT reports are available on the SEC’s website at www.sec.gov.
        Shares Market
Value
($000)
Percentage
of Net
Assets
Common Stocks    
Basic Materials*,1 656,566 1.74%
Consumer Discretionary    
  Pool Corp.    599,882    275,142   0.73%
  RH*    264,607    179,668   0.47%
  Chegg Inc.*  2,124,412    176,560   0.47%
  Floor & Decor Holdings Inc. Class A*  1,653,039    174,726   0.46%
  Zynga Inc. Class A* 16,290,143    173,164   0.46%
  Five Below Inc.*    882,092    170,482   0.45%
  Liberty Media Corp.-Liberty Formula One Class C*  3,044,636    146,782   0.39%
  Liberty Media Corp.-Liberty Formula One Class A*    386,186     16,463   0.04%
Consumer Discretionary—Other*,1  4,505,849  11.91%
                       5,818,836  15.38%
Consumer Staples    
  Boston Beer Co. Inc. Class A*    143,357    146,339   0.39%
Consumer Staples —Other*,1    947,556   2.50%
                       1,093,895   2.89%
Energy    
  Enphase Energy Inc.*    962,184    176,686   0.47%
  Texas Pacific Land Corp.     97,753    156,379   0.41%
Energy—Other*,1    747,846   1.98%
                       1,080,911   2.86%
Financials*,1 1,495,905 3.95%
Health Care    
  Charles River Laboratories International Inc.*    791,143    292,660   0.77%
  Avantor Inc.*  7,792,662    276,717   0.73%
  Bio-Techne Corp.    612,606    275,832   0.73%
25

Small-Cap Growth Index Fund
        Shares Market
Value

($000)
Percentage
of Net
Assets
  PerkinElmer Inc.  1,765,488    272,609   0.72%
  Masimo Corp.*    779,330    188,949   0.50%
  Guardant Health Inc.*  1,513,816    188,001   0.50%
  Intellia Therapeutics Inc.*  1,025,109    165,975   0.44%
  Repligen Corp.*    821,936    164,075   0.43%
  Penumbra Inc.*    546,133    149,673   0.40%
  Syneos Health Inc.*  1,635,018    146,318   0.39%
Health Care—Other*,1,2  6,828,054  18.05%
                       8,948,863  23.66%
Industrials    
  Fair Isaac Corp.*    430,271    216,289   0.57%
  Bill.com Holdings Inc.*  1,145,450    209,824   0.56%
  Graco Inc.  2,666,950    201,888   0.53%
  Lennox International Inc.    535,192    187,745   0.50%
  Toro Co.  1,694,124    186,150   0.49%
  Trex Co. Inc.*  1,817,195    185,736   0.49%
  Nordson Corp.    822,942    180,644   0.48%
  Axon Enterprise Inc.*  1,019,291    180,211   0.48%
  MKS Instruments Inc.    872,332    155,231   0.41%
  A O Smith Corp.  2,118,181    152,636   0.40%
  Watsco Inc.    518,243    148,549   0.39%
Industrials—Other*,1  4,272,429  11.29%
                       6,277,332  16.59%
Other*,2,3 30 0.00%
Real Estate    
  Equity LifeStyle Properties Inc.  2,582,815    191,929   0.51%
  American Homes 4 Rent Class A  4,343,805    168,757   0.45%
  Americold Realty Trust  3,976,199    150,499   0.40%
  CubeSmart  3,173,041    146,975   0.39%
Real Estate—Other*  2,294,667   6.06%
                       2,952,827   7.81%
Technology    
  Entegris Inc.  2,134,071    262,427   0.69%
  PTC Inc.*  1,655,485    233,854   0.62%
  Avalara Inc.*  1,286,677    208,184   0.55%
  Ceridian HCM Holding Inc.*  2,115,543    202,923   0.54%
  Five9 Inc.*  1,056,065    193,672   0.51%
  Dynatrace Inc.*  3,121,338    182,349   0.48%
  Cree Inc.*  1,819,566    178,190   0.47%
  MongoDB Inc. Class A*    464,794    168,032   0.44%
  Proofpoint Inc.*    902,792    156,869   0.41%
  Guidewire Software Inc.*  1,318,485    148,620   0.39%
  Universal Display Corp.    668,241    148,570   0.39%
  Aspen Technology Inc.*  1,070,916    147,294   0.39%
  Manhattan Associates Inc.*  1,001,712    145,088   0.38%
Technology—Other*,1,2  5,812,395  15.38%
                       8,188,467  21.64%
Telecommunications    
  Cable One Inc.     85,544    163,629   0.43%
Telecommunications—Other*,1    493,545   1.31%
                         657,174   1.74%
26

Small-Cap Growth Index Fund
        Shares Market
Value

($000)
Percentage
of Net
Assets
Utilities    
  Sunrun Inc.*  3,053,667    170,334   0.45%
Utilities—Other*    340,715   0.90%
                         511,049   1.35%
Total Common Stocks (Cost $25,020,640) 37,681,855 99.61%
      Coupon      
Temporary Cash Investments
Money Market Fund    
  Vanguard Market Liquidity Fund4,5
(Cost $902,938)
0.056%  9,030,335           903,033       2.39%
Total Investments (Cost $25,923,578) 38,584,888 102.00%
Other Assets and Liabilities—Net (754,819) (2.00%)
Net Assets     37,830,069 100.00%
Cost is in $000.
See Note A in Notes to Financial Statements.
Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
* Includes non-income-producing security.
1 Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $733,508,000.
2 Certain securities are valued using significant unobservable inputs.
3 “Other” represents securities that are not classified by the fund’s benchmark index.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
5 Collateral of $766,093,000 was received for securities on loan, of which $760,150,000 is held in Vanguard Market Liquidity Fund and $5,943,000 is held in cash.
27

Small-Cap Growth Index Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts
      ($000)
  Expiration Number of
Long (Short)
Contracts
Notional
Amount
Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts
E-mini Russell 2000 Index September 2021 399 46,041 388
    
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)
Bandwidth Inc. Class A 8/31/21 BOANA 5,915 (0.536) 979
Beyond Meat Inc. 8/31/21 BOANA 34,901 (0.086) 2,896
Bill.com Holdings Inc. 8/31/21 BOANA 14,892 (0.086) 3,424
Invitae Corp. 8/31/21 BOANA 10,361 (0.086) 1,782
Novocure Ltd. 8/31/21 BOANA 36,720 (0.086) 3,204
          12,285
1 Based on 1M USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating interest payment received/paid monthly.
  1M—1-month.
  BOANA—Bank of America, N.A.
At June 30, 2021, the counterparties had deposited in segregated accounts securities with a value of $12,257,000 in connection with open over-the-counter swap contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
28

Small-Cap Growth Index Fund
Statement of Assets and Liabilities
As of June 30, 2021
($000s, except shares and per-share amounts) Amount
Assets  
Investments in Securities, at Value  
Unaffiliated Issuers (Cost $25,020,640) 37,681,855
Affiliated Issuers (Cost $902,938) 903,033
Total Investments in Securities 38,584,888
Investment in Vanguard 1,256
Cash 5,943
Cash Collateral Pledged—Futures Contracts 2,600
Receivables for Investment Securities Sold 187,198
Receivables for Accrued Income 17,927
Receivables for Capital Shares Issued 13,854
Variation Margin Receivable—Futures Contracts 64
Unrealized Appreciation—Over-the-Counter Swap Contracts 12,285
Total Assets 38,826,015
Liabilities  
Due to Custodian 95,170
Payables for Investment Securities Purchased 107,876
Collateral for Securities on Loan 766,093
Payables for Capital Shares Redeemed 25,738
Payables to Vanguard 1,069
Total Liabilities 995,946
Net Assets 37,830,069
29

Small-Cap Growth Index Fund
Statement of Assets and Liabilities (continued)

At June 30, 2021, net assets consisted of:  
($000s, except shares and per-share amounts) Amount
Paid-in Capital 25,007,909
Total Distributable Earnings (Loss) 12,822,160
Net Assets 37,830,069
 
Investor Shares—Net Assets  
Applicable to 2,207,276 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
179,830
Net Asset Value Per Share—Investor Shares $81.47
 
ETF Shares—Net Assets  
Applicable to 55,535,866 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
16,087,098
Net Asset Value Per Share—ETF Shares $289.67
 
Admiral Shares—Net Assets  
Applicable to 172,595,616 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
17,578,335
Net Asset Value Per Share—Admiral Shares $101.85
 
Institutional Shares—Net Assets  
Applicable to 48,855,094 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
3,984,806
Net Asset Value Per Share—Institutional Shares $81.56
See accompanying Notes, which are an integral part of the Financial Statements.
30

Small-Cap Growth Index Fund
Statement of Operations
  Six Months Ended
June 30, 2021
  ($000)
Investment Income  
Income  
Dividends 62,937
Interest1 37
Securities Lending—Net 6,508
Total Income 69,482
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 1,276
Management and Administrative—Investor Shares 175
Management and Administrative—ETF Shares 4,116
Management and Administrative—Admiral Shares 4,963
Management and Administrative—Institutional Shares 921
Marketing and Distribution—Investor Shares 6
Marketing and Distribution—ETF Shares 281
Marketing and Distribution—Admiral Shares 247
Marketing and Distribution—Institutional Shares 48
Custodian Fees 118
Shareholders’ Reports—Investor Shares 1
Shareholders’ Reports—ETF Shares 391
Shareholders’ Reports—Admiral Shares 82
Shareholders’ Reports—Institutional Shares 33
Trustees’ Fees and Expenses 5
Total Expenses 12,663
Net Investment Income 56,819
Realized Net Gain (Loss)  
Investment Securities Sold1,2 2,603,062
Futures Contracts 3,247
Swap Contracts (2,664)
Realized Net Gain (Loss) 2,603,645
Change in Unrealized Appreciation (Depreciation)  
Investment Securities1 189,084
Futures Contracts (188)
Swap Contracts 12,801
Change in Unrealized Appreciation (Depreciation) 201,697
Net Increase (Decrease) in Net Assets Resulting from Operations 2,862,161
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $37,000, less than $1,000, and $0, respectively. Purchases and sales are for temporary cash investment purposes.
2 Includes $1,878,936,000 of net gain (loss) resulting from in-kind redemptions.
See accompanying Notes, which are an integral part of the Financial Statements.
31

Small-Cap Growth Index Fund
Statement of Changes in Net Assets
  Six Months Ended
June 30,
2021
  Year Ended
December 31,
2020
  ($000)   ($000)
Increase (Decrease) in Net Assets      
Operations      
Net Investment Income 56,819   144,245
Realized Net Gain (Loss) 2,603,645   2,982,774
Change in Unrealized Appreciation (Depreciation) 201,697   5,875,892
Net Increase (Decrease) in Net Assets Resulting from Operations 2,862,161   9,002,911
Distributions      
Investor Shares (212)   (736)
ETF Shares (27,380)   (61,658)
Admiral Shares (30,171)   (72,055)
Institutional Shares (6,987)   (17,057)
Total Distributions (64,750)   (151,506)
Capital Share Transactions      
Investor Shares (44,728)   (12,462)
ETF Shares 507,692   850,058
Admiral Shares 94,790   (644,807)
Institutional Shares 4,393   (513,761)
Net Increase (Decrease) from Capital Share Transactions 562,147   (320,972)
Total Increase (Decrease) 3,359,558   8,530,433
Net Assets      
Beginning of Period 34,470,511   25,940,078
End of Period 37,830,069   34,470,511
See accompanying Notes, which are an integral part of the Financial Statements.
32

Small-Cap Growth Index Fund
Financial Highlights
Investor Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $75.20 $55.89 $42.36 $45.24 $37.43 $34.18
Investment Operations            
Net Investment Income .0791 .2411 .1781 .2741 .3151 .355
Net Realized and Unrealized Gain (Loss) on Investments 6.280 19.331 13.617 (2.879) 7.814 3.257
Total from Investment Operations 6.359 19.572 13.795 (2.605) 8.129 3.612
Distributions            
Dividends from Net Investment Income (.089) (.262) (.265) (.275) (.319) (.362)
Distributions from Realized Capital Gains
Total Distributions (.089) (.262) (.265) (.275) (.319) (.362)
Net Asset Value, End of Period $81.47 $75.20 $55.89 $42.36 $45.24 $37.43
Total Return2 8.46% 35.12% 32.60% -5.80% 21.78% 10.61%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $180 $209 $171 $1,461 $1,816 $1,850
Ratio of Total Expenses to Average Net Assets 0.19% 0.19% 0.19% 0.19% 0.19% 0.19%
Ratio of Net Investment Income to Average Net Assets 0.21% 0.42% 0.35% 0.58% 0.78% 1.03%
Portfolio Turnover Rate3 16% 24% 18% 22% 19% 27%
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.
33

Small-Cap Growth Index Fund
Financial Highlights
ETF Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $267.36 $198.68 $150.57 $160.81 $133.07 $121.53
Investment Operations            
Net Investment Income .4341 1.1291 1.1751 1.2141 1.3201 1.416
Net Realized and Unrealized Gain (Loss) on Investments 22.371 68.729 48.077 (10.263) 27.731 11.563
Total from Investment Operations 22.805 69.858 49.252 (9.049) 29.051 12.979
Distributions            
Dividends from Net Investment Income (.495) (1.178) (1.142) (1.191) (1.311) (1.439)
Distributions from Realized Capital Gains
Total Distributions (.495) (1.178) (1.142) (1.191) (1.311) (1.439)
Net Asset Value, End of Period $289.67 $267.36 $198.68 $150.57 $160.81 $133.07
Total Return 8.54% 35.29% 32.75% -5.68% 21.90% 10.74%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $16,087 $14,436 $9,833 $7,286 $6,981 $5,328
Ratio of Total Expenses to Average Net Assets 0.07% 0.07% 0.07% 0.07% 0.07% 0.07%
Ratio of Net Investment Income to Average Net Assets 0.32% 0.55% 0.64% 0.70% 0.90% 1.15%
Portfolio Turnover Rate2 16% 24% 18% 22% 19% 27%
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.
See accompanying Notes, which are an integral part of the Financial Statements.
34

Small-Cap Growth Index Fund
Financial Highlights
Admiral Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $94.02 $69.87 $52.95 $56.55 $46.79 $42.73
Investment Operations            
Net Investment Income .1531 .3921 .4191 .4231 .4651 .496
Net Realized and Unrealized Gain (Loss) on Investments 7.851 24.172 16.902 (3.605) 9.755 4.069
Total from Investment Operations 8.004 24.564 17.321 (3.182) 10.220 4.565
Distributions            
Dividends from Net Investment Income (.174) (.414) (.401) (.418) (.460) (.505)
Distributions from Realized Capital Gains
Total Distributions (.174) (.414) (.401) (.418) (.460) (.505)
Net Asset Value, End of Period $101.85 $94.02 $69.87 $52.95 $56.55 $46.79
Total Return2 8.52% 35.30% 32.76% -5.68% 21.92% 10.73%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $17,578 $16,149 $12,717 $8,560 $8,729 $6,648
Ratio of Total Expenses to Average Net Assets 0.07% 0.07% 0.07% 0.07% 0.07% 0.07%
Ratio of Net Investment Income to Average Net Assets 0.32% 0.54% 0.65% 0.70% 0.90% 1.15%
Portfolio Turnover Rate3 16% 24% 18% 22% 19% 27%
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.
35

Small-Cap Growth Index Fund
Financial Highlights
Institutional Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $75.29 $55.95 $42.40 $45.29 $37.47 $34.22
Investment Operations            
Net Investment Income .1261 .3191 .3271 .3351 .3751 .401
Net Realized and Unrealized Gain (Loss) on Investments 6.287 19.358 13.550 (2.886) 7.818 3.257
Total from Investment Operations 6.413 19.677 13.877 (2.551) 8.193 3.658
Distributions            
Dividends from Net Investment Income (.143) (.337) (.327) (.339) (.373) (.408)
Distributions from Realized Capital Gains
Total Distributions (.143) (.337) (.327) (.339) (.373) (.408)
Net Asset Value, End of Period $81.56 $75.29 $55.95 $42.40 $45.29 $37.47
Total Return 8.53% 35.31% 32.77% -5.69% 21.94% 10.74%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $3,985 $3,676 $3,218 $2,858 $3,690 $2,969
Ratio of Total Expenses to Average Net Assets 0.06% 0.06% 0.06% 0.06% 0.06% 0.06%
Ratio of Net Investment Income to Average Net Assets 0.33% 0.55% 0.64% 0.71% 0.91% 1.16%
Portfolio Turnover Rate2 16% 24% 18% 22% 19% 27%
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.
See accompanying Notes, which are an integral part of the Financial Statements.
36

Small-Cap Growth Index Fund
Notes to Financial Statements
Vanguard Small-Cap Growth Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers four classes of shares: Investor Shares, ETF Shares, Admiral Shares, and Institutional 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.
Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus 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 materially 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 board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
37

Small-Cap Growth Index Fund
During the six months ended June 30, 2021, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
3. 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 June 30, 2021, 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.
4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute 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
38

Small-Cap Growth Index Fund
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.
5. 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.
6. 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.
7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 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, 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; these fees 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 a rate based upon the higher of the one-month London Interbank Offered Rate (or an acceptable alternate rate, if necessary), federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread, except that borrowings under the uncommitted credit facility may bear interest based upon an alternative 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
39

Small-Cap Growth Index Fund
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 June 30, 2021, the fund did not utilize the credit facilities or the Interfund Lending Program.
8. 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. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. 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.
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.
B. 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 June 30, 2021, the fund had contributed to Vanguard capital in the amount of $1,256,000, representing less than 0.01% of the fund’s net assets and 0.50% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. 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.
40

Small-Cap Growth Index Fund
The following table summarizes the market value of the fund's investments and derivatives as of June 30, 2021, based on the inputs used to value them:
  Level 1
($000)
Level 2
($000)
Level 3
($000)
Total
($000)
Investments        
Assets        
Common Stocks 37,680,844 1,011 37,681,855
Temporary Cash Investments 903,033 903,033
Total 38,583,877 1,011 38,584,888
Derivative Financial Instruments        
Assets        
Futures Contracts1 388 388
Swap Contracts 12,285 12,285
Total 388 12,285 12,673
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
D. As of June 30, 2021, 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 25,961,786
Gross Unrealized Appreciation 13,924,562
Gross Unrealized Depreciation (1,288,787)
Net Unrealized Appreciation (Depreciation) 12,635,775
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2020, the fund had available capital losses totaling $2,420,434,000 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 December 31, 2021; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
E. During the six months ended June 30, 2021, the fund purchased $9,302,354,000 of investment securities and sold $8,805,322,000 of investment securities, other than temporary cash investments. Purchases and sales include $3,282,671,000 and $3,138,458,000, 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 June 30, 2021, such purchases and sales were $1,354,582,000 and $2,512,657,000, respectively; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
41

Small-Cap Growth Index Fund
F. Capital share transactions for each class of shares were:
    
  Six Months Ended
June 30, 2021
  Year Ended
December 31, 2020
  Amount
($000)
Shares
(000)
  Amount
($000)
Shares
(000)
Investor Shares          
Issued 18,980 236   34,870 559
Issued in Lieu of Cash Distributions 212 3   736 12
Redeemed (63,920) (811)   (48,068) (856)
Net Increase (Decrease)—Investor Shares (44,728) (572)   (12,462) (285)
ETF Shares          
Issued 3,709,864 13,041   6,364,154 29,978
Issued in Lieu of Cash Distributions  
Redeemed (3,202,172) (11,500)   (5,514,096) (25,475)
Net Increase (Decrease)—ETF Shares 507,692 1,541   850,058 4,503
Admiral Shares          
Issued 1,920,815 19,358   2,496,750 35,213
Issued in Lieu of Cash Distributions 27,089 277   65,017 860
Redeemed (1,853,114) (18,813)   (3,206,574) (46,325)
Net Increase (Decrease)—Admiral Shares 94,790 822   (644,807) (10,252)
Institutional Shares          
Issued 440,924 5,565   658,957 11,461
Issued in Lieu of Cash Distributions 6,511 83   15,526 256
Redeemed (443,042) (5,618)   (1,188,244) (20,410)
Net Increase (Decrease)—Institutional Shares 4,393 30   (513,761) (8,693)
G. Management has determined that no events or transactions occurred subsequent to June 30, 2021, that would require recognition or disclosure in these financial statements.
42

Small-Cap Value Index Fund
Fund Allocation
As of June 30, 2021
Basic Materials 5.9%
Consumer Discretionary 16.4
Consumer Staples 3.3
Energy 5.4
Financials 21.3
Health Care 6.7
Industrials 19.9
Real Estate 9.5
Technology 6.4
Telecommunications 1.2
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.
43

Small-Cap Value Index Fund
Financial Statements (unaudited)
Schedule of Investments—Investments Summary
As of June 30, 2021
This Statement summarizes the fund’s holdings by asset type. Details are reported for each of the fund’s 50 largest individual holdings and for investments that, in total for any issuer, represent more than 1% of the fund’s net assets. The total value of smaller holdings is reported as a single amount within each category.
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) four times in each fiscal year. For the second and fourth quarters the complete list of the fund’s holdings is available on vanguard.com and on Form N-CSR, or you can have it mailed to you without charge by calling 800-662-7447. For the first and third quarters of each fiscal year, the complete list of the fund’s holdings is available as an exhibit to its reports on Form N-PORT. The fund’s Form N-CSR and Form N-PORT reports are available on the SEC’s website at www.sec.gov.
        Shares Market
Value
($000)
Percentage
of Net
Assets
Common Stocks    
Basic Materials    
  Steel Dynamics Inc.  3,110,808    185,404   0.39%
  Mosaic Co.  5,301,033    169,156   0.35%
  Cleveland-Cliffs Inc.*,1  6,972,292    150,323   0.31%
  Reliance Steel & Aluminum Co.    987,557    149,022   0.31%
Basic Materials—Other*,1  2,186,171   4.55%
                       2,840,076   5.91%
Consumer Discretionary    
  Tapestry Inc.*  4,324,343    188,022   0.39%
  Williams-Sonoma Inc.  1,167,535    186,397   0.39%
  Norwegian Cruise Line Holdings Ltd.*  5,738,289    168,763   0.35%
  Newell Brands Inc.  5,933,409    162,991   0.34%
  Lithia Motors Inc. Class A    461,561    158,611   0.33%
  Gap Inc.  4,361,772    146,774   0.31%
Consumer Discretionary—Other*,1  6,853,481  14.26%
                       7,865,039  16.37%
Consumer Staples    
  Bunge Ltd.  2,083,835    162,852   0.34%
Consumer Staples —Other*,1  1,407,310   2.93%
                       1,570,162   3.27%
Energy    
  Diamondback Energy Inc.  2,807,266    263,574   0.55%
  Marathon Oil Corp. 12,225,426    166,510   0.35%
  Targa Resources Corp.  3,545,959    157,618   0.33%
  Devon Energy Corp.  5,249,223    153,225   0.32%
Energy—Other*,1  1,843,137   3.83%
                       2,584,064   5.38%
Financials    
  Signature Bank    893,190    219,412   0.46%
44

Small-Cap Value Index Fund
        Shares Market
Value

($000)
Percentage
of Net
Assets
  Apollo Global Management Inc.  3,242,269    201,669   0.42%
  Brown & Brown Inc.  3,713,746    197,348   0.41%
  Invesco Ltd.  6,439,298    172,122   0.36%
  LPL Financial Holdings Inc.  1,177,642    158,958   0.33%
  East West Bancorp Inc.  2,199,461    157,679   0.33%
  Comerica Inc.  2,164,893    154,443   0.32%
  Ares Management Corp. Class A  2,391,112    152,051   0.32%
  First Horizon Corp.  8,565,801    148,017   0.31%
  Assurant Inc.    939,390    146,714   0.31%
Financials—Other*,1,2  8,489,540  17.66%
                      10,197,953  21.23%
Health Care    
  Molina Healthcare Inc.*    905,392    229,118   0.48%
  Novavax Inc.*    999,024    212,103   0.44%
  Jazz Pharmaceuticals plc*    894,247    158,854   0.33%
Health Care—Other*,1,2  2,628,086   5.47%
                       3,228,161   6.72%
Industrials    
  IDEX Corp.  1,177,247    259,053   0.54%
  Howmet Aerospace Inc.*  6,061,554    208,942   0.43%
  Quanta Services Inc.  2,161,168    195,737   0.41%
  Allegion plc  1,394,709    194,283   0.40%
  Booz Allen Hamilton Holding Corp. Class A  2,100,021    178,880   0.37%
  RPM International Inc.  2,007,995    178,069   0.37%
  Pentair plc  2,577,056    173,926   0.36%
  Owens Corning  1,619,675    158,566   0.33%
  Carlisle Cos. Inc.    809,242    154,873   0.32%
  Robert Half International Inc.  1,661,586    147,831   0.31%
  AECOM*  2,270,040    143,739   0.30%
  AptarGroup Inc.  1,018,822    143,491   0.30%
  Sensata Technologies Holding plc*  2,452,643    142,180   0.30%
Industrials—Other*,1,3  7,238,434  15.07%
                       9,518,004  19.81%
Real Estate    
  VICI Properties Inc.  8,327,310    258,313   0.54%
  Medical Properties Trust Inc.  9,120,146    183,315   0.38%
  Gaming & Leisure Properties Inc.  3,428,951    158,863   0.33%
  Jones Lang LaSalle Inc.*    795,768    155,541   0.32%
Real Estate—Other*,1,2  3,813,436   7.94%
                       4,569,468   9.51%
Technology    
  Nuance Communications Inc.*  4,437,205    241,561   0.50%
  DXC Technology Co.*  3,948,718    153,763   0.32%
Technology—Other*,1  2,676,692   5.57%
                       3,072,016   6.39%
Telecommunications*,1 554,099 1.15%
Utilities    
  Atmos Energy Corp.  2,026,326    194,750   0.41%
  Essential Utilities Inc.  3,809,864    174,111   0.36%
45

Small-Cap Value Index Fund
        Shares Market
Value

($000)
Percentage
of Net
Assets
  UGI Corp.  3,235,261    149,825   0.31%
Utilities—Other*  1,394,741   2.90%
                       1,913,427   3.98%
Total Common Stocks (Cost $33,246,557) 47,912,469 99.72%
      Coupon      
Temporary Cash Investments
Money Market Fund    
  Vanguard Market Liquidity Fund4,5
(Cost $462,038)
0.056%  4,620,875           462,087       0.96%
Total Investments (Cost $33,708,595) 48,374,556 100.68%
Other Assets and Liabilities—Net (325,523) (0.68%)
Net Assets     48,049,033 100.00%
Cost is in $000.
See Note A in Notes to Financial Statements.
* Includes non-income-producing security.
Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
1 Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $415,462,000.
2 Certain securities are valued using significant unobservable inputs.
3 Certain securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2021, the aggregate value of these securities was $45,661,000, representing 0.1% of net assets.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
5 Collateral of $439,320,000 was received for securities on loan, of which $425,425,000 is held in Vanguard Market Liquidity Fund and $13,895,000 is held in cash.
46

Small-Cap Value Index Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts
      ($000)
  Expiration Number of
Long (Short)
Contracts
Notional
Amount
Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts
E-mini Russell 2000 Index September 2021 762 87,927 245
    
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)
Alcoa Corp. 8/31/21 BOANA 7,736 (0.586) (554)
Alliance Data Systems Corp. 8/31/21 BOANA 24,210 (0.086) (3,332)
Bridgebio Pharma Inc. 8/31/21 BOANA 17,760 (0.086) 528
National Fuel Gas Co. 8/31/21 BOANA 3,373 (0.486) 52
New York Community Bancorp Inc. 8/31/21 BOANA 1,197 (0.436) (96)
Novavax Inc. 1/31/22 GSI 28,061 (0.082) 3,784
Popular Inc. 8/31/21 BOANA 8,569 (0.486) (650)
          4,364 (4,632)
1 Based on 1M USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating interest payment received/paid monthly.
  1M—1-month.
  BOANA—Bank of America, N.A.
  GSI—Goldman Sachs International.
At June 30, 2021, the counterparties had deposited in segregated accounts securities with a value of $3,432,000 in connection with open over-the-counter swap contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
47

Small-Cap Value Index Fund
Statement of Assets and Liabilities
As of June 30, 2021
($000s, except shares and per-share amounts) Amount
Assets  
Investments in Securities, at Value  
Unaffiliated Issuers (Cost $33,246,557) 47,912,469
Affiliated Issuers (Cost $462,038) 462,087
Total Investments in Securities 48,374,556
Investment in Vanguard 1,675
Cash 13,895
Cash Collateral Pledged—Futures Contracts 3,950
Cash Collateral Pledged—Over-the-Counter Swap Contracts 4,690
Receivables for Investment Securities Sold 124,331
Receivables for Accrued Income 47,723
Receivables for Capital Shares Issued 21,758
Variation Margin Receivable—Futures Contracts 92
Unrealized Appreciation—Over-the-Counter Swap Contracts 4,364
Total Assets 48,597,034
Liabilities  
Due to Custodian 43,410
Payables for Investment Securities Purchased 34,631
Collateral for Securities on Loan 439,320
Payables for Capital Shares Redeemed 24,630
Payables to Vanguard 1,378
Unrealized Depreciation—Over-the-Counter Swap Contracts 4,632
Total Liabilities 548,001
Net Assets 48,049,033
48

Small-Cap Value Index Fund
Statement of Assets and Liabilities (continued)

At June 30, 2021, net assets consisted of:  
($000s, except shares and per-share amounts) Amount
Paid-in Capital 35,326,365
Total Distributable Earnings (Loss) 12,722,668
Net Assets 48,049,033
 
Investor Shares—Net Assets  
Applicable to 6,057,782 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
252,209
Net Asset Value Per Share—Investor Shares $41.63
 
ETF Shares—Net Assets  
Applicable to 141,428,073 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
24,556,783
Net Asset Value Per Share—ETF Shares $173.63
 
Admiral Shares—Net Assets  
Applicable to 249,431,190 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
18,609,767
Net Asset Value Per Share—Admiral Shares $74.61
 
Institutional Shares—Net Assets  
Applicable to 111,029,825 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
4,630,274
Net Asset Value Per Share—Institutional Shares $41.70
See accompanying Notes, which are an integral part of the Financial Statements.
49

Small-Cap Value Index Fund
Statement of Operations
  Six Months Ended
June 30, 2021
  ($000)
Investment Income  
Income  
Dividends 320,975
Interest1 35
Securities Lending—Net 7,612
Total Income 328,622
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 1,327
Management and Administrative—Investor Shares 232
Management and Administrative—ETF Shares 5,851
Management and Administrative—Admiral Shares 4,971
Management and Administrative—Institutional Shares 1,023
Marketing and Distribution—Investor Shares 7
Marketing and Distribution—ETF Shares 348
Marketing and Distribution—Admiral Shares 265
Marketing and Distribution—Institutional Shares 55
Custodian Fees 310
Shareholders’ Reports—Investor Shares 1
Shareholders’ Reports—ETF Shares 785
Shareholders’ Reports—Admiral Shares 93
Shareholders’ Reports—Institutional Shares 31
Trustees’ Fees and Expenses 6
Total Expenses 15,305
Net Investment Income 313,317
Realized Net Gain (Loss)  
Investment Securities Sold1,2 1,589,796
Futures Contracts 7,185
Swap Contracts 15,889
Realized Net Gain (Loss) 1,612,870
Change in Unrealized Appreciation (Depreciation)  
Investment Securities1 6,648,378
Futures Contracts (38)
Swap Contracts 1,780
Change in Unrealized Appreciation (Depreciation) 6,650,120
Net Increase (Decrease) in Net Assets Resulting from Operations 8,576,307
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $35,000, $8,000, and ($9,000), respectively. Purchases and sales are for temporary cash investment purposes.
2 Includes $821,366,000 of net gain (loss) resulting from in-kind redemptions.
See accompanying Notes, which are an integral part of the Financial Statements.
50

Small-Cap Value Index Fund
Statement of Changes in Net Assets
  Six Months Ended
June 30,
2021
  Year Ended
December 31,
2020
  ($000)   ($000)
Increase (Decrease) in Net Assets      
Operations      
Net Investment Income 313,317   620,314
Realized Net Gain (Loss) 1,612,870   (634,360)
Change in Unrealized Appreciation (Depreciation) 6,650,120   2,345,495
Net Increase (Decrease) in Net Assets Resulting from Operations 8,576,307   2,331,449
Distributions      
Investor Shares (1,915)   (3,847)
ETF Shares (179,214)   (285,203)
Admiral Shares (135,736)   (241,645)
Institutional Shares (33,704)   (63,508)
Total Distributions (350,569)   (594,203)
Capital Share Transactions      
Investor Shares (33,671)   (25,540)
ETF Shares 2,566,617   1,967,955
Admiral Shares 1,076,103   (82,929)
Institutional Shares 55,267   (39,394)
Net Increase (Decrease) from Capital Share Transactions 3,664,316   1,820,092
Total Increase (Decrease) 11,890,054   3,557,338
Net Assets      
Beginning of Period 36,158,979   32,601,641
End of Period 48,049,033   36,158,979
See accompanying Notes, which are an integral part of the Financial Statements.
51

Small-Cap Value Index Fund
Financial Highlights
Investor Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $34.08 $32.86 $27.35 $31.82 $29.00 $23.69
Investment Operations            
Net Investment Income .2601 .5501 .5431 .6031 .5341 .477
Net Realized and Unrealized Gain (Loss) on Investments 7.575 1.208 5.608 (4.471) 2.820 5.315
Total from Investment Operations 7.835 1.758 6.151 (3.868) 3.354 5.792
Distributions            
Dividends from Net Investment Income (.285) (.538) (.641) (.602) (.534) (.482)
Distributions from Realized Capital Gains
Total Distributions (.285) (.538) (.641) (.602) (.534) (.482)
Net Asset Value, End of Period $41.63 $34.08 $32.86 $27.35 $31.82 $29.00
Total Return2 23.03% 5.72% 22.61% -12.34% 11.67% 24.65%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $252 $234 $255 $1,501 $2,060 $2,357
Ratio of Total Expenses to Average Net Assets 0.19% 0.19% 0.19% 0.19% 0.19% 0.19%
Ratio of Net Investment Income to Average Net Assets 1.35% 1.98% 1.76% 1.92% 1.82% 1.96%
Portfolio Turnover Rate3 8% 26% 19% 18% 19% 18%
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.
52

Small-Cap Value Index Fund
Financial Highlights
ETF Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $142.13 $137.05 $114.05 $132.71 $120.95 $98.81
Investment Operations            
Net Investment Income 1.1691 2.5841 2.8401 2.7201 2.4271 2.119
Net Realized and Unrealized Gain (Loss) on Investments 31.618 4.884 22.984 (18.702) 11.709 22.159
Total from Investment Operations 32.787 7.468 25.824 (15.982) 14.136 24.278
Distributions            
Dividends from Net Investment Income (1.287) (2.388) (2.824) (2.678) (2.376) (2.138)
Distributions from Realized Capital Gains
Total Distributions (1.287) (2.388) (2.824) (2.678) (2.376) (2.138)
Net Asset Value, End of Period $173.63 $142.13 $137.05 $114.05 $132.71 $120.95
Total Return 23.10% 5.82% 22.76% -12.22% 11.79% 24.80%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $24,557 $17,837 $14,808 $11,560 $12,650 $10,042
Ratio of Total Expenses to Average Net Assets 0.07% 0.07% 0.07% 0.07% 0.07% 0.07%
Ratio of Net Investment Income to Average Net Assets 1.45% 2.23% 2.19% 2.04% 1.94% 2.08%
Portfolio Turnover Rate2 8% 26% 19% 18% 19% 18%
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.
See accompanying Notes, which are an integral part of the Financial Statements.
53

Small-Cap Value Index Fund
Financial Highlights
Admiral Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $61.07 $58.89 $49.01 $57.02 $51.97 $42.46
Investment Operations            
Net Investment Income .5031 1.0581 1.2301 1.1651 1.0391 .911
Net Realized and Unrealized Gain (Loss) on Investments 13.590 2.148 9.863 (8.024) 5.032 9.518
Total from Investment Operations 14.093 3.206 11.093 (6.859) 6.071 10.429
Distributions            
Dividends from Net Investment Income (.553) (1.026) (1.213) (1.151) (1.021) (.919)
Distributions from Realized Capital Gains
Total Distributions (.553) (1.026) (1.213) (1.151) (1.021) (.919)
Net Asset Value, End of Period $74.61 $61.07 $58.89 $49.01 $57.02 $51.97
Total Return2 23.12% 5.85% 22.76% -12.23% 11.80% 24.78%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $18,610 $14,314 $13,907 $10,167 $11,278 $9,469
Ratio of Total Expenses to Average Net Assets 0.07% 0.07% 0.07% 0.07% 0.07% 0.07%
Ratio of Net Investment Income to Average Net Assets 1.45% 2.13% 2.21% 2.04% 1.94% 2.08%
Portfolio Turnover Rate3 8% 26% 19% 18% 19% 18%
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.
54

Small-Cap Value Index Fund
Financial Highlights
Institutional Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $34.14 $32.92 $27.39 $31.87 $29.05 $23.73
Investment Operations            
Net Investment Income .2831 .5971 .6841 .6511 .5871 .510
Net Realized and Unrealized Gain (Loss) on Investments 7.588 1.199 5.527 (4.485) 2.808 5.324
Total from Investment Operations 7.871 1.796 6.211 (3.834) 3.395 5.834
Distributions            
Dividends from Net Investment Income (.311) (.576) (.681) (.646) (.575) (.514)
Distributions from Realized Capital Gains
Total Distributions (.311) (.576) (.681) (.646) (.575) (.514)
Net Asset Value, End of Period $41.70 $34.14 $32.92 $27.39 $31.87 $29.05
Total Return 23.10% 5.86% 22.81% -12.23% 11.80% 24.80%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $4,630 $3,774 $3,632 $3,077 $3,649 $2,882
Ratio of Total Expenses to Average Net Assets 0.06% 0.06% 0.06% 0.06% 0.06% 0.06%
Ratio of Net Investment Income to Average Net Assets 1.46% 2.14% 2.20% 2.05% 1.95% 2.09%
Portfolio Turnover Rate2 8% 26% 19% 18% 19% 18%
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.
See accompanying Notes, which are an integral part of the Financial Statements.
55

Small-Cap Value Index Fund
Notes to Financial Statements
Vanguard Small-Cap Value Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers four classes of shares: Investor Shares, ETF Shares, Admiral Shares, and Institutional 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.
Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus 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 materially 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 board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
56

Small-Cap Value Index Fund
During the six months ended June 30, 2021, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
3. 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 June 30, 2021, 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.
4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute 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
57

Small-Cap Value Index Fund
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.
5. 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.
6. 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.
7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 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, 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; these fees 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 a rate based upon the higher of the one-month London Interbank Offered Rate (or an acceptable alternate rate, if necessary), federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread, except that borrowings under the uncommitted credit facility may bear interest based upon an alternative 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
58

Small-Cap Value Index Fund
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 June 30, 2021, the fund did not utilize the credit facilities or the Interfund Lending Program.
8. 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. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. 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.
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.
B. 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 June 30, 2021, the fund had contributed to Vanguard capital in the amount of $1,675,000, representing less than 0.01% of the fund’s net assets and 0.67% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. 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.
59

Small-Cap Value Index Fund
The following table summarizes the market value of the fund's investments and derivatives as of June 30, 2021, based on the inputs used to value them:
  Level 1
($000)
Level 2
($000)
Level 3
($000)
Total
($000)
Investments        
Assets        
Common Stocks 47,912,379 90 47,912,469
Temporary Cash Investments 462,087 462,087
Total 48,374,466 90 48,374,556
Derivative Financial Instruments        
Assets        
Futures Contracts1 245 245
Swap Contracts 4,364 4,364
Total 245 4,364 4,609
Liabilities        
Swap Contracts 4,632 4,632
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
D. As of June 30, 2021, 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 33,756,987
Gross Unrealized Appreciation 16,021,391
Gross Unrealized Depreciation (1,403,845)
Net Unrealized Appreciation (Depreciation) 14,617,546
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2020, the fund had available capital losses totaling $3,492,784,000 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 December 31, 2021; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
E. During the six months ended June 30, 2021, the fund purchased $8,470,511,000 of investment securities and sold $4,843,519,000 of investment securities, other than temporary cash investments. Purchases and sales include $3,511,209,000 and $1,205,310,000, 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 June 30, 2021, such purchases and sales were $810,302,000 and $1,910,296,000,
60

Small-Cap Value Index Fund
respectively; 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
June 30, 2021
  Year Ended
December 31, 2020
  Amount
($000)
Shares
(000)
  Amount
($000)
Shares
(000)
Investor Shares          
Issued 44,585 1,136   19,233 700
Issued in Lieu of Cash Distributions 1,915 48   3,847 138
Redeemed (80,171) (1,989)   (48,620) (1,724)
Net Increase (Decrease)—Investor Shares (33,671) (805)   (25,540) (886)
ETF Shares          
Issued 3,681,583 22,505   4,997,914 43,220
Issued in Lieu of Cash Distributions  
Redeemed (1,114,966) (6,575)   (3,029,959) (25,775)
Net Increase (Decrease)—ETF Shares 2,566,617 15,930   1,967,955 17,445
Admiral Shares          
Issued 2,736,489 38,698   3,197,023 67,416
Issued in Lieu of Cash Distributions 117,985 1,654   210,169 4,208
Redeemed (1,778,371) (25,313)   (3,490,121) (73,393)
Net Increase (Decrease)—Admiral Shares 1,076,103 15,039   (82,929) (1,769)
Institutional Shares          
Issued 653,471 16,451   884,087 33,455
Issued in Lieu of Cash Distributions 31,499 790   57,484 2,056
Redeemed (629,703) (16,769)   (980,965) (35,290)
Net Increase (Decrease)—Institutional Shares 55,267 472   (39,394) 221
G. Management has determined that no events or transactions occurred subsequent to June 30, 2021, that would require recognition or disclosure in these financial statements.
61

Trustees Approve Advisory Arrangements
The board of trustees of Vanguard Small-Cap Index Fund, Vanguard Small-Cap Growth Index Fund, and Vanguard Small-Cap Value Index Fund has renewed each fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index Group. The board determined that continuing each fund’s internalized management structure was in the best interests of the fund and its shareholders.
The board based its decisions upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made monthly presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.
The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.
In addition, the board received monthly reports, which included a Market and Economic Report, a Fund Dashboard Monthly Summary, and a Fund Performance Report.
Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board’s decisions.
Nature, extent, and quality of services
The board reviewed the quality of each fund’s investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Equity Index Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of each advisory arrangement.
Investment performance
The board considered the short- and long-term performance of each fund, including any periods of outperformance or underperformance compared with its target index and peer group. The board concluded that the performance was such that each advisory arrangement should continue.
Cost
The board concluded that each fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that each fund’s advisory expenses were also well below the peer-group average.
The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.
62

The benefit of economies of scale
The board concluded that the funds’ arrangements with Vanguard ensure that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangements again after a one-year period.
63

Liquidity Risk Management
Vanguard funds (except for the money market funds) have adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940. Rule 22e-4 requires that each fund adopt a program that is reasonably designed to assess and manage the fund’s liquidity risk, which is the risk that the fund could not meet redemption requests without significant dilution of remaining investors’ interests in the fund.
Assessment and management of a fund’s liquidity risk under the Program take into consideration certain factors, such as the fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short- and long-term cash-flow projections during both normal and reasonably foreseeable stressed conditions, and its cash and cash-equivalent holdings and access to other funding sources. As required by the rule, the Program includes policies and procedures for classification of fund portfolio holdings in four liquidity categories, maintaining certain levels of highly liquid investments, and limiting holdings of illiquid investments.
The board of trustees of Vanguard Index Funds approved the appointment of liquidity risk management program administrators responsible for administering the Program for Vanguard Small-Cap Index Fund, Vanguard Small-Cap Growth Index Fund, and Vanguard Small-Cap Value Index Fund, and for carrying out the specific responsibilities set forth in the Program, including reporting to the board on at least an annual basis regarding the Program's operation, its adequacy, and the effectiveness of its implementation for the past year (the “Program Administrator Report”). The board has reviewed the Program Administrator Report covering the period from January 1, 2020, through December 31, 2020 (the “Review Period”). The Program Administrator Report stated that during the Review Period the Program operated and was implemented effectively to manage the funds' liquidity risk.
64

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This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.
You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.
You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.
© 2021 The Vanguard Group, Inc.
All rights reserved.
U.S. Patent Nos. 6,879,964; 7,337,138;
7,720,749; 7,925,573; 8,090,646; 8,417,623; and 8,626,636.
Vanguard Marketing Corporation, Distributor.
Q482 082021

 

 

Semiannual Report  |  June 30, 2021
Vanguard U.S. Stock Index Funds
Mid-Capitalization Portfolios
Vanguard Extended Market Index Fund
Vanguard Mid-Cap Index Fund
Vanguard Mid-Cap Growth Index Fund
Vanguard Mid-Cap Value Index Fund


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, 2021      
  Beginning
Account Value
12/31/2020
Ending
Account Value
6/30/2021
Expenses
Paid During
Period
Based on Actual Fund Return      
Extended Market Index Fund      
Investor Shares $1,000.00 $1,153.80 $1.01
ETF Shares 1,000.00 1,154.40 0.32
AdmiralTM Shares 1,000.00 1,154.50 0.32
Institutional Shares 1,000.00 1,154.60 0.27
Institutional Plus Shares 1,000.00 1,154.70 0.21
Institutional Select Shares 1,000.00 1,154.80 0.11
Mid-Cap Index Fund      
Investor Shares $1,000.00 $1,152.50 $0.91
ETF Shares 1,000.00 1,153.20 0.21
Admiral Shares 1,000.00 1,153.10 0.27
Institutional Shares 1,000.00 1,153.10 0.21
Institutional Plus Shares 1,000.00 1,153.20 0.16
Mid-Cap Growth Index Fund      
Investor Shares $1,000.00 $1,115.50 $1.00
ETF Shares 1,000.00 1,116.30 0.37
Admiral Shares 1,000.00 1,116.30 0.37
Mid-Cap Value Index Fund      
Investor Shares $1,000.00 $1,191.20 $1.03
ETF Shares 1,000.00 1,192.00 0.38
Admiral Shares 1,000.00 1,192.10 0.38
2

Six Months Ended June 30, 2021      
  Beginning
Account Value
12/31/2020
Ending
Account Value
6/30/2021
Expenses
Paid During
Period
Based on Hypothetical 5% Yearly Return      
Extended Market Index Fund      
Investor Shares $1,000.00 $1,023.85 $0.95
ETF Shares 1,000.00 1,024.50 0.30
AdmiralTM Shares 1,000.00 1,024.50 0.30
Institutional Shares 1,000.00 1,024.55 0.25
Institutional Plus Shares 1,000.00 1,024.60 0.20
Institutional Select Shares 1,000.00 1,024.70 0.10
Mid-Cap Index Fund      
Investor Shares $1,000.00 $1,023.95 $0.85
ETF Shares 1,000.00 1,024.60 0.20
Admiral Shares 1,000.00 1,024.55 0.25
Institutional Shares 1,000.00 1,024.60 0.20
Institutional Plus Shares 1,000.00 1,024.65 0.15
Mid-Cap Growth Index Fund      
Investor Shares $1,000.00 $1,023.85 $0.95
ETF Shares 1,000.00 1,024.45 0.35
Admiral Shares 1,000.00 1,024.45 0.35
Mid-Cap Value Index Fund      
Investor Shares $1,000.00 $1,023.85 $0.95
ETF Shares 1,000.00 1,024.45 0.35
Admiral Shares 1,000.00 1,024.45 0.35
The calculations are based on expenses incurred in the most recent six-month period. The funds’ annualized six-month expense ratios for that period are: for the Extended Market Index Fund, 0.19% for Investor Shares, 0.06% for ETF Shares, 0.06% for Admiral Shares, 0.05% for Institutional Shares, 0.04% for Institutional Plus Shares, and 0.02% for Institutional Select Shares; for the Mid-Cap Index Fund, 0.17% for Investor Shares, 0.04% for ETF Shares, 0.05% for Admiral Shares, 0.04% for Institutional Shares, and 0.03% for Institutional Plus Shares; for the Mid-Cap Growth Index Fund, 0.19% for Investor Shares, 0.07% for ETF Shares, and 0.07% for Admiral Shares; and for the Mid-Cap Value Index Fund, 0.19% for Investor Shares, 0.07% for ETF Shares, and 0.07% for Admiral Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (181/365).
3

Extended Market Index Fund
Fund Allocation
As of June 30, 2021
Communication Services 6.3%
Consumer Discretionary 11.6
Consumer Staples 2.7
Energy 2.4
Financials 13.5
Health Care 15.5
Industrials 13.4
Information Technology 22.3
Materials 3.7
Other 0.0
Real Estate 6.8
Utilities 1.8
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.
4

Extended Market Index Fund
Financial Statements (unaudited)
Schedule of Investments—Investments Summary
As of June 30, 2021
This Statement summarizes the fund’s holdings by asset type. Details are reported for each of the fund’s 50 largest individual holdings and for investments that, in total for any issuer, represent more than 1% of the fund’s net assets. The total value of smaller holdings is reported as a single amount within each category.
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) four times in each fiscal year. For the second and fourth quarters the complete list of the fund’s holdings is available on vanguard.com and on Form N-CSR, or you can have it mailed to you without charge by calling 800-662-7447. For the first and third quarters of each fiscal year, the complete list of the fund’s holdings is available as an exhibit to its reports on Form N-PORT. The fund’s Form N-CSR and Form N-PORT reports are available on the SEC’s website at www.sec.gov.
        Shares Market
Value
($000)
Percentage
of Net
Assets
Common Stocks    
Communication Services    
  Snap Inc. Class A* 13,357,775     910,199   0.80%
  Match Group Inc.*  3,836,407     618,621   0.54%
  Pinterest Inc. Class A*  7,785,354     614,654   0.54%
  Roku Inc. Class A*  1,314,678     603,766   0.53%
  Liberty Broadband Corp. Class C*  2,429,645     421,932   0.37%
  AMC Entertainment Holdings Inc. Class A*,1  7,077,805     401,170   0.35%
  Zillow Group Inc. Class C*  2,142,196     261,819   0.23%
  Zillow Group Inc. Class A*    653,145      80,030   0.07%
  Liberty Broadband Corp. Class A*    157,517      26,490   0.02%
Communication Services—Other*,1,2   3,183,786   2.77%
                        7,122,467   6.22%
Consumer Discretionary    
  Lululemon Athletica Inc.*  1,681,572     613,723   0.54%
  Peloton Interactive Inc. Class A*  3,827,712     474,713   0.42%
  Airbnb Inc. Class A*  2,087,180     319,631   0.28%
  Burlington Stores Inc.*    939,474     302,501   0.26%
  Wayfair Inc. Class A*    915,477     289,025   0.25%
  Carvana Co.*    920,994     277,974   0.24%
Consumer Discretionary—Other*,1,2  10,873,027   9.50%
                       13,150,594  11.49%
Consumer Staples    
  Keurig Dr Pepper Inc.  8,182,390     288,347   0.25%
Consumer Staples—Other*,1   2,739,829   2.40%
                        3,028,176   2.65%
Energy    
  Cheniere Energy Inc.*  3,265,988     283,292   0.25%
Energy—Other*,1,2   2,435,487   2.12%
                        2,718,779   2.37%
5

Extended Market Index Fund
        Shares Market
Value

($000)
Percentage
of Net
Assets
Financials    
  Blackstone Group Inc.  9,686,293     940,927   0.82%
  KKR & Co. Inc.  8,217,609     486,811   0.43%
Financials—Other*,1,2  13,876,590  12.12%
                       15,304,328  13.37%
Health Care    
  Moderna Inc.*  4,345,548   1,021,117   0.89%
  Veeva Systems Inc. Class A*  1,885,773     586,381   0.51%
  Teladoc Health Inc.*  1,859,060     309,143   0.27%
  Exact Sciences Corp.*  2,431,784     302,295   0.26%
  Horizon Therapeutics plc*  3,181,343     297,901   0.26%
  Alnylam Pharmaceuticals Inc.*  1,666,295     282,470   0.25%
  Seagen Inc.*  1,718,491     271,315   0.24%
  Novocure Ltd.*  1,220,178     270,660   0.24%
Health Care—Other*,1,2  14,216,196  12.42%
                       17,557,478  15.34%
Industrials    
  Uber Technologies Inc.* 21,037,893   1,054,419   0.92%
  CoStar Group Inc.*  5,585,352     462,579   0.40%
  TransUnion  2,703,400     296,860   0.26%
Industrials—Other*,1,2,3  13,376,905  11.69%
                       15,190,763  13.27%
Information Technology    
  Square Inc. Class A*  5,580,220   1,360,458   1.19%
  Zoom Video Communications Inc. Class A*  3,033,193   1,173,937   1.03%
  Twilio Inc. Class A*  2,108,302     831,008   0.73%
  DocuSign Inc.*  2,767,415     773,686   0.68%
  Crowdstrike Holdings Inc. Class A*  2,835,643     712,625   0.62%
  Marvell Technology Inc. 11,594,622     676,314   0.59%
  Workday Inc. Class A*  2,538,399     606,017   0.53%
  Palo Alto Networks Inc.*  1,378,069     511,332   0.45%
  Trade Desk Inc. Class A*  6,131,278     474,316   0.41%
  Okta Inc. Class A*  1,772,639     433,729   0.38%
  EPAM Systems Inc.*    796,569     407,015   0.36%
  HubSpot Inc.*    623,711     363,449   0.32%
  Dell Technologies Inc. Class C*  3,519,886     350,827   0.31%
  Slack Technologies Inc. Class A*  7,263,525     321,774   0.28%
  Datadog Inc. Class A*  3,090,099     321,617   0.28%
  RingCentral Inc. Class A*  1,096,700     318,679   0.28%
  Splunk Inc.*  2,102,816     304,025   0.27%
  Cloudflare Inc. Class A*  2,732,784     289,238   0.25%
  MongoDB Inc. Class A*    757,873     273,986   0.24%
  Coupa Software Inc.*  1,042,634     273,285   0.24%
  BM Technologies Inc. (Acquired 12/17/20, Cost $961)*,4     66,937         749   0.00%
Information Technology—Other*,1,2  14,437,118  12.59%
                       25,215,184  22.03%
Materials*,1,2 4,209,534 3.68%
Other*,2,5 225 0.00%
Real Estate    
  Invitation Homes Inc.  8,010,086     298,696   0.26%
6

Extended Market Index Fund
        Shares Market
Value

($000)
Percentage
of Net
Assets
  Sun Communities Inc.  1,590,005     272,527   0.24%
Real Estate—Other*,1   7,168,832   6.26%
                        7,740,055   6.76%
Utilities*,1 2,026,675 1.77%
Total Common Stocks (Cost $70,199,705) 113,264,258 98.95%
†Preferred Stocks (Cost $143) 190 0.00%
      Coupon      
Temporary Cash Investments
Money Market Fund    
  Vanguard Market Liquidity Fund6,7
(Cost $3,510,384)
0.056% 35,106,450            3,510,645       3.07%
Total Investments (Cost $73,710,232) 116,775,093 102.02%
Other Assets and Liabilities—Net (2,307,311) (2.02%)
Net Assets     114,467,782 100.00%
Cost is in $000.
See Note A in Notes to Financial Statements.
* Includes non-income-producing security.
Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
1 Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $2,373,517,000.
2 Certain securities are valued using significant unobservable inputs.
3 Certain securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2021, the aggregate value of these securities was $45,527,000, representing 0.0% of net assets.
4 Restricted securities totaling $749,000, representing 0.0% of net assets.
5 “Other” represents securities that are not classified by the fund’s benchmark index.
6 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
7 Collateral of $2,526,378,000 was received for securities on loan, of which $2,486,865,000 is held in Vanguard Market Liquidity Fund and $39,513,000 is held in cash.
7

Extended Market Index Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts
      ($000)
  Expiration Number of
Long (Short)
Contracts
Notional
Amount
Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts
E-mini Russell 2000 Index September 2021 4,488 517,870 (5,138)
E-mini S&P 500 Index September 2021 876 187,841 4,121
E-mini S&P Mid-Cap 400 Index September 2021 110 29,616 (589)
        (1,606)
    
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)
Alcoa Corp. 8/31/21 BOANA 7,736 (0.586) (555)
Bandwidth Inc. Class A 8/31/21 BOANA 8,280 (0.536) 1,371
New York Community Bancorp Inc. 8/31/21 BOANA 1,197 (0.436) (96)
RingCentral Inc. Class A 8/31/21 BOANA 13,124 (0.586) 1,399
Roku Inc. Class A 1/31/22 GSI 110,461 (0.082) 38,792
Seagen Inc. 8/31/21 BOANA 11,651 (0.086) 189
Sirius XM Holdings Inc. 1/31/22 GSI 26,520 (0.082) (361)
Splunk Inc. 8/31/21 BOANA 26,664 (0.086) 5,142
Twilio Inc. Class A 8/31/21 BOANA 67,200 (0.086) 11,628
Veeva Systems Inc. Class A 8/31/21 BOANA 18,937 (0.086) 1,273
Vistra Corp. 8/31/21 BOANA 5,660 (0.386) 884
Wayfair Inc. Class A 8/31/21 BOANA 39,850 (0.086) 1,189
Workday Inc. Class A 8/31/21 BOANA 32,021 (0.086) 1,401
          63,268 (1,012)
1 Based on 1M USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating interest payment received/paid monthly.
  1M—1-month.
  BOANA—Bank of America, N.A.
  GSI—Goldman Sachs International.
At June 30, 2021, the counterparties had deposited in segregated accounts securities with a value of $60,376,000 in connection with open over-the-counter swap contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
8

Extended Market Index Fund
Statement of Assets and Liabilities
As of June 30, 2021
($000s, except shares and per-share amounts) Amount
Assets  
Investments in Securities, at Value  
Unaffiliated Issuers (Cost $70,199,848) 113,264,448
Affiliated Issuers (Cost $3,510,384) 3,510,645
Total Investments in Securities 116,775,093
Investment in Vanguard 3,834
Cash 39,513
Cash Collateral Pledged—Futures Contracts 40,302
Receivables for Investment Securities Sold 385,320
Receivables for Accrued Income 75,224
Receivables for Capital Shares Issued 137,747
Variation Margin Receivable—Futures Contracts 1,036
Unrealized Appreciation—Over-the-Counter Swap Contracts 63,268
Total Assets 117,521,337
Liabilities  
Due to Custodian 280,170
Payables for Investment Securities Purchased 35,891
Collateral for Securities on Loan 2,526,378
Payables for Capital Shares Redeemed 207,966
Payables to Vanguard 2,138
Unrealized Depreciation—Over-the-Counter Swap Contracts 1,012
Total Liabilities 3,053,555
Net Assets 114,467,782
9

Extended Market Index Fund
Statement of Assets and Liabilities (continued)

At June 30, 2021, net assets consisted of:  
($000s, except shares and per-share amounts) Amount
Paid-in Capital 70,876,098
Total Distributable Earnings (Loss) 43,591,684
Net Assets 114,467,782
 
Investor Shares—Net Assets  
Applicable to 3,236,938 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
463,827
Net Asset Value Per Share—Investor Shares $143.29
 
ETF Shares—Net Assets  
Applicable to 92,758,889 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
17,506,827
Net Asset Value Per Share—ETF Shares $188.73
 
Admiral Shares—Net Assets  
Applicable to 214,464,816 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
30,710,281
Net Asset Value Per Share—Admiral Shares $143.19
 
Institutional Shares—Net Assets  
Applicable to 154,156,962 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
22,072,875
Net Asset Value Per Share—Institutional Shares $143.18
 
Institutional Plus Shares—Net Assets  
Applicable to 41,900,068 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
14,805,655
Net Asset Value Per Share—Institutional Plus Shares $353.36
 
Institutional Select Shares—Net Assets  
Applicable to 125,642,517 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
28,908,317
Net Asset Value Per Share—Institutional Select Shares $230.08
See accompanying Notes, which are an integral part of the Financial Statements.
10

Extended Market Index Fund
Statement of Operations
  Six Months Ended
June 30, 2021
  ($000)
Investment Income  
Income  
Dividends 419,311
Interest1 403
Securities Lending—Net 37,896
Total Income 457,610
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 1,743
Management and Administrative—Investor Shares 425
Management and Administrative—ETF Shares 3,759
Management and Administrative—Admiral Shares 7,590
Management and Administrative—Institutional Shares 4,437
Management and Administrative—Institutional Plus Shares 2,131
Management and Administrative—Institutional Select Shares 2,048
Marketing and Distribution—Investor Shares 11
Marketing and Distribution—ETF Shares 292
Marketing and Distribution—Admiral Shares 359
Marketing and Distribution—Institutional Shares 244
Marketing and Distribution—Institutional Plus Shares 73
Marketing and Distribution—Institutional Select Shares
Custodian Fees 824
Shareholders’ Reports—Investor Shares 2
Shareholders’ Reports—ETF Shares 290
Shareholders’ Reports—Admiral Shares 92
Shareholders’ Reports—Institutional Shares 86
Shareholders’ Reports—Institutional Plus Shares 59
Shareholders’ Reports—Institutional Select Shares
Trustees’ Fees and Expenses 15
Total Expenses 24,480
Net Investment Income 433,130
Realized Net Gain (Loss)  
Investment Securities Sold1,2 2,951,786
Futures Contracts 102,408
Swap Contracts (5,940)
Realized Net Gain (Loss) 3,048,254
11

Extended Market Index Fund
Statement of Operations (continued)
  Six Months Ended
June 30, 2021
  ($000)
Change in Unrealized Appreciation (Depreciation)  
Investment Securities1 11,439,931
Futures Contracts (15,124)
Swap Contracts 62,026
Change in Unrealized Appreciation (Depreciation) 11,486,833
Net Increase (Decrease) in Net Assets Resulting from Operations 14,968,217
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $395,000, $0, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes.
2 Includes $2,938,531,000 of net gain (loss) resulting from in-kind redemptions.
See accompanying Notes, which are an integral part of the Financial Statements.
12

Extended Market Index Fund
Statement of Changes in Net Assets
  Six Months Ended
June 30,
2021
  Year Ended
December 31,
2020
  ($000)   ($000)
Increase (Decrease) in Net Assets      
Operations      
Net Investment Income 433,130   872,480
Realized Net Gain (Loss) 3,048,254   8,918,158
Change in Unrealized Appreciation (Depreciation) 11,486,833   13,654,329
Net Increase (Decrease) in Net Assets Resulting from Operations 14,968,217   23,444,967
Distributions      
Investor Shares (2,428)   (4,603)
ETF Shares (92,946)   (137,503)
Admiral Shares (169,332)   (294,052)
Institutional Shares (123,317)   (203,836)
Institutional Plus Shares (79,833)   (128,356)
Institutional Select Shares (163,026)   (266,898)
Total Distributions (630,882)   (1,035,248)
Capital Share Transactions      
Investor Shares (55,588)   (104,325)
ETF Shares 1,683,310   2,263,951
Admiral Shares (29,994)   (1,839,723)
Institutional Shares 591,271   (660,488)
Institutional Plus Shares 1,368,342   (518,910)
Institutional Select Shares 777,212   (297,897)
Net Increase (Decrease) from Capital Share Transactions 4,334,553   (1,157,392)
Total Increase (Decrease) 18,671,888   21,252,327
Net Assets      
Beginning of Period 95,795,894   74,543,567
End of Period 114,467,782   95,795,894
See accompanying Notes, which are an integral part of the Financial Statements.
13

Extended Market Index Fund
Financial Highlights
Investor Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $124.83 $95.66 $75.74 $84.80 $72.76 $63.61
Investment Operations            
Net Investment Income .4611 .9831 .9621 1.1931 .9161 .919
Net Realized and Unrealized Gain (Loss) on Investments 18.696 29.401 20.089 (9.104) 12.074 9.182
Total from Investment Operations 19.157 30.384 21.051 (7.911) 12.990 10.101
Distributions            
Dividends from Net Investment Income (.697) (1.214) (1.131) (1.149) (.950) (.951)
Distributions from Realized Capital Gains
Total Distributions (.697) (1.214) (1.131) (1.149) (.950) (.951)
Net Asset Value, End of Period $143.29 $124.83 $95.66 $75.74 $84.80 $72.76
Total Return2 15.38% 32.04% 27.87% -9.47% 17.94% 15.99%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $464 $454 $455 $1,139 $1,548 $2,021
Ratio of Total Expenses to Average Net Assets 0.19% 0.19% 0.19% 0.19% 0.21% 0.21%
Ratio of Net Investment Income to Average Net Assets 0.68% 1.04% 1.09% 1.38% 1.24% 1.48%
Portfolio Turnover Rate3 6% 19% 13% 10% 11% 12%
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.
14

Extended Market Index Fund
Financial Highlights
ETF Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $164.43 $126.02 $99.77 $111.72 $95.86 $83.80
Investment Operations            
Net Investment Income .7101 1.5091 1.6361 1.7421 1.4201 1.324
Net Realized and Unrealized Gain (Loss) on Investments 24.629 38.668 26.255 (12.036) 15.835 12.107
Total from Investment Operations 25.339 40.177 27.891 (10.294) 17.255 13.431
Distributions            
Dividends from Net Investment Income (1.039) (1.767) (1.641) (1.656) (1.395) (1.371)
Distributions from Realized Capital Gains
Total Distributions (1.039) (1.767) (1.641) (1.656) (1.395) (1.371)
Net Asset Value, End of Period $188.73 $164.43 $126.02 $99.77 $111.72 $95.86
Total Return 15.44% 32.20% 28.04% -9.37% 18.10% 16.16%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $17,507 $13,761 $8,119 $6,095 $5,711 $4,387
Ratio of Total Expenses to Average Net Assets 0.06% 0.06% 0.06% 0.07% 0.08% 0.08%
Ratio of Net Investment Income to Average Net Assets 0.79% 1.20% 1.40% 1.50% 1.37% 1.61%
Portfolio Turnover Rate2 6% 19% 13% 10% 11% 12%
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.
See accompanying Notes, which are an integral part of the Financial Statements.
15

Extended Market Index Fund
Financial Highlights
Admiral Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $124.75 $95.61 $75.70 $84.76 $72.72 $63.58
Investment Operations            
Net Investment Income .5431 1.1121 1.2361 1.3071 1.0711 1.005
Net Realized and Unrealized Gain (Loss) on Investments 18.684 29.367 19.918 (9.111) 12.026 9.175
Total from Investment Operations 19.227 30.479 21.154 (7.804) 13.097 10.180
Distributions            
Dividends from Net Investment Income (.787) (1.339) (1.244) (1.256) (1.057) (1.040)
Distributions from Realized Capital Gains
Total Distributions (.787) (1.339) (1.244) (1.256) (1.057) (1.040)
Net Asset Value, End of Period $143.19 $124.75 $95.61 $75.70 $84.76 $72.72
Total Return2 15.45% 32.21% 28.03% -9.36% 18.11% 16.13%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $30,710 $26,784 $22,391 $17,644 $19,712 $15,830
Ratio of Total Expenses to Average Net Assets 0.06% 0.06% 0.06% 0.07% 0.08% 0.08%
Ratio of Net Investment Income to Average Net Assets 0.80% 1.18% 1.39% 1.50% 1.37% 1.61%
Portfolio Turnover Rate3 6% 19% 13% 10% 11% 12%
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.
16

Extended Market Index Fund
Financial Highlights
Institutional Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $124.74 $95.60 $75.69 $84.75 $72.72 $63.58
Investment Operations            
Net Investment Income .5491 1.1251 1.2391 1.3191 1.0851 1.018
Net Realized and Unrealized Gain (Loss) on Investments 18.685 29.364 19.925 (9.113) 12.018 9.175
Total from Investment Operations 19.234 30.489 21.164 (7.794) 13.103 10.193
Distributions            
Dividends from Net Investment Income (.794) (1.349) (1.254) (1.266) (1.073) (1.053)
Distributions from Realized Capital Gains
Total Distributions (.794) (1.349) (1.254) (1.266) (1.073) (1.053)
Net Asset Value, End of Period $143.18 $124.74 $95.60 $75.69 $84.75 $72.72
Total Return 15.46% 32.23% 28.05% -9.35% 18.12% 16.15%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $22,073 $18,659 $14,927 $12,443 $13,359 $10,554
Ratio of Total Expenses to Average Net Assets 0.05% 0.05% 0.05% 0.06% 0.06% 0.06%
Ratio of Net Investment Income to Average Net Assets 0.81% 1.19% 1.40% 1.51% 1.39% 1.63%
Portfolio Turnover Rate2 6% 19% 13% 10% 11% 12%
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.
See accompanying Notes, which are an integral part of the Financial Statements.
17

Extended Market Index Fund
Financial Highlights
Institutional Plus Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $307.85 $235.94 $186.80 $209.16 $179.47 $156.89
Investment Operations            
Net Investment Income 1.3641 2.7981 3.0781 3.2081 2.6111 2.525
Net Realized and Unrealized Gain (Loss) on Investments 46.123 72.466 49.178 (22.426) 29.741 22.668
Total from Investment Operations 47.487 75.264 52.256 (19.218) 32.352 25.193
Distributions            
Dividends from Net Investment Income (1.977) (3.354) (3.116) (3.142) (2.662) (2.613)
Distributions from Realized Capital Gains
Total Distributions (1.977) (3.354) (3.116) (3.142) (2.662) (2.613)
Net Asset Value, End of Period $353.36 $307.85 $235.94 $186.80 $209.16 $179.47
Total Return 15.47% 32.24% 28.07% -9.35% 18.13% 16.18%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $14,806 $11,665 $9,486 $7,559 $10,565 $13,530
Ratio of Total Expenses to Average Net Assets 0.04% 0.04% 0.04% 0.05% 0.05% 0.05%
Ratio of Net Investment Income to Average Net Assets 0.82% 1.20% 1.41% 1.52% 1.40% 1.64%
Portfolio Turnover Rate2 6% 19% 13% 10% 11% 12%
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.
See accompanying Notes, which are an integral part of the Financial Statements.
18

Extended Market Index Fund
Financial Highlights
Institutional Select Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31, June 27,
20161 to
December 31,
2016
2020 2019 2018 2017
Net Asset Value, Beginning of Period $200.45 $153.63 $121.63 $136.19 $116.85 $98.43
Investment Operations            
Net Investment Income .9152 1.8552 2.0592 2.1842 1.8912 1.050
Net Realized and Unrealized Gain (Loss) on Investments 30.024 47.179 31.999 (14.655) 19.221 18.428
Total from Investment Operations 30.939 49.034 34.058 (12.471) 21.112 19.478
Distributions            
Dividends from Net Investment Income (1.309) (2.214) (2.058) (2.089) (1.772) (1.058)
Distributions from Realized Capital Gains
Total Distributions (1.309) (2.214) (2.058) (2.089) (1.772) (1.058)
Net Asset Value, End of Period $230.08 $200.45 $153.63 $121.63 $136.19 $116.85
Total Return 15.48% 32.27% 28.09% -9.32% 18.17% 19.81%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $28,908 $24,472 $19,166 $13,390 $12,250 $5,227
Ratio of Total Expenses to Average Net Assets 0.02% 0.02% 0.02% 0.02% 0.02% 0.02%3
Ratio of Net Investment Income to Average Net Assets 0.84% 1.22% 1.44% 1.55% 1.43% 1.88%3
Portfolio Turnover Rate4 6% 19% 13% 10% 11% 12%5
The expense ratio and net investment income ratio for the current period have been annualized.
1 Inception.
2 Calculated based on average shares outstanding.
3 Annualized.
4 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.
5 Reflects the fund’s portfolio turnover for the fiscal year ended December 31, 2016.
See accompanying Notes, which are an integral part of the Financial Statements.
19

Extended Market Index Fund
Notes to Financial Statements
Vanguard Extended Market Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers six classes of shares: Investor Shares, ETF Shares, Admiral Shares, Institutional Shares, Institutional Plus Shares, and Institutional Select 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.
Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus 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 materially 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 board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
20

Extended Market Index Fund
During the six months ended June 30, 2021, the fund’s average investments in long and short futures contracts represented 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
3. 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 June 30, 2021, 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.
4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute 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
21

Extended Market Index Fund
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.
5. 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.
6. 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.
7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 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, 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; these fees 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 a rate based upon the higher of the one-month London Interbank Offered Rate (or an acceptable alternate rate, if necessary), federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread, except that borrowings under the uncommitted credit facility may bear interest based upon an alternative 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
22

Extended Market Index Fund
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 June 30, 2021, the fund did not utilize the credit facilities or the Interfund Lending Program.
8. 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. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. 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.
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.
B. 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 June 30, 2021, the fund had contributed to Vanguard capital in the amount of $3,834,000, representing less than 0.01% of the fund’s net assets and 1.53% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. 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.
23

Extended Market Index Fund
The following table summarizes the market value of the fund's investments and derivatives as of June 30, 2021, based on the inputs used to value them:
  Level 1
($000)
Level 2
($000)
Level 3
($000)
Total
($000)
Investments        
Assets        
Common Stocks 113,252,811 771 10,676 113,264,258
Preferred Stocks 190 190
Temporary Cash Investments 3,510,645 3,510,645
Total 116,763,646 771 10,676 116,775,093
Derivative Financial Instruments        
Assets        
Futures Contracts1 4,121 4,121
Swap Contracts 63,268 63,268
Total 4,121 63,268 67,389
Liabilities        
Futures Contracts1 5,727 5,727
Swap Contracts 1,012 1,012
Total 5,727 1,012 6,739
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
D. As of June 30, 2021, 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 73,930,233
Gross Unrealized Appreciation 47,612,463
Gross Unrealized Depreciation (4,706,953)
Net Unrealized Appreciation (Depreciation) 42,905,510
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2020, the fund had available capital losses totaling $2,389,106,000 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 December 31, 2021; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
E. During the six months ended June 30, 2021, the fund purchased $15,326,026,000 of investment securities and sold $11,337,913,000 of investment securities, other than temporary cash investments. Purchases and sales include $6,184,689,000 and $4,600,417,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
24

Extended Market Index Fund
F. Capital share transactions for each class of shares were:
    
  Six Months Ended
June 30, 2021
  Year Ended
December 31, 2020
  Amount
($000)
Shares
(000)
  Amount
($000)
Shares
(000)
Investor Shares          
Issued 25,956 189   22,830 247
Issued in Lieu of Cash Distributions 2,428 18   4,603 45
Redeemed (83,972) (610)   (131,758) (1,409)
Net Increase (Decrease)—Investor Shares (55,588) (403)   (104,325) (1,117)
ETF Shares          
Issued 6,362,626 35,168   14,624,815 107,064
Issued in Lieu of Cash Distributions  
Redeemed (4,679,316) (26,100)   (12,360,864) (87,800)
Net Increase (Decrease)—ETF Shares 1,683,310 9,068   2,263,951 19,264
Admiral Shares          
Issued 2,386,649 17,506   3,059,775 34,243
Issued in Lieu of Cash Distributions 142,564 1,059   247,838 2,462
Redeemed (2,559,207) (18,800)   (5,147,336) (56,192)
Net Increase (Decrease)—Admiral Shares (29,994) (235)   (1,839,723) (19,487)
Institutional Shares          
Issued 2,811,874 20,718   2,848,323 30,960
Issued in Lieu of Cash Distributions 115,418 857   191,072 1,896
Redeemed (2,336,021) (16,993)   (3,699,883) (39,412)
Net Increase (Decrease)—Institutional Shares 591,271 4,582   (660,488) (6,556)
Institutional Plus Shares          
Issued 2,421,687 7,101   1,524,569 6,648
Issued in Lieu of Cash Distributions 76,028 229   122,184 493
Redeemed (1,129,373) (3,322)   (2,165,663) (9,455)
Net Increase (Decrease)—Institutional Plus Shares 1,368,342 4,008   (518,910) (2,314)
Institutional Select Shares          
Issued 1,260,029 5,758   1,631,575 10,461
Issued in Lieu of Cash Distributions 163,026 753   266,898 1,647
Redeemed (645,843) (2,955)   (2,196,370) (14,775)
Net Increase (Decrease)—Institutional Select Shares 777,212 3,556   (297,897) (2,667)
G. Management has determined that no events or transactions occurred subsequent to June 30, 2021, that would require recognition or disclosure in these financial statements.
25

Mid-Cap Index Fund
Fund Allocation
As of June 30, 2021
Basic Materials 3.3%
Consumer Discretionary 15.8
Consumer Staples 3.8
Energy 4.3
Financials 11.2
Health Care 11.8
Industrials 14.6
Real Estate 8.7
Technology 18.7
Telecommunications 2.2
Utilities 5.6
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.
26

Mid-Cap Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of June 30, 2021
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 (3.3%)
International Flavors & Fragrances Inc.  5,543,294     828,168
Fastenal Co. 12,790,290     665,095
Nucor Corp.  6,663,963     639,274
International Paper Co.  8,723,887     534,861
Albemarle Corp.  2,599,316     437,881
Avery Dennison Corp.  1,848,553     388,640
Celanese Corp.  2,508,218     380,246
Eastman Chemical Co.  3,040,023     354,923
FMC Corp.  2,869,862     310,519
LyondellBasell Industries NV Class A  2,978,194     306,367
CF Industries Holdings Inc.  2,389,334     122,931
Westlake Chemical Corp.    357,585      32,215
Freeport-McMoRan Inc.         18          —
                     5,001,120
Consumer Discretionary (15.7%)
* Chipotle Mexican Grill Inc.    626,894     971,899
* Aptiv plc  6,023,137     947,620
*,1 Trade Desk Inc. Class A  9,602,982     742,887
* Peloton Interactive Inc. Class A  5,685,645     705,134
DR Horton Inc.  7,226,059     653,019
* Copart Inc.  4,741,710     625,100
*,1 AMC Entertainment Holdings Inc. Class A 10,985,152     622,638
Lennar Corp. Class A  6,235,296     619,477
* Delta Air Lines Inc. 14,243,399     616,169
* Etsy Inc.  2,830,525     582,635
ViacomCBS Inc. Class B 12,871,010     581,770
Best Buy Co. Inc.  5,018,669     577,047
* Wayfair Inc. Class A  1,642,452     518,538
* Dollar Tree Inc.  5,211,228     518,517
* Expedia Group Inc.  3,149,976     515,683
Garmin Ltd.  3,423,514     495,177
* Carnival Corp. 18,428,196     485,767
          Shares Market
Value

($000)
* Lululemon Athletica Inc.  1,323,582     483,068
Tractor Supply Co.  2,566,751     477,570
* Burlington Stores Inc.  1,481,919     477,163
* CarMax Inc.  3,633,348     469,247
* Caesars Entertainment Inc.  4,415,316     458,089
* Take-Two Interactive Software Inc.  2,575,602     455,933
* Ulta Beauty Inc.  1,233,505     426,509
Darden Restaurants Inc.  2,913,832     425,390
* Royal Caribbean Cruises Ltd.  4,818,756     410,943
Genuine Parts Co.  3,217,332     406,896
Domino's Pizza Inc.    864,683     403,366
MGM Resorts International  9,285,573     396,030
Omnicom Group Inc.  4,791,311     383,257
* NVR Inc.     76,955     382,720
* United Airlines Holdings Inc.  7,205,407     376,771
* Hilton Worldwide Holdings Inc.  3,101,354     374,085
* AutoZone Inc.    245,373     366,150
* Southwest Airlines Co.  6,584,247     349,558
* Lyft Inc. Class A  5,711,151     345,410
* DraftKings Inc. Class A  6,250,735     326,101
Whirlpool Corp.  1,394,905     304,117
PulteGroup Inc.  5,564,710     303,666
Advance Auto Parts Inc.  1,457,176     298,925
* Wynn Resorts Ltd.  2,318,100     283,504
* LKQ Corp.  5,720,047     281,541
News Corp. Class A 10,851,032     279,631
* Live Nation Entertainment Inc.  3,166,074     277,316
Hasbro Inc.  2,910,520     275,102
BorgWarner Inc.  5,341,408     259,272
Fox Corp. Class A  6,944,402     257,846
* Discovery Inc. Class C  6,988,915     202,539
L Brands Inc.  2,484,636     179,043
Rollins Inc.  4,928,281     168,547
27

Mid-Cap Index Fund
          Shares Market
Value

($000)
* Liberty Media Corp.-Liberty SiriusXM Class C  3,457,876     160,411
* American Airlines Group Inc.  7,146,908     151,586
Interpublic Group of Cos. Inc.  4,385,119     142,472
* Vail Resorts Inc.    448,538     141,971
*,1 GameStop Corp. Class A    661,440     141,641
* Penn National Gaming Inc.  1,741,862     133,235
Fox Corp. Class B  3,747,098     131,898
*,1 Chewy Inc. Class A  1,636,106     130,414
1 Sirius XM Holdings Inc. 18,222,012     119,172
Lear Corp.    669,718     117,388
*,1 Discovery Inc. Class A  3,564,943     109,372
Aramark  2,838,841     105,747
*,1 QuantumScape Corp. Class A  2,888,710      84,524
Warner Music Group Corp. Class A  2,081,427      75,015
* Liberty Media Corp.-Liberty SiriusXM Class A  1,511,049      70,385
Lennar Corp. Class B    212,879      17,339
News Corp. Class B    355,310       8,652
1 ViacomCBS Inc. Class A    171,498       8,309
* Endeavor Group Holdings Inc. Class A     25,261         700
                    24,194,613
Consumer Staples (3.8%)
Corteva Inc. 16,442,007     729,203
Clorox Co.  2,769,713     498,299
McCormick & Co. Inc. (Non-Voting)  5,545,204     489,752
Tyson Foods Inc. Class A  6,564,621     484,207
Church & Dwight Co. Inc.  5,461,722     465,448
Conagra Brands Inc. 10,688,677     388,854
Archer-Daniels-Midland Co.  6,221,420     377,018
AmerisourceBergen Corp.  3,202,106     366,609
Kellogg Co.  5,687,000     365,845
McKesson Corp.  1,761,348     336,840
J M Smucker Co.  2,318,517     300,410
Kroger Co.  7,586,860     290,653
Hormel Foods Corp.  5,564,321     265,696
Lamb Weston Holdings Inc.  3,257,686     262,765
          Shares Market
Value

($000)
Campbell Soup Co.  3,385,212     154,332
* Molson Coors Beverage Co. Class B  2,009,959     107,915
                     5,883,846
Energy (4.2%)
Pioneer Natural Resources Co.  4,889,456     794,634
Valero Energy Corp.  9,102,804     710,747
Occidental Petroleum Corp. 19,747,361     617,500
ONEOK Inc.  9,921,966     552,058
Hess Corp.  6,181,614     539,779
* Cheniere Energy Inc.  5,081,717     440,788
Marathon Petroleum Corp.  7,267,090     439,078
Halliburton Co. 18,822,914     435,186
* Plug Power Inc. 12,656,228     432,716
Phillips 66  4,875,384     418,406
Baker Hughes Co. 16,371,494     374,416
Williams Cos. Inc. 11,526,024     306,016
* Enphase Energy Inc.  1,359,856     249,710
Devon Energy Corp.  7,537,417     220,017
                     6,531,051
Financials (11.1%)
MSCI Inc.  1,743,728     929,547
Discover Financial Services  6,789,679     803,151
First Republic Bank  3,924,980     734,638
* SVB Financial Group  1,209,597     673,056
Willis Towers Watson plc  2,872,237     660,672
Arthur J Gallagher & Co.  4,592,691     643,344
Ameriprise Financial Inc.  2,581,154     642,398
Fifth Third Bancorp 15,677,084     599,335
Northern Trust Corp.  4,403,422     509,124
Hartford Financial Services Group Inc.  7,954,614     492,947
Huntington Bancshares Inc. 32,878,794     469,180
American International Group Inc.  9,555,611     454,847
Nasdaq Inc.  2,557,975     449,692
State Street Corp.  5,457,405     449,035
KeyCorp 21,612,776     446,304
Citizens Financial Group Inc.  9,485,376     435,094
Regions Financial Corp. 21,407,420     432,002
Broadridge Financial Solutions Inc.  2,586,079     417,729
M&T Bank Corp.  2,864,936     416,304
Ally Financial Inc.  8,255,274     411,443
Cincinnati Financial Corp.  3,408,218     397,466
 
28

Mid-Cap Index Fund
          Shares Market
Value

($000)
Principal Financial Group Inc.  6,057,588     382,779
MarketAxess Holdings Inc.    803,546     372,516
KKR & Co. Inc.  6,154,210     364,575
* Markel Corp.    306,400     363,608
Raymond James Financial Inc.  2,754,346     357,790
* Arch Capital Group Ltd.  8,539,180     332,516
Equitable Holdings Inc.  9,537,528     290,418
FactSet Research Systems Inc.    842,912     282,890
Cboe Global Markets Inc.  2,375,812     282,840
Annaly Capital Management Inc. 31,145,994     276,576
Loews Corp.  4,981,647     272,247
Fidelity National Financial Inc.  6,115,256     265,769
Everest Re Group Ltd.    892,650     224,957
W R Berkley Corp.  2,962,399     220,491
Franklin Resources Inc.  6,738,194     215,555
Tradeweb Markets Inc. Class A  2,334,303     197,389
Globe Life Inc.  2,065,011     196,692
*,1 Opendoor Technologies Inc.  9,654,540     171,175
Lincoln National Corp.  2,014,734     126,606
Interactive Brokers Group Inc. Class A  1,820,533     119,664
AGNC Investment Corp.  5,843,997      98,705
* Alleghany Corp.    147,316      98,270
SEI Investments Co.  1,430,285      88,635
1 UWM Holdings Corp.  1,839,392      15,543
                    17,085,514
Health Care (11.7%)
* IDEXX Laboratories Inc.  1,899,140   1,199,402
* IQVIA Holdings Inc.  4,268,143   1,034,256
* Veeva Systems Inc. Class A  3,073,648     955,751
* Centene Corp. 12,977,336     946,437
* Dexcom Inc.  2,153,578     919,578
ResMed Inc.  3,240,557     798,862
* Laboratory Corp. of America Holdings  2,174,464     599,826
West Pharmaceutical Services Inc.  1,643,992     590,358
Cerner Corp.  6,709,995     524,453
* Teladoc Health Inc.  3,097,061     515,010
* Align Technology Inc.    837,103     511,470
* Seagen Inc.  3,031,038     478,540
* Exact Sciences Corp.  3,820,360     474,909
* Horizon Therapeutics plc  5,005,538     468,719
* Alexion Pharmaceuticals Inc.  2,461,061     452,122
          Shares Market
Value

($000)
* Alnylam Pharmaceuticals Inc.  2,617,675     443,748
STERIS plc  2,108,500     434,984
Cooper Cos. Inc.  1,094,562     433,742
Teleflex Inc.  1,040,681     418,135
* Insulet Corp.  1,475,827     405,129
Viatris Inc. 26,916,611     384,638
Quest Diagnostics Inc.  2,909,281     383,938
* Hologic Inc.  5,706,133     380,713
Cardinal Health Inc.  6,461,424     368,883
* Elanco Animal Health Inc. 10,533,489     365,407
* Incyte Corp.  4,162,920     350,226
* 10X Genomics Inc. Class A  1,749,063     342,502
* BioMarin Pharmaceutical Inc.  4,069,559     339,564
* ABIOMED Inc.  1,008,691     314,823
DENTSPLY SIRONA Inc.  4,861,825     307,559
Royalty Pharma plc Class A  6,998,873     286,884
Universal Health Services Inc. Class B  1,649,698     241,565
* Henry Schein Inc.  3,133,266     232,457
* Novocure Ltd.    978,793     217,116
* Catalent Inc.  1,896,461     205,045
* DaVita Inc.  1,536,812     185,078
* Oak Street Health Inc.  2,678,932     156,905
* Bio-Rad Laboratories Inc. Class A    233,851     150,668
* PPD Inc.  2,738,428     126,214
* agilon health Inc.  1,308,206      53,074
*,1 GoodRx Holdings Inc. Class A  1,319,286      47,507
                    18,046,197
Industrials (14.6%)
Carrier Global Corp. 19,352,604     940,537
IHS Markit Ltd.  7,987,576     899,880
Cintas Corp.  1,988,579     759,637
* TransDigm Group Inc.  1,161,311     751,705
* Mettler-Toledo International Inc.    518,185     717,862
AMETEK Inc.  5,142,388     686,509
Equifax Inc.  2,710,274     649,138
* Keysight Technologies Inc.  4,108,667     634,419
* Zebra Technologies Corp. Class A  1,191,667     630,976
Verisk Analytics Inc.  3,609,666     630,681
Synchrony Financial 12,951,770     628,420
Ball Corp.  7,309,953     592,252
Old Dominion Freight Line Inc.  2,324,191     589,880
* Generac Holdings Inc.  1,401,979     582,032
 
29

Mid-Cap Index Fund
          Shares Market
Value

($000)
Kansas City Southern  2,025,066     573,843
Vulcan Materials Co.  2,954,317     514,258
* United Rentals Inc.  1,611,880     514,206
Fortive Corp.  7,161,659     499,454
Martin Marietta Materials Inc.  1,388,718     488,565
Dover Corp.  3,205,073     482,684
Xylem Inc.  4,009,352     480,962
Expeditors International of Washington Inc.  3,760,784     476,115
* FleetCor Technologies Inc.  1,856,161     475,289
* Waters Corp.  1,374,024     474,876
TransUnion  4,260,203     467,813
* Trimble Inc.  5,588,819     457,333
* Teledyne Technologies Inc.  1,036,436     434,091
WW Grainger Inc.    986,414     432,049
* Ingersoll Rand Inc.  8,407,112     410,351
Otis Worldwide Corp.  4,778,250     390,718
Jacobs Engineering Group Inc.  2,900,021     386,921
Rockwell Automation Inc.  1,292,431     369,661
Textron Inc.  5,026,605     345,680
Masco Corp.  5,652,102     332,965
Westinghouse Air Brake Technologies Corp.  3,998,466     329,074
Westrock Co.  5,926,432     315,405
Fortune Brands Home & Security Inc.  3,086,790     307,475
Crown Holdings Inc.  3,004,152     307,054
JB Hunt Transport Services Inc.  1,882,531     306,758
Packaging Corp. of America  2,115,430     286,472
CH Robinson Worldwide Inc.  2,961,316     277,386
Snap-on Inc.  1,204,333     269,084
Western Union Co.  9,112,860     209,322
HEICO Corp. Class A  1,624,524     201,733
Cognex Corp.  1,869,293     157,114
* XPO Logistics Inc.  1,080,887     151,205
Jack Henry & Associates Inc.    827,512     135,307
HEICO Corp.    965,702     134,638
* Mohawk Industries Inc.    621,252     119,398
Hubbell Inc. Class B    604,809     113,003
*,1 Affirm Holdings Inc. Class A  1,148,505      77,352
* Marqeta Inc. Class A  1,061,074      29,784
                    22,429,326
Real Estate (8.6%)
Digital Realty Trust Inc.  6,270,775     943,501
          Shares Market
Value

($000)
SBA Communications Corp.  2,435,044     776,049
Welltower Inc.  9,297,929     772,658
* CoStar Group Inc.  8,795,050     728,406
AvalonBay Communities Inc.  3,108,856     648,787
Equity Residential  7,912,237     609,242
* CBRE Group Inc. Class A  7,101,078     608,775
Alexandria Real Estate Equities Inc.  3,284,832     597,642
Weyerhaeuser Co. 16,684,753     574,289
Realty Income Corp.  8,317,868     555,135
Extra Space Storage Inc.  2,978,075     487,868
Simon Property Group Inc.  3,658,143     477,314
Ventas Inc.  8,354,086     477,018
Invitation Homes Inc. 12,641,667     471,408
* Zillow Group Inc. Class C  3,580,379     437,594
Essex Property Trust Inc.  1,447,471     434,256
Mid-America Apartment Communities Inc.  2,549,512     429,389
Sun Communities Inc.  2,490,340     426,844
Healthpeak Properties Inc. 12,001,086     399,516
Duke Realty Corp.  8,350,485     395,395
Boston Properties Inc.  3,128,088     358,448
UDR Inc.  6,609,967     323,756
WP Carey Inc.  3,963,061     295,724
Camden Property Trust  2,175,240     288,589
Iron Mountain Inc.  6,430,006     272,118
* Host Hotels & Resorts Inc.  7,866,241     134,434
Regency Centers Corp.  1,891,989     121,220
* Zillow Group Inc. Class A    985,478     120,751
VEREIT Inc.  2,552,094     117,218
                    13,283,344
Technology (18.6%)
* DocuSign Inc.  4,116,038   1,150,721
Marvell Technology Inc. 17,824,245   1,039,688
* Synopsys Inc.  3,397,751     937,066
Microchip Technology Inc.  6,091,588     912,154
Amphenol Corp. Class A 13,307,998     910,400
* Match Group Inc.  5,568,053     897,849
* Cadence Design Systems Inc.  6,196,791     847,845
Xilinx Inc.  5,474,771     791,871
* Okta Inc. Class A  3,194,628     781,662
* Palo Alto Networks Inc.  2,060,433     764,524
* Fortinet Inc.  3,091,465     736,356
 
30

Mid-Cap Index Fund
          Shares Market
Value

($000)
Skyworks Solutions Inc.  3,676,557     704,980
Corning Inc. 17,063,004     697,877
* ANSYS Inc.  1,940,808     673,577
Maxim Integrated Products Inc.  5,976,545     629,689
* EPAM Systems Inc.  1,193,320     609,739
* Twitter Inc.  8,442,791     580,948
* HubSpot Inc.    988,539     576,041
KLA Corp.  1,706,808     553,364
CDW Corp.  3,122,192     545,291
* Cloudflare Inc. Class A  5,136,198     543,615
* Splunk Inc.  3,648,652     527,522
* Datadog Inc. Class A  4,949,175     515,110
* RingCentral Inc. Class A  1,713,272     497,843
Teradyne Inc.  3,702,759     496,022
* Qorvo Inc.  2,507,373     490,568
* VeriSign Inc.  2,131,773     485,383
* Pinterest Inc. Class A  6,093,991     481,121
* Palantir Technologies Inc. Class A 18,090,762     476,872
* Slack Technologies Inc. Class A 10,632,096     471,002
* Western Digital Corp.  6,483,363     461,421
* Gartner Inc.  1,821,086     441,067
* Coupa Software Inc.  1,634,586     428,441
* Akamai Technologies Inc.  3,629,759     423,230
Hewlett Packard Enterprise Co. 28,976,232     422,473
* Paycom Software Inc.  1,139,201     414,065
* Tyler Technologies Inc.    907,222     410,400
NetApp Inc.  4,957,225     405,600
Seagate Technology Holdings plc  4,587,229     403,355
* Zscaler Inc.  1,665,044     359,749
SS&C Technologies Holdings Inc.  4,841,689     348,892
* Unity Software Inc.  3,111,242     341,708
NortonLifeLock Inc. 12,269,333     333,971
* GoDaddy Inc. Class A  3,736,302     324,909
Citrix Systems Inc.  2,765,108     324,264
* IAC/InterActiveCorp  1,763,415     271,866
* Black Knight Inc.  3,313,360     258,376
* MongoDB Inc. Class A    656,855     237,466
1 Bentley Systems Inc. Class B  3,542,475     229,482
* Dropbox Inc. Class A  6,727,520     203,911
* Zendesk Inc.  1,320,818     190,647
* ON Semiconductor Corp.  4,752,163     181,913
Monolithic Power Systems Inc.    483,699     180,637
* IPG Photonics Corp.    776,112     163,581
Leidos Holdings Inc.  1,573,571     159,088
          Shares Market
Value

($000)
* F5 Networks Inc.    664,036     123,949
* ZoomInfo Technologies Inc. Class A  2,183,380     113,907
* Vimeo Inc.  1,449,051      71,003
*,1 Bumble Inc. Class A  1,198,788      69,050
*,1 AppLovin Corp. Class A    725,516      54,537
* Qualtrics International Inc. Class A    600,706      22,977
* Crowdstrike Holdings Inc. Class A         21           5
                    28,702,640
Telecommunications (2.2%)
Motorola Solutions Inc.  3,778,332     819,331
* Liberty Broadband Corp. Class C  3,386,208     588,049
* Roku Inc. Class A  1,102,797     506,460
* Arista Networks Inc.  1,274,697     461,835
Lumen Technologies Inc. 24,615,593     334,526
* DISH Network Corp. Class A  5,469,203     228,613
* Altice USA Inc. Class A  4,880,534     166,621
Juniper Networks Inc.  3,648,473      99,786
* Liberty Broadband Corp. Class A    535,853      90,114
Ubiquiti Inc.    140,145      43,752
                     3,339,087
Utilities (5.5%)
Waste Connections Inc.  5,827,752     696,008
WEC Energy Group Inc.  7,024,439     624,824
American Water Works Co. Inc.  4,041,043     622,846
Eversource Energy  7,648,777     613,738
DTE Energy Co.  4,314,345     559,139
Edison International  8,450,013     488,580
PPL Corp. 16,277,667     455,286
Ameren Corp.  5,672,925     454,061
FirstEnergy Corp. 12,112,566     450,709
Entergy Corp.  4,468,754     445,535
AES Corp. 14,837,308     386,809
Consolidated Edison Inc.  5,334,467     382,588
CMS Energy Corp.  6,446,102     380,836
* PG&E Corp. 33,156,036     337,197
CenterPoint Energy Inc. 12,927,375     316,979
Alliant Energy Corp.  5,570,475     310,610
Evergy Inc.  5,055,190     305,485
NiSource Inc.  8,734,105     213,986
Vistra Corp.  9,764,613     181,133
NRG Energy Inc.  2,724,897     109,813
 
31

Mid-Cap Index Fund
          Shares Market
Value

($000)
Pinnacle West Capital Corp.  1,255,360     102,902
Avangrid Inc.  1,723,595      88,644
                     8,527,708
Total Common Stocks
(Cost $87,730,938)
153,024,446
Temporary Cash Investments (1.2%)
Money Market Fund (1.2%)
2,3 Vanguard Market Liquidity Fund, 0.056%
(Cost $1,832,128)
18,323,399            1,832,340
Total Investments (100.5%)
(Cost $89,563,066)
  154,856,786
Other Assets and Liabilities—Net (-0.5%)   (744,529)
Net Assets (100%)   154,112,257
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 $883,108,000.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
3 Collateral of $911,072,000 was received for securities on loan, of which $866,001,000 is held in Vanguard Market Liquidity Fund and $45,071,000 is held in cash.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts
      ($000)
  Expiration Number of
Long (Short)
Contracts
Notional
Amount
Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts
E-mini Russell 2000 Index September 2021 130 15,001 (49)
E-mini S&P 500 Index September 2021 1,742 373,537 4,178
E-mini S&P Mid-Cap 400 Index September 2021 495 133,274 (2,652)
        1,477
    
32

Mid-Cap Index Fund
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)
Ameren Corp. 1/31/22 GSI 1,292 (0.082) (83)
Campbell Soup Co. 1/31/22 GSI 45,370 (0.082) 219
Consolidated Edison Inc. 8/31/21 BOANA 131,308 (0.636) (8,131)
Consolidated Edison Inc. 8/31/21 BOANA 46,344 (0.486) (2,865)
Hormel Foods Corp. 1/31/22 GSI 21,888 (0.082) (401)
Match Group Inc. 8/31/21 BOANA 21,507 (0.086) 2,679
RingCentral Inc. 8/31/21 BOANA 22,310 (0.586) 2,379
Roku Inc. 8/31/21 BOANA 62,408 (0.086) 20,253
State Street Corp. 8/31/22 BOANA 165,262 (0.586) (8,018)
Vistra Corp. 8/31/21 BOANA 15,685 (0.386) 2,449
Williams Cos. Inc. 8/31/21 BOANA 52,680 (0.486) 1,220
          29,199 (19,498)
1 Based on 1M USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating interest payment received/paid monthly.
  1M—1-month.
  BOANA—Bank of America, N.A.
  GSI—Goldman Sachs International.
At June 30, 2021, the counterparties had deposited in segregated accounts securities with a value of $5,889,000 and cash of $660,000 in connection with open over-the-counter swap contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
33

Mid-Cap Index Fund
Statement of Assets and Liabilities
As of June 30, 2021
($000s, except shares and per-share amounts) Amount
Assets  
Investments in Securities, at Value  
Unaffiliated Issuers (Cost $87,730,938) 153,024,446
Affiliated Issuers (Cost $1,832,128) 1,832,340
Total Investments in Securities 154,856,786
Investment in Vanguard 5,256
Cash 45,071
Cash Collateral Pledged—Futures Contracts 26,695
Cash Collateral Pledged—Over-the-Counter Swap Contracts 70
Receivables for Investment Securities Sold 61,365
Receivables for Accrued Income 144,264
Receivables for Capital Shares Issued 39,953
Variation Margin Receivable—Futures Contracts 724
Unrealized Appreciation—Over-the-Counter Swap Contracts 29,199
Total Assets 155,209,383
Liabilities  
Due to Custodian 60,884
Payables for Investment Securities Purchased 12,903
Collateral for Securities on Loan 911,072
Payables for Capital Shares Redeemed 90,026
Payables to Vanguard 2,743
Unrealized Depreciation—Over-the-Counter Swap Contracts 19,498
Total Liabilities 1,097,126
Net Assets 154,112,257
34

Mid-Cap Index Fund
Statement of Assets and Liabilities (continued)

At June 30, 2021, net assets consisted of:  
($000s, except shares and per-share amounts) Amount
Paid-in Capital 91,699,513
Total Distributable Earnings (Loss) 62,412,744
Net Assets 154,112,257
 
Investor Shares—Net Assets  
Applicable to 12,998,687 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
842,331
Net Asset Value Per Share—Investor Shares $64.80
 
ETF Shares—Net Assets  
Applicable to 210,218,678 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
49,890,262
Net Asset Value Per Share—ETF Shares $237.33
 
Admiral Shares—Net Assets  
Applicable to 208,557,859 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
61,304,765
Net Asset Value Per Share—Admiral Shares $293.95
 
Institutional Shares—Net Assets  
Applicable to 387,734,367 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
25,177,262
Net Asset Value Per Share—Institutional Shares $64.93
 
Institutional Plus Shares—Net Assets  
Applicable to 52,765,073 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
16,897,637
Net Asset Value Per Share—Institutional Plus Shares $320.24
See accompanying Notes, which are an integral part of the Financial Statements.
35

Mid-Cap Index Fund
Statement of Operations
  Six Months Ended
June 30, 2021
  ($000)
Investment Income  
Income  
Dividends 779,424
Interest1 361
Securities Lending—Net 6,542
Total Income 786,327
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 1,990
Management and Administrative—Investor Shares 681
Management and Administrative—ETF Shares 6,847
Management and Administrative—Admiral Shares 12,412
Management and Administrative—Institutional Shares 4,044
Management and Administrative—Institutional Plus Shares 2,013
Marketing and Distribution—Investor Shares 18
Marketing and Distribution—ETF Shares 776
Marketing and Distribution—Admiral Shares 801
Marketing and Distribution—Institutional Shares 259
Marketing and Distribution—Institutional Plus Shares 79
Custodian Fees 96
Shareholders’ Reports—Investor Shares 3
Shareholders’ Reports—ETF Shares 874
Shareholders’ Reports—Admiral Shares 261
Shareholders’ Reports—Institutional Shares 88
Shareholders’ Reports—Institutional Plus Shares 41
Trustees’ Fees and Expenses 20
Total Expenses 31,303
Net Investment Income 755,024
Realized Net Gain (Loss)  
Investment Securities Sold1,2 5,981,398
Futures Contracts 72,373
Swap Contracts 66,590
Realized Net Gain (Loss) 6,120,361
36

Mid-Cap Index Fund
Statement of Operations (continued)
  Six Months Ended
June 30, 2021
  ($000)
Change in Unrealized Appreciation (Depreciation)  
Investment Securities1 13,401,964
Futures Contracts (3,711)
Swap Contracts (5,445)
Change in Unrealized Appreciation (Depreciation) 13,392,808
Net Increase (Decrease) in Net Assets Resulting from Operations 20,268,193
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $359,000, $103,000, and ($104,000), respectively. Purchases and sales are for temporary cash investment purposes.
2 Includes $4,595,403,000 of net gain (loss) resulting from in-kind redemptions.
See accompanying Notes, which are an integral part of the Financial Statements.
37

Mid-Cap Index Fund
Statement of Changes in Net Assets
  Six Months Ended
June 30,
2021
  Year Ended
December 31,
2020
  ($000)   ($000)
Increase (Decrease) in Net Assets      
Operations      
Net Investment Income 755,024   1,785,629
Realized Net Gain (Loss) 6,120,361   1,159,065
Change in Unrealized Appreciation (Depreciation) 13,392,808   18,100,382
Net Increase (Decrease) in Net Assets Resulting from Operations 20,268,193   21,045,076
Distributions      
Investor Shares (4,410)   (12,175)
ETF Shares (274,613)   (572,413)
Admiral Shares (337,655)   (778,637)
Institutional Shares (140,760)   (329,676)
Institutional Plus Shares (93,644)   (231,416)
Total Distributions (851,082)   (1,924,317)
Capital Share Transactions      
Investor Shares (107,190)   (154,201)
ETF Shares 2,184,280   5,989,817
Admiral Shares 191,005   (1,686,781)
Institutional Shares (350,656)   (1,236,767)
Institutional Plus Shares (173,130)   (649,316)
Net Increase (Decrease) from Capital Share Transactions 1,744,309   2,262,752
Total Increase (Decrease) 21,161,420   21,383,511
Net Assets      
Beginning of Period 132,950,837   111,567,326
End of Period 154,112,257   132,950,837
See accompanying Notes, which are an integral part of the Financial Statements.
38

Mid-Cap Index Fund
Financial Highlights
Investor Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $56.52 $48.64 $37.71 $42.23 $35.92 $32.79
Investment Operations            
Net Investment Income .2821 .6981 .5771 .6401 .5201 .472
Net Realized and Unrealized Gain (Loss) on Investments 8.319 7.937 11.018 (4.528) 6.313 3.138
Total from Investment Operations 8.601 8.635 11.595 (3.888) 6.833 3.610
Distributions            
Dividends from Net Investment Income (.321) (.755) (.665) (.632) (.523) (.480)
Distributions from Realized Capital Gains
Total Distributions (.321) (.755) (.665) (.632) (.523) (.480)
Net Asset Value, End of Period $64.80 $56.52 $48.64 $37.71 $42.23 $35.92
Total Return2 15.25% 18.10% 30.86% -9.34% 19.12% 11.07%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $842 $834 $877 $3,043 $4,047 $4,138
Ratio of Total Expenses to Average Net Assets 0.17% 0.17% 0.17% 0.17% 0.17% 0.18%
Ratio of Net Investment Income to Average Net Assets 0.94% 1.49% 1.31% 1.49% 1.34% 1.42%
Portfolio Turnover Rate3 10% 26% 15% 16% 14% 15%
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.
39

Mid-Cap Index Fund
Financial Highlights
ETF Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $207.00 $178.14 $138.08 $154.65 $131.55 $120.07
Investment Operations            
Net Investment Income 1.1761 2.7721 2.6631 2.5351 2.1121 1.877
Net Realized and Unrealized Gain (Loss) on Investments 30.477 29.084 40.043 (16.584) 23.076 11.510
Total from Investment Operations 31.653 31.856 42.706 (14.049) 25.188 13.387
Distributions            
Dividends from Net Investment Income (1.323) (2.996) (2.646) (2.521) (2.088) (1.907)
Distributions from Realized Capital Gains
Total Distributions (1.323) (2.996) (2.646) (2.521) (2.088) (1.907)
Net Asset Value, End of Period $237.33 $207.00 $178.14 $138.08 $154.65 $131.55
Total Return 15.32% 18.22% 31.04% -9.21% 19.25% 11.23%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $49,890 $41,587 $29,014 $21,261 $21,937 $16,544
Ratio of Total Expenses to Average Net Assets 0.04% 0.04% 0.04% 0.04% 0.05% 0.06%
Ratio of Net Investment Income to Average Net Assets 1.07% 1.61% 1.62% 1.62% 1.46% 1.54%
Portfolio Turnover Rate2 10% 26% 15% 16% 14% 15%
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.
See accompanying Notes, which are an integral part of the Financial Statements.
40

Mid-Cap Index Fund
Financial Highlights
Admiral Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $256.40 $220.66 $171.04 $191.55 $162.94 $148.72
Investment Operations            
Net Investment Income 1.4411 3.4181 3.2961 3.1351 2.6061 2.325
Net Realized and Unrealized Gain (Loss) on Investments 37.733 36.010 49.578 (20.539) 28.591 14.257
Total from Investment Operations 39.174 39.428 52.874 (17.404) 31.197 16.582
Distributions            
Dividends from Net Investment Income (1.624) (3.688) (3.254) (3.106) (2.587) (2.362)
Distributions from Realized Capital Gains
Total Distributions (1.624) (3.688) (3.254) (3.106) (2.587) (2.362)
Net Asset Value, End of Period $293.95 $256.40 $220.66 $171.04 $191.55 $162.94
Total Return2 15.31% 18.24% 31.03% -9.23% 19.25% 11.22%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $61,305 $53,301 $47,640 $34,754 $37,778 $29,854
Ratio of Total Expenses to Average Net Assets 0.05% 0.05% 0.05% 0.05% 0.05% 0.06%
Ratio of Net Investment Income to Average Net Assets 1.06% 1.61% 1.62% 1.61% 1.46% 1.54%
Portfolio Turnover Rate3 10% 26% 15% 16% 14% 15%
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.
41

Mid-Cap Index Fund
Financial Highlights
Institutional Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $56.64 $48.74 $37.78 $42.32 $35.99 $32.85
Investment Operations            
Net Investment Income .3211 .7591 .7271 .6971 .5801 .516
Net Realized and Unrealized Gain (Loss) on Investments 8.331 7.961 10.957 (4.547) 6.325 3.148
Total from Investment Operations 8.652 8.720 11.684 (3.850) 6.905 3.664
Distributions            
Dividends from Net Investment Income (.362) (.820) (.724) (.690) (.575) (.524)
Distributions from Realized Capital Gains
Total Distributions (.362) (.820) (.724) (.690) (.575) (.524)
Net Asset Value, End of Period $64.93 $56.64 $48.74 $37.78 $42.32 $35.99
Total Return 15.31% 18.26% 31.04% -9.24% 19.29% 11.23%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $25,177 $22,291 $20,425 $16,524 $18,222 $14,540
Ratio of Total Expenses to Average Net Assets 0.04% 0.04% 0.04% 0.04% 0.04% 0.05%
Ratio of Net Investment Income to Average Net Assets 1.07% 1.62% 1.62% 1.62% 1.47% 1.55%
Portfolio Turnover Rate2 10% 26% 15% 16% 14% 15%
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.
See accompanying Notes, which are an integral part of the Financial Statements.
42

Mid-Cap Index Fund
Financial Highlights
Institutional Plus Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $279.34 $240.40 $186.34 $208.69 $177.51 $162.03
Investment Operations            
Net Investment Income 1.5981 3.7741 3.5981 3.4641 2.8561 2.564
Net Realized and Unrealized Gain (Loss) on Investments 41.101 39.230 54.052 (22.388) 31.179 15.524
Total from Investment Operations 42.699 43.004 57.650 (18.924) 34.035 18.088
Distributions            
Dividends from Net Investment Income (1.799) (4.064) (3.590) (3.426) (2.855) (2.608)
Distributions from Realized Capital Gains
Total Distributions (1.799) (4.064) (3.590) (3.426) (2.855) (2.608)
Net Asset Value, End of Period $320.24 $279.34 $240.40 $186.34 $208.69 $177.51
Total Return 15.32% 18.27% 31.06% -9.21% 19.28% 11.24%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $16,898 $14,937 $13,612 $11,426 $12,749 $11,415
Ratio of Total Expenses to Average Net Assets 0.03% 0.03% 0.03% 0.03% 0.03% 0.04%
Ratio of Net Investment Income to Average Net Assets 1.07% 1.63% 1.62% 1.63% 1.48% 1.56%
Portfolio Turnover Rate2 10% 26% 15% 16% 14% 15%
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.
See accompanying Notes, which are an integral part of the Financial Statements.
43

Mid-Cap Index Fund
Notes to Financial Statements
Vanguard Mid-Cap Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers five classes of shares: Investor Shares, ETF Shares, Admiral Shares, Institutional Shares and Institutional Plus 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.
Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus 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 materially 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 board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
44

Mid-Cap Index Fund
During the six months ended June 30, 2021, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
3. 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 June 30, 2021, 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.
4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute 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
45

Mid-Cap Index Fund
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.
5. 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.
6. 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.
7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 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, 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; these fees 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 a rate based upon the higher of the one-month London Interbank Offered Rate (or an acceptable alternate rate, if necessary), federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread, except that borrowings under the uncommitted credit facility may bear interest based upon an alternative 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
46

Mid-Cap Index Fund
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 June 30, 2021, the fund did not utilize the credit facilities or the Interfund Lending Program.
8. 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. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. 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.
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.
B. 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 June 30, 2021, the fund had contributed to Vanguard capital in the amount of $5,256,000, representing less than 0.01% of the fund’s net assets and 2.10% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. 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.
47

Mid-Cap Index Fund
The following table summarizes the market value of the fund's investments and derivatives as of June 30, 2021, based on the inputs used to value them:
  Level 1
($000)
Level 2
($000)
Level 3
($000)
Total
($000)
Investments        
Assets        
Common Stocks 153,024,446 153,024,446
Temporary Cash Investments 1,832,340 1,832,340
Total 154,856,786 154,856,786
Derivative Financial Instruments        
Assets        
Futures Contracts1 4,178 4,178
Swap Contracts 29,199 29,199
Total 4,178 29,199 33,377
Liabilities        
Futures Contracts1 2,701 2,701
Swap Contracts 19,498 19,498
Total 2,701 19,498 22,199
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
D. As of June 30, 2021, 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 89,619,343
Gross Unrealized Appreciation 66,496,444
Gross Unrealized Depreciation (1,247,823)
Net Unrealized Appreciation (Depreciation) 65,248,621
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2020, the fund had available capital losses totaling $8,912,877,000 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 December 31, 2021; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
E. During the six months ended June 30, 2021, the fund purchased $22,310,815,000 of investment securities and sold $20,840,756,000 of investment securities, other than temporary cash investments. Purchases and sales include $8,764,169,000 and $6,933,236,000, 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
48

Mid-Cap Index Fund
months ended June 30, 2021, such purchases and sales were $3,450,664,000 and $1,067,471,000, respectively; 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
June 30, 2021
  Year Ended
December 31, 2020
  Amount
($000)
Shares
(000)
  Amount
($000)
Shares
(000)
Investor Shares          
Issued 35,730 585   44,080 979
Issued in Lieu of Cash Distributions 4,410 72   12,175 263
Redeemed (147,330) (2,417)   (210,456) (4,509)
Net Increase (Decrease)—Investor Shares (107,190) (1,760)   (154,201) (3,267)
ETF Shares          
Issued 9,090,715 39,995   15,531,899 91,028
Issued in Lieu of Cash Distributions  
Redeemed (6,906,435) (30,675)   (9,542,082) (53,000)
Net Increase (Decrease)—ETF Shares 2,184,280 9,320   5,989,817 38,028
Admiral Shares          
Issued 4,605,950 16,674   7,980,693 38,938
Issued in Lieu of Cash Distributions 292,124 1,044   681,716 3,239
Redeemed (4,707,069) (17,043)   (10,349,190) (50,192)
Net Increase (Decrease)—Admiral Shares 191,005 675   (1,686,781) (8,015)
Institutional Shares          
Issued 2,320,029 37,889   3,188,268 69,770
Issued in Lieu of Cash Distributions 130,697 2,115   306,154 6,581
Redeemed (2,801,382) (45,832)   (4,731,189) (101,811)
Net Increase (Decrease)—Institutional Shares (350,656) (5,828)   (1,236,767) (25,460)
Institutional Plus Shares          
Issued 833,049 2,703   2,101,329 9,035
Issued in Lieu of Cash Distributions 93,620 307   229,076 1,003
Redeemed (1,099,799) (3,719)   (2,979,721) (13,185)
Net Increase (Decrease)—Institutional Plus Shares (173,130) (709)   (649,316) (3,147)
G. Management has determined that no events or transactions occurred subsequent to June 30, 2021, that would require recognition or disclosure in these financial statements.
49

Mid-Cap Growth Index Fund
Fund Allocation
As of June 30, 2021
Basic Materials 1.0%
Consumer Discretionary 15.4
Consumer Staples 1.5
Energy 3.0
Financials 5.3
Health Care 16.9
Industrials 17.4
Real Estate 6.6
Technology 30.0
Telecommunications 2.0
Utilities 0.9
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.
50

Mid-Cap Growth Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of June 30, 2021
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%)
Basic Materials (1.0%)
Fastenal Co. 3,708,782    192,857
FMC Corp.   416,100     45,022
                     237,879
Consumer Discretionary (15.4%)
* Chipotle Mexican Grill Inc.   181,775    281,813
* Aptiv plc 1,749,290    275,216
* Trade Desk Inc. Class A 2,780,234    215,079
* Peloton Interactive Inc. Class A 1,648,738    204,477
* Copart Inc. 1,374,930    181,257
* Etsy Inc.   820,911    168,976
* Wayfair Inc. Class A   476,277    150,365
* Expedia Group Inc.   913,456    149,542
* Lululemon Athletica Inc.   383,794    140,073
Tractor Supply Co.   744,242    138,474
* Burlington Stores Inc.   429,711    138,363
* Caesars Entertainment Inc. 1,282,329    133,042
* Take-Two Interactive Software Inc.   746,849    132,207
* Ulta Beauty Inc.   357,713    123,686
Domino's Pizza Inc.   250,741    116,968
* NVR Inc.    22,311    110,959
* Lyft Inc. Class A 1,656,064    100,159
* DraftKings Inc. Class A 1,815,477     94,713
* Wynn Resorts Ltd.   672,162     82,205
* LKQ Corp. 1,658,492     81,631
* Live Nation Entertainment Inc.   917,926     80,401
* Dollar Tree Inc.   753,130     74,936
* Royal Caribbean Cruises Ltd.   700,871     59,770
MGM Resorts International 1,350,522     57,600
* Hilton Worldwide Holdings Inc.   451,085     54,410
Rollins Inc. 1,430,043     48,908
* Vail Resorts Inc.   129,982     41,142
          Shares Market
Value

($000)
* Penn National Gaming Inc.   504,851     38,616
*,1 Chewy Inc. Class A   474,296     37,806
1 Sirius XM Holdings Inc. 5,291,570     34,607
Warner Music Group Corp. Class A   603,858     21,763
*,1 QuantumScape Corp. Class A   419,128     12,264
* Endeavor Group Holdings Inc. Class A     3,606        100
                   3,581,528
Consumer Staples (1.5%)
McCormick & Co. Inc. (Non-Voting) 1,607,917    142,011
Church & Dwight Co. Inc. 1,583,669    134,961
Lamb Weston Holdings Inc.   944,622     76,193
                     353,165
Energy (3.0%)
Pioneer Natural Resources Co. 1,417,857    230,430
* Cheniere Energy Inc. 1,473,491    127,811
* Plug Power Inc. 3,671,250    125,520
Hess Corp.   896,241     78,260
* Enphase Energy Inc.   394,266     72,399
Devon Energy Corp. 2,192,483     63,998
                     698,418
Financials (5.2%)
MSCI Inc.   505,624    269,538
First Republic Bank 1,138,155    213,028
* SVB Financial Group   350,788    195,189
Broadridge Financial Solutions Inc.   749,878    121,128
MarketAxess Holdings Inc.   233,008    108,020
FactSet Research Systems Inc.   244,429     82,033
Tradeweb Markets Inc. Class A   677,750     57,311
* Markel Corp.    44,417     52,710
Cboe Global Markets Inc.   343,349     40,876
51

Mid-Cap Growth Index Fund
          Shares Market
Value

($000)
Interactive Brokers Group Inc. Class A   527,893     34,698
SEI Investments Co.   414,962     25,715
* Opendoor Technologies Inc. 1,399,825     24,819
                   1,225,065
Health Care (16.9%)
* IDEXX Laboratories Inc.   550,696    347,792
* IQVIA Holdings Inc. 1,237,642    299,906
* Veeva Systems Inc. Class A   891,305    277,151
* Centene Corp. 3,762,997    274,435
* Dexcom Inc.   624,481    266,653
ResMed Inc.   939,666    231,647
West Pharmaceutical Services Inc.   476,706    171,185
Cerner Corp. 1,945,627    152,070
* Teladoc Health Inc.   898,148    149,353
* Align Technology Inc.   242,789    148,344
* Seagen Inc.   878,919    138,764
* Exact Sciences Corp. 1,107,829    137,714
* Horizon Therapeutics plc 1,453,752    136,129
* Alnylam Pharmaceuticals Inc.   759,063    128,676
Cooper Cos. Inc.   317,389    125,772
Teleflex Inc.   301,779    121,252
* Insulet Corp.   427,955    117,478
* Incyte Corp. 1,207,117    101,555
* 10X Genomics Inc. Class A   508,043     99,485
* BioMarin Pharmaceutical Inc. 1,180,072     98,465
* ABIOMED Inc.   292,494     91,290
STERIS plc   306,200     63,169
* Novocure Ltd.   284,716     63,156
* Catalent Inc.   549,994     59,465
* Oak Street Health Inc.   777,424     45,534
* Bio-Rad Laboratories Inc. Class A    67,765     43,660
* PPD Inc.   793,747     36,584
*,1 GoodRx Holdings Inc. Class A   382,217     13,764
                   3,940,448
Industrials (17.4%)
IHS Markit Ltd. 2,316,143    260,937
Cintas Corp.   576,622    220,270
* TransDigm Group Inc.   336,743    217,970
* Mettler-Toledo International Inc.   150,253    208,151
AMETEK Inc. 1,491,155    199,069
Equifax Inc.   785,889    188,228
* Zebra Technologies Corp. Class A   345,550    182,965
Verisk Analytics Inc. 1,046,673    182,875
Old Dominion Freight Line Inc.   673,933    171,044
          Shares Market
Value

($000)
* Generac Holdings Inc.   407,178    169,040
Kansas City Southern   587,208    166,397
Vulcan Materials Co.   856,678    149,122
Martin Marietta Materials Inc.   402,682    141,667
Xylem Inc. 1,162,607    139,466
Expeditors International of Washington Inc. 1,090,570    138,066
* FleetCor Technologies Inc.   538,224    137,818
* Waters Corp.   398,422    137,699
TransUnion 1,235,323    135,651
* Trimble Inc. 1,620,624    132,616
* Teledyne Technologies Inc.   301,012    126,073
Masco Corp. 1,638,748     96,539
Westinghouse Air Brake Technologies Corp. 1,159,425     95,421
JB Hunt Transport Services Inc.   545,883     88,952
Ball Corp. 1,059,844     85,869
HEICO Corp. Class A   471,014     58,490
Cognex Corp.   541,708     45,531
Fortune Brands Home & Security Inc.   447,497     44,575
Jack Henry & Associates Inc.   239,815     39,212
HEICO Corp.   280,062     39,046
*,1 Affirm Holdings Inc. Class A   334,082     22,500
* XPO Logistics Inc.   156,737     21,926
* Marqeta Inc. Class A   315,417      8,854
                   4,052,039
Real Estate (6.6%)
Digital Realty Trust Inc. 1,818,363    273,591
SBA Communications Corp.   706,080    225,028
* CoStar Group Inc. 2,550,273    211,214
Alexandria Real Estate Equities Inc.   952,722    173,338
Extra Space Storage Inc.   863,594    141,474
Invitation Homes Inc. 3,665,596    136,690
* Zillow Group Inc. Class C 1,046,323    127,881
Sun Communities Inc.   722,129    123,773
Realty Income Corp. 1,205,978     80,487
* Zillow Group Inc. Class A   277,754     34,033
Regency Centers Corp.   273,357     17,514
                   1,545,023
Technology (30.0%)
* DocuSign Inc. 1,193,675    333,716
Marvell Technology Inc. 5,168,448    301,476
* Synopsys Inc.   985,257    271,724
* Match Group Inc. 1,658,101    267,369
Microchip Technology Inc. 1,766,424    264,504
Amphenol Corp. Class A 3,859,047    263,997
 
52

Mid-Cap Growth Index Fund
          Shares Market
Value

($000)
* Cadence Design Systems Inc. 1,796,875    245,848
Xilinx Inc. 1,587,528    229,620
* Okta Inc. Class A   926,799    226,769
* Palo Alto Networks Inc.   597,458    221,687
* Fortinet Inc.   896,421    213,519
Skyworks Solutions Inc. 1,066,082    204,421
* ANSYS Inc.   562,793    195,323
* EPAM Systems Inc.   346,031    176,808
* Twitter Inc. 2,448,091    168,453
* HubSpot Inc.   286,656    167,040
KLA Corp.   494,907    160,454
* Cloudflare Inc. Class A 1,489,703    157,670
* Splunk Inc. 1,058,047    152,972
* RingCentral Inc. Class A   521,450    151,523
* Datadog Inc. Class A 1,435,347    149,391
Teradyne Inc. 1,073,652    143,826
* VeriSign Inc.   618,143    140,745
* Pinterest Inc. Class A 1,767,155    139,517
* Palantir Technologies Inc. Class A 5,258,821    138,623
* Slack Technologies Inc. Class A 3,082,961    136,575
* Gartner Inc.   527,997    127,881
* Coupa Software Inc.   474,007    124,242
* Akamai Technologies Inc. 1,052,514    122,723
* Paycom Software Inc.   330,338    120,068
* Tyler Technologies Inc.   263,071    119,005
* Zscaler Inc.   482,824    104,319
SS&C Technologies Holdings Inc. 1,403,889    101,164
* Unity Software Inc.   902,229     99,092
* GoDaddy Inc. Class A 1,083,372     94,210
Citrix Systems Inc.   801,818     94,029
* IAC/InterActiveCorp   511,308     78,828
* Black Knight Inc.   960,752     74,920
* MongoDB Inc. Class A   190,510     68,873
Bentley Systems Inc. Class B 1,030,474     66,754
* Dropbox Inc. Class A 1,950,808     59,129
* Zendesk Inc.   383,097     55,296
* ON Semiconductor Corp. 1,378,912     52,785
Monolithic Power Systems Inc.   140,360     52,418
* IPG Photonics Corp.   224,888     47,400
* ZoomInfo Technologies Inc. Class A   633,277     33,038
          Shares Market
Value

($000)
* Vimeo Inc.   419,185     20,540
* Bumble Inc. Class A   348,039     20,047
* AppLovin Corp. Class A   210,176     15,799
* Qualtrics International Inc. Class A   174,106      6,660
                   6,982,790
Telecommunications (2.0%)
* Roku Inc. Class A   371,986    170,835
* Arista Networks Inc.   369,640    133,924
* Liberty Broadband Corp. Class C   491,422     85,340
* Altice USA Inc. Class A 1,415,365     48,321
* Liberty Broadband Corp. Class A    77,038     12,955
Ubiquiti Inc.    40,628     12,684
                     464,059
Utilities (0.9%)
Waste Connections Inc. 1,689,805    201,813
Total Common Stocks
(Cost $14,133,843)
23,282,227
Temporary Cash Investments (0.2%)
Money Market Fund (0.2%)
2,3 Vanguard Market Liquidity Fund, 0.056%
(Cost $47,070)
  470,716           47,072
Total Investments (100.1%)
(Cost $14,180,913)
  23,329,299
Other Assets and Liabilities—Net (-0.1%)   (20,978)
Net Assets (100%)   23,308,321
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 $28,607,000.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
3 Collateral of $30,083,000 was received for securities on loan.
 
53

Mid-Cap Growth Index Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts
      ($000)
  Expiration Number of
Long (Short)
Contracts
Notional
Amount
Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts
E-mini S&P 500 Index September 2021 96 20,585 55
E-mini S&P Mid-Cap 400 Index September 2021 55 14,808 (194)
        (139)
  
See accompanying Notes, which are an integral part of the Financial Statements.
54

Mid-Cap Growth Index Fund
Statement of Assets and Liabilities
As of June 30, 2021
($000s, except shares and per-share amounts) Amount
Assets  
Investments in Securities, at Value  
Unaffiliated Issuers (Cost $14,133,843) 23,282,227
Affiliated Issuers (Cost $47,070) 47,072
Total Investments in Securities 23,329,299
Investment in Vanguard 768
Cash Collateral Pledged—Futures Contracts 1,316
Receivables for Investment Securities Sold 12,109
Receivables for Accrued Income 5,201
Receivables for Capital Shares Issued 18,638
Variation Margin Receivable—Futures Contracts 35
Total Assets 23,367,366
Liabilities  
Due to Custodian 11,859
Payables for Investment Securities Purchased 2,002
Collateral for Securities on Loan 30,083
Payables for Capital Shares Redeemed 14,437
Payables to Vanguard 664
Total Liabilities 59,045
Net Assets 23,308,321
At June 30, 2021, net assets consisted of:  
   
Paid-in Capital 13,928,804
Total Distributable Earnings (Loss) 9,379,517
Net Assets 23,308,321
 
Investor Shares—Net Assets  
Applicable to 894,610 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
83,121
Net Asset Value Per Share—Investor Shares $92.91
 
ETF Shares—Net Assets  
Applicable to 47,645,978 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
11,257,786
Net Asset Value Per Share—ETF Shares $236.28
 
Admiral Shares—Net Assets  
Applicable to 117,662,897 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
11,967,414
Net Asset Value Per Share—Admiral Shares $101.71
See accompanying Notes, which are an integral part of the Financial Statements.
55

Mid-Cap Growth Index Fund
Statement of Operations
  Six Months Ended
June 30, 2021
  ($000)
Investment Income  
Income  
Dividends 39,368
Interest1 7
Securities Lending—Net 825
Total Income 40,200
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 1,179
Management and Administrative—Investor Shares 69
Management and Administrative—ETF Shares 2,642
Management and Administrative—Admiral Shares 3,029
Marketing and Distribution—Investor Shares 2
Marketing and Distribution—ETF Shares 168
Marketing and Distribution—Admiral Shares 185
Custodian Fees 29
Shareholders’ Reports—Investor Shares
Shareholders’ Reports—ETF Shares 264
Shareholders’ Reports—Admiral Shares 63
Trustees’ Fees and Expenses 3
Total Expenses 7,633
Net Investment Income 32,567
Realized Net Gain (Loss)  
Investment Securities Sold1,2 1,483,682
Futures Contracts 2,538
Realized Net Gain (Loss) 1,486,220
Change in Unrealized Appreciation (Depreciation)  
Investment Securities1 884,574
Futures Contracts (459)
Change in Unrealized Appreciation (Depreciation) 884,115
Net Increase (Decrease) in Net Assets Resulting from Operations 2,402,902
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $7,000, less than $1,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes.
2 Includes $1,325,942,000 of net gain (loss) resulting from in-kind redemptions.
See accompanying Notes, which are an integral part of the Financial Statements.
56

Mid-Cap Growth Index Fund
Statement of Changes in Net Assets
  Six Months Ended
June 30,
2021
  Year Ended
December 31,
2020
  ($000)   ($000)
Increase (Decrease) in Net Assets      
Operations      
Net Investment Income 32,567   103,809
Realized Net Gain (Loss) 1,486,220   651,931
Change in Unrealized Appreciation (Depreciation) 884,115   4,547,237
Net Increase (Decrease) in Net Assets Resulting from Operations 2,402,902   5,302,977
Distributions      
Investor Shares (80)   (369)
ETF Shares (16,749)   (54,537)
Admiral Shares (17,929)   (59,779)
Total Distributions (34,758)   (114,685)
Capital Share Transactions      
Investor Shares (6,547)   (1,935)
ETF Shares (32,901)   649,823
Admiral Shares 22,855   (111,739)
Net Increase (Decrease) from Capital Share Transactions (16,593)   536,149
Total Increase (Decrease) 2,351,551   5,724,441
Net Assets      
Beginning of Period 20,956,770   15,232,329
End of Period 23,308,321   20,956,770
See accompanying Notes, which are an integral part of the Financial Statements.
57

Mid-Cap Growth Index Fund
Financial Highlights
Investor Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $83.37 $62.43 $47.02 $50.21 $41.52 $39.22
Investment Operations            
Net Investment Income .0791 .3401 .3451 .3331 .3041 .290
Net Realized and Unrealized Gain (Loss) on Investments 9.547 20.984 15.485 (3.193) 8.692 2.299
Total from Investment Operations 9.626 21.324 15.830 (2.860) 8.996 2.589
Distributions            
Dividends from Net Investment Income (.086) (.384) (.420) (.330) (.306) (.289)
Distributions from Realized Capital Gains
Total Distributions (.086) (.384) (.420) (.330) (.306) (.289)
Net Asset Value, End of Period $92.91 $83.37 $62.43 $47.02 $50.21 $41.52
Total Return2 11.55% 34.32% 33.72% -5.74% 21.72% 6.62%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $83 $81 $63 $405 $495 $460
Ratio of Total Expenses to Average Net Assets 0.19% 0.19% 0.19% 0.19% 0.19% 0.19%
Ratio of Net Investment Income to Average Net Assets 0.19% 0.51% 0.62% 0.64% 0.67% 0.74%
Portfolio Turnover Rate3 15% 22% 18% 25% 23% 21%
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.
58

Mid-Cap Growth Index Fund
Financial Highlights
ETF Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $212.00 $158.76 $119.58 $127.67 $105.60 $99.75
Investment Operations            
Net Investment Income .3271 1.0741 1.3861 1.0161 .9321 .863
Net Realized and Unrealized Gain (Loss) on Investments 24.306 53.347 39.040 (8.101) 22.058 5.848
Total from Investment Operations 24.633 54.421 40.426 (7.085) 22.990 6.711
Distributions            
Dividends from Net Investment Income (.353) (1.181) (1.246) (1.005) (.920) (.861)
Distributions from Realized Capital Gains
Total Distributions (.353) (1.181) (1.246) (1.005) (.920) (.861)
Net Asset Value, End of Period $236.28 $212.00 $158.76 $119.58 $127.67 $105.60
Total Return 11.63% 34.46% 33.86% -5.60% 21.83% 6.75%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $11,258 $10,164 $6,995 $4,956 $5,130 $3,576
Ratio of Total Expenses to Average Net Assets 0.07% 0.07% 0.07% 0.07% 0.07% 0.07%
Ratio of Net Investment Income to Average Net Assets 0.31% 0.63% 0.95% 0.76% 0.79% 0.86%
Portfolio Turnover Rate2 15% 22% 18% 25% 23% 21%
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.
See accompanying Notes, which are an integral part of the Financial Statements.
59

Mid-Cap Growth Index Fund
Financial Highlights
Admiral Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $91.26 $68.34 $51.48 $54.96 $45.46 $42.94
Investment Operations            
Net Investment Income .1421 .4611 .6031 .4371 .4001 .370
Net Realized and Unrealized Gain (Loss) on Investments 10.460 22.967 16.793 (3.485) 9.496 2.519
Total from Investment Operations 10.602 23.428 17.396 (3.048) 9.896 2.889
Distributions            
Dividends from Net Investment Income (.152) (.508) (.536) (.432) (.396) (.369)
Distributions from Realized Capital Gains
Total Distributions (.152) (.508) (.536) (.432) (.396) (.369)
Net Asset Value, End of Period $101.71 $91.26 $68.34 $51.48 $54.96 $45.46
Total Return2 11.63% 34.48% 33.86% -5.60% 21.83% 6.75%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $11,967 $10,712 $8,173 $5,544 $5,659 $3,923
Ratio of Total Expenses to Average Net Assets 0.07% 0.07% 0.07% 0.07% 0.07% 0.07%
Ratio of Net Investment Income to Average Net Assets 0.31% 0.63% 0.96% 0.76% 0.79% 0.86%
Portfolio Turnover Rate3 15% 22% 18% 25% 23% 21%
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.
60

Mid-Cap Growth Index Fund
Notes to Financial Statements
Vanguard Mid-Cap Growth Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers three classes of shares: Investor 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.
Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus 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 materially 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 board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
During the six months ended June 30, 2021, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
61

Mid-Cap Growth Index Fund
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute 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 $4.3 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, 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; these fees 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 a rate based upon the higher of the one-month London Interbank Offered Rate (or an acceptable alternate rate, if necessary), federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread, except that borrowings under the uncommitted credit facility may bear interest based upon an alternative 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
62

Mid-Cap Growth Index Fund
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 June 30, 2021, 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.
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.
B. 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 June 30, 2021, the fund had contributed to Vanguard capital in the amount of $768,000, representing less than 0.01% of the fund’s net assets and 0.31% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. 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.
At June 30, 2021, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.
63

Mid-Cap Growth Index Fund
D. As of June 30, 2021, 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 14,186,924
Gross Unrealized Appreciation 9,346,083
Gross Unrealized Depreciation (203,847)
Net Unrealized Appreciation (Depreciation) 9,142,236
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2020, the fund had available capital losses totaling $1,249,008,000 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 December 31, 2021; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
E. During the six months ended June 30, 2021, the fund purchased $5,496,047,000 of investment securities and sold $5,512,682,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,962,373,000 and $2,157,227,000, 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 June 30, 2021, such purchases and sales were $1,326,327,000 and $656,184,000, respectively; 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
June 30, 2021
  Year Ended
December 31, 2020
  Amount
($000)
Shares
(000)
  Amount
($000)
Shares
(000)
Investor Shares          
Issued 8,113 94   18,844 279
Issued in Lieu of Cash Distributions 80 1   369 6
Redeemed (14,740) (170)   (21,148) (332)
Net Increase (Decrease)—Investor Shares (6,547) (75)   (1,935) (47)
ETF Shares          
Issued 2,138,449 9,652   2,610,129 14,482
Issued in Lieu of Cash Distributions  
Redeemed (2,171,350) (9,950)   (1,960,306) (10,600)
Net Increase (Decrease)—ETF Shares (32,901) (298)   649,823 3,882
64

Mid-Cap Growth Index Fund
  Six Months Ended
June 30, 2021
  Year Ended
December 31, 2020
  Amount
($000)
Shares
(000)
  Amount
($000)
Shares
(000)
Admiral Shares          
Issued 1,335,130 14,135   2,288,238 31,674
Issued in Lieu of Cash Distributions 16,045 169   53,622 742
Redeemed (1,328,320) (14,014)   (2,453,599) (34,639)
Net Increase (Decrease)—Admiral Shares 22,855 290   (111,739) (2,223)
G. Management has determined that no events or transactions occurred subsequent to June 30, 2021, that would require recognition or disclosure in these financial statements.
65

Mid-Cap Value Index Fund
Fund Allocation
As of June 30, 2021
Basic Materials 5.7%
Consumer Discretionary 16.2
Consumer Staples 6.5
Energy 5.7
Financials 17.7
Health Care 6.1
Industrials 11.5
Real Estate 10.8
Technology 6.4
Telecommunications 2.5
Utilities 10.9
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.
66

Mid-Cap Value Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of June 30, 2021
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%)
Basic Materials (5.7%)
International Flavors & Fragrances Inc.  2,022,136    302,107
Nucor Corp.  2,430,967    233,203
International Paper Co.  3,182,368    195,111
Albemarle Corp.    948,216    159,736
Avery Dennison Corp.    674,344    141,774
Celanese Corp.    915,002    138,714
Eastman Chemical Co.  1,109,021    129,478
LyondellBasell Industries NV Class A  1,086,427    111,761
FMC Corp.    523,454     56,638
CF Industries Holdings Inc.    871,362     44,832
Westlake Chemical Corp.    130,005     11,712
                    1,525,066
Consumer Discretionary (16.1%)
DR Horton Inc.  2,635,604    238,179
*,1 AMC Entertainment Holdings Inc. Class A  4,007,258    227,131
* Delta Air Lines Inc.  5,196,230    224,789
Lennar Corp. Class A  2,239,896    222,534
ViacomCBS Inc. Class B  4,683,568    211,697
Best Buy Co. Inc.  1,830,730    210,497
Garmin Ltd.  1,248,730    180,616
* Carnival Corp.  6,722,508    177,205
* CarMax Inc.  1,325,381    171,173
Darden Restaurants Inc.  1,062,953    155,180
Genuine Parts Co.  1,173,668    148,434
Omnicom Group Inc.  1,747,738    139,802
* United Airlines Holdings Inc.  2,628,678    137,454
* AutoZone Inc.     89,510    133,569
* Southwest Airlines Co.  2,402,002    127,522
Whirlpool Corp.    508,748    110,917
PulteGroup Inc.  2,029,430    110,746
Advance Auto Parts Inc.    531,555    109,043
Hasbro Inc.  1,061,728    100,354
          Shares Market
Value

($000)
Fox Corp. Class A  2,645,028     98,210
News Corp. Class A  3,726,961     96,044
BorgWarner Inc.  1,948,428     94,577
* Dollar Tree Inc.    950,498     94,575
* Royal Caribbean Cruises Ltd.    878,944     74,956
* Discovery Inc. Class C  2,548,683     73,861
MGM Resorts International  1,693,762     72,239
* Hilton Worldwide Holdings Inc.    565,707     68,236
L Brands Inc.    906,343     65,311
* Liberty Media Corp.-Liberty SiriusXM Class C  1,263,356     58,607
* American Airlines Group Inc.  2,605,324     55,259
Interpublic Group of Cos. Inc.  1,598,833     51,946
*,1 GameStop Corp. Class A    241,345     51,682
Fox Corp. Class B  1,246,720     43,885
Lear Corp.    244,257     42,813
*,1 Discovery Inc. Class A  1,301,134     39,919
Aramark  1,035,619     38,577
* Liberty Media Corp.-Liberty SiriusXM Class A    549,672     25,604
*,1 QuantumScape Corp. Class A    527,608     15,438
Lennar Corp. Class B    122,627      9,988
News Corp. Class B    378,120      9,207
ViacomCBS Inc. Class A     73,280      3,550
* Endeavor Group Holdings Inc. Class A      4,229        117
                    4,321,443
Consumer Staples (6.5%)
Corteva Inc.  5,997,895    266,007
Clorox Co.  1,010,381    181,778
Tyson Foods Inc. Class A  2,394,660    176,630
Conagra Brands Inc.  3,899,065    141,848
67

Mid-Cap Value Index Fund
          Shares Market
Value

($000)
Archer-Daniels-Midland Co.  2,269,468    137,530
AmerisourceBergen Corp.  1,168,089    133,734
Kellogg Co.  2,074,535    133,455
McKesson Corp.    642,531    122,878
J M Smucker Co.    845,771    109,586
Kroger Co.  2,767,720    106,031
Hormel Foods Corp.  2,194,054    104,766
Campbell Soup Co.  1,600,021     72,945
* Molson Coors Beverage Co. Class B    733,150     39,363
                    1,726,551
Energy (5.7%)
Valero Energy Corp.  3,320,602    259,273
Occidental Petroleum Corp.  7,203,742    225,261
ONEOK Inc.  3,619,420    201,384
Marathon Petroleum Corp.  2,650,962    160,171
Halliburton Co.  6,866,346    158,750
Phillips 66  1,778,522    152,633
Baker Hughes Co.  5,972,075    136,581
Williams Cos. Inc.  4,934,125    131,001
Hess Corp.  1,127,533     98,456
                    1,523,510
Financials (17.7%)
Discover Financial Services  2,476,781    292,978
Willis Towers Watson plc  1,047,764    241,007
Arthur J Gallagher & Co.  1,675,401    234,690
Ameriprise Financial Inc.    941,596    234,344
State Street Corp.  2,683,889    220,830
Fifth Third Bancorp  5,718,882    218,633
Northern Trust Corp.  1,606,338    185,725
Hartford Financial Services Group Inc.  2,901,750    179,821
Huntington Bancshares Inc. 11,994,020    171,155
American International Group Inc.  3,485,704    165,920
Nasdaq Inc.    933,128    164,044
KeyCorp  7,884,166    162,808
Citizens Financial Group Inc.  3,460,147    158,717
Regions Financial Corp.  7,809,275    157,591
M&T Bank Corp.  1,045,113    151,865
Ally Financial Inc.  3,011,352    150,086
Cincinnati Financial Corp.  1,243,281    144,991
Principal Financial Group Inc.  2,209,674    139,629
KKR & Co. Inc.  2,244,961    132,992
          Shares Market
Value

($000)
Raymond James Financial Inc.  1,004,794    130,523
* Arch Capital Group Ltd.  3,114,946    121,296
Equitable Holdings Inc.  3,479,464    105,950
Annaly Capital Management Inc. 11,360,469    100,881
Loews Corp.  1,817,262     99,313
Fidelity National Financial Inc.  2,230,704     96,946
Everest Re Group Ltd.    325,624     82,061
W R Berkley Corp.  1,080,728     80,439
Franklin Resources Inc.  2,458,168     78,637
Globe Life Inc.    753,460     71,767
* Markel Corp.     55,883     66,317
Cboe Global Markets Inc.    433,350     51,590
Lincoln National Corp.    734,654     46,166
AGNC Investment Corp.  2,131,968     36,009
* Alleghany Corp.     53,744     35,851
* Opendoor Technologies Inc.  1,759,894     31,203
1 UWM Holdings Corp.    669,222      5,655
                    4,748,430
Health Care (6.1%)
* Laboratory Corp. of America Holdings    793,205    218,806
* Alexion Pharmaceuticals Inc.    897,785    164,932
Viatris Inc.  9,818,864    140,312
Quest Diagnostics Inc.  1,061,250    140,053
* Hologic Inc.  2,081,558    138,882
Cardinal Health Inc.  2,357,032    134,563
* Elanco Animal Health Inc.  3,842,524    133,297
DENTSPLY SIRONA Inc.  1,773,586    112,197
Royalty Pharma plc Class A  2,553,140    104,653
Universal Health Services Inc. Class B    601,761     88,116
* Henry Schein Inc.  1,142,977     84,797
STERIS plc    384,601     79,343
* DaVita Inc.    560,773     67,534
* agilon health Inc.    476,414     19,328
                    1,626,813
Industrials (11.5%)
Carrier Global Corp.  7,059,491    343,091
* Keysight Technologies Inc.  1,498,845    231,437
Synchrony Financial  4,724,630    229,239
* United Rentals Inc.    587,987    187,574
Fortive Corp.  2,612,490    182,195
Dover Corp.  1,169,173    176,077
WW Grainger Inc.    359,822    157,602
* Ingersoll Rand Inc.  3,066,817    149,691
 
68

Mid-Cap Value Index Fund
          Shares Market
Value

($000)
Otis Worldwide Corp.  1,743,067    142,531
Jacobs Engineering Group Inc.  1,057,877    141,142
Rockwell Automation Inc.    471,476    134,852
Textron Inc.  1,833,650    126,100
Westrock Co.  2,161,916    115,057
Crown Holdings Inc.  1,095,856    112,007
Ball Corp.  1,333,247    108,020
Packaging Corp. of America    771,685    104,502
CH Robinson Worldwide Inc.  1,080,312    101,193
Snap-on Inc.    439,331     98,160
Western Union Co.  3,324,621     76,366
Fortune Brands Home & Security Inc.    562,994     56,080
* Mohawk Industries Inc.    226,527     43,536
Hubbell Inc. Class B    220,621     41,221
* XPO Logistics Inc.    197,167     27,582
* Marqeta Inc. Class A      7,812        219
                    3,085,474
Real Estate (10.8%)
Welltower Inc.  3,391,790    281,858
AvalonBay Communities Inc.  1,134,084    236,672
Equity Residential  2,886,322    222,247
* CBRE Group Inc. Class A  2,590,523    222,085
Weyerhaeuser Co.  6,086,415    209,494
Simon Property Group Inc.  1,334,440    174,118
Ventas Inc.  3,047,492    174,012
Essex Property Trust Inc.    528,028    158,414
Mid-America Apartment Communities Inc.    930,070    156,642
Healthpeak Properties Inc.  4,377,975    145,743
Duke Realty Corp.  3,046,306    144,243
Boston Properties Inc.  1,141,100    130,759
UDR Inc.  2,411,328    118,107
WP Carey Inc.  1,445,652    107,874
Camden Property Trust    793,552    105,280
Realty Income Corp.  1,517,099    101,251
Iron Mountain Inc.  2,345,595     99,265
* Host Hotels & Resorts Inc.  2,868,110     49,016
VEREIT Inc.    930,740     42,749
Regency Centers Corp.    345,055     22,108
                    2,901,937
Technology (6.4%)
Corning Inc.  6,224,488    254,582
Maxim Integrated Products Inc.  2,180,101    229,695
          Shares Market
Value

($000)
CDW Corp.  1,138,969    198,921
* Qorvo Inc.    914,622    178,946
* Western Digital Corp.  2,365,067    168,322
Hewlett Packard Enterprise Co. 10,570,077    154,112
NetApp Inc.  1,808,378    147,962
Seagate Technology Holdings plc  1,673,393    147,141
NortonLifeLock Inc.  4,475,871    121,833
Leidos Holdings Inc.    574,422     58,074
* F5 Networks Inc.    242,159     45,201
                    1,704,789
Telecommunications (2.5%)
Motorola Solutions Inc.  1,378,337    298,892
Lumen Technologies Inc.  8,979,538    122,032
* Liberty Broadband Corp. Class C    616,114    106,994
* DISH Network Corp. Class A  1,995,244     83,401
Juniper Networks Inc.  1,331,213     36,409
* Liberty Broadband Corp. Class A     99,398     16,716
                      664,444
Utilities (10.9%)
WEC Energy Group Inc.  2,562,405    227,926
American Water Works Co. Inc.  1,474,130    227,208
Eversource Energy  2,790,156    223,882
DTE Energy Co.  1,573,787    203,963
Consolidated Edison Inc.  2,784,819    199,727
Edison International  3,082,409    178,225
PPL Corp.  5,937,805    166,080
Ameren Corp.  2,074,837    166,070
FirstEnergy Corp.  4,418,516    164,413
Entergy Corp.  1,630,075    162,519
AES Corp.  5,412,567    141,106
CMS Energy Corp.  2,351,435    138,923
* PG&E Corp. 12,094,912    123,005
CenterPoint Energy Inc.  4,715,756    115,630
Alliant Energy Corp.  2,032,094    113,310
Evergy Inc.  1,844,058    111,436
NiSource Inc.  3,186,304     78,064
Vistra Corp.  3,916,007     72,642
NRG Energy Inc.    994,175     40,065
Pinnacle West Capital Corp.    457,985     37,541
Avangrid Inc.    629,127     32,356
                    2,924,091
Total Common Stocks
(Cost $18,533,139)
26,752,548
 
69

Mid-Cap Value Index Fund
          Shares Market
Value

($000)
Temporary Cash Investments (0.7%)
Money Market Fund (0.7%)
2,3 Vanguard Market Liquidity Fund, 0.056%
(Cost $201,080)
 2,010,861           201,086
Total Investments (100.6%)
(Cost $18,734,219)
  26,953,634
Other Assets and Liabilities—Net (-0.6%)   (166,752)
Net Assets (100%)   26,786,882
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 $208,817,000.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
3 Collateral of $214,352,000 was received for securities on loan, of which $179,972,000 is held in Vanguard Market Liquidity Fund and $34,380,000 is held in cash.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts
      ($000)
  Expiration Number of
Long (Short)
Contracts
Notional
Amount
Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts
E-mini S&P 500 Index September 2021 9 1,930 27
E-mini S&P Mid-Cap 400 Index September 2021 145 39,040 (777)
        (750)
  
See accompanying Notes, which are an integral part of the Financial Statements.
70

Mid-Cap Value Index Fund
Statement of Assets and Liabilities
As of June 30, 2021
($000s, except shares and per-share amounts) Amount
Assets  
Investments in Securities, at Value  
Unaffiliated Issuers (Cost $18,533,139) 26,752,548
Affiliated Issuers (Cost $201,080) 201,086
Total Investments in Securities 26,953,634
Investment in Vanguard 946
Cash 5,821
Cash Collateral Pledged—Futures Contracts 2,060
Receivables for Investment Securities Sold 28,775
Receivables for Accrued Income 45,919
Receivables for Capital Shares Issued 20,431
Variation Margin Receivable—Futures Contracts 41
Total Assets 27,057,627
Liabilities  
Payables for Investment Securities Purchased 29,131
Collateral for Securities on Loan 214,352
Payables for Capital Shares Redeemed 26,487
Payables to Vanguard 775
Total Liabilities 270,745
Net Assets 26,786,882
At June 30, 2021, net assets consisted of:  
   
Paid-in Capital 21,297,185
Total Distributable Earnings (Loss) 5,489,697
Net Assets 26,786,882
 
Investor Shares—Net Assets  
Applicable to 1,009,904 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
55,860
Net Asset Value Per Share—Investor Shares $55.31
 
ETF Shares—Net Assets  
Applicable to 102,647,830 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
14,420,565
Net Asset Value Per Share—ETF Shares $140.49
 
Admiral Shares—Net Assets  
Applicable to 169,154,767 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
12,310,457
Net Asset Value Per Share—Admiral Shares $72.78
See accompanying Notes, which are an integral part of the Financial Statements.
71

Mid-Cap Value Index Fund
Statement of Operations
  Six Months Ended
June 30, 2021
  ($000)
Investment Income  
Income  
Dividends 228,112
Interest1 7
Securities Lending—Net 1,192
Total Income 229,311
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 1,199
Management and Administrative—Investor Shares 43
Management and Administrative—ETF Shares 3,036
Management and Administrative—Admiral Shares 3,158
Marketing and Distribution—Investor Shares 2
Marketing and Distribution—ETF Shares 195
Marketing and Distribution—Admiral Shares 200
Custodian Fees 28
Shareholders’ Reports—Investor Shares
Shareholders’ Reports—ETF Shares 685
Shareholders’ Reports—Admiral Shares 70
Trustees’ Fees and Expenses 3
Total Expenses 8,619
Net Investment Income 220,692
Realized Net Gain (Loss)  
Investment Securities Sold1,2 656,940
Futures Contracts 4,389
Realized Net Gain (Loss) 661,329
Change in Unrealized Appreciation (Depreciation)  
Investment Securities1 3,228,152
Futures Contracts (1,273)
Change in Unrealized Appreciation (Depreciation) 3,226,879
Net Increase (Decrease) in Net Assets Resulting from Operations 4,108,900
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $7,000, $7,000, and ($7,000), respectively. Purchases and sales are for temporary cash investment purposes.
2 Includes $262,477,000 of net gain (loss) resulting from in-kind redemptions.
See accompanying Notes, which are an integral part of the Financial Statements.
72

Mid-Cap Value Index Fund
Statement of Changes in Net Assets
  Six Months Ended
June 30,
2021
  Year Ended
December 31,
2020
  ($000)   ($000)
Increase (Decrease) in Net Assets      
Operations      
Net Investment Income 220,692   499,306
Realized Net Gain (Loss) 661,329   (1,007,235)
Change in Unrealized Appreciation (Depreciation) 3,226,879   863,169
Net Increase (Decrease) in Net Assets Resulting from Operations 4,108,900   355,240
Distributions      
Investor Shares (448)   (1,066)
ETF Shares (124,472)   (251,536)
Admiral Shares (107,290)   (250,673)
Total Distributions (232,210)   (503,275)
Capital Share Transactions      
Investor Shares 4,688   (7,436)
ETF Shares 1,316,190   694,076
Admiral Shares 393,720   (882,562)
Net Increase (Decrease) from Capital Share Transactions 1,714,598   (195,922)
Total Increase (Decrease) 5,591,288   (343,957)
Net Assets      
Beginning of Period 21,195,594   21,539,551
End of Period 26,786,882   21,195,594
See accompanying Notes, which are an integral part of the Financial Statements.
73

Mid-Cap Value Index Fund
Financial Highlights
Investor Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $46.83 $46.96 $37.50 $43.89 $38.24 $33.86
Investment Operations            
Net Investment Income .4411 1.0481,2 .8081 1.0011,3 .7711 .675
Net Realized and Unrealized Gain (Loss) on Investments 8.498 (.122) 9.566 (6.415) 5.646 4.396
Total from Investment Operations 8.939 .926 10.374 (5.414) 6.417 5.071
Distributions            
Dividends from Net Investment Income (.459) (1.056) (.914) (.976) (.767) (.691)
Distributions from Realized Capital Gains
Total Distributions (.459) (1.056) (.914) (.976) (.767) (.691)
Net Asset Value, End of Period $55.31 $46.83 $46.96 $37.50 $43.89 $38.24
Total Return4 19.12% 2.43% 27.82% -12.53% 16.91% 15.11%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $56 $43 $52 $508 $682 $666
Ratio of Total Expenses to Average Net Assets 0.19% 0.19% 0.19% 0.19% 0.19% 0.19%
Ratio of Net Investment Income to Average Net Assets 1.69% 2.58%2 1.90% 2.29%3 1.92% 2.02%
Portfolio Turnover Rate5 8% 39% 17% 17% 17% 20%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Net investment income per share and the ratio of net investment income to average net assets include $.142 and 0.35%, respectively, resulting from a special dividend from NortonLifeLock Inc. in February 2020.
3 Net investment income per share and the ratio of net investment income to average net assets include $.111 and 0.26%, respectively, resulting from a special dividend from Dr Pepper Snapple Group Inc. in July 2018.
4 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.
5 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.
74

Mid-Cap Value Index Fund
Financial Highlights
ETF Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $118.93 $119.27 $95.22 $111.47 $97.12 $85.99
Investment Operations            
Net Investment Income 1.2021 2.7811,2 2.4971 2.6451,3 2.1161 1.822
Net Realized and Unrealized Gain (Loss) on Investments 21.600 (.310) 23.996 (16.278) 14.306 11.170
Total from Investment Operations 22.802 2.471 26.493 (13.633) 16.422 12.992
Distributions            
Dividends from Net Investment Income (1.242) (2.811) (2.443) (2.617) (2.072) (1.862)
Distributions from Realized Capital Gains
Total Distributions (1.242) (2.811) (2.443) (2.617) (2.072) (1.862)
Net Asset Value, End of Period $140.49 $118.93 $119.27 $95.22 $111.47 $97.12
Total Return 19.20% 2.50% 27.98% -12.41% 17.05% 15.26%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $14,421 $11,061 $10,339 $7,898 $8,355 $6,383
Ratio of Total Expenses to Average Net Assets 0.07% 0.07% 0.07% 0.07% 0.07% 0.07%
Ratio of Net Investment Income to Average Net Assets 1.81% 2.69%2 2.26% 2.41%3 2.04% 2.14%
Portfolio Turnover Rate4 8% 39% 17% 17% 17% 20%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Net investment income per share and the ratio of net investment income to average net assets include $.362 and 0.35%, respectively, resulting from a special dividend from NortonLifeLock Inc. in February 2020.
3 Net investment income per share and the ratio of net investment income to average net assets include $.282 and 0.26%, respectively, resulting from a special dividend from Dr Pepper Snapple Group Inc. in July 2018.
4 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.
75

Mid-Cap Value Index Fund
Financial Highlights
Admiral Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $61.61 $61.79 $49.33 $57.74 $50.31 $44.54
Investment Operations            
Net Investment Income .6211 1.4381,2 1.3031 1.3851,3 1.0961 .942
Net Realized and Unrealized Gain (Loss) on Investments 11.192 (.162) 12.422 (8.439) 7.407 5.791
Total from Investment Operations 11.813 1.276 13.725 (7.054) 8.503 6.733
Distributions            
Dividends from Net Investment Income (.643) (1.456) (1.265) (1.356) (1.073) (.963)
Distributions from Realized Capital Gains
Total Distributions (.643) (1.456) (1.265) (1.356) (1.073) (.963)
Net Asset Value, End of Period $72.78 $61.61 $61.79 $49.33 $57.74 $50.31
Total Return4 19.21% 2.54% 27.99% -12.42% 17.04% 15.26%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $12,310 $10,092 $11,148 $7,738 $8,134 $5,949
Ratio of Total Expenses to Average Net Assets 0.07% 0.07% 0.07% 0.07% 0.07% 0.07%
Ratio of Net Investment Income to Average Net Assets 1.81% 2.69%2 2.28% 2.41%3 2.04% 2.14%
Portfolio Turnover Rate5 8% 39% 17% 17% 17% 20%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Net investment income per share and the ratio of net investment income to average net assets include $.187 and 0.35%, respectively, resulting from a special dividend from NortonLifeLock Inc. in February 2020.
3 Net investment income per share and the ratio of net investment income to average net assets include $.146 and 0.26%, respectively, resulting from a special dividend from Dr Pepper Snapple Group Inc. in July 2018.
4 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.
5 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.
76

Mid-Cap Value Index Fund
Notes to Financial Statements
Vanguard Mid-Cap Value Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers three classes of shares: Investor 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.
Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus 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 materially 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 board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
During the six months ended June 30, 2021, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
77

Mid-Cap Value Index Fund
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute 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 $4.3 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, 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; these fees 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 a rate based upon the higher of the one-month London Interbank Offered Rate (or an acceptable alternate rate, if necessary), federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread, except that borrowings under the uncommitted credit facility may bear interest based upon an alternative 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
78

Mid-Cap Value Index Fund
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 June 30, 2021, 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. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. 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.
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.
B. 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 June 30, 2021, the fund had contributed to Vanguard capital in the amount of $946,000, representing less than 0.01% of the fund’s net assets and 0.38% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. 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.
79

Mid-Cap Value Index Fund
At June 30, 2021, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.
D. As of June 30, 2021, 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 18,758,677
Gross Unrealized Appreciation 8,434,984
Gross Unrealized Depreciation (240,777)
Net Unrealized Appreciation (Depreciation) 8,194,207
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2020, the fund had available capital losses totaling $3,369,442,000 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 December 31, 2021; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
E. During the six months ended June 30, 2021, the fund purchased $4,063,517,000 of investment securities and sold $2,345,997,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,713,137,000 and $456,006,000, 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 June 30, 2021, such purchases and sales were $541,512,000 and $688,919,000, respectively; 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
June 30, 2021
  Year Ended
December 31, 2020
  Amount
($000)
Shares
(000)
  Amount
($000)
Shares
(000)
Investor Shares          
Issued 10,060 188   8,255 208
Issued in Lieu of Cash Distributions 448 8   1,066 27
Redeemed (5,820) (111)   (16,757) (423)
Net Increase (Decrease)—Investor Shares 4,688 85   (7,436) (188)
80

Mid-Cap Value Index Fund
  Six Months Ended
June 30, 2021
  Year Ended
December 31, 2020
  Amount
($000)
Shares
(000)
  Amount
($000)
Shares
(000)
ETF Shares          
Issued 1,788,357 13,021   3,661,867 35,714
Issued in Lieu of Cash Distributions  
Redeemed (472,167) (3,375)   (2,967,791) (29,400)
Net Increase (Decrease)—ETF Shares 1,316,190 9,646   694,076 6,314
Admiral Shares          
Issued 1,769,591 25,323   2,506,721 48,206
Issued in Lieu of Cash Distributions 94,804 1,343   222,711 4,318
Redeemed (1,470,675) (21,314)   (3,611,994) (69,151)
Net Increase (Decrease)—Admiral Shares 393,720 5,352   (882,562) (16,627)
G. Management has determined that no events or transactions occurred subsequent to June 30, 2021, that would require recognition or disclosure in these financial statements.
81

Trustees Approve Advisory Arrangements
The board of trustees of Vanguard Extended Market Index Fund, Vanguard Mid-Cap Index Fund, Vanguard Mid-Cap Growth Index Fund, and Vanguard Mid-Cap Value Index Fund has renewed each fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index Group. The board determined that continuing each fund’s internalized management structure was in the best interests of the fund and its shareholders.
The board based its decisions upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made monthly presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.
The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.
In addition, the board received monthly reports, which included a Market and Economic Report, a Fund Dashboard Monthly Summary, and a Fund Performance Report.
Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board’s decisions.
Nature, extent, and quality of services
The board reviewed the quality of each fund’s investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Equity Index Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of each advisory arrangement.
Investment performance
The board considered the short- and long-term performance of each fund, including any periods of outperformance or underperformance compared with its target index and peer group. The board concluded that the performance was such that each advisory arrangement should continue.
Cost
The board concluded that each fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that each fund’s advisory expenses were also well below the peer-group average.
82

The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.
The benefit of economies of scale
The board concluded that the funds’ arrangements with Vanguard ensure that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangements again after a one-year period.
83

Liquidity Risk Management
Vanguard funds (except for the money market funds) have adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940. Rule 22e-4 requires that each fund adopt a program that is reasonably designed to assess and manage the fund’s liquidity risk, which is the risk that the fund could not meet redemption requests without significant dilution of remaining investors’ interests in the fund.
Assessment and management of a fund’s liquidity risk under the Program take into consideration certain factors, such as the fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short- and long-term cash-flow projections during both normal and reasonably foreseeable stressed conditions, and its cash and cash-equivalent holdings and access to other funding sources. As required by the rule, the Program includes policies and procedures for classification of fund portfolio holdings in four liquidity categories, maintaining certain levels of highly liquid investments, and limiting holdings of illiquid investments.
The board of trustees of Vanguard Index Funds approved the appointment of liquidity risk management program administrators responsible for administering the Program for Vanguard Extended Market Index Fund, Vanguard Mid-Cap Index Fund, Vanguard Mid-Cap Growth Index Fund, and Vanguard Mid-Cap Value Index Fund, and for carrying out the specific responsibilities set forth in the Program, including reporting to the board on at least an annual basis regarding the Program's operation, its adequacy, and the effectiveness of its implementation for the past year (the “Program Administrator Report”). The board has reviewed the Program Administrator Report covering the period from January 1, 2020, through December 31, 2020 (the “Review Period”). The Program Administrator Report stated that during the Review Period the Program operated and was implemented effectively to manage the funds' liquidity risk.
84

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This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.
You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.
You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.
© 2021 The Vanguard Group, Inc.
All rights reserved.
U.S. Patent Nos. 6,879,964; 7,337,138;
7,720,749; 7,925,573; 8,090,646; 8,417,623; and 8,626,636
Vanguard Marketing Corporation, Distributor.
Q982 082021

 

 

Semiannual Report   |   June 30, 2021
Vanguard U.S. Stock Index Funds Large-Capitalization Portfolios
Vanguard Growth Index Fund
Vanguard Value Index Fund
Vanguard Large-Cap Index Fund

Contents
Results of Proxy Voting

1
About Your Fund’s Expenses

2
Growth Index Fund

4
Value Index Fund

24
Large-Cap Index Fund

45
Trustees Approve Advisory Arrangements

66
Liquidity Risk Management

68

Results of Proxy Voting
At a special meeting held on January 22, 2021, shareholders of the U.S. Value Fund (the “Acquired Fund”) approved the following proposal:
Proposal- Approval of Agreement and Plan of Reorganization.
Approval of an agreement and plan of reorganization providing for (i) the transfer of substantially all of the assets of the Acquired Fund to Vanguard Value Index Fund (the "Value Index Fund") in exchange for shares of beneficial interest of the Value Index Fund; (ii) the assumption by the Value Index Fund of the liabilities of the Acquired Fund; and (iii) the distribution of Value Index Fund shares to the shareholders of the Acquired Fund in complete liquidation of the Acquired Fund. The purpose of the transaction was to consolidate the assets of the two funds, placing the Acquired Fund shareholders in a comparable fund with better historical long-term investment performance; delivering a large expense ratio reduction for the Acquired Fund shareholders; and creating a larger combined fund, which we anticipate, over time, will achieve greater economies of scale.
Vanguard Fund For Abstain Against Broker
Non-Votes
Percentage
For
U.S. Value Fund 33,292,112 1,490,544 1,963,555 0 90.6%
1

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.
2

Six Months Ended June 30, 2021      
  Beginning
Account Value
12/31/2020
Ending
Account Value
6/30/2021
Expenses
Paid During
Period
Based on Actual Fund Return      
Growth Index Fund      
Investor Shares $1,000.00 $1,133.00 $0.90
ETF Shares 1,000.00 1,133.70 0.21
Admiral™ Shares 1,000.00 1,133.60 0.26
Institutional Shares 1,000.00 1,133.70 0.21
Value Index Fund      
Investor Shares $1,000.00 $1,167.21 $0.91
ETF Shares 1,000.00 1,167.97 0.22
Admiral Shares 1,000.00 1,168.20 0.27
Institutional Shares 1,000.00 1,168.03 0.22
Large-Cap Index Fund      
Investor Shares $1,000.00 $1,148.60 $0.91
ETF Shares 1,000.00 1,149.30 0.21
Admiral Shares 1,000.00 1,149.20 0.27
Institutional Shares 1,000.00 1,149.30 0.21
Based on Hypothetical 5% Yearly Return      
Growth Index Fund      
Investor Shares $1,000.00 $1,023.95 $0.85
ETF Shares 1,000.00 1,024.60 0.20
Admiral Shares 1,000.00 1,024.55 0.25
Institutional Shares 1,000.00 1,024.60 0.20
Value Index Fund      
Investor Shares $1,000.00 $1,023.95 $0.85
ETF Shares 1,000.00 1,024.60 0.20
Admiral Shares 1,000.00 1,024.55 0.25
Institutional Shares 1,000.00 1,024.60 0.20
Large-Cap Index Fund      
Investor Shares $1,000.00 $1,023.95 $0.85
ETF Shares 1,000.00 1,024.60 0.20
Admiral Shares 1,000.00 1,024.55 0.25
Institutional Shares 1,000.00 1,024.60 0.20
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 Growth Index Fund, 0.17% for Investor Shares, 0.04% for ETF Shares, 0.05% for Admiral Shares, and 0.04% for Institutional Shares; for the Value Index Fund, 0.17% for Investor Shares, 0.04% for ETF Shares, 0.05% for Admiral Shares, and 0.04% for Institutional Shares; and for the Large-Cap Index Fund, 0.17% for Investor Shares, 0.04% for ETF Shares, 0.05% for Admiral Shares, and 0.04% 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).
3

Growth Index Fund
Fund Allocation
As of June 30, 2021
Basic Materials 1.2%
Consumer Discretionary 23.4
Consumer Staples 1.0
Energy 0.5
Financials 2.1
Health Care 7.8
Industrials 12.7
Real Estate 2.6
Technology 47.6
Telecommunications 1.0
Utilities 0.1
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.
4

Growth Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of June 30, 2021
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%)
Basic Materials (1.2%)
  Linde plc   4,015,450   1,160,867
  Ecolab Inc.   1,987,154     409,294
  Fastenal Co.   4,434,985     230,619
  FMC Corp.     995,181     107,679
  Albemarle Corp.     450,661      75,918
        1,984,377
Consumer Discretionary (23.4%)
* Amazon.com Inc.   3,310,163  11,387,490
* Tesla Inc.   5,950,896   4,044,824
  Home Depot Inc.   8,210,422   2,618,221
* Walt Disney Co.  14,021,321   2,464,528
* Netflix Inc.   3,323,890   1,755,712
  NIKE Inc. Class B   9,844,960   1,520,948
  Costco Wholesale Corp.   3,417,171   1,352,072
  McDonald's Corp.   5,761,810   1,330,921
  Lowe's Cos. Inc.   5,521,299   1,070,966
  Starbucks Corp.   9,098,616   1,017,316
* Booking Holdings Inc.     317,015     693,657
  TJX Cos. Inc.   8,846,891     596,457
  Activision Blizzard Inc.   6,000,005     572,640
  Estee Lauder Cos. Inc. Class A   1,701,113     541,090
* Uber Technologies Inc.  10,115,498     506,989
  Dollar General Corp.   1,847,644     399,812
  Ross Stores Inc.   2,753,727     341,462
* Chipotle Mexican Grill Inc. Class A     217,373     337,002
* Lululemon Athletica Inc.     917,911     335,010
* Aptiv plc   2,087,189     328,377
  Electronic Arts Inc.   2,209,944     317,856
* O'Reilly Automotive Inc.     538,713     305,025
  Yum! Brands Inc.   2,300,360     264,610
* Hilton Worldwide Holdings Inc.   2,150,782     259,427
* Trade Desk Inc. Class A   3,330,139     257,620
* AutoZone Inc.     170,184     253,952
* Peloton Interactive Inc. Class A   1,971,415     244,495
* Copart Inc.   1,644,144     216,748
*,1 AMC Entertainment Holdings Inc. Class A   3,804,297     215,628
* Etsy Inc.     981,404     202,012
    Shares Market
Value

($000)
* Carvana Co. Class A     624,949     188,622
* Wayfair Inc. Class A     569,531     179,807
* Roblox Corp. Class A   1,992,613     179,295
* Expedia Group Inc.   1,092,210     178,806
* Airbnb Inc. Class A   1,117,967     171,205
  Tractor Supply Co.     890,040     165,601
* Burlington Stores Inc.     513,829     165,448
* Caesars Entertainment Inc.   1,530,021     158,740
* Take-Two Interactive Software Inc.     893,093     158,095
* Ulta Beauty Inc.     427,691     147,883
  Domino's Pizza Inc.     299,823     139,864
* Marriott International Inc. Class A   1,004,590     137,147
* NVR Inc.      26,668     132,628
* Lyft Inc. Class A   1,980,328     119,770
* DraftKings Inc. Class A   2,166,061     113,003
* Wynn Resorts Ltd.     803,807      98,306
* Live Nation Entertainment Inc.   1,097,623      96,141
* Royal Caribbean Cruises Ltd.     834,425      71,160
  MGM Resorts International   1,607,904      68,577
  Rollins Inc.   1,710,014      58,482
* Vail Resorts Inc.     155,442      49,201
* Penn National Gaming Inc.     603,686      46,176
*,1 Chewy Inc. Class A     566,780      45,178
1 Sirius XM Holdings Inc.   6,317,775      41,318
  Warner Music Group Corp. Class A     722,257      26,030
*,1 QuantumScape Corp. Class A     501,249      14,667
* Endeavor Group Holdings Inc. Class A       4,687         130
* LKQ Corp.       1,194          59
       38,704,206
Consumer Staples (1.0%)
  Colgate-Palmolive Co.   6,532,429     531,413
* Monster Beverage Corp.   2,857,024     260,989
  Hershey Co.   1,130,309     196,877
  Brown-Forman Corp. Class B   2,391,152     179,193
  McCormick & Co. Inc.   1,922,751     169,817
5

Growth Index Fund
    Shares Market
Value

($000)
  Church & Dwight Co. Inc.   1,893,764     161,387
  Lamb Weston Holdings Inc.   1,129,566      91,111
  Clorox Co.     480,210      86,395
  Brown-Forman Corp. Class A     325,778      22,967
        1,700,149
Energy (0.5%)
  Pioneer Natural Resources Co.   1,695,340     275,526
* Cheniere Energy Inc.   1,762,027     152,838
* Plug Power Inc.   4,387,862     150,021
  Hess Corp.   1,071,744      93,585
* Enphase Energy Inc.     471,507      86,583
          758,553
Financials (2.1%)
  S&P Global Inc.   1,860,161     763,503
  Moody's Corp.   1,228,693     445,242
  Aon plc Class A (XNYS)   1,655,403     395,244
  MSCI Inc. Class A     604,617     322,309
  Intercontinental Exchange Inc.   2,175,442     258,225
  First Republic Bank   1,360,968     254,732
* Coinbase Global Inc. Class A     930,622     235,727
* SVB Financial Group     419,403     233,368
  Broadridge Financial Solutions Inc.     896,703     144,844
  MarketAxess Holdings Inc.     278,624     129,167
  FactSet Research Systems Inc.     292,302      98,100
  Tradeweb Markets Inc. Class A     808,356      68,355
* Markel Corp.      53,097      63,011
  SEI Investments Co.     496,234      30,752
  Interactive Brokers Group Inc. Class A     315,559      20,742
  Arthur J Gallagher & Co.         893         125
  Cboe Global Markets Inc.         482          57
        3,463,503
Health Care (7.8%)
  Thermo Fisher Scientific Inc.   3,034,896   1,531,014
* Intuitive Surgical Inc.     914,375     840,896
  Zoetis Inc.   3,666,064     683,208
  Danaher Corp.   2,478,499     665,130
  Stryker Corp.   2,472,980     642,307
* Moderna Inc.   2,635,228     619,226
* Illumina Inc.   1,127,383     533,489
* Edwards Lifesciences Corp.   4,800,209     497,158
* Boston Scientific Corp.  10,972,017     469,163
* Regeneron Pharmaceuticals Inc.     768,016     428,968
* IDEXX Laboratories Inc.     658,519     415,888
* Vertex Pharmaceuticals Inc.   1,998,916     403,041
* IQVIA Holdings Inc.   1,479,976     358,628
    Shares Market
Value

($000)
* Align Technology Inc.     580,481     354,674
  Agilent Technologies Inc.   2,362,868     349,256
* Veeva Systems Inc. Class A   1,065,767     331,400
* DexCom Inc.     746,721     318,850
  ResMed Inc.   1,123,667     277,006
  Becton Dickinson and Co.   1,124,204     273,395
  West Pharmaceutical Services Inc.     570,068     204,711
  Cerner Corp.   2,326,779     181,861
* Teladoc Health Inc.   1,073,861     178,572
* Seagen Inc.   1,050,998     165,932
* Exact Sciences Corp.   1,324,655     164,668
* Centene Corp.   2,252,670     164,287
* Horizon Therapeutics plc   1,734,548     162,423
* Alexion Pharmaceuticals Inc.     853,285     156,757
  Baxter International Inc.   1,941,454     156,287
* Alnylam Pharmaceuticals Inc.     907,676     153,869
  Cooper Cos. Inc.     379,540     150,400
  Teleflex Inc.     360,879     144,998
* Insulet Corp.     511,725     140,474
* Incyte Corp.   1,443,469     121,439
* 10X Genomics Inc. Class A     606,086     118,684
* BioMarin Pharmaceutical Inc.   1,411,074     117,740
* ABIOMED Inc.     349,754     109,162
  STERIS plc     365,353      75,372
* Novocure Ltd.     338,974      75,191
* Catalent Inc.     657,687      71,109
* Oak Street Health Inc.     929,660      54,450
* Bio-Rad Laboratories Inc. Class A      81,060      52,226
* PPD Inc.     949,156      43,747
*,1 GoodRx Holdings Inc. Class A     456,367      16,434
  Bristol-Myers Squibb Co.      10,345         691
       12,974,181
Industrials (12.7%)
  Visa Inc. Class A  12,618,853   2,950,540
* PayPal Holdings Inc.   9,071,024   2,644,022
  Mastercard Inc. Class A   6,830,867   2,493,881
  Accenture plc Class A   4,908,564   1,446,996
  Union Pacific Corp.   5,129,680   1,128,170
* Boeing Co.   4,515,779   1,081,800
* Square Inc. Class A   3,026,967     737,975
  Fidelity National Information Services Inc.   4,788,508     678,388
  Automatic Data Processing Inc.   3,285,599     652,586
  United Parcel Service Inc. Class B   2,792,662     580,790
  Sherwin-Williams Co.   1,848,268     503,561
* Fiserv Inc.   4,633,524     495,277
  Global Payments Inc.   2,279,616     427,519
  Lockheed Martin Corp.     912,102     345,094
 
6

Growth Index Fund
    Shares Market
Value

($000)
  IHS Markit Ltd.   2,769,599     312,023
  Paychex Inc.   2,504,382     268,720
  Cintas Corp.     689,523     263,398
  Rockwell Automation Inc.     896,320     256,365
* Mettler-Toledo International Inc.     179,693     248,936
  Equifax Inc.     939,771     225,085
* Keysight Technologies Inc.   1,424,709     219,989
* Zebra Technologies Corp. Class A     413,208     218,789
  Verisk Analytics Inc. Class A   1,251,647     218,688
  Old Dominion Freight Line Inc.     805,913     204,541
* Generac Holdings Inc.     485,837     201,695
  Kansas City Southern     702,188     198,979
  Vulcan Materials Co.   1,024,416     178,320
  L3Harris Technologies Inc.     792,468     171,292
  Expeditors International of Washington Inc.   1,304,083     165,097
* FleetCor Technologies Inc.     643,611     164,803
* Waters Corp.     476,458     164,669
  TransUnion   1,477,168     162,208
* Trimble Inc.   1,937,913     158,579
* Teledyne Technologies Inc.     359,160     150,427
  AMETEK Inc.     891,555     119,023
  JB Hunt Transport Services Inc.     652,778     106,370
  Ball Corp.   1,267,322     102,678
  Martin Marietta Materials Inc.     240,764      84,703
  HEICO Corp. Class A     563,396      69,962
  Masco Corp.     979,881      57,725
  Cognex Corp.     647,764      54,445
  Jack Henry & Associates Inc.     286,817      46,897
  HEICO Corp.     334,784      46,676
*,1 Affirm Holdings Inc.     398,606      26,846
* Marqeta Inc. Class A       9,132         256
  Westinghouse Air Brake Technologies Corp.         822          68
       21,034,851
Real Estate (2.6%)
  American Tower Corp.   3,504,065     946,588
  Crown Castle International Corp.   3,337,288     651,105
  Equinix Inc.     691,714     555,170
  Public Storage   1,148,471     345,334
  Digital Realty Trust Inc.   2,174,368     327,155
  SBA Communications Corp. Class A     844,362     269,098
* CoStar Group Inc.   3,049,498     252,559
  Alexandria Real Estate Equities Inc.   1,138,885     207,209
  Invitation Homes Inc.   4,383,302     163,453
* Zillow Group Inc. Class C   1,245,866     152,270
  Sun Communities Inc.     863,513     148,006
  Realty Income Corp.   1,442,114      96,247
  UDR Inc.   1,146,051      56,134
    Shares Market
Value

($000)
* Zillow Group Inc. Class A     337,222      41,320
*,1 Opendoor Technologies Inc.   1,672,504      29,653
  Regency Centers Corp.     328,329      21,036
        4,262,337
Technology (47.5%)
  Apple Inc. 122,408,990  16,765,135
  Microsoft Corp.  58,157,627  15,754,901
* Facebook Inc. Class A  18,501,955   6,433,315
* Alphabet Inc. Class A   2,322,181   5,670,278
* Alphabet Inc. Class C   2,124,000   5,323,424
  NVIDIA Corp.   4,570,135   3,656,565
* Adobe Inc.   3,691,060   2,161,632
* salesforce.com Inc.   6,765,244   1,652,546
  Texas Instruments Inc.   7,131,248   1,371,339
  Applied Materials Inc.   7,086,049   1,009,053
  Intuit Inc.   2,004,576     982,583
* Advanced Micro Devices Inc.   9,382,158     881,266
* ServiceNow Inc.   1,524,643     837,868
* Micron Technology Inc.   8,659,360     735,872
  Lam Research Corp.   1,101,288     716,608
  Broadcom Inc.   1,499,643     715,090
  QUALCOMM Inc.   4,355,116     622,477
* Snap Inc. Class A   8,813,604     600,559
* Zoom Video Communications Inc. Class A   1,550,753     600,188
* Autodesk Inc.   1,699,302     496,026
* Twilio Inc. Class A   1,253,765     494,184
* Snowflake Inc. Class A   1,941,599     469,479
* Twitter Inc.   5,854,855     402,873
* DocuSign Inc. Class A   1,427,144     398,987
* Crowdstrike Holdings Inc. Class A   1,537,650     386,427
  KLA Corp.   1,183,627     383,744
  Roper Technologies Inc.     812,619     382,093
  Marvell Technology Inc.   6,180,401     360,503
* Workday Inc. Class A   1,459,378     348,412
* Pinterest Inc. Class A   4,225,855     333,631
* Palantir Technologies Inc. Class A  12,533,517     330,383
* Synopsys Inc.   1,178,154     324,923
* Match Group Inc.   1,982,652     319,703
  Microchip Technology Inc.   2,112,123     316,269
  Amphenol Corp. Class A   4,614,671     315,690
* Cadence Design Systems Inc.   2,148,742     293,991
  Xilinx Inc.   1,898,338     274,576
* Okta Inc.   1,107,510     270,985
* Palo Alto Networks Inc.     714,440     265,093
* Fortinet Inc.   1,071,959     255,330
  Analog Devices Inc.   1,424,007     245,157
  Skyworks Solutions Inc.   1,274,815     244,446
* ANSYS Inc.     672,961     233,558
  Maxim Integrated Products Inc.   2,072,245     218,332
 
7

Growth Index Fund
    Shares Market
Value

($000)
* EPAM Systems Inc.     413,772     211,421
* HubSpot Inc.     342,778     199,744
* Cloudflare Inc. Class A   1,780,787     188,478
* Splunk Inc.   1,265,185     182,920
* RingCentral Inc. Class A     623,543     181,189
* Datadog Inc. Class A   1,716,011     178,602
  Teradyne Inc.   1,283,895     171,991
* VeriSign Inc.     739,173     168,302
* Slack Technologies Inc. Class A   3,686,607     163,317
* Gartner Inc.     631,456     152,939
* Coupa Software Inc.     566,781     148,559
* Akamai Technologies Inc.   1,258,587     146,751
* Paycom Software Inc.     395,011     143,575
* Tyler Technologies Inc.     314,597     142,314
* DoorDash Inc. Class A     795,298     141,825
* Zscaler Inc.     577,352     124,743
  SS&C Technologies Holdings Inc.   1,678,796     120,974
* Unity Software Inc.   1,078,791     118,484
* GoDaddy Inc. Class A   1,295,582     112,664
*,1 VMware Inc. Class A     605,437      96,852
* IAC/InterActiveCorp.     611,426      94,263
* Black Knight Inc.   1,148,878      89,589
* MongoDB Inc. Class A     227,741      82,333
  Bentley Systems Inc. Class B   1,226,823      79,474
* Dropbox Inc. Class A   2,333,310      70,723
* Zendesk Inc.     458,129      66,126
  Monolithic Power Systems Inc.     167,802      62,666
* IPG Photonics Corp.     268,942      56,685
  Citrix Systems Inc.     479,984      56,288
* ZoomInfo Technologies Inc. Class A     756,984      39,492
* Vimeo Inc.     503,500      24,671
* Bumble Inc. Class A     416,317      23,980
* AppLovin Corp. Class A     250,957      18,864
* Qualtrics International Inc. Class A     205,998       7,879
*,1 UiPath Inc. Class A       9,418         640
       78,724,811
    Shares Market
Value

($000)
Telecommunications (1.0%)
* Charter Communications Inc. Class A     946,975     683,195
* Roku Inc.     889,505     408,505
* Arista Networks Inc.     441,996     160,140
  Motorola Solutions Inc.     655,074     142,053
* Liberty Broadband Corp. Class C     588,305     102,165
* Altice USA Inc. Class A   1,692,843      57,794
* Liberty Broadband Corp. Class A      91,505      15,388
  Ubiquiti Inc.      48,469      15,131
        1,584,371
Utilities (0.1%)
  Waste Connections Inc. (XTSE)   2,020,657     241,327
Total Common Stocks (Cost $67,085,170) 165,432,666
Temporary Cash Investments (0.3%)
Money Market Fund (0.3%)
2,3 Vanguard Market Liquidity Fund, 0.056% (Cost $478,514)   4,785,683            478,568
Total Investments (100.2%) (Cost $67,563,684) 165,911,234
Other Assets and Liabilities— Net (-0.2%) (279,356)
Net Assets (100%) 165,631,878
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 $291,169,000.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
3 Collateral of $300,686,000 was received for securities on loan.
 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts
      ($000)
  Expiration Number of
Long (Short)
Contracts
Notional
Amount
Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts        
E-mini S&P 500 Index September 2021 266 57,038 635
    
8

Growth Index Fund
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)
Netflix Inc. 8/31/21 BOANA 52,821 0.064 3
Visa Inc. 8/31/21 BOANA 104,050 0.014 143
          146
1 Based on 1M USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating interest payment received/paid monthly.
  1M—1-month.
  BOANA—Bank of America, N.A.
At June 30, 2021, the counterparties had deposited in segregated accounts securities with a value of $5,815,000 and cash of $1,390,000 in connection with open over-the-counter swap contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
9

Growth Index Fund
Statement of Assets and Liabilities
As of June 30, 2021
($000s, except shares and per-share amounts) Amount
Assets  
Investments in Securities, at Value  
Unaffiliated Issuers (Cost $67,085,170) 165,432,666
Affiliated Issuers (Cost $478,514) 478,568
Total Investments in Securities 165,911,234
Investment in Vanguard 5,416
Cash Collateral Pledged—Futures Contracts 2,935
Receivables for Investment Securities Sold 30,234
Receivables for Accrued Income 25,560
Receivables for Capital Shares Issued 48,020
Variation Margin Receivable—Futures Contracts 88
Unrealized Appreciation—Over-the-Counter Swap Contracts 146
Total Assets 166,023,633
Liabilities  
Due to Custodian 24,791
Payables for Investment Securities Purchased 678
Collateral for Securities on Loan 300,686
Payables for Capital Shares Redeemed 62,634
Payables to Vanguard 2,966
Total Liabilities 391,755
Net Assets 165,631,878
10

Growth Index Fund
Statement of Assets and Liabilities (continued)

At June 30, 2021, net assets consisted of:  
($000s, except shares and per-share amounts) Amount
Paid-in Capital 65,939,847
Total Distributable Earnings (Loss) 99,692,031
Net Assets 165,631,878
 
Investor Shares—Net Assets  
Applicable to 4,993,343 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
736,657
Net Asset Value Per Share—Investor Shares $147.53
 
ETF Shares—Net Assets  
Applicable to 275,612,804 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
78,966,613
Net Asset Value Per Share—ETF Shares $286.51
 
Admiral Shares—Net Assets  
Applicable to 416,350,341 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
61,404,292
Net Asset Value Per Share—Admiral Shares $147.48
 
Institutional Shares—Net Assets  
Applicable to 166,277,835 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
24,524,316
Net Asset Value Per Share—Institutional Shares $147.49
  
See accompanying Notes, which are an integral part of the Financial Statements.
11

Growth Index Fund
Statement of Operations
  Six Months Ended
June 30, 2021
  ($000)
Investment Income  
Income  
Dividends 431,018
Interest1 100
Securities Lending—Net 1,309
Total Income 432,427
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 2,038
Management and Administrative—Investor Shares 585
Management and Administrative—ETF Shares 11,202
Management and Administrative—Admiral Shares 12,139
Management and Administrative—Institutional Shares 3,882
Marketing and Distribution—Investor Shares 17
Marketing and Distribution—ETF Shares 865
Marketing and Distribution—Admiral Shares 799
Marketing and Distribution—Institutional Shares 258
Custodian Fees 400
Shareholders’ Reports—Investor Shares 1
Shareholders’ Reports—ETF Shares 962
Shareholders’ Reports—Admiral Shares 195
Shareholders’ Reports—Institutional Shares 39
Trustees’ Fees and Expenses 21
Total Expenses 33,403
Net Investment Income 399,024
Realized Net Gain (Loss)  
Investment Securities Sold1,2 4,501,075
Futures Contracts 20,263
Swap Contracts 14,473
Realized Net Gain (Loss) 4,535,811
Change in Unrealized Appreciation (Depreciation)  
Investment Securities1 14,505,087
Futures Contracts 387
Swap Contracts (8,724)
Change in Unrealized Appreciation (Depreciation) 14,496,750
Net Increase (Decrease) in Net Assets Resulting from Operations 19,431,585
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $98,000, less than $1,000, and ($19,000), respectively. Purchases and sales are for temporary cash investment purposes.
2 Includes $4,380,322,000 of net gain (loss) resulting from in-kind redemptions.
  
See accompanying Notes, which are an integral part of the Financial Statements.
12

Growth Index Fund
Statement of Changes in Net Assets
  Six Months Ended
June 30,
2021
  Year Ended
December 31,
2020
  ($000)   ($000)
Increase (Decrease) in Net Assets      
Operations      
Net Investment Income 399,024   959,207
Realized Net Gain (Loss) 4,535,811   6,085,082
Change in Unrealized Appreciation (Depreciation) 14,496,750   35,082,887
Net Increase (Decrease) in Net Assets Resulting from Operations 19,431,585   42,127,176
Distributions      
Investor Shares (1,582)   (4,183)
ETF Shares (205,297)   (453,408)
Admiral Shares (158,650)   (351,474)
Institutional Shares (65,121)   (152,514)
Total Distributions (430,650)   (961,579)
Capital Share Transactions      
Investor Shares (99,602)   (29,849)
ETF Shares 1,525,326   2,591,427
Admiral Shares 395,012   742,741
Institutional Shares (922,923)   (319,460)
Net Increase (Decrease) from Capital Share Transactions 897,813   2,984,859
Total Increase (Decrease) 19,898,748   44,150,456
Net Assets      
Beginning of Period 145,733,130   101,582,674
End of Period 165,631,878   145,733,130
  
See accompanying Notes, which are an integral part of the Financial Statements.
13

Growth Index Fund
Financial Highlights
Investor Shares            
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $130.50 $93.87 $69.10 $72.36 $57.32 $54.78
Investment Operations            
Net Investment Income .2711 .7281 .7461 .8231 .7501 .720
Net Realized and Unrealized Gain (Loss) on Investments 17.058 36.631 24.802 (3.271) 15.037 2.548
Total from Investment Operations 17.329 37.359 25.548 (2.448) 15.787 3.268
Distributions            
Dividends from Net Investment Income (.299) (.729) (.778) (.812) (.747) (.728)
Distributions from Realized Capital Gains
Total Distributions (.299) (.729) (.778) (.812) (.747) (.728)
Net Asset Value, End of Period $147.53 $130.50 $93.87 $69.10 $72.36 $57.32
Total Return2 13.30% 40.01% 37.08% -3.46% 27.65% 5.99%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $737 $750 $572 $2,654 $3,210 $2,938
Ratio of Total Expenses to Average Net Assets 0.17% 0.17% 0.17% 0.17% 0.17% 0.18%
Ratio of Net Investment Income to Average Net Assets 0.40% 0.69% 0.92% 1.08% 1.15% 1.31%
Portfolio Turnover Rate3 6% 6% 11% 11% 8% 11%
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.
14

Growth Index Fund
Financial Highlights
ETF Shares            
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $253.44 $182.31 $134.21 $140.55 $111.33 $106.40
Investment Operations            
Net Investment Income .7011 1.6831 1.7731 1.8071 1.6261 1.528
Net Realized and Unrealized Gain (Loss) on Investments 33.124 71.131 48.065 (6.373) 29.200 4.949
Total from Investment Operations 33.825 72.814 49.838 (4.566) 30.826 6.477
Distributions            
Dividends from Net Investment Income (.755) (1.684) (1.738) (1.774) (1.606) (1.547)
Distributions from Realized Capital Gains
Total Distributions (.755) (1.684) (1.738) (1.774) (1.606) (1.547)
Net Asset Value, End of Period $286.51 $253.44 $182.31 $134.21 $140.55 $111.33
Total Return 13.37% 40.16% 37.26% -3.32% 27.80% 6.13%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $78,967 $68,474 $46,481 $32,489 $31,399 $23,040
Ratio of Total Expenses to Average Net Assets 0.04% 0.04% 0.04% 0.04% 0.05% 0.06%
Ratio of Net Investment Income to Average Net Assets 0.53% 0.81% 1.09% 1.21% 1.27% 1.43%
Portfolio Turnover Rate2 6% 6% 11% 11% 8% 11%
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.
  
See accompanying Notes, which are an integral part of the Financial Statements.
15

Growth Index Fund
Financial Highlights
Admiral Shares            
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $130.46 $93.84 $69.09 $72.35 $57.31 $54.77
Investment Operations            
Net Investment Income .3541 .8551 .9071 .9211 .8361 .786
Net Realized and Unrealized Gain (Loss) on Investments 17.047 36.621 24.728 (3.274) 15.032 2.550
Total from Investment Operations 17.401 37.476 25.635 (2.353) 15.868 3.336
Distributions            
Dividends from Net Investment Income (.381) (.856) (.885) (.907) (.828) (.796)
Distributions from Realized Capital Gains
Total Distributions (.381) (.856) (.885) (.907) (.828) (.796)
Net Asset Value, End of Period $147.48 $130.46 $93.84 $69.09 $72.35 $57.31
Total Return2 13.36% 40.19% 37.23% -3.34% 27.80% 6.12%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $61,404 $53,928 $38,103 $25,609 $26,013 $18,617
Ratio of Total Expenses to Average Net Assets 0.05% 0.05% 0.05% 0.05% 0.05% 0.06%
Ratio of Net Investment Income to Average Net Assets 0.52% 0.80% 1.08% 1.20% 1.27% 1.43%
Portfolio Turnover Rate3 6% 6% 11% 11% 8% 11%
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.
16

Growth Index Fund
Financial Highlights
Institutional Shares            
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $130.47 $93.85 $69.09 $72.35 $57.31 $54.77
Investment Operations            
Net Investment Income .3601 .8671 .9121 .9281 .8411 .792
Net Realized and Unrealized Gain (Loss) on Investments 17.048 36.620 24.742 (3.274) 15.032 2.549
Total from Investment Operations 17.408 37.487 25.654 (2.346) 15.873 3.341
Distributions            
Dividends from Net Investment Income (.388) (.867) (.894) (.914) (.833) (.801)
Distributions from Realized Capital Gains
Total Distributions (.388) (.867) (.894) (.914) (.833) (.801)
Net Asset Value, End of Period $147.49 $130.47 $93.85 $69.09 $72.35 $57.31
Total Return 13.37% 40.20% 37.26% -3.33% 27.81% 6.13%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $24,524 $22,582 $16,426 $12,400 $12,495 $9,733
Ratio of Total Expenses to Average Net Assets 0.04% 0.04% 0.04% 0.04% 0.04% 0.05%
Ratio of Net Investment Income to Average Net Assets 0.53% 0.82% 1.09% 1.21% 1.28% 1.44%
Portfolio Turnover Rate2 6% 6% 11% 11% 8% 11%
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.
  
See accompanying Notes, which are an integral part of the Financial Statements.
17

Growth Index Fund
Notes to Financial Statements
Vanguard Growth Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers four classes of shares: Investor Shares, ETF Shares, Admiral Shares, and Institutional 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.
Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus 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 materially 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 board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
18

Growth Index Fund
During the six months ended June 30, 2021, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
3.  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 June 30, 2021, 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.
4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute 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
19

Growth Index Fund
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.
5. 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.
6. 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.
7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 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, 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; these fees 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 a rate based upon the higher of the one-month London Interbank Offered Rate (or an acceptable alternate rate, if necessary), federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread, except that 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
20

Growth Index Fund
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 June 30, 2021, the fund did not utilize the credit facilities or the Interfund Lending Program.
8. 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. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. 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.
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.
B. 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 June 30, 2021, the fund had contributed to Vanguard capital in the amount of $5,416,000, representing less than 0.01% of the fund’s net assets and 2.17% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. 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.
21

Growth Index Fund
The following table summarizes the market value of the fund’s investments and derivatives as of June 30, 2021, based on the inputs used to value them:
  Level 1
($000)
Level 2
($000)
Level 3
($000)
Total
($000)
Investments        
Assets        
Common Stocks 165,432,666 165,432,666
Temporary Cash Investments 478,568 478,568
Total 165,911,234 165,911,234
Derivative Financial Instruments        
Assets        
Futures Contracts1 635 635
Swap Contracts 146 146
Total 635 146 781
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
D. As of June 30, 2021, 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 67,565,733
Gross Unrealized Appreciation 98,805,438
Gross Unrealized Depreciation (459,301)
Net Unrealized Appreciation (Depreciation) 98,346,137
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2020, the fund had available capital losses totaling $3,183,303,000 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 December 31, 2021; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
E. During the six months ended June 30, 2021, the fund purchased $16,158,945,000 of investment securities and sold $15,177,966,000 of investment securities, other than temporary cash investments. Purchases and sales include $7,587,356,000 and $6,672,654,000, 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 ended June 30, 2021, such purchases and sales were $2,748,268,000 and $1,083,303,000, respectively; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
22

Growth Index Fund
F. Capital share transactions for each class of shares were:
    
  Six Months Ended
June 30, 2021
  Year Ended
December 31, 2020
  Amount
($000)
Shares
(000)
  Amount
($000)
Shares
(000)
Investor Shares          
Issued 39,413 283   111,192 1,046
Issued in Lieu of Cash Distributions 1,582 12   4,183 41
Redeemed (140,597) (1,048)   (145,224) (1,439)
Net Increase (Decrease)—Investor Shares (99,602) (753)   (29,849) (352)
ETF Shares          
Issued 8,253,532 30,486   13,029,182 63,516
Issued in Lieu of Cash Distributions  
Redeemed (6,728,206) (25,050)   (10,437,755) (48,300)
Net Increase (Decrease)—ETF Shares 1,525,326 5,436   2,591,427 15,216
Admiral Shares          
Issued 5,299,016 39,271   10,835,142 105,463
Issued in Lieu of Cash Distributions 140,610 1,028   311,604 3,035
Redeemed (5,044,614) (37,318)   (10,404,005) (101,164)
Net Increase (Decrease)—Admiral Shares 395,012 2,981   742,741 7,334
Institutional Shares          
Issued 1,756,182 13,009   3,743,543 35,924
Issued in Lieu of Cash Distributions 62,207 455   141,051 1,375
Redeemed (2,741,312) (20,270)   (4,204,054) (39,249)
Net Increase (Decrease)—Institutional Shares (922,923) (6,806)   (319,460) (1,950)
G. Management has determined that no events or transactions occurred subsequent to June 30, 2021, that would require recognition or disclosure in these financial statements.
23

Value Index Fund
Fund Allocation
As of June 30, 2021
Basic Materials 2.4%
Consumer Discretionary 6.5
Consumer Staples 10.0
Energy 5.6
Financials 21.7
Health Care 18.7
Industrials 13.9
Real Estate 2.9
Technology 6.2
Telecommunications 6.2
Utilities 5.9
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.
24

Value Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of June 30, 2021
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 (99.8%)
Basic Materials (2.4%)
  Air Products and Chemicals Inc.  1,668,188     479,904
  Freeport-McMoRan Inc. 11,046,880     409,950
  Newmont Corp.  6,038,866     382,743
  Dow Inc.  5,617,322     355,464
  International Flavors & Fragrances Inc.  1,876,317     280,322
  Nucor Corp.  2,255,613     216,381
  LyondellBasell Industries NV Class A  2,016,180     207,404
  International Paper Co.  2,952,884     181,041
  Avery Dennison Corp.    625,700     131,547
  Celanese Corp. Class A    848,989     128,707
  Eastman Chemical Co.  1,028,981     120,134
  Albemarle Corp.    439,915      74,108
  CF Industries Holdings Inc.    808,485      41,597
  Westlake Chemical Corp.    121,356      10,933
        3,020,235
Consumer Discretionary (6.5%)
  Walmart Inc. 10,603,694   1,495,333
  Target Corp.  3,739,450     903,975
* General Motors Co.  9,841,388     582,315
* Ford Motor Co. 29,554,229     439,176
  eBay Inc.  4,878,495     342,519
* Southwest Airlines Co.  4,457,543     236,651
  DR Horton Inc.  2,446,515     221,092
  Lennar Corp. Class A  2,152,445     213,845
* Delta Air Lines Inc.  4,821,353     208,572
  VF Corp.  2,509,599     205,887
  ViacomCBS Inc. Class B  4,337,431     196,052
  Best Buy Co. Inc.  1,698,796     195,328
* Dollar Tree Inc.  1,763,916     175,510
  Garmin Ltd.  1,158,945     167,630
* Las Vegas Sands Corp.  3,166,907     166,864
* Carnival Corp.  6,237,600     164,423
* CarMax Inc.  1,229,826     158,832
  Darden Restaurants Inc.    986,261     143,984
  Genuine Parts Co.  1,089,006     137,727
* Marriott International Inc. Class A    982,614     134,146
  Omnicom Group Inc.  1,621,783     129,726
    Shares Market
Value

($000)
* United Airlines Holdings Inc.  2,438,954     127,533
  Whirlpool Corp.    472,259     102,962
  PulteGroup Inc.  1,884,210     102,821
  Advance Auto Parts Inc.    493,256     101,187
  News Corp. Class A  3,764,673      97,016
* LKQ Corp.  1,935,336      95,257
  Hasbro Inc.    985,167      93,118
  Fox Corp. Class A  2,461,423      91,393
  BorgWarner Inc. (XNYS)  1,807,899      87,755
* Royal Caribbean Cruises Ltd.    816,184      69,604
* Discovery Inc. Class C  2,368,981      68,653
  MGM Resorts International  1,572,688      67,075
  L Brands Inc.    840,360      60,556
* Liberty Media Corp.- Liberty SiriusXM Class C  1,159,129      53,772
* American Airlines Group Inc.  2,417,289      51,271
  Interpublic Group of Cos. Inc.  1,483,679      48,205
* GameStop Corp. Class A    223,774      47,919
  Fox Corp. Class B  1,149,169      40,451
  Lear Corp.    226,614      39,721
*,1 Discovery Inc. Class A  1,203,472      36,922
  Aramark    963,484      35,890
* Liberty Media Corp.- Liberty SiriusXM Class A    523,538      24,386
*,1 QuantumScape Corp. Class A    489,323      14,318
  ViacomCBS Inc. Class A     76,537       3,708
  Lennar Corp. Class B     15,603       1,271
* Walt Disney Co.      5,140         903
  News Corp. Class B     27,910         680
* Endeavor Group Holdings Inc. Class A      4,293         119
* Aptiv plc        751         118
* DraftKings Inc. Class A        788          41
        8,184,212
Consumer Staples (10.0%)
  Procter & Gamble Co. 18,454,273   2,490,035
  Coca-Cola Co. 29,250,211   1,582,729
  PepsiCo Inc. 10,414,350   1,543,094
  Philip Morris International Inc. 11,747,935   1,164,338
25

Value Index Fund
    Shares Market
Value

($000)
  CVS Health Corp.  9,923,968     828,056
  Altria Group Inc. 13,949,775     665,125
  Mondelez International Inc. Class A 10,588,411     661,140
  Kimberly-Clark Corp.  2,543,572     340,279
  Walgreens Boots Alliance Inc.  5,538,276     291,369
  Constellation Brands Inc. Class A  1,218,474     284,989
  Sysco Corp.  3,663,363     284,827
  General Mills Inc.  4,597,878     280,149
  Archer-Daniels-Midland Co.  4,211,503     255,217
  Corteva Inc.  5,565,348     246,823
  McKesson Corp.  1,192,377     228,030
  Kraft Heinz Co.  5,070,566     206,778
  Keurig Dr Pepper Inc.  4,842,111     170,636
  Tyson Foods Inc. Class A  2,221,963     163,892
  Kroger Co.  4,136,488     158,469
  Conagra Brands Inc.  3,617,813     131,616
  AmerisourceBergen Corp. Class A  1,083,854     124,090
  Kellogg Co.  1,924,986     123,834
  J M Smucker Co.    784,823     101,690
  Hormel Foods Corp.  2,035,775      97,208
  Clorox Co.    468,783      84,339
  Campbell Soup Co.  1,484,626      67,684
* Molson Coors Beverage Co. Class B    680,299      36,525
       12,612,961
Energy (5.6%)
  Exxon Mobil Corp. 31,911,385   2,012,970
  Chevron Corp. 14,567,974   1,525,850
  ConocoPhillips 10,171,708     619,457
  EOG Resources Inc.  4,399,159     367,066
  Schlumberger NV 10,540,258     337,394
  Marathon Petroleum Corp.  4,919,556     297,240
  Phillips 66  3,300,518     283,250
  Kinder Morgan Inc. 14,509,420     264,507
  Williams Cos. Inc.  9,156,592     243,107
  Valero Energy Corp.  3,081,127     240,574
  Occidental Petroleum Corp.  6,684,512     209,025
  ONEOK Inc.  3,358,379     186,860
  Halliburton Co.  6,371,229     147,303
  Baker Hughes Co. Class A  5,541,113     126,725
  Hess Corp.  1,046,232      91,357
  Devon Energy Corp.  2,549,244      74,412
        7,027,097
Financials (21.6%)
* Berkshire Hathaway Inc. Class B 13,451,953   3,738,567
  JPMorgan Chase & Co. 22,817,904   3,549,097
  Bank of America Corp. 58,134,373   2,396,880
  Wells Fargo & Co. 31,157,923   1,411,142
  Citigroup Inc. 15,580,973   1,102,354
  Morgan Stanley 11,219,881   1,028,751
  Goldman Sachs Group Inc.  2,561,112     972,019
  BlackRock Inc.  1,034,741     905,367
  Charles Schwab Corp. 10,878,033     792,030
  PNC Financial Services Group Inc.  3,202,446     610,899
  U.S. Bancorp 10,105,840     575,730
    Shares Market
Value

($000)
  CME Group Inc.  2,706,748     575,671
  Truist Financial Corp. 10,137,171     562,613
  Marsh & McLennan Cos. Inc.  3,840,276     540,250
  Blackstone Group Inc.  5,157,588     501,008
  Chubb Ltd.  2,881,183     457,935
  Progressive Corp.  4,410,737     433,178
  T Rowe Price Group Inc.  1,710,008     338,530
  American International Group Inc.  6,468,660     307,908
  Prudential Financial Inc.  2,969,942     304,330
  Bank of New York Mellon Corp.  5,939,253     304,268
  MetLife Inc.  4,949,144     296,206
  Allstate Corp.  2,256,250     294,305
  Travelers Cos. Inc.  1,895,478     283,772
  Discover Financial Services  2,298,147     271,848
  Intercontinental Exchange Inc.  2,119,173     251,546
  Aflac Inc.  4,610,772     247,414
  KKR & Co. Inc.  4,166,057     246,797
  Willis Towers Watson plc    972,205     223,627
  Arthur J Gallagher & Co.  1,553,883     217,668
  Ameriprise Financial Inc.    873,679     217,441
  State Street Corp.  2,491,016     204,961
  Fifth Third Bancorp  5,306,584     202,871
  Northern Trust Corp.  1,490,477     172,329
  Hartford Financial Services Group Inc.  2,692,519     166,855
  Huntington Bancshares Inc. 11,129,031     158,811
  Nasdaq Inc.    865,819     152,211
  KeyCorp.  7,315,730     151,070
  Citizens Financial Group Inc.  3,210,725     147,276
  Regions Financial Corp.  7,246,225     146,229
  M&T Bank Corp.    969,799     140,922
  Ally Financial Inc.  2,794,242     139,265
  Cincinnati Financial Corp.  1,153,624     134,536
  Principal Financial Group Inc.  2,050,345     129,561
  Raymond James Financial Inc.    932,321     121,109
* Arch Capital Group Ltd.  2,890,305     112,548
  Equitable Holdings Inc.  3,228,356      98,303
  Cboe Global Markets Inc.    803,822      95,695
  Annaly Capital Management Inc. 10,541,041      93,604
  Loews Corp.  1,686,122      92,147
  Fidelity National Financial Inc.  2,069,852      89,956
  Everest Re Group Ltd.    302,131      76,140
  W R Berkley Corp.  1,002,754      74,635
  Franklin Resources Inc.  2,280,907      72,966
  Globe Life Inc.    699,103      66,590
* Markel Corp.     51,837      61,515
  Lincoln National Corp.    681,730      42,840
  AGNC Investment Corp.  1,978,187      33,412
* Alleghany Corp.     49,853      33,255
 
26

Value Index Fund
    Shares Market
Value

($000)
  Interactive Brokers Group Inc. Class A    308,085      20,250
1 Rocket Cos. Inc. Class A  1,028,609      19,904
* Berkshire Hathaway Inc. Class A         14       5,860
1 UWM Holdings Corp.    621,421       5,251
       27,222,028
Health Care (18.6%)
  Johnson & Johnson 19,849,889   3,270,071
  UnitedHealth Group Inc.  7,113,430   2,848,502
  Pfizer Inc. 42,193,785   1,652,309
  Abbott Laboratories 13,393,217   1,552,676
  AbbVie Inc. 13,313,422   1,499,624
  Eli Lilly & Co.  6,506,041   1,493,266
  Merck & Co. Inc. 19,086,020   1,484,320
  Medtronic plc 10,161,418   1,261,337
  Bristol-Myers Squibb Co. 16,823,797   1,124,166
  Amgen Inc.  4,330,869   1,055,649
  Anthem Inc.  1,845,562     704,636
  Gilead Sciences Inc.  9,453,651     650,978
  Danaher Corp.  2,419,441     649,281
  Cigna Corp.  2,586,627     613,212
  Humana Inc.    972,479     430,536
  HCA Healthcare Inc.  2,031,854     420,065
* Biogen Inc.  1,134,847     392,963
  Becton Dickinson and Co.  1,095,149     266,329
  Zimmer Biomet Holdings Inc.  1,571,473     252,724
* Laboratory Corp. of America Holdings    735,989     203,023
* Centene Corp.  2,194,497     160,045
* Alexion Pharmaceuticals Inc.    833,004     153,031
  Baxter International Inc.  1,895,118     152,557
  Viatris Inc.  9,111,065     130,197
  Quest Diagnostics Inc.    984,711     129,952
* Hologic Inc.  1,931,460     128,867
  Cardinal Health Inc.  2,187,053     124,859
* Elanco Animal Health Inc. (XNYS)  3,565,384     123,683
  DENTSPLY SIRONA Inc.  1,645,677     104,105
  Royalty Pharma plc Class A  2,368,863      97,100
  Universal Health Services Inc. Class B    558,349      81,759
* Henry Schein Inc.  1,060,571      78,684
  STERIS plc    356,690      73,585
* DaVita Inc.    520,344      62,665
* agilon health Inc.    441,794      17,924
       23,444,680
Industrials (13.9%)
  Honeywell International Inc.  5,235,429   1,148,391
  Raytheon Technologies Corp. 11,420,453     974,279
  Caterpillar Inc.  4,129,094     898,615
  General Electric Co. 66,171,750     890,672
  3M Co.  4,369,464     867,907
  American Express Co.  4,541,286     750,357
  Deere & Co.  2,126,392     750,000
  United Parcel Service Inc. Class B  2,726,125     566,952
    Shares Market
Value

($000)
  CSX Corp. 17,127,312     549,444
  FedEx Corp.  1,800,109     537,027
  Capital One Financial Corp.  3,403,294     526,456
  Norfolk Southern Corp.  1,886,246     500,629
  Illinois Tool Works Inc.  2,142,818     479,048
  Eaton Corp. plc  3,003,754     445,096
  Emerson Electric Co.  4,520,353     435,039
  Northrop Grumman Corp.  1,091,983     396,859
  Johnson Controls International plc  5,402,824     370,796
  General Dynamics Corp.  1,810,681     340,879
  Lockheed Martin Corp.    890,372     336,872
  Trane Technologies plc  1,802,747     331,958
  Carrier Global Corp.  6,550,519     318,355
  DuPont de Nemours Inc.  4,011,104     310,500
  PPG Industries Inc.  1,787,104     303,397
  Parker-Hannifin Corp.    972,799     298,756
  Cummins Inc.  1,102,018     268,683
  Otis Worldwide Corp.  3,234,729     264,504
* TransDigm Group Inc.    393,087     254,441
  Stanley Black & Decker Inc.  1,217,313     249,537
  PACCAR Inc.  2,616,719     233,542
  Synchrony Financial  4,383,761     212,700
* United Rentals Inc.    545,601     174,052
  Fortive Corp.  2,424,077     169,055
  L3Harris Technologies Inc.    771,960     166,859
  Dover Corp.  1,084,843     163,377
  Xylem Inc.  1,357,113     162,799
  WW Grainger Inc.    333,881     146,240
* Ingersoll Rand Inc.  2,845,702     138,899
  Jacobs Engineering Group Inc.    981,570     130,961
  Textron Inc.  1,701,473     117,010
  AMETEK Inc.    870,273     116,181
  Westinghouse Air Brake Technologies Corp.  1,352,882     111,342
  Westrock Co.  2,006,017     106,760
  Fortune Brands Home & Security Inc.  1,044,886     104,081
  Crown Holdings Inc.  1,016,836     103,931
  Ball Corp.  1,237,109     100,231
  Packaging Corp. of America    716,040      96,966
  CH Robinson Worldwide Inc.  1,002,424      93,897
  Snap-on Inc.    407,629      91,077
  Martin Marietta Materials Inc.    235,005      82,677
  Western Union Co.  3,084,934      70,861
  Masco Corp.    956,681      56,358
* XPO Logistics Inc.    365,852      51,179
* Mohawk Industries Inc.    210,313      40,420
  Hubbell Inc. Class B    204,711      38,248
* Marqeta Inc. Class A    356,887      10,018
       17,455,170
Real Estate (2.9%)
  Prologis Inc.  5,576,033     666,503
  Simon Property Group Inc.  2,476,404     323,121
  Welltower Inc.  3,147,220     261,534
 
27

Value Index Fund
    Shares Market
Value

($000)
  AvalonBay Communities Inc.  1,052,312     219,607
  Equity Residential  2,678,322     206,231
* CBRE Group Inc. Class A  2,403,706     206,070
  Weyerhaeuser Co.  5,647,593     194,390
  Extra Space Storage Inc.  1,008,014     165,133
  Ventas Inc.  2,827,765     161,465
  Essex Property Trust Inc.    489,950     146,990
  Mid-America Apartment Communities Inc.    862,997     145,346
  Healthpeak Properties Inc.  4,062,293     135,234
  Duke Realty Corp.  2,826,630     133,841
  Boston Properties Inc.  1,058,810     121,329
  WP Carey Inc.  1,340,757     100,047
  Camden Property Trust    736,304      97,685
  Realty Income Corp.  1,407,819      93,958
  Iron Mountain Inc.  2,176,478      92,108
  UDR Inc.  1,118,717      54,795
* Host Hotels & Resorts Inc.  2,661,307      45,482
  VEREIT Inc.    863,502      39,661
* Opendoor Technologies Inc.  1,632,862      28,951
  Regency Centers Corp.    319,871      20,494
        3,659,975
Technology (6.2%)
  Intel Corp. 30,437,671   1,708,771
  Oracle Corp. 13,041,530   1,015,153
  International Business Machines Corp.  6,735,152     987,306
  Broadcom Inc.  1,460,697     696,519
  QUALCOMM Inc.  4,251,301     607,638
  TE Connectivity Ltd.  2,489,169     336,561
  HP Inc.  9,396,639     283,685
  Cognizant Technology Solutions Corp. Class A  3,975,573     275,348
  Analog Devices Inc.  1,390,051     239,311
  Corning Inc.  5,775,597     236,222
* Dell Technologies Class C  1,987,686     198,113
  CDW Corp.  1,056,861     184,581
* Qorvo Inc.    848,706     166,049
* Western Digital Corp.  2,194,527     156,184
  Hewlett Packard Enterprise Co.  9,807,821     142,998
  NetApp Inc.  1,677,967     137,291
  Seagate Technology Holdings plc  1,552,732     136,532
  NortonLifeLock Inc.  4,153,035     113,046
* ON Semiconductor Corp.  1,609,443      61,609
  Citrix Systems Inc.    467,613      54,837
  Leidos Holdings Inc.    532,997      53,886
* F5 Networks Inc.    224,691      41,941
*,1 UiPath Inc. Class A      9,000         611
        7,834,192
Telecommunications (6.2%)
  Comcast Corp. Class A 34,560,480   1,970,639
  Verizon Communications Inc. 29,646,546   1,661,096
  AT&T Inc. 53,819,711   1,548,931
    Shares Market
Value

($000)
  Cisco Systems Inc. 28,589,182   1,515,227
* T-Mobile US Inc.  4,229,402     612,544
  Motorola Solutions Inc.    639,503     138,676
  Lumen Technologies Inc.  8,331,980     113,232
* Liberty Broadband Corp. Class C    572,395      99,402
* DISH Network Corp. Class A  1,851,447      77,390
  Juniper Networks Inc.  1,235,294      33,785
* Liberty Broadband Corp. Class A     91,520      15,391
        7,786,313
Utilities (5.9%)
  NextEra Energy Inc. 14,784,837   1,083,433
  Duke Energy Corp.  5,798,117     572,390
  Southern Co.  7,987,270     483,310
  Dominion Energy Inc.  6,079,307     447,255
  Waste Management Inc.  3,181,220     445,721
  Exelon Corp.  7,362,593     326,236
  American Electric Power Co. Inc.  3,766,906     318,643
  Sempra Energy  2,281,681     302,277
  Xcel Energy Inc.  4,056,838     267,264
  Public Service Enterprise Group Inc.  3,810,290     227,627
  WEC Energy Group Inc.  2,377,659     211,493
  American Water Works Co. Inc.  1,367,805     210,820
  Eversource Energy  2,588,913     207,734
  DTE Energy Co.  1,460,323     189,258
  Consolidated Edison Inc.  2,584,070     185,329
  Republic Services Inc. Class A  1,563,078     171,954
  Edison International  2,860,147     165,374
  PPL Corp.  5,509,736     154,107
  Ameren Corp.  1,925,233     154,096
  FirstEnergy Corp.  4,099,854     152,556
  Entergy Corp.  1,512,564     150,803
  AES Corp.  5,022,250     130,930
  CMS Energy Corp.  2,181,879     128,905
* PG&E Corp. 11,222,698     114,135
  CenterPoint Energy Inc.  4,375,517     107,288
  Alliant Energy Corp.  1,885,436     105,132
  Evergy Inc.  1,711,026     103,397
  NiSource Inc.  2,956,589      72,436
  Vistra Corp.  3,633,589      67,403
  NRG Energy Inc.    922,511      37,177
  Pinnacle West Capital Corp.    424,957      34,834
  Avangrid Inc.    583,614      30,015
        7,359,332
Total Common Stocks (Cost $90,720,490) 125,606,195
 
28

Value Index Fund
    Shares Market
Value

($000)
Temporary Cash Investments (0.1%)
Money Market Fund (0.1%)
2,3 Vanguard Market Liquidity Fund, 0.056% (Cost $97,159)    971,719            97,172
Total Investments (99.9%) (Cost $90,817,649) 125,703,367
Other Assets and Liabilities— Net (0.1%) 97,406
Net Assets (100%) 125,800,773
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 $26,576,000.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
3 Collateral of $27,721,000 was received for securities on loan, of which $26,765,000 is held in Vanguard Market Liquidity Fund and $956,000 is held in cash.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts
      ($000)
  Expiration Number of
Long (Short)
Contracts
Notional
Amount
Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts        
E-mini S&P 500 Index September 2021 514 110,217 733
    
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)
Charles Schwab Corp. 8/31/21 BOANA 50,968 (0.086) (4)
Keurig Dr Pepper Inc. 8/31/21 BOANA 17,620 (0.086) 93
Kroger Co. 1/31/22 GSI 37,870 (0.082) 439
          532 (4)
1 Based on 1M USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating interest payment received/paid monthly.
  1M—1-month.
  BOANA—Bank of America, N.A.
  GSI—Goldman Sachs International.
At June 30, 2021, the counterparties had deposited in segregated accounts securities with a value of $1,346,000 in connection with open over-the-counter swap contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
29

Value Index Fund
Statement of Assets and Liabilities
As of June 30, 2021
($000s, except shares and per-share amounts) Amount
Assets  
Investments in Securities, at Value  
Unaffiliated Issuers (Cost $90,720,490) 125,606,195
Affiliated Issuers (Cost $97,159) 97,172
Total Investments in Securities 125,703,367
Investment in Vanguard 4,393
Cash 26,233
Cash Collateral Pledged—Futures Contracts 4,951
Cash Collateral Pledged—Over-the-Counter Swap Contracts 1,530
Receivables for Investment Securities Sold 10,935
Receivables for Accrued Income 142,521
Receivables for Capital Shares Issued 35,566
Variation Margin Receivable—Futures Contracts 147
Unrealized Appreciation—Over-the-Counter Swap Contracts 532
Total Assets 125,930,175
Liabilities  
Payables for Investment Securities Purchased 45,862
Collateral for Securities on Loan 27,721
Payables for Capital Shares Redeemed 53,617
Payables to Vanguard 2,198
Unrealized Depreciation—Over-the-Counter Swap Contracts 4
Total Liabilities 129,402
Net Assets 125,800,773
30

Value Index Fund
Statement of Assets and Liabilities (continued)

At June 30, 2021, net assets consisted of:  
($000s, except shares and per-share amounts) Amount
Paid-in Capital 92,490,635
Total Distributable Earnings (Loss) 33,310,138
Net Assets 125,800,773
 
Investor Shares—Net Assets  
Applicable to 5,130,206 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
275,200
Net Asset Value Per Share—Investor Shares $53.64
 
ETF Shares—Net Assets  
Applicable to 594,573,438 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
81,733,733
Net Asset Value Per Share—ETF Shares $137.47
 
Admiral Shares—Net Assets  
Applicable to 547,817,786 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
29,377,795
Net Asset Value Per Share—Admiral Shares $53.63
 
Institutional Shares—Net Assets  
Applicable to 268,794,764 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
14,414,045
Net Asset Value Per Share—Institutional Shares $53.62
  
See accompanying Notes, which are an integral part of the Financial Statements.
31

Value Index Fund
Statement of Operations
  Six Months Ended
June 30, 2021
  ($000)
Investment Income  
Income  
Dividends 1,334,903
Interest1 73
Securities Lending—Net 2,594
Total Income 1,337,570
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 1,789
Management and Administrative—Investor Shares 225
Management and Administrative—ETF Shares 10,660
Management and Administrative—Admiral Shares 5,679
Management and Administrative—Institutional Shares 2,200
Marketing and Distribution—Investor Shares 7
Marketing and Distribution—ETF Shares 1,042
Marketing and Distribution—Admiral Shares 412
Marketing and Distribution—Institutional Shares 170
Custodian Fees 373
Shareholders’ Reports—Investor Shares 1
Shareholders’ Reports—ETF Shares 1,385
Shareholders’ Reports—Admiral Shares 114
Shareholders’ Reports—Institutional Shares 49
Trustees’ Fees and Expenses 15
Total Expenses 24,121
Net Investment Income 1,313,449
Realized Net Gain (Loss)  
Investment Securities Sold1,2 1,798,865
Futures Contracts 22,141
Swap Contracts 26,571
Realized Net Gain (Loss) 1,847,577
Change in Unrealized Appreciation (Depreciation)  
Investment Securities1 13,818,695
Futures Contracts (193)
Swap Contracts (3,791)
Change in Unrealized Appreciation (Depreciation) 13,814,711
Net Increase (Decrease) in Net Assets Resulting from Operations 16,975,737
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $71,000, $17,000, and ($17,000), respectively. Purchases and sales are for temporary cash investment purposes.
2 Includes $1,644,736,000 of net gain (loss) resulting from in-kind redemptions.
  
See accompanying Notes, which are an integral part of the Financial Statements.
32

Value Index Fund
Statement of Changes in Net Assets
  Six Months Ended
June 30,
2021
  Year Ended
December 31,
2020
  ($000)   ($000)
Increase (Decrease) in Net Assets      
Operations      
Net Investment Income 1,313,449   2,385,409
Realized Net Gain (Loss) 1,847,577   999,499
Change in Unrealized Appreciation (Depreciation) 13,814,711   (862,492)
Net Increase (Decrease) in Net Assets Resulting from Operations 16,975,737   2,522,416
Distributions      
Investor Shares (2,911)   (7,153)
ETF Shares (830,092)   (1,491,672)
Admiral Shares (303,080)   (569,513)
Institutional Shares (150,348)   (322,802)
Total Distributions (1,286,431)   (2,391,140)
Capital Share Transactions      
Investor Shares (38,982)   (45,817)
ETF Shares 10,181,286   5,496,388
Admiral Shares 3,120,027   138,688
Institutional Shares (69,483)   65,298
Net Increase (Decrease) from Capital Share Transactions 13,192,848   5,654,557
Total Increase (Decrease) 28,882,154   5,785,833
Net Assets      
Beginning of Period 96,918,619   91,132,786
End of Period 125,800,773   96,918,619
  
See accompanying Notes, which are an integral part of the Financial Statements.
33

Value Index Fund
Financial Highlights
Investor Shares            
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $46.43 $46.78 $38.18 $41.42 $36.24 $31.82
Investment Operations            
Net Investment Income .5601 1.1421 1.0931 1.0091 .9181 .850
Net Realized and Unrealized Gain (Loss) on Investments 7.181 (.362) 8.623 (3.261) 5.166 4.415
Total from Investment Operations 7.741 .780 9.716 (2.252) 6.084 5.265
Distributions            
Dividends from Net Investment Income (.531) (1.130) (1.116) (.988) (.904) (.845)
Distributions from Realized Capital Gains
Total Distributions (.531) (1.130) (1.116) (.988) (.904) (.845)
Net Asset Value, End of Period $53.64 $46.43 $46.78 $38.18 $41.42 $36.24
Total Return2 16.72% 2.18% 25.67% -5.55% 16.99% 16.75%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $275 $273 $328 $1,381 $1,626 $1,587
Ratio of Total Expenses to Average Net Assets 0.17% 0.17% 0.17% 0.17% 0.17% 0.18%
Ratio of Net Investment Income to Average Net Assets 2.19% 2.75% 2.58% 2.43% 2.40% 2.64%
Portfolio Turnover Rate3 5% 10% 12% 8% 9% 7%
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.
34

Value Index Fund
Financial Highlights
ETF Shares            
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $118.98 $119.90 $97.84 $106.14 $92.87 $81.56
Investment Operations            
Net Investment Income 1.5171 3.0551 3.0461 2.7221 2.4731 2.282
Net Realized and Unrealized Gain (Loss) on Investments 18.421 (.935) 22.014 (8.352) 13.234 11.301
Total from Investment Operations 19.938 2.120 25.060 (5.630) 15.707 13.583
Distributions            
Dividends from Net Investment Income (1.448) (3.040) (3.000) (2.670) (2.437) (2.273)
Distributions from Realized Capital Gains
Total Distributions (1.448) (3.040) (3.000) (2.670) (2.437) (2.273)
Net Asset Value, End of Period $137.47 $118.98 $119.90 $97.84 $106.14 $92.87
Total Return 16.80% 2.23% 25.85% -5.39% 17.12% 16.88%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $81,734 $61,580 $55,909 $41,510 $36,560 $27,126
Ratio of Total Expenses to Average Net Assets 0.04% 0.04% 0.04% 0.04% 0.05% 0.06%
Ratio of Net Investment Income to Average Net Assets 2.31% 2.87% 2.76% 2.56% 2.52% 2.76%
Portfolio Turnover Rate2 5% 10% 12% 8% 9% 7%
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.
  
See accompanying Notes, which are an integral part of the Financial Statements.
35

Value Index Fund
Financial Highlights
Admiral Shares            
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $46.41 $46.77 $38.17 $41.41 $36.23 $31.82
Investment Operations            
Net Investment Income .5891 1.1881 1.1851 1.0591 .9651 .890
Net Realized and Unrealized Gain (Loss) on Investments 7.193 (.367) 8.581 (3.261) 5.165 4.407
Total from Investment Operations 7.782 .821 9.766 (2.202) 6.130 5.297
Distributions            
Dividends from Net Investment Income (.562) (1.181) (1.166) (1.038) (.950) (.887)
Distributions from Realized Capital Gains
Total Distributions (.562) (1.181) (1.166) (1.038) (.950) (.887)
Net Asset Value, End of Period $53.63 $46.41 $46.77 $38.17 $41.41 $36.23
Total Return2 16.82% 2.29% 25.82% -5.43% 17.13% 16.86%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $29,378 $22,486 $22,414 $16,522 $16,778 $13,424
Ratio of Total Expenses to Average Net Assets 0.05% 0.05% 0.05% 0.05% 0.05% 0.06%
Ratio of Net Investment Income to Average Net Assets 2.30% 2.86% 2.75% 2.55% 2.52% 2.76%
Portfolio Turnover Rate3 5% 10% 12% 8% 9% 7%
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.
36

Value Index Fund
Financial Highlights
Institutional Shares            
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $46.41 $46.77 $38.17 $41.41 $36.23 $31.82
Investment Operations            
Net Investment Income .5921 1.1931 1.1891 1.0631 .9691 .893
Net Realized and Unrealized Gain (Loss) on Investments 7.183 (.368) 8.581 (3.260) 5.165 4.407
Total from Investment Operations 7.775 .825 9.770 (2.197) 6.134 5.300
Distributions            
Dividends from Net Investment Income (.565) (1.185) (1.170) (1.043) (.954) (.890)
Distributions from Realized Capital Gains
Total Distributions (.565) (1.185) (1.170) (1.043) (.954) (.890)
Net Asset Value, End of Period $53.62 $46.41 $46.77 $38.17 $41.41 $36.23
Total Return 16.80% 2.30% 25.83% -5.42% 17.14% 16.87%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $14,414 $12,579 $12,481 $9,789 $10,085 $8,684
Ratio of Total Expenses to Average Net Assets 0.04% 0.04% 0.04% 0.04% 0.04% 0.05%
Ratio of Net Investment Income to Average Net Assets 2.31% 2.87% 2.76% 2.56% 2.53% 2.77%
Portfolio Turnover Rate2 5% 10% 12% 8% 9% 7%
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.
  
See accompanying Notes, which are an integral part of the Financial Statements.
37

Value Index Fund
Notes to Financial Statements
Vanguard Value Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers four classes of shares: Investor Shares, ETF Shares, Admiral Shares, and Institutional 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.
Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus 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 materially 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 board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
38

Value Index Fund
During the six months ended June 30, 2021, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
3.  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 June 30, 2021, 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.
4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute 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
39

Value Index Fund
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.
5. 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.
6. 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.
7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 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, 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; these fees 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 a rate based upon the higher of the one-month London Interbank Offered Rate (or an acceptable alternate rate, if necessary), federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread, except that 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
40

Value Index Fund
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 June 30, 2021, the fund did not utilize the credit facilities or the Interfund Lending Program.
8. 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. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. 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.
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.
B. 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 June 30, 2021, the fund had contributed to Vanguard capital in the amount of $4,393,000, representing less than 0.01% of the fund’s net assets and 1.76% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. 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.
41

Value Index Fund
The following table summarizes the market value of the fund’s investments and derivatives as of June 30, 2021, based on the inputs used to value them:
  Level 1
($000)
Level 2
($000)
Level 3
($000)
Total
($000)
Investments        
Assets        
Common Stocks 125,606,195 125,606,195
Temporary Cash Investments 97,172 97,172
Total 125,703,367 125,703,367
Derivative Financial Instruments        
Assets        
Futures Contracts1 733 733
Swap Contracts 532 532
Total 733 532 1,265
Liabilities        
Swap Contracts 4 4
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
D. As of June 30, 2021, 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 90,838,161
Gross Unrealized Appreciation 36,592,078
Gross Unrealized Depreciation (1,726,139)
Net Unrealized Appreciation (Depreciation) 34,865,939
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2020, the fund had available capital losses totaling $3,475,867,000 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 December 31, 2021; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
E. During the six months ended June 30, 2021, the fund purchased $20,795,946,000 of investment securities and sold $8,628,883,000 of investment securities, other than temporary cash investments. Purchases and sales include $13,580,408,000 and $3,356,566,000, 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 ended June 30, 2021, such purchases and sales were $1,917,089,000 and
42

Value Index Fund
$1,665,096,000, respectively; 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
June 30, 2021
  Year Ended
December 31, 2020
  Amount
($000)
Shares
(000)
  Amount
($000)
Shares
(000)
Investor Shares          
Issued 29,929 588   30,119 734
Issued in Lieu of Cash Distributions 2,911 56   7,153 186
Redeemed (71,822) (1,399)   (83,089) (2,048)
Net Increase (Decrease)—Investor Shares (38,982) (755)   (45,817) (1,128)
ETF Shares          
Issued 14,037,976 106,013   12,323,003 114,853
Issued in Lieu of Cash Distributions  
Redeemed (3,856,690) (29,025)   (6,826,615) (63,575)
Net Increase (Decrease)—ETF Shares 10,181,286 76,988   5,496,388 51,278
Admiral Shares          
Issued 4,170,090 82,759   5,109,104 126,982
Issued in Connection with Acquisition of Vanguard Capital Value Fund 1,035,654 21,626  
Issued in Lieu of Cash Distributions 263,939 5,112   491,886 12,702
Redeemed (2,349,656) (46,155)   (5,462,302) (134,427)
Net Increase (Decrease)—Admiral Shares 3,120,027 63,342   138,688 5,257
Institutional Shares          
Issued 1,528,375 29,918   2,756,913 66,872
Issued in Lieu of Cash Distributions 143,974 2,789   292,134 7,539
Redeemed (1,741,832) (34,936)   (2,983,749) (70,252)
Net Increase (Decrease)—Institutional Shares (69,483) (2,229)   65,298 4,159
G. On February 5, 2021, the fund acquired all the net assets of Vanguard U.S. Value Fund pursuant to a plan of reorganization approved by the funds’ boards of trustees on July 23, 2020, and by the shareholders of the U.S. Value Fund at a special meeting on January 22, 2021. The purpose of the transaction was to consolidate the assets of the two funds, placing U.S. Value Fund shareholders in a comparable fund with better historical long-term investment performance; delivering a large expense ratio reduction for U.S. Value Fund shareholders; and creating a larger combined fund, which we anticipate, over time, will achieve greater economies of scale. The acquisition was accomplished by a tax-free exchange of 21.6 million Admiral Shares of the Value Index Fund for the 60.0 million shares of the U.S. Value Fund outstanding on February 5, 2021. The U.S. Value Fund’s net assets of $1.0 billion, including $156.3 million of unrealized appreciation, were combined with the Value Index Fund’s net assets of $101.5 billion, resulting in combined net assets of $102.5 billion on February 5, 2021.
43

Value Index Fund
Assuming that the acquisition had been completed on January 1, 2021, the beginning of the fund’s reporting period, the fund’s pro forma results of operations for the six-months ended June 30, 2021, would be:
  ($000)
Net Investment Income 1,315,380
Realized Net Gain (Loss) 1,983,579
Change in Unrealized Appreciation (Depreciation) 13,722,947
Net Increase (Decrease) in Net Assets Resulting from Operations 17,021,906
Because the combined funds have been managed as a single integrated fund since the acquisition was completed, it is not practical to separate the results of operations of Vanguard U.S. Value Fund that have been included in the fund’s Statement of Operations since February 5, 2021.
H. Management has determined that no events or transactions occurred subsequent to June 30, 2021, that would require recognition or disclosure in these financial statements.
44

Large-Cap Index Fund
Fund Allocation
As of June 30, 2021
Basic Materials 1.7%
Consumer Discretionary 16.0
Consumer Staples 5.0
Energy 2.7
Financials 10.7
Health Care 12.6
Industrials 13.3
Real Estate 2.7
Technology 29.5
Telecommunications 3.2
Utilities 2.6
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.
45

Large-Cap Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of June 30, 2021
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 (99.8%)
Basic Materials (1.7%)
  Linde plc    512,876    148,273
  Air Products and Chemicals Inc.    218,271     62,792
  Freeport-McMoRan Inc.  1,445,415     53,639
  Ecolab Inc.    253,809     52,277
  Newmont Corp.    790,164     50,081
  Dow Inc.    734,996     46,511
  International Flavors & Fragrances Inc.    245,506     36,679
  Fastenal Co.    566,467     29,456
  Nucor Corp.    295,132     28,312
  LyondellBasell Industries NV Class A    263,803     27,137
  International Paper Co.    386,371     23,688
  Albemarle Corp.    115,114     19,392
  Avery Dennison Corp.     81,870     17,212
  Celanese Corp. Class A    111,083     16,840
  Eastman Chemical Co.    134,636     15,719
  FMC Corp.    127,104     13,753
  CF Industries Holdings Inc.    105,779      5,442
  Westlake Chemical Corp.     15,962      1,438
         648,641
Consumer Discretionary (16.0%)
* Amazon.com Inc.    422,791  1,454,469
* Tesla Inc.    760,093    516,635
  Home Depot Inc.  1,048,676    334,412
* Walt Disney Co.  1,791,993    314,979
* Netflix Inc.    437,317    230,995
  Walmart Inc.  1,387,436    195,656
  NIKE Inc. Class B  1,257,460    194,265
  Costco Wholesale Corp.    436,462    172,695
  McDonald's Corp.    735,935    169,994
  Lowe's Cos. Inc.    705,198    136,787
  Starbucks Corp.  1,162,136    129,938
  Target Corp.    489,285    118,280
* Booking Holdings Inc.     40,483     88,580
* General Motors Co.  1,287,691     76,193
  TJX Cos. Inc.  1,129,979     76,183
  Activision Blizzard Inc.    766,355     73,141
  Estee Lauder Cos. Inc. Class A    217,275     69,111
* Uber Technologies Inc.  1,292,176     64,764
* Ford Motor Co.  3,866,998     57,464
  Dollar General Corp.    235,989     51,066
  eBay Inc.    638,320     44,816
    Shares Market
Value

($000)
  Ross Stores Inc.    351,719     43,613
* Chipotle Mexican Grill Inc. Class A     27,770     43,053
* Lululemon Athletica Inc.    117,246     42,791
* Aptiv plc    266,754     41,968
  Electronic Arts Inc.    282,267     40,598
* O'Reilly Automotive Inc.     68,801     38,956
* Marriott International Inc. Class A    256,943     35,078
  Yum! Brands Inc.    293,818     33,798
* Hilton Worldwide Holdings Inc.    274,723     33,137
* Trade Desk Inc. Class A    425,241     32,897
* AutoZone Inc.     21,736     32,435
* Peloton Interactive Inc. Class A    251,812     31,230
* Southwest Airlines Co.    583,255     30,965
  DR Horton Inc.    320,028     28,921
* Copart Inc.    209,999     27,684
*,1 AMC Entertainment Holdings Inc. Class A    486,288     27,563
  Lennar Corp. Class A    274,941     27,315
* Delta Air Lines Inc.    630,865     27,291
  VF Corp.    328,383     26,941
* Etsy Inc.    125,358     25,804
  ViacomCBS Inc. Class B    570,454     25,785
  Best Buy Co. Inc.    222,276     25,557
* Carvana Co. Class A     79,867     24,105
* Wayfair Inc. Class A     72,747     22,967
* Dollar Tree Inc.    230,802     22,965
* Roblox Corp. Class A    254,555     22,905
* Expedia Group Inc.    139,514     22,840
  Garmin Ltd.    151,609     21,929
* Airbnb Inc. Class A    142,864     21,878
* Las Vegas Sands Corp.    414,410     21,835
* Carnival Corp.    816,166     21,514
  Tractor Supply Co.    113,672     21,150
* Burlington Stores Inc.     65,634     21,133
* CarMax Inc.    160,913     20,782
* Caesars Entertainment Inc.    195,503     20,283
* Take-Two Interactive Software Inc.    114,065     20,192
* Ulta Beauty Inc.     54,624     18,887
  Darden Restaurants Inc.    129,046     18,839
* Royal Caribbean Cruises Ltd.    213,427     18,201
  Genuine Parts Co.    142,486     18,020
  Domino's Pizza Inc.     38,294     17,864
46

Large-Cap Index Fund
    Shares Market
Value

($000)
  MGM Resorts International    411,242     17,539
  Omnicom Group Inc.    212,120     16,967
* NVR Inc.      3,400     16,909
* United Airlines Holdings Inc.    319,140     16,688
* Lyft Inc. Class A    252,943     15,298
* DraftKings Inc. Class A    276,840     14,443
  Whirlpool Corp.     61,768     13,467
  PulteGroup Inc.    246,433     13,448
  Advance Auto Parts Inc.     64,540     13,240
* Wynn Resorts Ltd.    102,672     12,557
  Fox Corp. Class A    336,730     12,503
* LKQ Corp.    253,309     12,468
* Live Nation Entertainment Inc.    140,196     12,280
  Hasbro Inc.    128,892     12,183
  BorgWarner Inc. (XNYS)    236,560     11,483
  News Corp. Class A    386,990      9,973
* Discovery Inc. Class C    309,272      8,963
  L Brands Inc.    109,982      7,925
  Rollins Inc.    218,416      7,470
* Liberty Media Corp.- Liberty SiriusXM Class C    157,465      7,305
* American Airlines Group Inc.    316,289      6,708
  Interpublic Group of Cos. Inc.    194,483      6,319
* Vail Resorts Inc.     19,859      6,286
* GameStop Corp. Class A     29,287      6,271
* Penn National Gaming Inc.     76,894      5,882
*,1 Chewy Inc. Class A     72,443      5,774
  Sirius XM Holdings Inc.    806,884      5,277
  Lear Corp.     29,655      5,198
*,1 Discovery Inc. Class A    158,071      4,850
  Fox Corp. Class B    134,700      4,741
  Aramark    125,736      4,684
* QuantumScape Corp. Class A    128,037      3,746
  Warner Music Group Corp. Class A     92,243      3,324
* Liberty Media Corp.- Liberty SiriusXM Class A     62,581      2,915
  News Corp. Class B    116,863      2,846
  Lennar Corp. Class B     10,911        889
  ViacomCBS Inc. Class A      7,253        351
* Endeavor Group Holdings Inc. Class A      1,240         34
       6,021,296
Consumer Staples (5.0%)
  Procter & Gamble Co.  2,414,640    325,807
  Coca-Cola Co.  3,827,254    207,093
  PepsiCo Inc.  1,362,674    201,907
  Philip Morris International Inc.  1,537,142    152,346
  CVS Health Corp.  1,298,496    108,347
  Altria Group Inc.  1,825,260     87,028
  Mondelez International Inc. Class A  1,385,434     86,507
  Colgate-Palmolive Co.    834,352     67,875
  Kimberly-Clark Corp.    332,802     44,522
  Walgreens Boots Alliance Inc.    724,658     38,124
  Constellation Brands Inc. Class A    159,424     37,288
    Shares Market
Value

($000)
  Sysco Corp.    479,335     37,268
  General Mills Inc.    601,607     36,656
  Archer-Daniels-Midland Co.    551,037     33,393
* Monster Beverage Corp.    364,924     33,336
  Corteva Inc.    728,182     32,295
  McKesson Corp.    156,018     29,837
  Kraft Heinz Co.    663,477     27,057
  Kroger Co.    672,065     25,747
  Hershey Co.    144,364     25,145
  Keurig Dr Pepper Inc.    698,974     24,632
  Brown-Forman Corp. Class B    306,231     22,949
  Clorox Co.    122,664     22,068
  McCormick & Co. Inc.    245,588     21,690
  Tyson Foods Inc. Class A    290,730     21,444
  Church & Dwight Co. Inc.    241,873     20,612
  Conagra Brands Inc.    473,359     17,221
  AmerisourceBergen Corp. Class A    141,816     16,237
  Kellogg Co.    251,875     16,203
  J M Smucker Co.    102,683     13,305
  Hormel Foods Corp.    266,366     12,719
  Lamb Weston Holdings Inc.    144,273     11,637
  Campbell Soup Co.    194,257      8,856
* Molson Coors Beverage Co. Class B     89,005      4,779
  Brown-Forman Corp. Class A     40,728      2,871
       1,874,801
Energy (2.7%)
  Exxon Mobil Corp.  4,175,449    263,387
  Chevron Corp.  1,906,192    199,655
  ConocoPhillips  1,330,912     81,052
  EOG Resources Inc.    575,598     48,028
  Schlumberger NV  1,379,149     44,147
  Marathon Petroleum Corp.    643,691     38,892
  Phillips 66    431,861     37,062
  Pioneer Natural Resources Co.    216,544     35,193
  Kinder Morgan Inc.  1,898,476     34,609
  Williams Cos. Inc.  1,198,084     31,809
  Valero Energy Corp.    403,153     31,478
  Occidental Petroleum Corp.    874,611     27,349
  ONEOK Inc.    439,426     24,450
  Hess Corp.    273,776     23,906
* Cheniere Energy Inc.    225,048     19,521
  Halliburton Co.    833,647     19,274
* Plug Power Inc.    560,496     19,163
  Baker Hughes Co. Class A    725,041     16,582
* Enphase Energy Inc.     60,227     11,059
  Devon Energy Corp.    333,666      9,740
       1,016,356
Financials (10.7%)
* Berkshire Hathaway Inc. Class B  1,753,846    487,429
  JPMorgan Chase & Co.  2,985,601    464,380
  Bank of America Corp.  7,606,583    313,619
  Wells Fargo & Co.  4,076,860    184,641
  Citigroup Inc.  2,038,690    144,237
  Morgan Stanley  1,468,053    134,606
 
47

Large-Cap Index Fund
    Shares Market
Value

($000)
  Goldman Sachs Group Inc.    335,104    127,182
  BlackRock Inc.    135,388    118,460
  Charles Schwab Corp.  1,514,915    110,301
  S&P Global Inc.    237,597     97,522
  PNC Financial Services Group Inc.    419,024     79,933
  U.S. Bancorp  1,322,314     75,332
  CME Group Inc.    354,166     75,324
  Truist Financial Corp.  1,326,401     73,615
  Marsh & McLennan Cos. Inc.    502,487     70,690
  Intercontinental Exchange Inc.    555,034     65,883
  Blackstone Group Inc.    674,843     65,554
  Chubb Ltd.    376,993     59,919
  Moody's Corp.    156,935     56,869
  Progressive Corp.    577,122     56,679
  Aon plc Class A (XNYS)    211,427     50,480
  T Rowe Price Group Inc.    223,743     44,294
  MSCI Inc. Class A     77,221     41,165
  American International Group Inc.    846,369     40,287
  Prudential Financial Inc.    388,596     39,819
  Bank of New York Mellon Corp.    777,118     39,812
  MetLife Inc.    647,560     38,756
  Allstate Corp.    295,219     38,508
  Travelers Cos. Inc.    248,009     37,129
  Discover Financial Services    300,704     35,570
  First Republic Bank    173,826     32,535
  Aflac Inc.    603,300     32,373
  KKR & Co. Inc.    545,103     32,292
* Coinbase Global Inc. Class A    118,870     30,110
* SVB Financial Group     53,567     29,806
  Willis Towers Watson plc    127,207     29,260
  Arthur J Gallagher & Co.    203,396     28,492
  Ameriprise Financial Inc.    114,309     28,449
  State Street Corp.    325,915     26,816
  Fifth Third Bancorp    694,310     26,544
  Northern Trust Corp.    195,016     22,548
  Hartford Financial Services Group Inc.    352,286     21,831
  Huntington Bancshares Inc.  1,456,185     20,780
  Nasdaq Inc.    113,283     19,915
  KeyCorp.    957,216     19,767
  Citizens Financial Group Inc.    420,089     19,270
  Regions Financial Corp.    948,104     19,133
  Broadridge Financial Solutions Inc.    114,524     18,499
  M&T Bank Corp.    126,889     18,438
  Ally Financial Inc.    365,586     18,221
  Cincinnati Financial Corp.    150,937     17,602
  Principal Financial Group Inc.    268,288     16,953
  MarketAxess Holdings Inc.     35,593     16,501
* Markel Corp.     13,572     16,106
  Raymond James Financial Inc.    121,970     15,844
* Arch Capital Group Ltd.    378,177     14,726
  Equitable Holdings Inc.    422,365     12,861
  FactSet Research Systems Inc.     37,332     12,529
    Shares Market
Value

($000)
  Cboe Global Markets Inc.    105,217     12,526
  Annaly Capital Management Inc.  1,379,264     12,248
  Loews Corp.    220,616     12,057
  Fidelity National Financial Inc.    270,835     11,771
  Everest Re Group Ltd.     39,530      9,962
  W R Berkley Corp.    131,211      9,766
  Franklin Resources Inc.    298,449      9,547
  Tradeweb Markets Inc. Class A    103,294      8,735
  Globe Life Inc.     91,463      8,712
  Lincoln National Corp.     89,192      5,605
  Interactive Brokers Group Inc. Class A     80,616      5,299
  AGNC Investment Corp.    258,815      4,371
* Alleghany Corp.      6,509      4,342
  SEI Investments Co.     63,382      3,928
  Rocket Cos. Inc. Class A    134,604      2,605
* Berkshire Hathaway Inc. Class A          6      2,512
1 UWM Holdings Corp.     81,330        687
       4,010,869
Health Care (12.5%)
  Johnson & Johnson  2,597,254    427,872
  UnitedHealth Group Inc.    930,752    372,710
  Pfizer Inc.  5,520,858    216,197
  Abbott Laboratories  1,752,434    203,160
  AbbVie Inc.  1,741,990    196,218
  Thermo Fisher Scientific Inc.    387,636    195,551
  Eli Lilly & Co.    851,280    195,386
  Merck & Co. Inc.  2,497,311    194,216
  Danaher Corp.    633,145    169,911
  Medtronic plc  1,329,578    165,040
  Bristol-Myers Squibb Co.  2,202,206    147,151
  Amgen Inc.    566,674    138,127
* Intuitive Surgical Inc.    116,795    107,409
  Anthem Inc.    241,477     92,196
  Zoetis Inc.    468,254     87,264
  Gilead Sciences Inc.  1,236,964     85,177
  Stryker Corp.    315,847     82,035
  Cigna Corp.    338,441     80,234
* Moderna Inc.    336,607     79,096
  Becton Dickinson and Co.    286,825     69,753
* Illumina Inc.    143,992     68,138
* Edwards Lifesciences Corp.    613,113     63,500
* Boston Scientific Corp.  1,401,413     59,924
  Humana Inc.    127,244     56,333
  HCA Healthcare Inc.    265,858     54,963
* Regeneron Pharmaceuticals Inc.     98,093     54,789
* IDEXX Laboratories Inc.     84,106     53,117
* Vertex Pharmaceuticals Inc.    255,310     51,478
* Biogen Inc.    148,491     51,418
* IQVIA Holdings Inc.    189,025     45,805
* Align Technology Inc.     74,150     45,306
  Agilent Technologies Inc.    301,797     44,609
* Veeva Systems Inc. Class A    136,100     42,320
* Centene Corp.    574,743     41,916
* DexCom Inc.     95,384     40,729
 
48

Large-Cap Index Fund
    Shares Market
Value

($000)
* Alexion Pharmaceuticals Inc.    217,979     40,045
  Baxter International Inc.    495,946     39,924
  ResMed Inc.    143,517     35,380
  Zimmer Biomet Holdings Inc.    205,622     33,068
* Laboratory Corp. of America Holdings     96,302     26,565
  West Pharmaceutical Services Inc.     72,815     26,148
  Cerner Corp.    297,191     23,228
* Teladoc Health Inc.    137,163     22,809
* Seagen Inc.    134,242     21,194
* Exact Sciences Corp.    169,203     21,034
* Horizon Therapeutics plc    221,641     20,754
* Alnylam Pharmaceuticals Inc.    115,934     19,653
  STERIS plc     93,358     19,260
  Cooper Cos. Inc.     48,477     19,210
  Teleflex Inc.     46,089     18,518
* Insulet Corp.     65,368     17,944
  Viatris Inc.  1,192,075     17,035
  Quest Diagnostics Inc.    128,842     17,003
* Hologic Inc.    252,721     16,862
  Cardinal Health Inc.    286,173     16,338
* Elanco Animal Health Inc. (XNYS)    466,503     16,183
* Incyte Corp.    184,378     15,512
* 10X Genomics Inc. Class A     77,441     15,164
* BioMarin Pharmaceutical Inc.    180,233     15,039
* ABIOMED Inc.     44,676     13,944
  DENTSPLY SIRONA Inc.    215,326     13,621
  Royalty Pharma plc Class A    309,960     12,705
  Universal Health Services Inc. Class B     73,061     10,698
* Henry Schein Inc.    138,773     10,296
* Novocure Ltd.     43,329      9,611
* Catalent Inc.     83,999      9,082
* DaVita Inc.     68,080      8,199
* Oak Street Health Inc.    118,743      6,955
* Bio-Rad Laboratories Inc. Class A     10,344      6,665
* PPD Inc.    121,226      5,587
* agilon health Inc.     57,814      2,345
*,1 GoodRx Holdings Inc. Class A     58,311      2,100
       4,724,726
Industrials (13.2%)
  Visa Inc. Class A  1,668,597    390,151
* PayPal Holdings Inc.  1,158,613    337,713
  Mastercard Inc. Class A    872,481    318,534
  Accenture plc Class A    626,938    184,815
  Honeywell International Inc.    685,028    150,261
  United Parcel Service Inc. Class B    713,392    148,364
  Union Pacific Corp.    655,193    144,097
* Boeing Co.    576,785    138,175
  Raytheon Technologies Corp.  1,494,307    127,479
  Caterpillar Inc.    540,269    117,579
  General Electric Co.  8,658,197    116,539
  3M Co.    571,715    113,560
  American Express Co.    594,209     98,181
    Shares Market
Value

($000)
  Deere & Co.    278,222     98,132
* Square Inc. Class A    386,629     94,260
  Lockheed Martin Corp.    232,998     88,155
  Fidelity National Information Services Inc.    611,619     86,648
  Automatic Data Processing Inc.    419,666     83,354
  CSX Corp.  2,241,021     71,892
  FedEx Corp.    235,531     70,266
  Capital One Financial Corp.    445,291     68,882
  Norfolk Southern Corp.    246,804     65,504
  Sherwin-Williams Co.    236,073     64,318
* Fiserv Inc.    591,845     63,262
  Illinois Tool Works Inc.    280,388     62,684
  Eaton Corp. plc    393,033     58,240
  Emerson Electric Co.    591,471     56,923
  Global Payments Inc.    291,166     54,605
  Northrop Grumman Corp.    142,875     51,925
  Johnson Controls International plc    706,873     48,513
  General Dynamics Corp.    236,912     44,601
  L3Harris Technologies Inc.    202,168     43,699
  Trane Technologies plc    235,871     43,433
  Carrier Global Corp.    857,079     41,654
  DuPont de Nemours Inc.    524,835     40,627
  IHS Markit Ltd.    353,740     39,852
  PPG Industries Inc.    233,827     39,697
  Parker-Hannifin Corp.    127,285     39,090
  Cummins Inc.    144,192     35,155
  Otis Worldwide Corp.    423,257     34,610
  Paychex Inc.    319,870     34,322
  Cintas Corp.     88,075     33,645
* TransDigm Group Inc.     51,434     33,293
  Rockwell Automation Inc.    114,478     32,743
  Stanley Black & Decker Inc.    159,273     32,649
* Mettler-Toledo International Inc.     22,949     31,792
  PACCAR Inc.    342,398     30,559
  AMETEK Inc.    227,748     30,404
  Equifax Inc.    120,031     28,749
* Keysight Technologies Inc.    181,967     28,098
* Zebra Technologies Corp. Class A     52,776     27,944
  Verisk Analytics Inc. Class A    159,866     27,932
  Synchrony Financial    573,615     27,832
  Ball Corp.    323,751     26,230
  Old Dominion Freight Line Inc.    102,940     26,126
* Generac Holdings Inc.     62,075     25,770
  Kansas City Southern     89,686     25,414
  Vulcan Materials Co.    130,842     22,776
* United Rentals Inc.     71,394     22,775
  Fortive Corp.    317,187     22,121
  Martin Marietta Materials Inc.     61,499     21,636
  Dover Corp.    141,948     21,377
  Xylem Inc.    177,570     21,301
  Expeditors International of Washington Inc.    166,560     21,086
 
49

Large-Cap Index Fund
    Shares Market
Value

($000)
* FleetCor Technologies Inc.     82,206     21,050
* Waters Corp.     60,851     21,031
  TransUnion    188,672     20,718
* Trimble Inc.    247,523     20,255
* Teledyne Technologies Inc.     45,892     19,221
  WW Grainger Inc.     43,688     19,135
* Ingersoll Rand Inc.    372,336     18,174
  Jacobs Engineering Group Inc.    128,421     17,134
  Textron Inc.    222,614     15,309
  Masco Corp.    250,315     14,746
  Westinghouse Air Brake Technologies Corp.    177,093     14,575
  Westrock Co.    262,410     13,965
  Fortune Brands Home & Security Inc.    136,694     13,616
  Crown Holdings Inc.    133,052     13,599
  JB Hunt Transport Services Inc.     83,374     13,586
  Packaging Corp. of America     93,698     12,689
  CH Robinson Worldwide Inc.    131,174     12,287
  Snap-on Inc.     53,334     11,916
  Western Union Co.    403,639      9,272
  HEICO Corp. Class A     72,747      9,034
  Cognex Corp.     82,739      6,954
* XPO Logistics Inc.     47,870      6,697
  Jack Henry & Associates Inc.     36,633      5,990
  HEICO Corp.     42,100      5,870
* Mohawk Industries Inc.     27,509      5,287
  Hubbell Inc. Class B     26,792      5,006
*,1 Affirm Holdings Inc.     50,934      3,430
* Marqeta Inc. Class A     47,729      1,340
       4,983,889
Real Estate (2.7%)
  American Tower Corp.    447,569    120,906
  Prologis Inc.    729,589     87,208
  Crown Castle International Corp.    426,257     83,163
  Equinix Inc.     88,354     70,913
  Public Storage    146,694     44,109
  Simon Property Group Inc.    324,025     42,279
  Digital Realty Trust Inc.    277,720     41,786
  SBA Communications Corp. Class A    107,846     34,371
  Welltower Inc.    411,790     34,220
* CoStar Group Inc.    389,496     32,258
  AvalonBay Communities Inc.    137,687     28,734
  Equity Residential    350,443     26,984
* CBRE Group Inc. Class A    314,493     26,962
  Alexandria Real Estate Equities Inc.    145,469     26,467
  Weyerhaeuser Co.    738,945     25,435
  Realty Income Corp.    368,389     24,586
  Extra Space Storage Inc.    131,896     21,607
  Ventas Inc.    369,993     21,127
  Invitation Homes Inc.    559,862     20,877
* Zillow Group Inc. Class C    159,864     19,539
  Essex Property Trust Inc.     64,115     19,235
  Mid-America Apartment Communities Inc.    112,909     19,016
    Shares Market
Value

($000)
  Sun Communities Inc.    110,297     18,905
  Healthpeak Properties Inc.    531,542     17,695
  Duke Realty Corp.    369,832     17,512
  Boston Properties Inc.    138,548     15,876
  UDR Inc.    292,762     14,339
  WP Carey Inc.    175,560     13,100
  Camden Property Trust     96,340     12,781
  Iron Mountain Inc.    284,768     12,051
*,1 Opendoor Technologies Inc.    427,313      7,576
* Host Hotels & Resorts Inc.    348,216      5,951
  Regency Centers Corp.     83,763      5,367
* Zillow Group Inc. Class A     42,348      5,189
  VEREIT Inc.    112,964      5,188
       1,023,312
Technology (29.4%)
  Apple Inc. 15,635,403  2,141,425
  Microsoft Corp.  7,428,242  2,012,311
* Facebook Inc. Class A  2,363,172    821,699
* Alphabet Inc. Class A    296,554    724,123
* Alphabet Inc. Class C    271,339    680,062
  NVIDIA Corp.    583,726    467,039
* Adobe Inc.    471,442    276,095
  Intel Corp.  3,982,609    223,584
* salesforce.com Inc.    864,097    211,073
  Broadcom Inc.    382,575    182,427
  Texas Instruments Inc.    910,849    175,156
  QUALCOMM Inc.  1,112,532    159,014
  Oracle Corp.  1,706,398    132,826
  International Business Machines Corp.    881,266    129,185
  Applied Materials Inc.    905,074    128,883
  Intuit Inc.    256,032    125,499
* Advanced Micro Devices Inc.  1,198,353    112,561
* ServiceNow Inc.    194,738    107,018
* Micron Technology Inc.  1,106,032     93,991
  Lam Research Corp.    140,666     91,531
* Snap Inc. Class A  1,125,861     76,716
* Zoom Video Communications Inc. Class A    198,070     76,659
* Autodesk Inc.    217,045     63,355
* Twilio Inc. Class A    160,135     63,119
  Analog Devices Inc.    363,769     62,626
* Snowflake Inc. Class A    248,158     60,005
* Twitter Inc.    747,810     51,457
* DocuSign Inc. Class A    182,287     50,962
* Crowdstrike Holdings Inc. Class A    196,410     49,360
  KLA Corp.    151,176     49,013
  Roper Technologies Inc.    103,797     48,805
  Marvell Technology Inc.    789,400     46,046
* Workday Inc. Class A    186,409     44,503
  TE Connectivity Ltd.    325,699     44,038
* Pinterest Inc. Class A    539,752     42,613
* Palantir Technologies Inc. Class A  1,601,839     42,224
* Synopsys Inc.    150,482     41,501
* Match Group Inc.    253,234     40,834
  Microchip Technology Inc.    269,780     40,397
  Amphenol Corp. Class A    589,410     40,322
* Cadence Design Systems Inc.    274,455     37,551
 
50

Large-Cap Index Fund
    Shares Market
Value

($000)
  HP Inc.  1,229,492     37,118
  Cognizant Technology Solutions Corp. Class A    520,169     36,027
  Xilinx Inc.    242,469     35,071
* Okta Inc.    141,476     34,616
* Palo Alto Networks Inc.     91,249     33,858
* Fortinet Inc.    136,911     32,611
  Skyworks Solutions Inc.    162,831     31,223
  Corning Inc.    755,708     30,908
* ANSYS Inc.     85,964     29,835
  Maxim Integrated Products Inc.    264,680     27,887
* EPAM Systems Inc.     52,848     27,003
* Dell Technologies Class C    260,078     25,922
* HubSpot Inc.     43,783     25,513
  CDW Corp.    138,280     24,151
* Cloudflare Inc. Class A    227,466     24,075
* Splunk Inc.    161,677     23,375
* RingCentral Inc. Class A     79,650     23,145
* Datadog Inc. Class A    219,189     22,813
  Teradyne Inc.    163,990     21,968
* Qorvo Inc.    111,046     21,726
* VeriSign Inc.     94,417     21,498
* Slack Technologies Inc. Class A    470,869     20,859
* Western Digital Corp.    287,139     20,436
* Gartner Inc.     80,654     19,534
* Coupa Software Inc.     72,401     18,977
* Akamai Technologies Inc.    160,755     18,744
  Hewlett Packard Enterprise Co.  1,283,278     18,710
* Paycom Software Inc.     50,460     18,341
* Tyler Technologies Inc.     40,173     18,173
* DoorDash Inc. Class A    101,642     18,126
  NetApp Inc.    219,548     17,963
  Seagate Technology Holdings plc    203,163     17,864
* Zscaler Inc.     73,725     15,929
  SS&C Technologies Holdings Inc.    214,430     15,452
* Unity Software Inc.    137,786     15,133
  NortonLifeLock Inc.    543,388     14,791
* GoDaddy Inc. Class A    165,473     14,389
  Citrix Systems Inc.    122,440     14,359
*,1 VMware Inc. Class A     77,327     12,370
* IAC/InterActiveCorp.     78,088     12,039
* Black Knight Inc.    146,744     11,443
* MongoDB Inc. Class A     29,093     10,518
  Bentley Systems Inc. Class B    156,820     10,159
* Dropbox Inc. Class A    298,014      9,033
* Zendesk Inc.     58,401      8,430
* ON Semiconductor Corp.    210,575      8,061
  Monolithic Power Systems Inc.     21,423      8,000
* IPG Photonics Corp.     34,356      7,241
  Leidos Holdings Inc.     69,733      7,050
* F5 Networks Inc.     29,399      5,488
* ZoomInfo Technologies Inc. Class A     96,688      5,044
* Vimeo Inc.     64,626      3,167
* Bumble Inc. Class A     53,165      3,062
* AppLovin Corp. Class A     32,061      2,410
* Qualtrics International Inc. Class A     26,501      1,014
    Shares Market
Value

($000)
* UiPath Inc. Class A      2,457        167
      11,080,427
Telecommunications (3.3%)
  Comcast Corp. Class A  4,521,909    257,839
  Verizon Communications Inc.  3,879,075    217,345
  AT&T Inc.  7,042,027    202,670
  Cisco Systems Inc.  3,740,755    198,260
* Charter Communications Inc. Class A    120,947     87,257
* T-Mobile US Inc.    553,383     80,146
* Roku Inc.    113,615     52,178
  Motorola Solutions Inc.    167,331     36,286
* Liberty Broadband Corp. Class C    150,323     26,105
* Arista Networks Inc.     56,464     20,457
  Lumen Technologies Inc.  1,090,158     14,815
* DISH Network Corp. Class A    242,203     10,124
* Altice USA Inc. Class A    216,203      7,381
  Juniper Networks Inc.    161,634      4,421
* Liberty Broadband Corp. Class A     23,324      3,922
  Ubiquiti Inc.      6,181      1,930
       1,221,136
Utilities (2.6%)
  NextEra Energy Inc.  1,934,536    141,763
  Duke Energy Corp.    758,651     74,894
  Southern Co.  1,045,118     63,240
  Dominion Energy Inc.    795,459     58,522
  Waste Management Inc.    416,250     58,321
  Exelon Corp.    963,372     42,687
  American Electric Power Co. Inc.    492,888     41,693
  Sempra Energy    298,549     39,552
  Xcel Energy Inc.    530,821     34,970
  Waste Connections Inc. (XTSE)    258,086     30,823
  Public Service Enterprise Group Inc.    498,544     29,783
  WEC Energy Group Inc.    311,105     27,673
  American Water Works Co. Inc.    178,977     27,586
  Eversource Energy    338,754     27,182
  DTE Energy Co.    191,075     24,763
  Consolidated Edison Inc.    338,099     24,248
  Republic Services Inc. Class A    204,516     22,499
  Edison International    374,234     21,638
  PPL Corp.    720,927     20,164
  Ameren Corp.    251,897     20,162
  FirstEnergy Corp.    536,441     19,961
  Entergy Corp.    197,910     19,732
  AES Corp.    657,144     17,132
  CMS Energy Corp.    285,485     16,866
* PG&E Corp.  1,468,414     14,934
  CenterPoint Energy Inc.    572,527     14,038
  Alliant Energy Corp.    246,693     13,756
  Evergy Inc.    223,875     13,529
  NiSource Inc.    386,840      9,478
  Vistra Corp.    475,468      8,820
  NRG Energy Inc.    120,647      4,862
  Pinnacle West Capital Corp.     55,596      4,557
 
51

Large-Cap Index Fund
    Shares Market
Value

($000)
  Avangrid Inc.     76,355      3,927
         993,755
Total Common Stocks (Cost $18,438,963) 37,599,208
Temporary Cash Investments (0.3%)
Money Market Fund (0.3%)
2,3 Vanguard Market Liquidity Fund, 0.056% (Cost $125,863)  1,258,689           125,869
Total Investments (100.1%) (Cost $18,564,826) 37,725,077
Other Assets and Liabilities— Net (-0.1%) (45,699)
Net Assets (100%) 37,679,378
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 $46,022,000.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
3 Collateral of $47,370,000 was received for securities on loan, of which $44,598,000 is held in Vanguard Market Liquidity Fund and $2,772,000 is held in cash.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts
      ($000)
  Expiration Number of
Long (Short)
Contracts
Notional
Amount
Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts        
E-mini S&P 500 Index September 2021 368 78,910 927
  
See accompanying Notes, which are an integral part of the Financial Statements.
52

Large-Cap Index Fund
Statement of Assets and Liabilities
As of June 30, 2021
($000s, except shares and per-share amounts) Amount
Assets  
Investments in Securities, at Value  
Unaffiliated Issuers (Cost $18,438,963) 37,599,208
Affiliated Issuers (Cost $125,863) 125,869
Total Investments in Securities 37,725,077
Investment in Vanguard 1,275
Cash 2,772
Cash Collateral Pledged—Futures Contracts 5,597
Receivables for Investment Securities Sold 3,049
Receivables for Accrued Income 36,198
Receivables for Capital Shares Issued 12,010
Variation Margin Receivable—Futures Contracts 160
Total Assets 37,786,138
Liabilities  
Due to Custodian 12,393
Payables for Investment Securities Purchased 6,210
Collateral for Securities on Loan 47,370
Payables for Capital Shares Redeemed 40,130
Payables to Vanguard 657
Total Liabilities 106,760
Net Assets 37,679,378
53

Large-Cap Index Fund
Statement of Assets and Liabilities (continued)

At June 30, 2021, net assets consisted of:  
($000s, except shares and per-share amounts) Amount
Paid-in Capital 18,443,053
Total Distributable Earnings (Loss) 19,236,325
Net Assets 37,679,378
 
Investor Shares—Net Assets  
Applicable to 474,624 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
38,481
Net Asset Value Per Share—Investor Shares $81.08
 
ETF Shares—Net Assets  
Applicable to 122,855,650 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
24,662,697
Net Asset Value Per Share—ETF Shares $200.75
 
Admiral Shares—Net Assets  
Applicable to 105,716,509 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
10,718,045
Net Asset Value Per Share—Admiral Shares $101.38
 
Institutional Shares—Net Assets  
Applicable to 5,416,392 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
2,260,155
Net Asset Value Per Share—Institutional Shares $417.28
  
See accompanying Notes, which are an integral part of the Financial Statements.
54

Large-Cap Index Fund
Statement of Operations
  Six Months Ended
June 30, 2021
  ($000)
Investment Income  
Income  
Dividends 239,647
Interest1 56
Securities Lending—Net 512
Total Income 240,215
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 1,267
Management and Administrative—Investor Shares 29
Management and Administrative—ETF Shares 3,093
Management and Administrative—Admiral Shares 1,881
Management and Administrative—Institutional Shares 321
Marketing and Distribution—Investor Shares 1
Marketing and Distribution—ETF Shares 253
Marketing and Distribution—Admiral Shares 147
Marketing and Distribution—Institutional Shares 29
Custodian Fees 188
Shareholders’ Reports—Investor Shares
Shareholders’ Reports—ETF Shares 248
Shareholders’ Reports—Admiral Shares 30
Shareholders’ Reports—Institutional Shares 1
Trustees’ Fees and Expenses 5
Total Expenses 7,493
Net Investment Income 232,722
Realized Net Gain (Loss)  
Investment Securities Sold1,2 549,847
Futures Contracts 24,323
Realized Net Gain (Loss) 574,170
Change in Unrealized Appreciation (Depreciation)  
Investment Securities1 4,089,936
Futures Contracts (3,142)
Change in Unrealized Appreciation (Depreciation) 4,086,794
Net Increase (Decrease) in Net Assets Resulting from Operations 4,893,686
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $54,000, less than $1,000, and ($1,000), respectively. Purchases and sales are for temporary cash investment purposes.
2 Includes $564,911,000 of net gain (loss) resulting from in-kind redemptions.
  
See accompanying Notes, which are an integral part of the Financial Statements.
55

Large-Cap Index Fund
Statement of Changes in Net Assets
  Six Months Ended
June 30,
2021
  Year Ended
December 31,
2020
  ($000)   ($000)
Increase (Decrease) in Net Assets      
Operations      
Net Investment Income 232,722   475,660
Realized Net Gain (Loss) 574,170   736,290
Change in Unrealized Appreciation (Depreciation) 4,086,794   4,719,115
Net Increase (Decrease) in Net Assets Resulting from Operations 4,893,686   5,931,065
Distributions      
Investor Shares (214)   (488)
ETF Shares (149,722)   (309,168)
Admiral Shares (64,781)   (134,821)
Institutional Shares (14,649)   (30,593)
Total Distributions (229,366)   (475,070)
Capital Share Transactions      
Investor Shares (3,194)   679
ETF Shares 90,207   1,675,512
Admiral Shares 56,968   247,258
Institutional Shares (193,002)   42,631
Net Increase (Decrease) from Capital Share Transactions (49,021)   1,966,080
Total Increase (Decrease) 4,615,299   7,422,075
Net Assets      
Beginning of Period 33,064,079   25,642,004
End of Period 37,679,378   33,064,079
  
See accompanying Notes, which are an integral part of the Financial Statements.
56

Large-Cap Index Fund
Financial Highlights
Investor Shares            
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $71.00 $59.72 $46.36 $49.48 $41.31 $37.78
Investment Operations            
Net Investment Income .4541 .9691 .9181 .9661 .8191 .768
Net Realized and Unrealized Gain (Loss) on Investments 10.073 11.268 13.466 (3.184) 8.161 3.533
Total from Investment Operations 10.527 12.237 14.384 (2.218) 8.980 4.301
Distributions            
Dividends from Net Investment Income (.447) (.957) (1.024) (.902) (.810) (.771)
Distributions from Realized Capital Gains
Total Distributions (.447) (.957) (1.024) (.902) (.810) (.771)
Net Asset Value, End of Period $81.08 $71.00 $59.72 $46.36 $49.48 $41.31
Total Return2 14.86% 20.89% 31.23% -4.59% 21.89% 11.50%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $38 $37 $30 $344 $387 $400
Ratio of Total Expenses to Average Net Assets 0.17% 0.17% 0.17% 0.17% 0.17% 0.18%
Ratio of Net Investment Income to Average Net Assets 1.20% 1.61% 1.75% 1.91% 1.81% 2.02%
Portfolio Turnover Rate3 3% 3% 5% 4% 3% 5%
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.
57

Large-Cap Index Fund
Financial Highlights
ETF Shares            
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $175.80 $147.88 $114.77 $122.49 $102.27 $93.52
Investment Operations            
Net Investment Income 1.2471 2.5941 2.5811 2.5721 2.1681 2.018
Net Realized and Unrealized Gain (Loss) on Investments 24.934 27.890 33.204 (7.896) 20.196 8.754
Total from Investment Operations 26.181 30.484 35.785 (5.324) 22.364 10.772
Distributions            
Dividends from Net Investment Income (1.231) (2.564) (2.675) (2.396) (2.144) (2.022)
Distributions from Realized Capital Gains
Total Distributions (1.231) (2.564) (2.675) (2.396) (2.144) (2.022)
Net Asset Value, End of Period $200.75 $175.80 $147.88 $114.77 $122.49 $102.27
Total Return 14.93% 20.99% 31.39% -4.44% 22.03% 11.65%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $24,663 $21,540 $16,270 $12,358 $11,613 $8,468
Ratio of Total Expenses to Average Net Assets 0.04% 0.04% 0.04% 0.04% 0.05% 0.06%
Ratio of Net Investment Income to Average Net Assets 1.33% 1.74% 1.93% 2.04% 1.93% 2.14%
Portfolio Turnover Rate2 3% 3% 5% 4% 3% 5%
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.
  
See accompanying Notes, which are an integral part of the Financial Statements.
58

Large-Cap Index Fund
Financial Highlights
Admiral Shares            
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $88.79 $74.69 $57.96 $61.86 $51.65 $47.23
Investment Operations            
Net Investment Income .6251 1.3031 1.2991 1.2881 1.0941 1.019
Net Realized and Unrealized Gain (Loss) on Investments 12.582 14.084 16.774 (3.983) 10.197 4.422
Total from Investment Operations 13.207 15.387 18.073 (2.695) 11.291 5.441
Distributions            
Dividends from Net Investment Income (.617) (1.287) (1.343) (1.205) (1.081) (1.021)
Distributions from Realized Capital Gains
Total Distributions (.617) (1.287) (1.343) (1.205) (1.081) (1.021)
Net Asset Value, End of Period $101.38 $88.79 $74.69 $57.96 $61.86 $51.65
Total Return2 14.92% 21.03% 31.39% -4.47% 22.03% 11.65%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $10,718 $9,338 $7,546 $5,306 $5,375 $4,130
Ratio of Total Expenses to Average Net Assets 0.05% 0.05% 0.05% 0.05% 0.05% 0.06%
Ratio of Net Investment Income to Average Net Assets 1.32% 1.73% 1.92% 2.03% 1.93% 2.14%
Portfolio Turnover Rate3 3% 3% 5% 4% 3% 5%
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.
59

Large-Cap Index Fund
Financial Highlights
Institutional Shares            
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $365.43 $307.39 $238.57 $254.60 $212.59 $194.40
Investment Operations            
Net Investment Income 2.5821 5.3891 5.3631 5.3451 4.5291 4.215
Net Realized and Unrealized Gain (Loss) on Investments 51.827 57.981 69.016 (16.390) 41.958 18.199
Total from Investment Operations 54.409 63.370 74.379 (11.045) 46.487 22.414
Distributions            
Dividends from Net Investment Income (2.559) (5.330) (5.559) (4.985) (4.477) (4.224)
Distributions from Realized Capital Gains
Total Distributions (2.559) (5.330) (5.559) (4.985) (4.477) (4.224)
Net Asset Value, End of Period $417.28 $365.43 $307.39 $238.57 $254.60 $212.59
Total Return 14.93% 21.05% 31.39% -4.46% 22.03% 11.66%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $2,260 $2,149 $1,796 $1,178 $1,212 $932
Ratio of Total Expenses to Average Net Assets 0.04% 0.04% 0.04% 0.04% 0.04% 0.05%
Ratio of Net Investment Income to Average Net Assets 1.32% 1.74% 1.92% 2.04% 1.94% 2.15%
Portfolio Turnover Rate2 3% 3% 5% 4% 3% 5%
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.
  
See accompanying Notes, which are an integral part of the Financial Statements.
60

Large-Cap Index Fund
Notes to Financial Statements
Vanguard Large-Cap Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers four classes of shares: Investor Shares, ETF Shares, Admiral Shares, and Institutional 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.
Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus 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 materially 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 board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
61

Large-Cap Index Fund
During the six months ended June 30, 2021, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute 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 $4.3 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, 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; these fees 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 a rate based upon the higher of the one-month London Interbank Offered Rate (or an acceptable alternate rate, if necessary), federal funds
62

Large-Cap Index Fund
effective rate, or overnight bank funding rate plus an agreed-upon spread, except that 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 June 30, 2021, 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. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. 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.
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.
B. 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 June 30, 2021, the fund had contributed to Vanguard capital in the amount of $1,275,000, representing less than 0.01% of the fund’s net assets and 0.51% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. 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.
63

Large-Cap Index Fund
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.
At June 30, 2021, 100% of the market value of the fund’s investments and derivatives was determined based on Level 1 inputs.
D. As of June 30, 2021, 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 18,567,430
Gross Unrealized Appreciation 19,441,002
Gross Unrealized Depreciation (282,428)
Net Unrealized Appreciation (Depreciation) 19,158,574
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2020, the fund had available capital losses totaling $502,274,000 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 December 31, 2021; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
E. During the six months ended June 30, 2021, the fund purchased $1,865,114,000 of investment securities and sold $1,767,802,000 of investment securities, other than temporary cash investments. Purchases and sales include $789,879,000 and $756,879,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.
F. Capital share transactions for each class of shares were:
    
  Six Months Ended
June 30, 2021
  Year Ended
December 31, 2020
  Amount
($000)
Shares
(000)
  Amount
($000)
Shares
(000)
Investor Shares          
Issued 3,033 41   12,683 220
Issued in Lieu of Cash Distributions 214 3   488 9
Redeemed (6,441) (87)   (12,492) (213)
Net Increase (Decrease)—Investor Shares (3,194) (43)   679 16
ETF Shares          
Issued 859,928 4,531   2,981,881 21,401
Issued in Lieu of Cash Distributions  
Redeemed (769,721) (4,200)   (1,306,369) (8,900)
Net Increase (Decrease)—ETF Shares 90,207 331   1,675,512 12,501
64

Large-Cap Index Fund
  Six Months Ended
June 30, 2021
  Year Ended
December 31, 2020
  Amount
($000)
Shares
(000)
  Amount
($000)
Shares
(000)
Admiral Shares          
Issued 912,714 9,687   2,270,102 32,290
Issued in Lieu of Cash Distributions 52,644 550   109,775 1,534
Redeemed (908,390) (9,691)   (2,132,619) (29,688)
Net Increase (Decrease)—Admiral Shares 56,968 546   247,258 4,136
Institutional Shares          
Issued 294,593 760   602,657 1,940
Issued in Lieu of Cash Distributions 12,946 33   26,683 91
Redeemed (500,541) (1,259)   (586,709) (1,991)
Net Increase (Decrease)—Institutional Shares (193,002) (466)   42,631 40
G. Management has determined that no events or transactions occurred subsequent to June 30, 2021, that would require recognition or disclosure in these financial statements.
65

Trustees Approve Advisory Arrangements
The board of trustees of Vanguard Growth Index Fund, Vanguard Value Index Fund, and Vanguard Large-Cap Index Fund has renewed each fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index Group. The board determined that continuing each fund’s internalized management structure was in the best interests of the fund and its shareholders.
The board based its decisions upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made monthly presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.
The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.
In addition, the board received monthly reports, which included a Market and Economic Report, a Fund Dashboard Monthly Summary, and a Fund Performance Report.
Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board’s decisions.
Nature, extent, and quality of services
The board reviewed the quality of each fund’s investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Equity Index Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of each advisory arrangement.
Investment performance
The board considered the short- and long-term performance of each fund, including any periods of outperformance or underperformance compared with its target index and peer group. The board concluded that the performance was such that each advisory arrangement should continue.
Cost
The board concluded that each fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that each fund’s advisory expenses were also well below the peer-group average.
66

The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.
The benefit of economies of scale
The board concluded that the funds’ arrangements with Vanguard ensure that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangements again after a one-year period.
67

Liquidity Risk Management
Vanguard funds (except for the money market funds) have adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940. Rule 22e-4 requires that each fund adopt a program that is reasonably designed to assess and manage the fund’s liquidity risk, which is the risk that the fund could not meet redemption requests without significant dilution of remaining investors’ interests in the fund.
Assessment and management of a fund’s liquidity risk under the Program take into consideration certain factors, such as the fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short- and long-term cash-flow projections during both normal and reasonably foreseeable stressed conditions, and its cash and cash-equivalent holdings and access to other funding sources. As required by the rule, the Program includes policies and procedures for classification of fund portfolio holdings in four liquidity categories, maintaining certain levels of highly liquid investments, and limiting holdings of illiquid investments.
The board of trustees of Vanguard Index Funds approved the appointment of liquidity risk management program administrators responsible for administering the Program for Vanguard Growth Index Fund, Vanguard Value Index Fund and Vanguard Large-Cap Index Fund, and for carrying out the specific responsibilities set forth in the Program, including reporting to the board on at least an annual basis regarding the Program’s operation, its adequacy, and the effectiveness of its implementation for the past year (the “Program Administrator Report”). The board has reviewed the Program Administrator Report covering the period from January 1, 2020, through December 31, 2020 (the “Review Period”). The Program Administrator Report stated that during the Review Period the Program operated and was implemented effectively to manage the funds' liquidity risk.
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This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.
You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.
You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.
© 2021 The Vanguard Group, Inc.
All rights reserved.
U.S. Patent Nos. 6,879,964; 7,337,138; 7,720,749; 7,925,573; 8,090,646; 8,417,623; and 8,626,636.
Vanguard Marketing Corporation, Distributor.
Q03072 082021

 

 

Semiannual Report  |  June 30, 2021
Vanguard Total Stock Market Index Fund


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, 2021      
  Beginning
Account Value
12/31/2020
Ending
Account Value
6/30/2021
Expenses
Paid During
Period
Based on Actual Fund Return      
Total Stock Market Index Fund      
Investor Shares $1,000.00 $1,151.90 $0.75
ETF Shares 1,000.00 1,152.50 0.16
AdmiralTM Shares 1,000.00 1,152.40 0.21
Institutional Shares 1,000.00 1,152.60 0.16
Institutional Plus Shares 1,000.00 1,152.60 0.11
Institutional Select Shares 1,000.00 1,152.60 0.05
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, 2021
Basic Materials 2.0%
Consumer Discretionary 16.0
Consumer Staples 4.7
Energy 2.9
Financials 11.2
Health Care 13.1
Industrials 13.9
Other 0.0
Real Estate 3.5
Technology 27.1
Telecommunications 3.0
Utilities 2.6
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—Investments Summary
As of June 30, 2021
This Statement summarizes the fund’s holdings by asset type. Details are reported for each of the fund’s 50 largest individual holdings and for investments that, in total for any issuer, represent more than 1% of the fund’s net assets. The total value of smaller holdings is reported as a single amount within each category.
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) four times in each fiscal year. For the second and fourth quarters the complete list of the fund’s holdings is available on vanguard.com and on Form N-CSR, or you can have it mailed to you without charge by calling 800-662-7447. For the first and third quarters of each fiscal year, the complete list of the fund’s holdings is available as an exhibit to its reports on Form N-PORT. The fund’s Form N-CSR and Form N-PORT reports are available on the SEC’s website at www.sec.gov.
        Shares Market
Value
($000)
Percentage
of Net
Assets
Common Stocks    
Basic Materials    
  Perma-Pipe International Holdings Inc.*,1     416,232         2,772   0.00%
Basic Materials—Other*,2,3    25,309,843   2.01%
                          25,312,615   2.01%
Consumer Discretionary    
  Amazon.com Inc.*  12,108,357    41,654,685   3.31%
  Tesla Inc.*  21,768,378    14,795,967   1.18%
  Home Depot Inc.  30,031,686     9,576,804   0.76%
  Walt Disney Co.*  51,321,242     9,020,735   0.72%
  Netflix Inc.*  12,524,850     6,615,751   0.53%
  Walmart Inc.  39,729,664     5,602,677   0.45%
  NIKE Inc. Class B  36,012,739     5,563,608   0.44%
  Costco Wholesale Corp.  12,499,201     4,945,559   0.39%
  McDonald's Corp.  21,075,098     4,868,137   0.39%
Consumer Discretionary—Other*,2,3    97,301,404   7.72%
                         199,945,327  15.89%
Consumer Staples    
  Procter & Gamble Co.  69,141,796     9,329,303   0.74%
  Coca-Cola Co. 109,606,018     5,930,782   0.47%
  PepsiCo Inc.  39,024,187     5,782,214   0.46%
  Philip Morris International Inc.  44,025,291     4,363,347   0.35%
Consumer Staples —Other*,2    33,752,689   2.68%
                          59,158,335   4.70%
Energy    
  Exxon Mobil Corp. 119,579,282     7,543,061   0.60%
  Chevron Corp.  54,559,393     5,714,551   0.46%
Energy—Other*,2,3    23,455,650   1.86%
                          36,713,262   2.92%
4

Total Stock Market Index Fund
        Shares Market
Value

($000)
Percentage
of Net
Assets
Financials    
  Berkshire Hathaway Inc. Class B*  48,902,808    13,591,068   1.08%
  JPMorgan Chase & Co.  85,499,490    13,298,591   1.06%
  Bank of America Corp. 217,832,685     8,981,242   0.71%
  Wells Fargo & Co. 116,761,886     5,288,146   0.42%
  Berkshire Hathaway Inc. Class A*       1,051       439,950   0.04%
  BM Technologies Inc. (Acquired 12/17/20, Cost $1,765)*,4     123,018         1,377   0.00%
Financials—Other*,2,3    98,369,929   7.82%
                         139,970,303  11.13%
Health Care    
  Johnson & Johnson  74,381,224    12,253,563   0.98%
  UnitedHealth Group Inc.  26,655,275    10,673,838   0.85%
  Pfizer Inc. 158,110,199     6,191,595   0.49%
  Abbott Laboratories  50,188,451     5,818,347   0.46%
  AbbVie Inc.  49,888,652     5,619,458   0.45%
  Thermo Fisher Scientific Inc.  11,101,575     5,600,412   0.45%
  Eli Lilly & Co.  24,380,353     5,595,779   0.45%
  Merck & Co. Inc.  71,521,061     5,562,193   0.44%
  Danaher Corp.  18,132,976     4,866,165   0.39%
  Medtronic plc  38,075,061     4,726,257   0.38%
Health Care—Other*,2,3    96,749,960   7.67%
                         163,657,567  13.01%
Industrials    
  Visa Inc. Class A  47,563,683    11,121,340   0.88%
  PayPal Holdings Inc.*  33,182,311     9,671,980   0.77%
  Mastercard Inc. Class A  24,988,092     9,122,903   0.73%
  Accenture plc Class A  17,954,321     5,292,754   0.42%
  Honeywell International Inc.  19,616,921     4,302,972   0.34%
  United Parcel Service Inc. Class B  20,431,986     4,249,240   0.34%
Industrials—Other*,2,3,5   130,035,527  10.34%
                         173,796,716  13.82%
Other*,2,3,6 529 0.00%
Real Estate*,2,3 43,552,017 3.46%
Technology    
  Apple Inc. 447,774,417    61,327,183   4.88%
  Microsoft Corp. 212,736,932    57,630,435   4.58%
  Facebook Inc. Class A*  67,679,030    23,532,676   1.87%
  Alphabet Inc. Class A*   8,484,554    20,717,499   1.65%
  Alphabet Inc. Class C*   7,778,705    19,495,924   1.55%
  NVIDIA Corp.  16,717,635    13,375,780   1.06%
  Adobe Inc.*  13,502,096     7,907,367   0.63%
  Intel Corp. 114,059,454     6,403,298   0.51%
  salesforce.com Inc.*  24,747,719     6,045,125   0.48%
  Broadcom Inc.  10,956,982     5,224,727   0.42%
  Texas Instruments Inc.  26,086,761     5,016,484   0.40%
  QUALCOMM Inc.  31,862,594     4,554,121   0.36%
Technology—Other*,2,3   108,074,434   8.58%
                         339,305,053  26.97%
Telecommunications    
  Comcast Corp. Class A 129,505,594     7,384,409   0.59%
  Verizon Communications Inc. 111,089,097     6,224,322   0.50%
5

Total Stock Market Index Fund
        Shares Market
Value

($000)
Percentage
of Net
Assets
  AT&T Inc. 201,673,800     5,804,172   0.46%
  Cisco Systems Inc. 107,124,995     5,677,625   0.45%
Telecommunications—Other*,2,3    12,565,404   0.99%
                          37,655,932   2.99%
Utilities*,2 32,949,025 2.62%
Total Common Stocks (Cost $545,077,856) 1,252,016,681 99.52%
†Preferred Stock (Cost $36) 42 0.00%
      Coupon      
Temporary Cash Investments
Money Market Fund    
  Vanguard Market Liquidity Fund7,8
(Cost $11,135,205)
0.056% 111,359,670              11,135,968       0.88%
Total Investments (Cost $556,213,097) 1,263,152,691 100.40%
Other Assets and Liabilities—Net (5,078,185) (0.40%)
Net Assets     1,258,074,506 100.00%
Cost is in $000.
See Note A in Notes to Financial Statements.
* Includes non-income-producing security.
Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
1 Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities of such company.
2 Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $6,159,744,000.
3 Certain securities are valued using significant unobservable inputs.
4 Restricted securities totaling $1,377,000, representing 0.0% of net assets.
5 Certain securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2021, the aggregate value of these securities was $82,644,000, representing 0.0% of net assets.
6 “Other” represents securities that are not classified by the fund’s benchmark index.
7 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
8 Collateral of $6,537,053,000 was received for securities on loan, of which $6,352,245,000 is held in Vanguard Market Liquidity Fund and $184,808,000 is held in cash.
6

Total Stock Market Index Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts
      ($000)
  Expiration Number of
Long (Short)
Contracts
Notional
Amount
Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts
E-mini Russell 2000 Index September 2021 1,914 220,856 (2,191)
E-mini S&P 500 Index September 2021 23,501 5,039,319 73,227
E-mini S&P Mid-Cap 400 Index September 2021 240 64,618 (1,285)
        69,751
    
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)
Alcoa Corp. 8/31/21 BOANA 15,471 (0.586) (1,111)
Bandwidth Inc. Class A 8/31/21 BOANA 32,293 (0.536) 5,347
Consolidated Edison Inc. 8/31/21 BOANA 123,584 (0.636) (7,653)
Consolidated Edison Inc. 8/31/21 BOANA 108,136 (0.486) (6,684)
National Fuel Gas Co. 8/31/21 BOANA 4,670 (0.486) 72
New York Community Bancorp Inc. 8/31/21 BOANA 3,591 (0.436) (286)
Penn National Gaming Inc. 8/31/21 BOANA 98,364 (0.536) (6,617)
Popular Inc. 8/31/21 BOANA 16,322 (0.486) (1,236)
RingCentral Inc. Class A 8/31/21 BOANA 30,184 (0.586) 3,219
State Street Corp. 8/31/22 BOANA 223,974 (0.586) (10,867)
Visa Inc. Class A 8/31/21 BOANA 51,143 0.014 1,538
Vistra Corp. 8/31/21 BOANA 17,302 (0.386) 2,702
Williams Cos. Inc. 8/31/21 BOANA 158,040 (0.486) 3,660
          16,538 (34,454)
1 Based on 1M USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating interest payment received/paid monthly.
  1M—1-month.
  BOANA—Bank of America, N.A.
See accompanying Notes, which are an integral part of the Financial Statements.
7

Total Stock Market Index Fund
Statement of Assets and Liabilities
As of June 30, 2021
($000s, except shares and per-share amounts) Amount
Assets  
Investments in Securities, at Value  
Unaffiliated Issuers (Cost $545,074,434) 1,252,013,951
Affiliated Issuers (Cost $11,138,663) 11,138,740
Total Investments in Securities 1,263,152,691
Investment in Vanguard 42,541
Cash 184,808
Cash Collateral Pledged—Futures Contracts 274,197
Cash Collateral Pledged—Over-the-Counter Swap Contracts 18,620
Receivables for Investment Securities Sold 741,877
Receivables for Accrued Income 739,009
Receivables for Capital Shares Issued 1,118,826
Variation Margin Receivable—Futures Contracts 7,548
Unrealized Appreciation—Over-the-Counter Swap Contracts 16,538
Total Assets 1,266,296,655
Liabilities  
Due to Custodian 399,368
Payables for Investment Securities Purchased 208,906
Collateral for Securities on Loan 6,537,053
Payables for Capital Shares Redeemed 1,016,380
Payables to Vanguard 25,988
Unrealized Depreciation—Over-the-Counter Swap Contracts 34,454
Total Liabilities 8,222,149
Net Assets 1,258,074,506
8

Total Stock Market Index Fund
Statement of Assets and Liabilities (continued)

At June 30, 2021, net assets consisted of:  
($000s, except shares and per-share amounts) Amount
Paid-in Capital 560,250,353
Total Distributable Earnings (Loss) 697,824,153
Net Assets 1,258,074,506
 
Investor Shares—Net Assets  
Applicable to 1,319,037,980 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
143,064,902
Net Asset Value Per Share—Investor Shares $108.46
 
ETF Shares—Net Assets  
Applicable to 1,134,444,825 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
252,829,824
Net Asset Value Per Share—ETF Shares $222.87
 
Admiral Shares—Net Assets  
Applicable to 2,909,315,360 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
315,631,133
Net Asset Value Per Share—Admiral Shares $108.49
 
Institutional Shares—Net Assets  
Applicable to 2,101,101,506 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
227,984,217
Net Asset Value Per Share—Institutional Shares $108.51
 
Institutional Plus Shares—Net Assets  
Applicable to 1,323,341,512 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
269,281,287
Net Asset Value Per Share—Institutional Plus Shares $203.49
 
Institutional Select Shares—Net Assets  
Applicable to 230,817,928 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
49,283,143
Net Asset Value Per Share—Institutional Select Shares $213.52
See accompanying Notes, which are an integral part of the Financial Statements.
9

Total Stock Market Index Fund
Statement of Operations
  Six Months Ended
June 30, 2021
  ($000)
Investment Income  
Income  
Dividends—Unaffiliated Issuers 7,445,745
Dividends—Affiliated Issuers
Interest—Unaffiliated Issuers 54
Interest—Affiliated Issuers 2,103
Securities Lending—Net 81,216
Total Income 7,529,118
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 8,771
Management and Administrative—Investor Shares 101,526
Management and Administrative—ETF Shares 27,614
Management and Administrative—Admiral Shares 51,957
Management and Administrative—Institutional Shares 25,942
Management and Administrative—Institutional Plus Shares 21,325
Management and Administrative—Institutional Select Shares 1,891
Marketing and Distribution—Investor Shares 2,970
Marketing and Distribution—ETF Shares 2,744
Marketing and Distribution—Admiral Shares 3,433
Marketing and Distribution—Institutional Shares 2,094
Marketing and Distribution—Institutional Plus Shares 1,163
Marketing and Distribution—Institutional Select Shares 1
Custodian Fees 1,023
Shareholders’ Reports—Investor Shares 208
Shareholders’ Reports—ETF Shares 1,575
Shareholders’ Reports—Admiral Shares 594
Shareholders’ Reports—Institutional Shares 300
Shareholders’ Reports—Institutional Plus Shares 26
Shareholders’ Reports—Institutional Select Shares
Trustees’ Fees and Expenses 156
Total Expenses 255,313
Net Investment Income 7,273,805
Realized Net Gain (Loss)  
Investment Securities Sold—Unaffiliated Issuers1 6,819,641
Investment Securities Sold—Affiliated Issuers 113
Futures Contracts 862,722
Swap Contracts 22,836
Realized Net Gain (Loss) 7,705,312
10

Total Stock Market Index Fund
Statement of Operations (continued)
  Six Months Ended
June 30, 2021
  ($000)
Change in Unrealized Appreciation (Depreciation)  
Investment Securities—Unaffiliated Issuers 150,663,073
Investment Securities—Affiliated Issuers 4,208
Futures Contracts (37,741)
Swap Contracts (17,580)
Change in Unrealized Appreciation (Depreciation) 150,611,960
Net Increase (Decrease) in Net Assets Resulting from Operations 165,591,077
1 Includes $4,690,231,000 of net gain (loss) resulting from in-kind redemptions.
See accompanying Notes, which are an integral part of the Financial Statements.
11

Total Stock Market Index Fund
Statement of Changes in Net Assets
  Six Months Ended
June 30,
2021
  Year Ended
December 31,
2020
  ($000)   ($000)
Increase (Decrease) in Net Assets      
Operations      
Net Investment Income 7,273,805   15,540,727
Realized Net Gain (Loss) 7,705,312   3,258,780
Change in Unrealized Appreciation (Depreciation) 150,611,960   170,087,718
Net Increase (Decrease) in Net Assets Resulting from Operations 165,591,077   188,887,225
Distributions      
Investor Shares (847,095)   (2,178,405)
ETF Shares (1,489,567)   (2,643,535)
Admiral Shares (1,882,690)   (4,040,472)
Institutional Shares (1,328,549)   (2,632,899)
Institutional Plus Shares (1,621,179)   (3,283,515)
Institutional Select Shares (300,247)   (503,956)
Total Distributions (7,469,327)   (15,282,782)
Capital Share Transactions      
Investor Shares (31,397,903)   (11,200,923)
ETF Shares 20,175,246   32,847,249
Admiral Shares 2,190,501   (23,050,842)
Institutional Shares 20,147,013   (1,802,186)
Institutional Plus Shares 9,425,504   1,241,423
Institutional Select Shares (1,299,905)   11,449,267
Net Increase (Decrease) from Capital Share Transactions 19,240,456   9,483,988
Total Increase (Decrease) 177,362,206   183,088,431
Net Assets      
Beginning of Period 1,080,712,300   897,623,869
End of Period 1,258,074,506   1,080,712,300
See accompanying Notes, which are an integral part of the Financial Statements.
12

Total Stock Market Index Fund
Financial Highlights
Investor Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $94.71 $79.66 $62.08 $66.70 $56.06 $50.78
Investment Operations            
Net Investment Income .5871 1.2841 1.2791 1.2751 1.0861 1.022
Net Realized and Unrealized Gain (Loss) on Investments 13.760 15.026 17.634 (4.703) 10.630 5.282
Total from Investment Operations 14.347 16.310 18.913 (3.428) 11.716 6.304
Distributions            
Dividends from Net Investment Income (.597) (1.260) (1.333) (1.192) (1.076) (1.024)
Distributions from Realized Capital Gains
Total Distributions (.597) (1.260) (1.333) (1.192) (1.076) (1.024)
Net Asset Value, End of Period $108.46 $94.71 $79.66 $62.08 $66.70 $56.06
Total Return2 15.19% 20.87% 30.65% -5.26% 21.05% 12.53%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $143,065 $153,845 $139,686 $121,266 $126,766 $103,932
Ratio of Total Expenses to Average Net Assets 0.14% 0.14% 0.14% 0.14% 0.14% 0.15%
Ratio of Net Investment Income to Average Net Assets 1.16% 1.62% 1.78% 1.86% 1.77% 1.98%
Portfolio Turnover Rate3 3% 8% 4% 3% 3% 4%
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.
13

Total Stock Market Index Fund
Financial Highlights
ETF Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $194.61 $163.70 $127.56 $137.06 $115.21 $104.34
Investment Operations            
Net Investment Income 1.3141 2.8311 2.8091 2.7811 2.3611 2.214
Net Realized and Unrealized Gain (Loss) on Investments 28.293 30.848 36.236 (9.676) 21.832 10.871
Total from Investment Operations 29.607 33.679 39.045 (6.895) 24.193 13.085
Distributions            
Dividends from Net Investment Income (1.347) (2.769) (2.905) (2.605) (2.343) (2.215)
Distributions from Realized Capital Gains
Total Distributions (1.347) (2.769) (2.905) (2.605) (2.343) (2.215)
Net Asset Value, End of Period $222.87 $194.61 $163.70 $127.56 $137.06 $115.21
Total Return 15.25% 20.95% 30.80% -5.13% 21.16% 12.68%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $252,830 $202,075 $138,067 $94,809 $91,862 $69,889
Ratio of Total Expenses to Average Net Assets 0.03% 0.03% 0.03% 0.03% 0.04% 0.04%
Ratio of Net Investment Income to Average Net Assets 1.26% 1.73% 1.89% 1.97% 1.87% 2.09%
Portfolio Turnover Rate2 3% 8% 4% 3% 3% 4%
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.
See accompanying Notes, which are an integral part of the Financial Statements.
14

Total Stock Market Index Fund
Financial Highlights
Admiral Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $94.74 $79.69 $62.09 $66.72 $56.08 $50.79
Investment Operations            
Net Investment Income .6361 1.3641 1.3601 1.3441 1.1481 1.077
Net Realized and Unrealized Gain (Loss) on Investments 13.764 15.025 17.646 (4.711) 10.633 5.291
Total from Investment Operations 14.400 16.389 19.006 (3.367) 11.781 6.368
Distributions            
Dividends from Net Investment Income (.650) (1.339) (1.406) (1.263) (1.141) (1.078)
Distributions from Realized Capital Gains
Total Distributions (.650) (1.339) (1.406) (1.263) (1.141) (1.078)
Net Asset Value, End of Period $108.49 $94.74 $79.69 $62.09 $66.72 $56.08
Total Return2 15.24% 20.99% 30.80% -5.17% 21.17% 12.66%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $315,631 $273,622 $252,536 $185,102 $190,099 $151,612
Ratio of Total Expenses to Average Net Assets 0.04% 0.04% 0.04% 0.04% 0.04% 0.04%
Ratio of Net Investment Income to Average Net Assets 1.26% 1.72% 1.88% 1.96% 1.87% 2.09%
Portfolio Turnover Rate3 3% 8% 4% 3% 3% 4%
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.
15

Total Stock Market Index Fund
Financial Highlights
Institutional Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $94.75 $79.70 $62.10 $66.73 $56.09 $50.80
Investment Operations            
Net Investment Income .6401 1.3741 1.3651 1.3541 1.1531 1.082
Net Realized and Unrealized Gain (Loss) on Investments 13.776 15.024 17.649 (4.715) 10.630 5.291
Total from Investment Operations 14.416 16.398 19.014 (3.361) 11.783 6.373
Distributions            
Dividends from Net Investment Income (.656) (1.348) (1.414) (1.269) (1.143) (1.083)
Distributions from Realized Capital Gains
Total Distributions (.656) (1.348) (1.414) (1.269) (1.143) (1.083)
Net Asset Value, End of Period $108.51 $94.75 $79.70 $62.10 $66.73 $56.09
Total Return 15.26% 21.00% 30.81% -5.16% 21.17% 12.67%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $227,984 $180,586 $152,716 $115,115 $113,557 $79,443
Ratio of Total Expenses to Average Net Assets 0.03% 0.03% 0.03% 0.03% 0.035% 0.03%
Ratio of Net Investment Income to Average Net Assets 1.26% 1.73% 1.89% 1.97% 1.87% 2.10%
Portfolio Turnover Rate2 3% 8% 4% 3% 3% 4%
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.
See accompanying Notes, which are an integral part of the Financial Statements.
16

Total Stock Market Index Fund
Financial Highlights
Institutional Plus Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $177.69 $149.47 $116.46 $125.14 $105.18 $95.26
Investment Operations            
Net Investment Income 1.2111 2.5911 2.5751 2.5551 2.1821 2.042
Net Realized and Unrealized Gain (Loss) on Investments 25.828 28.172 33.100 (8.842) 19.938 9.924
Total from Investment Operations 27.039 30.763 35.675 (6.287) 22.120 11.966
Distributions            
Dividends from Net Investment Income (1.239) (2.543) (2.665) (2.393) (2.160) (2.046)
Distributions from Realized Capital Gains
Total Distributions (1.239) (2.543) (2.665) (2.393) (2.160) (2.046)
Net Asset Value, End of Period $203.49 $177.69 $149.47 $116.46 $125.14 $105.18
Total Return 15.26% 21.02% 30.82% -5.15% 21.19% 12.69%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $269,281 $226,288 $188,188 $135,641 $126,130 $85,031
Ratio of Total Expenses to Average Net Assets 0.02% 0.02% 0.02% 0.02% 0.02% 0.02%
Ratio of Net Investment Income to Average Net Assets 1.28% 1.74% 1.90% 1.98% 1.89% 2.11%
Portfolio Turnover Rate2 3% 8% 4% 3% 3% 4%
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.
See accompanying Notes, which are an integral part of the Financial Statements.
17

Total Stock Market Index Fund
Financial Highlights
Institutional Select Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
June 30,
2021
Year Ended December 31, June 27,
20161 to
December 31,
2016
2020 2019 2018 2017
Net Asset Value, Beginning of Period $186.45 $156.83 $122.20 $131.31 $110.37 $97.70
Investment Operations            
Net Investment Income 1.2812 2.7722 2.7092 2.7042 2.3112 1.181
Net Realized and Unrealized Gain (Loss) on Investments 27.099 29.532 34.731 (9.290) 20.908 12.718
Total from Investment Operations 28.380 32.304 37.440 (6.586) 23.219 13.899
Distributions            
Dividends from Net Investment Income (1.310) (2.684) (2.810) (2.524) (2.279) (1.229)
Distributions from Realized Capital Gains
Total Distributions (1.310) (2.684) (2.810) (2.524) (2.279) (1.229)
Net Asset Value, End of Period $213.52 $186.45 $156.83 $122.20 $131.31 $110.37
Total Return 15.26% 21.03% 30.84% -5.14% 21.20% 14.24%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $49,283 $44,296 $26,431 $20,262 $14,163 $8,545
Ratio of Total Expenses to Average Net Assets 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%3
Ratio of Net Investment Income to Average Net Assets 1.29% 1.76% 1.91% 1.99% 1.90% 2.15%3
Portfolio Turnover Rate4 3% 8% 4% 3% 3% 4%5
The expense ratio and net investment income ratio for the current period have been annualized.
1 Inception.
2 Calculated based on average shares outstanding.
3 Annualized.
4 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.
5 Reflects the fund’s portfolio turnover for the fiscal year ended December 31, 2016.
See accompanying Notes, which are an integral part of the Financial Statements.
18

Total Stock Market Index Fund
Notes to Financial Statements
Vanguard Total Stock Market Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers six classes of shares: Investor Shares, ETF Shares, Admiral Shares, Institutional Shares, Institutional Plus Shares, and Institutional Select 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.
Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus 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 materially 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 board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
19

Total Stock Market Index Fund
During the six months ended June 30, 2021, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
3. 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 June 30, 2021, 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.
4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute 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
20

Total Stock Market Index Fund
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.
5. 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.
6. 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.
7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 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, 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; these fees 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 a rate based upon the higher of the one-month London Interbank Offered Rate (or an acceptable alternate rate, if necessary), federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread, except that borrowings under the uncommitted credit facility may bear interest based upon an alternative 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
21

Total Stock Market Index Fund
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 June 30, 2021, the fund did not utilize the credit facilities or the Interfund Lending Program.
8. 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. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. 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.
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.
B.  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 June 30, 2021, the fund had contributed to Vanguard capital in the amount of $42,541,000, representing less than 0.01% of the fund’s net assets and 17.01% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C.  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.
22

Total Stock Market Index Fund
The following table summarizes the market value of the fund's investments and derivatives as of June 30, 2021, based on the inputs used to value them:
  Level 1
($000)
Level 2
($000)
Level 3
($000)
Total
($000)
Investments        
Assets        
Common Stocks 1,252,000,911 1,478 14,292 1,252,016,681
Preferred Stock 42 42
Temporary Cash Investments 11,135,968 11,135,968
Total 1,263,136,921 1,478 14,292 1,263,152,691
Derivative Financial Instruments        
Assets        
Futures Contracts1 73,227 73,227
Swap Contracts 16,538 16,538
Total 73,227 16,538 89,765
Liabilities        
Futures Contracts1 3,476 3,476
Swap Contracts 34,454 34,454
Total 3,476 34,454 37,930
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
D.  As of June 30, 2021, 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 557,322,661
Gross Unrealized Appreciation 724,368,721
Gross Unrealized Depreciation (18,486,856)
Net Unrealized Appreciation (Depreciation) 705,881,865
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2020, the fund had available capital losses totaling $15,633,990,000 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 December 31, 2021; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
E.  During the six months ended June 30, 2021, the fund purchased $57,644,450,000 of investment securities and sold $37,764,779,000 of investment securities, other than temporary cash investments. Purchases and sales include $18,737,551,000 and $5,853,226,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
23

Total Stock Market Index Fund
F.  Capital share transactions for each class of shares were:
  Six Months Ended
June 30, 2021
  Year Ended
December 31, 2020
  Amount
($000)
Shares
(000)
  Amount
($000)
Shares
(000)
Investor Shares          
Issued 327,874 3,292   14,516,361 207,934
Issued in Lieu of Cash Distributions 847,095 8,291   2,178,405 28,832
Redeemed (32,572,872) (316,928)   (27,895,689) (365,845)
Net Increase (Decrease)—Investor Shares (31,397,903) (305,345)   (11,200,923) (129,079)
ETF Shares          
Issued 24,149,005 114,803   50,514,859 305,434
Issued in Lieu of Cash Distributions  
Redeemed (3,973,759) (18,700)   (17,667,610) (110,500)
Net Increase (Decrease)—ETF Shares 20,175,246 96,103   32,847,249 194,934
Admiral Shares          
Issued 19,598,236 193,197   32,397,184 424,606
Issued in Lieu of Cash Distributions 1,571,926 15,336   3,371,979 44,445
Redeemed (18,979,661) (187,476)   (58,820,005) (749,884)
Net Increase (Decrease)—Admiral Shares 2,190,501 21,057   (23,050,842) (280,833)
Institutional Shares          
Issued 29,828,337 291,574   27,070,393 360,889
Issued in Lieu of Cash Distributions 1,252,183 12,195   2,476,296 32,636
Redeemed (10,933,507) (108,569)   (31,348,875) (403,732)
Net Increase (Decrease)—Institutional Shares 20,147,013 195,200   (1,802,186) (10,207)
Institutional Plus Shares          
Issued 15,582,944 82,039   28,455,775 204,305
Issued in Lieu of Cash Distributions 1,594,979 8,294   3,238,183 22,739
Redeemed (7,752,419) (40,503)   (30,452,535) (212,599)
Net Increase (Decrease)—Institutional Plus Shares 9,425,504 49,830   1,241,423 14,445
Institutional Select Shares          
Issued 3,758,958 19,141   15,638,742 96,623
Issued in Lieu of Cash Distributions 300,247 1,489   503,956 3,296
Redeemed (5,359,110) (27,395)   (4,693,431) (30,863)
Net Increase (Decrease)—Institutional Select Shares (1,299,905) (6,765)   11,449,267 69,056
24

Total Stock Market Index Fund
G.  Certain of the fund’s investments are in companies that are considered to be affiliated companies of the fund because the fund owns more than 5% of the outstanding voting securities of the company or the issuer is another member of The Vanguard Group. Transactions during the period in securities of these companies were as follows:
    Current Period Transactions  
  Dec. 31, 2020
Market Value
($000)
Purchases
at Cost
($000)
Proceeds
from
Securities
Sold1
($000)
Realized
Net Gain
(Loss)
($000)
Change in
Unrealized
App. (Dep.)
($000)
Income
($000)
Capital Gain
Distributions
Received
($000)
Jun. 30, 2021
Market Value
($000)
180 Life Sciences Corp. 2,919 5,959 3,375 1,334 NA2
Avenue Therapeutics Inc. 4,991 2,477 (1,993) 268 NA2
Dare Bioscience Inc. 3,618 714 3,639 1,554 333 NA2
Lifevantage Corp. 8,536 1,026 3,780 (2,742) 1,233 NA2
Perma-Pipe International Holdings Inc. 2,860 389 (114) 415 2,772
Research Solutions Inc. 4,035 2,097 33 625 NA2
Vanguard Market Liquidity Fund 8,699,256 NA3 NA3 2,103 11,135,968
Total 8,726,215 1,740 18,341 113 4,208 2,103 11,138,740
1 Does not include adjustments related to return of capital.
2 Not applicable—at June 30, 2021, the security was still held, but the issuer was no longer an affiliated company of the fund.
3 Not applicable—purchases and sales are for temporary cash investment purposes.
H.  Management has determined that no events or transactions occurred subsequent to June 30, 2021, that would require recognition or disclosure in these financial statements.
25

Trustees Approve Advisory Arrangement
The board of trustees of Vanguard Total Stock Market Index Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index Group. The board determined that continuing the fund’s internalized management structure was in the best interests of the fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made monthly presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.
The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.
In addition, the board received monthly reports, which included a Market and Economic Report, a Fund Dashboard Monthly Summary, and a Fund Performance Report.
Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board reviewed the quality of the fund’s investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Equity Index Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.
Investment performance
The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance compared with its target index and peer group. The board concluded that the performance was such that the advisory arrangement should continue.
Cost
The board concluded that the fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that the fund’s advisory expenses were also well below the peer-group average.
The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.
26

The benefit of economies of scale
The board concluded that the fund’s arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangement again after a one-year period.
27

Liquidity Risk Management
Vanguard funds (except for the money market funds) have adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940. Rule 22e-4 requires that each fund adopt a program that is reasonably designed to assess and manage the fund’s liquidity risk, which is the risk that the fund could not meet redemption requests without significant dilution of remaining investors’ interests in the fund.
Assessment and management of a fund’s liquidity risk under the Program take into consideration certain factors, such as the fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short- and long-term cash-flow projections during both normal and reasonably foreseeable stressed conditions, and its cash and cash-equivalent holdings and access to other funding sources. As required by the rule, the Program includes policies and procedures for classification of fund portfolio holdings in four liquidity categories, maintaining certain levels of highly liquid investments, and limiting holdings of illiquid investments.
The board of trustees of Vanguard Index Funds approved the appointment of liquidity risk management program administrators responsible for administering Vanguard Total Stock Market Index Fund’s Program and for carrying out the specific responsibilities set forth in the Program, including reporting to the board on at least an annual basis regarding the Program’s operation, its adequacy, and the effectiveness of its implementation for the past year (the “Program Administrator Report”). The board has reviewed the Program Administrator Report covering the period from January 1, 2020, through December 31, 2020 (the “Review Period”). The Program Administrator Report stated that during the Review Period the Program operated and was implemented effectively to manage the fund’s liquidity risk.
28

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This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.
You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.
You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.
© 2021 The Vanguard Group, Inc.
All rights reserved.
U.S. Pat. Nos. 6,879,964; 7,337,138; 7,720,749;
7,925,573; 8,090,646; 8,417,623; and 8,626,636.
Vanguard Marketing Corporation, Distributor.
Q852 082021

 

 

 

Item 2: Code of Ethics.

 

Not applicable.

 

Item 3: Audit Committee Financial Expert.

 

Not applicable.

 

Item 4: Principal Accountant Fees and Services.

 

Not applicable.

 

Item 5: Audit Committee of Listed Registrants.

 

Not applicable.

 

Item 6: Investments.

 

\

 

 

 

Vanguard® Small-Cap Index Fund
Schedule of Investments (unaudited)
June 30, 2021
       
          Shares Market
Value
($000)
Common Stocks (99.34%)
Basic Materials (4.07%)
  Steel Dynamics Inc. 4,994,495 297,672
  Mosaic Co. 8,510,228 271,561
*,1 Cleveland-Cliffs Inc. 11,189,074 241,236
  Reliance Steel & Aluminum Co. 1,586,000 239,327
  Scotts Miracle-Gro Co. 971,187 186,390
  Royal Gold Inc. 1,632,085 186,221
  Olin Corp. 3,567,272 165,022
* Alcoa Corp. 4,308,515 158,726
  Valvoline Inc. 4,508,611 146,350
1 United States Steel Corp. 6,042,896 145,030
  Chemours Co. 4,118,118 143,311
  CF Industries Holdings Inc. 2,669,786 137,360
  Timken Co. 1,702,353 137,193
  Ashland Global Holdings Inc. 1,511,516 132,258
  Huntsman Corp. 4,964,599 131,661
* Hexcel Corp. 2,085,711 130,148
* RBC Bearings Inc. 627,968 125,229
  Element Solutions Inc. 5,235,674 122,410
  W R Grace & Co. 1,650,535 114,085
  Avient Corp. 2,270,364 111,611
  UFP Industries Inc. 1,463,120 108,768
  Balchem Corp. 806,832 105,905
* Univar Solutions Inc. 4,218,911 102,857
  Hecla Mining Co. 13,338,411 99,238
  Commercial Metals Co. 2,998,055 92,100
  Sensient Technologies Corp. 1,051,135 90,986
* Arconic Corp. 2,463,848 87,762
* Ingevity Corp. 995,297 80,977
  Cabot Corp. 1,409,341 80,234
  Quaker Chemical Corp. 333,350 79,067
* Amyris Inc. 4,715,235 77,188
* Livent Corp. 3,967,589 76,813
*,1 MP Materials Corp. 2,041,771 75,260
  NewMarket Corp. 217,436 70,010
* Domtar Corp. 1,248,959 68,643
  Minerals Technologies Inc. 838,244 65,945
  Stepan Co. 534,380 64,270
  Tronox Holdings plc Class A 2,856,715 63,990
  Mueller Industries Inc. 1,346,976 58,338
  GrafTech International Ltd. 4,982,939 57,902
  Boise Cascade Co. 980,851 57,233
  Innospec Inc. 610,643 55,330
  Worthington Industries Inc. 853,879 52,240
* Coeur Mining Inc. 5,745,254 51,018
  Compass Minerals International Inc. 848,757 50,297
  Kaiser Aluminum Corp. 395,867 48,886
  Carpenter Technology Corp. 1,192,732 47,972
  Materion Corp. 508,903 38,346
  Westlake Chemical Corp. 399,826 36,020
  Schweitzer-Mauduit International Inc. 783,155 31,624
  Schnitzer Steel Industries Inc. Class A 613,108 30,073
* GCP Applied Technologies Inc. 1,274,166 29,637
* Kraton Corp. 759,509 24,525
  PQ Group Holdings Inc. 1,359,836 20,887
* Zymergen Inc. 498,864 19,960
* Koppers Holdings Inc. 502,637 16,260
* Century Aluminum Co. 1,235,790 15,929
1

Vanguard® Small-Cap Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Glatfelter Corp. 1,113,950 15,562
  American Vanguard Corp. 648,157 11,349
  Tredegar Corp. 714,238 9,835
  FutureFuel Corp. 323,340 3,104
* Hycroft Mining Holding Corp. Warrants Exp. 10/22/2022 19
            5,595,141
Consumer Discretionary (15.82%)
  Pool Corp. 948,446 435,014
* Tapestry Inc. 6,941,632 301,822
  Williams-Sonoma Inc. 1,874,202 299,216
* RH 418,202 283,959
* Chegg Inc. 3,356,058 278,922
* Floor & Decor Holdings Inc. Class A 2,611,902 276,078
* Zynga Inc. Class A 25,753,247 273,757
* Norwegian Cruise Line Holdings Ltd. 9,210,484 270,880
* Five Below Inc. 1,393,965 269,412
* Deckers Outdoor Corp. 701,362 269,372
  Newell Brands Inc. 9,527,494 261,720
  Lithia Motors Inc. Class A 740,804 254,570
  Gap Inc. 7,000,204 235,557
* Liberty Media Corp.-Liberty Formula One Class C 4,810,343 231,907
* Bright Horizons Family Solutions Inc. 1,519,541 223,540
  Nielsen Holdings plc 8,924,009 220,155
  Kohl's Corp. 3,922,705 216,180
* Capri Holdings Ltd. 3,766,797 215,423
  Service Corp. International 3,977,241 213,140
  L Brands Inc. 2,777,224 200,127
  Gentex Corp. 6,014,476 199,019
  Polaris Inc. 1,448,791 198,426
  Tempur Sealy International Inc. 4,901,094 192,074
* PVH Corp. 1,774,529 190,922
* SiteOne Landscape Supply Inc. 1,105,682 187,148
* Alaska Air Group Inc. 3,098,578 186,875
* IAA Inc. 3,354,486 182,954
* Crocs Inc. 1,543,192 179,813
* YETI Holdings Inc. 1,954,872 179,496
* Scientific Games Corp. 2,272,066 175,949
  Harley-Davidson Inc. 3,823,525 175,194
* Mattel Inc. 8,678,260 174,433
  Churchill Downs Inc. 863,028 171,104
* American Airlines Group Inc. 7,987,751 169,420
  Toll Brothers Inc. 2,910,529 168,258
  Wyndham Hotels & Resorts Inc. 2,325,713 168,126
* Skechers USA Inc. Class A 3,339,592 166,412
  Leggett & Platt Inc. 3,150,355 163,220
* BJ's Wholesale Club Holdings Inc. 3,416,387 162,552
* Fox Factory Holding Corp. 1,044,157 162,534
  Hanesbrands Inc. 8,689,135 162,226
* AutoNation Inc. 1,701,927 161,360
* Marriott Vacations Worldwide Corp. 1,009,335 160,787
  Interpublic Group of Cos. Inc. 4,897,283 159,113
  Texas Roadhouse Inc. Class A 1,650,024 158,732
* Vail Resorts Inc. 501,195 158,638
  Foot Locker Inc. 2,571,736 158,496
*,1 GameStop Corp. Class A 739,810 158,423
* Planet Fitness Inc. Class A 2,072,157 155,930
  New York Times Co. Class A 3,535,355 153,965
* Terminix Global Holdings Inc. 3,199,778 152,661
  Nexstar Media Group Inc. Class A 1,010,826 149,481
  Thor Industries Inc. 1,308,899 147,906
* Macy's Inc. 7,759,230 147,115
2

Vanguard® Small-Cap Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Dick's Sporting Goods Inc. 1,467,934 147,072
1 American Eagle Outfitters Inc. 3,746,681 140,613
* Helen of Troy Ltd. 608,800 138,879
  Ralph Lauren Corp. 1,141,107 134,434
* JetBlue Airways Corp. 7,886,883 132,342
  Lear Corp. 749,238 131,326
  AMERCO 219,660 129,468
  Travel + Leisure Co. 2,145,366 127,542
* Boyd Gaming Corp. 1,953,027 120,092
* Goodyear Tire & Rubber Co. 6,949,123 119,177
* Penn National Gaming Inc. 1,546,788 118,314
  Aramark 3,171,562 118,141
  Qurate Retail Inc. Class A 8,969,829 117,415
  Wingstop Inc. 740,230 116,682
*,1 Luminar Technologies Inc. Class A 5,174,649 113,584
* Sonos Inc. 3,099,344 109,190
  Carter's Inc. 1,039,905 107,287
  Choice Hotels International Inc. 898,378 106,781
* frontdoor Inc. 2,131,486 106,191
  H&R Block Inc. 4,516,014 106,036
* Ollie's Bargain Outlet Holdings Inc. 1,249,694 105,137
* Grand Canyon Education Inc. 1,153,371 103,769
*,1 National Vision Holdings Inc. 2,024,539 103,515
  Wendy's Co. 4,409,483 103,270
  TEGNA Inc. 5,503,214 103,240
* Nordstrom Inc. 2,768,469 101,243
* Callaway Golf Co. 2,986,517 100,735
* Signet Jewelers Ltd. 1,239,032 100,101
* TripAdvisor Inc. 2,470,222 99,550
* Sabre Corp. 7,953,159 99,255
* Under Armour Inc. Class A 4,682,293 99,031
* Shake Shack Inc. Class A 923,829 98,868
* Stitch Fix Inc. Class A 1,610,950 97,140
* Avis Budget Group Inc. 1,217,795 94,854
* Overstock.com Inc. 1,016,908 93,759
* Cardlytics Inc. 735,960 93,415
* Under Armour Inc. Class C 4,966,399 92,226
* LGI Homes Inc. 557,853 90,339
  KB Home 2,176,490 88,627
* Hilton Grand Vacations Inc. 2,127,636 88,063
  Cracker Barrel Old Country Store Inc. 590,367 87,646
* Stamps.com Inc. 433,349 86,795
  Dana Inc. 3,608,618 85,741
  Murphy USA Inc. 636,441 84,882
* Visteon Corp. 696,206 84,199
* Meritage Homes Corp. 894,452 84,150
* Bed Bath & Beyond Inc. 2,522,748 83,982
  Rent-A-Center Inc. 1,567,724 83,199
* Asbury Automotive Group Inc. 481,344 82,488
* Spirit Airlines Inc. 2,699,157 82,162
  Columbia Sportswear Co. 826,567 81,301
  Steven Madden Ltd. 1,852,987 81,087
  PROG Holdings Inc. 1,683,961 81,049
  Papa John's International Inc. 773,038 80,736
* Taylor Morrison Home Corp. Class A 3,047,021 80,502
* Madison Square Garden Sports Corp. 462,739 79,855
  LCI Industries 597,302 78,497
* Six Flags Entertainment Corp. 1,804,909 78,116
* Leslie's Inc. 2,804,033 77,083
* Hyatt Hotels Corp. Class A 972,098 75,474
*,1 2U Inc. 1,760,945 73,379
3

Vanguard® Small-Cap Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Kontoor Brands Inc. 1,291,390 72,847
* Allegiant Travel Co. 375,342 72,816
* Abercrombie & Fitch Co. Class A 1,541,002 71,549
* Coty Inc. Class A 7,625,893 71,226
  MDC Holdings Inc. 1,397,518 70,714
* Brinker International Inc. 1,139,614 70,485
*,1 Fisker Inc. 3,651,791 70,407
* Dorman Products Inc. 678,637 70,354
  Wolverine World Wide Inc. 2,062,644 69,387
  Herman Miller Inc. 1,465,980 69,106
* Red Rock Resorts Inc. Class A 1,588,801 67,524
* Academy Sports & Outdoors Inc. 1,635,193 67,435
  Group 1 Automotive Inc. 430,007 66,406
* iRobot Corp. 699,915 65,365
  World Wrestling Entertainment Inc. Class A 1,126,588 65,218
* SeaWorld Entertainment Inc. 1,280,952 63,971
* Sleep Number Corp. 578,635 63,621
* Cheesecake Factory Inc. 1,173,560 63,584
  John Wiley & Sons Inc. Class A 1,048,324 63,088
* Tri Pointe Homes Inc. 2,943,708 63,084
* Sally Beauty Holdings Inc. 2,813,421 62,092
* Revolve Group Inc. Class A 890,805 61,376
  Penske Automotive Group Inc. 805,143 60,780
* Urban Outfitters Inc. 1,467,932 60,508
  Graham Holdings Co. Class B 95,269 60,391
*,1 Coursera Inc. 1,521,231 60,180
* Bloomin' Brands Inc. 2,210,412 59,991
* ODP Corp. 1,226,454 58,882
* Selectquote Inc. 3,049,946 58,742
  Jack in the Box Inc. 524,980 58,504
* Gentherm Inc. 822,361 58,429
  Big Lots Inc. 874,061 57,697
* Cinemark Holdings Inc. 2,527,024 55,468
  Levi Strauss & Co. Class A 1,968,421 54,565
* KAR Auction Services Inc. 3,103,542 54,467
* SkyWest Inc. 1,251,080 53,884
  PriceSmart Inc. 573,422 52,187
  Monro Inc. 789,648 50,151
* Lions Gate Entertainment Corp. Class B 2,682,368 49,087
* Central Garden & Pet Co. Class A 1,005,432 48,562
  Rush Enterprises Inc. Class A 1,111,646 48,068
* WW International Inc. 1,297,186 46,880
  Strategic Education Inc. 612,824 46,611
* AMC Networks Inc. Class A 689,059 46,029
* Knowles Corp. 2,310,051 45,600
  HNI Corp. 1,027,065 45,160
*,1 Petco Health & Wellness Co. Inc. Class A 1,973,588 44,228
* Dave & Buster's Entertainment Inc. 1,071,145 43,489
  La-Z-Boy Inc. 1,155,883 42,814
  Camping World Holdings Inc. Class A 1,025,890 42,051
* Meredith Corp. 961,193 41,754
* Adtalem Global Education Inc. 1,167,978 41,627
  Acushnet Holdings Corp. 826,674 40,838
  Sinclair Broadcast Group Inc. Class A 1,219,340 40,507
  Oxford Industries Inc. 400,216 39,557
  Sturm Ruger & Co. Inc. 438,884 39,491
* Tenneco Inc. Class A 2,037,210 39,359
* Madison Square Garden Entertainment Corp. 462,295 38,819
* Laureate Education Inc. Class A 2,582,856 37,477
  Buckle Inc. 743,318 36,980
* Dine Brands Global Inc. 407,499 36,369
4

Vanguard® Small-Cap Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
*,1 Canoo Inc. 3,540,775 35,195
* GoPro Inc. Class A 2,962,519 34,513
* iHeartMedia Inc. Class A 1,253,808 33,765
* G-III Apparel Group Ltd. 1,022,961 33,615
* Vista Outdoor Inc. 717,123 33,188
  Knoll Inc. 1,269,465 32,993
* Stride Inc. 985,026 31,649
*,1 Lordstown Motors Corp. 2,851,584 31,539
  Inter Parfums Inc. 434,485 31,283
* elf Beauty Inc. 1,150,489 31,224
* RealReal Inc. 1,577,906 31,179
* Lions Gate Entertainment Corp. Class A 1,503,159 31,115
  Steelcase Inc. Class A 2,012,693 30,412
* At Home Group Inc. 815,333 30,037
* Hawaiian Holdings Inc. 1,207,201 29,420
  EW Scripps Co. Class A 1,410,302 28,756
*,1 Figs Inc. Class A 573,741 28,744
1 Dillard's Inc. Class A 155,422 28,113
* American Axle & Manufacturing Holdings Inc. 2,707,438 28,022
  Aaron's Co. Inc. 851,853 27,251
  Matthews International Corp. Class A 755,941 27,184
* BJ's Restaurants Inc. 551,075 27,080
* Zumiez Inc. 544,477 26,674
* Liberty Media Corp.-Liberty Formula One Class A 614,233 26,185
* Driven Brands Holdings Inc. 835,705 25,840
  Guess? Inc. 968,794 25,576
* Designer Brands Inc. Class A 1,534,349 25,394
*,1 ContextLogic Inc. Class A 1,890,512 24,898
* Cavco Industries Inc. 109,546 24,340
* Angi Inc. Class A 1,749,335 23,651
* Clear Channel Outdoor Holdings Inc. 8,818,311 23,280
* Cars.com Inc. 1,621,168 23,231
  Sonic Automotive Inc. Class A 517,373 23,147
*,1 XL Fleet Corp. 2,768,060 23,058
*,1 Corsair Gaming Inc. 686,384 22,850
  Interface Inc. Class A 1,471,301 22,511
  Smith & Wesson Brands Inc. 630,526 21,879
* Quotient Technology Inc. 1,865,821 20,170
* Latham Group Inc. 598,716 19,135
*,1 Poshmark Inc. Class A 343,425 16,395
* Children's Place Inc. 174,354 16,225
* Sun Country Airlines Holdings Inc. 429,610 15,900
*,1 Cricut Inc. Class A 369,127 15,725
  Scholastic Corp. 402,313 15,244
* Vizio Holding Corp. Class A 526,816 14,229
* Frontier Group Holdings Inc. 803,894 13,698
  Caleres Inc. 454,534 12,404
* Central Garden & Pet Co. 227,236 12,028
* MSG Networks Inc. Class A 805,228 11,740
* ACV Auctions Inc. Class A 452,553 11,599
* Genesco Inc. 178,373 11,359
*,1 Dream Finders Homes Inc. Class A 446,369 10,905
*,1 ThredUp Inc. Class A 353,760 10,287
* El Pollo Loco Holdings Inc. 458,495 8,386
  Global Industrial Co. 219,555 8,060
* Lands' End Inc. 183,100 7,516
  Rush Enterprises Inc. Class B 171,332 6,535
* American Public Education Inc. 216,702 6,141
*,1 Revlon Inc. Class A 202,936 2,606
* Mister Car Wash Inc. 54,977 1,184
* Integral Ad Science Holding Corp. 27,582 568
5

Vanguard® Small-Cap Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Caesars Entertainment Inc. 1,172 122
*,1 AMC Entertainment Holdings Inc. Class A 144 8
            21,763,337
Consumer Staples (3.13%)
* Darling Ingredients Inc. 4,062,191 274,198
  Bunge Ltd. 3,344,950 261,408
*,1 Boston Beer Co. Inc. Class A 226,508 231,219
*,1 Beyond Meat Inc. 1,334,589 210,184
* US Foods Holding Corp. 4,971,548 190,709
  Casey's General Stores Inc. 919,376 178,947
* Freshpet Inc. 1,022,749 166,667
* Performance Food Group Co. 3,330,303 161,486
* Post Holdings Inc. 1,423,695 154,428
  Ingredion Inc. 1,583,873 143,341
* Herbalife Nutrition Ltd. 2,643,813 139,408
* Molson Coors Beverage Co. Class B 2,247,059 120,645
  Flowers Foods Inc. 4,742,240 114,762
  Sanderson Farms Inc. 499,800 93,947
  Lancaster Colony Corp. 479,623 92,812
  WD-40 Co. 340,950 87,382
  Spectrum Brands Holdings Inc. 1,007,715 85,696
* Hain Celestial Group Inc. 2,109,434 84,631
  Medifast Inc. 278,235 78,735
* Simply Good Foods Co. 2,142,726 78,231
* Grocery Outlet Holding Corp. 2,142,004 74,242
  Energizer Holdings Inc. 1,700,778 73,100
* Sprouts Farmers Market Inc. 2,936,820 72,980
  Nu Skin Enterprises Inc. Class A 1,244,510 70,502
* TreeHouse Foods Inc. 1,401,849 62,410
  J & J Snack Foods Corp. 354,366 61,805
  Edgewell Personal Care Co. 1,352,704 59,384
* Celsius Holdings Inc. 728,431 55,426
1 B&G Foods Inc. 1,615,020 52,973
* United Natural Foods Inc. 1,402,172 51,852
  Core-Mark Holding Co. Inc. 1,125,315 50,651
* Hostess Brands Inc. Class A 3,113,489 50,407
  Coca-Cola Consolidated Inc. 115,714 46,532
  Vector Group Ltd. 3,273,836 46,292
  Reynolds Consumer Products Inc. 1,307,557 39,684
  Cal-Maine Foods Inc. 990,594 35,869
  Utz Brands Inc. 1,615,502 35,202
*,1 Hydrofarm Holdings Group Inc. 595,470 35,198
* Beauty Health Co. 2,023,965 34,003
  Universal Corp. 585,746 33,370
* USANA Health Sciences Inc. 302,369 30,972
* BellRing Brands Inc. Class A 984,247 30,846
  Fresh Del Monte Produce Inc. 894,621 29,415
  National Beverage Corp. 581,409 27,460
* Pilgrim's Pride Corp. 1,213,425 26,914
*,1 AppHarvest Inc. 1,498,386 23,974
  Andersons Inc. 744,584 22,732
  Seaboard Corp. 5,805 22,458
* Rite Aid Corp. 1,305,005 21,272
  Weis Markets Inc. 406,046 20,976
  ACCO Brands Corp. 2,258,676 19,492
1 Tootsie Roll Industries Inc. 397,752 13,488
*,1 Honest Co. Inc. 674,392 10,918
* Duckhorn Portfolio Inc. 430,502 9,497
6

Vanguard® Small-Cap Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Vital Farms Inc. 444,272 8,868
* ESC Co. 639,465
            4,310,000
Energy (4.26%)
  Diamondback Energy Inc. 4,505,533 423,024
* Enphase Energy Inc. 1,520,262 279,166
  Marathon Oil Corp. 19,612,998 267,129
  Targa Resources Corp. 5,691,790 253,000
  Texas Pacific Land Corp. 154,491 247,145
  Devon Energy Corp. 8,425,440 245,939
* First Solar Inc. 2,382,335 215,625
  Ovintiv Inc. 6,498,677 204,513
  APA Corp. 9,408,824 203,513
  Cimarex Energy Co. 2,558,934 185,395
  Cabot Oil & Gas Corp. 9,952,361 173,768
* EQT Corp. 6,946,733 154,634
* NOV Inc. 9,714,595 148,828
* ChampionX Corp. 5,009,661 128,498
  Chesapeake Energy Corp. 2,436,768 126,517
  HollyFrontier Corp. 3,639,013 119,724
  PDC Energy Inc. 2,418,701 110,752
*,1 Stem Inc. 2,814,710 101,358
* Range Resources Corp. 5,817,345 97,499
* Antero Resources Corp. 6,390,408 96,048
*,1 Southwestern Energy Co. 16,849,446 95,536
  Matador Resources Co. 2,615,226 94,174
* Denbury Inc. 1,181,714 90,732
  Equitrans Midstream Corp. 10,213,231 86,915
  Murphy Oil Corp. 3,655,050 85,090
  Antero Midstream Corp. 7,721,572 80,227
  Helmerich & Payne Inc. 2,411,794 78,697
* Shoals Technologies Group Inc. Class A 2,210,925 78,488
  New Fortress Energy Inc. Class A 2,057,337 77,932
  Arcosa Inc. 1,197,255 70,327
* Renewable Energy Group Inc. 1,126,563 70,230
  Continental Resources Inc. 1,828,420 69,535
* FuelCell Energy Inc. 7,625,882 67,870
*,1 Transocean Ltd. 14,604,878 66,014
* CNX Resources Corp. 4,656,408 63,607
*,1 SunPower Corp. 2,147,154 62,740
*,1 California Resources Corp. 1,866,433 56,254
*,1 ChargePoint Holdings Inc. 1,557,198 54,097
* Magnolia Oil & Gas Corp. Class A 3,280,737 51,278
  Cactus Inc. Class A 1,353,304 49,693
* Array Technologies Inc. 3,162,565 49,336
  World Fuel Services Corp. 1,493,943 47,403
  Core Laboratories NV 1,149,991 44,792
  Patterson-UTI Energy Inc. 4,480,511 44,536
* Oceaneering International Inc. 2,485,907 38,706
* PBF Energy Inc. Class A 2,392,229 36,601
  SM Energy Co. 1,465,635 36,099
* Liberty Oilfield Services Inc. Class A 2,542,260 35,998
  Delek US Holdings Inc. 1,657,310 35,831
  Archrock Inc. 3,843,051 34,242
* Dril-Quip Inc. 882,970 29,871
* NOW Inc. 2,751,872 26,115
  Warrior Met Coal Inc. 1,287,511 22,145
* Ameresco Inc. Class A 350,146 21,961
* Arch Resources Inc. 362,396 20,649
* Helix Energy Solutions Group Inc. 3,592,198 20,511
* NexTier Oilfield Solutions Inc. 4,308,442 20,508
7

Vanguard® Small-Cap Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* ProPetro Holding Corp. 2,162,249 19,806
* MRC Global Inc. 1,957,103 18,397
  CVR Energy Inc. 753,122 13,526
* RPC Inc. 1,624,621 8,042
* Denbury Inc. Warrants Exp. 09/18/2023 2
            5,856,586
Financials (13.62%)
  Signature Bank 1,433,846 352,224
  Apollo Global Management Inc. 5,205,052 323,754
  Brown & Brown Inc. 5,962,465 316,845
  Invesco Ltd. 10,339,327 276,370
  LPL Financial Holdings Inc. 1,890,729 255,211
  East West Bancorp Inc. 3,531,727 253,189
  Comerica Inc. 3,476,817 248,036
  Ares Management Corp. Class A 3,837,954 244,055
  First Horizon Corp. 13,754,589 237,679
  Assurant Inc. 1,507,690 235,471
  Carlyle Group Inc. 4,854,403 225,633
  American Financial Group Inc. 1,800,946 224,614
  Zions Bancorp NA 4,077,786 215,552
  Western Alliance Bancorp 2,318,495 215,272
* Athene Holding Ltd. Class A 3,103,702 209,500
  Commerce Bancshares Inc. 2,621,977 195,495
  Reinsurance Group of America Inc. 1,692,611 192,958
  Voya Financial Inc. 3,017,888 185,600
  RenaissanceRe Holdings Ltd. 1,235,337 183,843
  People's United Financial Inc. 10,644,076 182,439
  Old Republic International Corp. 7,209,352 179,585
  Starwood Property Trust Inc. 6,784,982 177,563
1 SLM Corp. 8,041,240 168,384
  Janus Henderson Group plc 4,288,499 166,437
  First Financial Bankshares Inc. 3,365,263 165,335
  First American Financial Corp. 2,595,310 161,818
  Stifel Financial Corp. 2,484,625 161,153
  Cullen/Frost Bankers Inc. 1,423,015 159,378
  Pinnacle Financial Partners Inc. 1,799,502 158,878
  Prosperity Bancshares Inc. 2,198,204 157,831
  Jefferies Financial Group Inc. 4,613,145 157,770
  Synovus Financial Corp. 3,512,361 154,122
  Affiliated Managers Group Inc. 985,184 151,925
  Morningstar Inc. 588,147 151,218
  Primerica Inc. 981,361 150,286
  South State Corp. 1,769,702 144,691
  Lincoln National Corp. 2,251,306 141,472
  Popular Inc. 1,865,765 140,026
  Valley National Bancorp 10,093,690 135,558
  Glacier Bancorp Inc. 2,377,226 130,938
  OneMain Holdings Inc. 2,177,077 130,429
  Unum Group 4,575,126 129,934
  Bank OZK 3,050,046 128,590
  CIT Group Inc. 2,465,295 127,185
  Erie Indemnity Co. Class A 632,135 122,223
  Evercore Inc. Class A 866,883 122,031
  Selective Insurance Group Inc. 1,492,946 121,153
  Lazard Ltd. Class A 2,666,378 120,654
  Webster Financial Corp. 2,251,565 120,098
  Essent Group Ltd. 2,669,017 119,972
  PacWest Bancorp 2,907,987 119,693
  New York Community Bancorp Inc. 10,788,029 118,884
  First Citizens BancShares Inc. Class A 142,674 118,810
  Sterling Bancorp 4,792,074 118,796
8

Vanguard® Small-Cap Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  United Bankshares Inc. 3,214,231 117,319
  New Residential Investment Corp. 11,022,281 116,726
* Open Lending Corp. Class A 2,668,555 114,988
  MGIC Investment Corp. 8,442,571 114,819
  Kemper Corp. 1,526,707 112,824
  RLI Corp. 1,067,827 111,684
  Blackstone Mortgage Trust Inc. Class A 3,471,424 110,704
  AGNC Investment Corp. 6,532,830 110,339
* Alleghany Corp. 164,779 109,919
  Hanover Insurance Group Inc. 803,926 109,045
  Wintrust Financial Corp. 1,417,691 107,220
  UMB Financial Corp. 1,145,369 106,588
  Radian Group Inc. 4,758,200 105,870
  Houlihan Lokey Inc. Class A 1,279,587 104,657
*,1 Credit Acceptance Corp. 228,917 103,953
* Trupanion Inc. 897,634 103,318
  Community Bank System Inc. 1,338,007 101,220
  Umpqua Holdings Corp. 5,481,085 101,126
  Pacific Premier Bancorp Inc. 2,352,155 99,473
  SEI Investments Co. 1,600,758 99,199
  BankUnited Inc. 2,316,918 98,909
  FNB Corp. 7,933,256 97,817
* Brighthouse Financial Inc. 2,133,144 97,143
  Hancock Whitney Corp. 2,158,200 95,910
  Axis Capital Holdings Ltd. 1,896,638 92,954
*,1 Lemonade Inc. 840,541 91,964
  First Hawaiian Inc. 3,239,792 91,816
  Home BancShares Inc. 3,683,978 90,921
  Kinsale Capital Group Inc. 539,829 88,948
  Moelis & Co. Class A 1,526,647 86,851
  Chimera Investment Corp. 5,724,886 86,217
  Eastern Bankshares Inc. 4,180,888 86,001
  Bank of Hawaii Corp. 1,007,158 84,823
  Assured Guaranty Ltd. 1,782,329 84,625
  White Mountains Insurance Group Ltd. 73,421 84,290
  Ameris Bancorp 1,645,822 83,328
  ServisFirst Bancshares Inc. 1,215,139 82,605
  Navient Corp. 4,238,687 81,934
* Texas Capital Bancshares Inc. 1,259,096 79,940
  Federated Hermes Inc. Class B 2,329,230 78,984
  Investors Bancorp Inc. 5,538,602 78,980
  Artisan Partners Asset Management Inc. Class A 1,532,690 77,891
* Enstar Group Ltd. 323,599 77,314
  CNO Financial Group Inc. 3,267,037 77,167
  Simmons First National Corp. Class A 2,554,737 74,956
  Walker & Dunlop Inc. 710,906 74,204
  FirstCash Inc. 969,454 74,105
  Cathay General Bancorp 1,877,599 73,902
  Associated Banc-Corp 3,606,962 73,871
* Cannae Holdings Inc. 2,165,434 73,430
  Atlantic Union Bankshares Corp. 1,975,167 71,541
  BancorpSouth Bank 2,472,362 70,042
  Hamilton Lane Inc. Class A 767,202 69,907
  Old National Bancorp 3,935,716 69,308
  American Equity Investment Life Holding Co. 2,136,038 69,037
  United Community Banks Inc. 2,154,084 68,952
  Columbia Banking System Inc. 1,782,660 68,739
  Independent Bank Group Inc. 911,470 67,431
  CVB Financial Corp. 3,201,390 65,917
  Virtu Financial Inc. Class A 2,382,359 65,825
  Fulton Financial Corp. 4,078,956 64,366
9

Vanguard® Small-Cap Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  First Bancorp 5,362,567 63,922
  Cadence Bancorp Class A 2,945,380 61,500
  International Bancshares Corp. 1,415,087 60,764
  BOK Financial Corp. 691,192 59,857
* LendingTree Inc. 281,890 59,727
  Independent Bank Corp. (Massachusetts) 779,203 58,830
* Axos Financial Inc. 1,257,101 58,317
* Focus Financial Partners Inc. Class A 1,190,794 57,753
  Washington Federal Inc. 1,798,714 57,163
  First Merchants Corp. 1,356,009 56,505
  WesBanco Inc. 1,583,227 56,410
  First Midwest Bancorp Inc. 2,836,207 56,242
  Hilltop Holdings Inc. 1,542,247 56,138
  Piper Sandler Cos. 433,022 56,102
  Apollo Commercial Real Estate Finance Inc. 3,501,880 55,855
  Flagstar Bancorp Inc. 1,317,549 55,693
  Santander Consumer USA Holdings Inc. 1,525,177 55,394
  WSFS Financial Corp. 1,181,259 55,035
  First Financial Bancorp 2,290,966 54,136
  Renasant Corp. 1,338,151 53,526
  Goosehead Insurance Inc. Class A 413,467 52,634
  Two Harbors Investment Corp. 6,803,549 51,435
  PennyMac Mortgage Investment Trust 2,429,861 51,173
  PennyMac Financial Services Inc. 828,955 51,163
  Virtus Investment Partners Inc. 181,285 50,356
  MFA Financial Inc. 10,945,443 50,240
  Cohen & Steers Inc. 600,004 49,254
* Genworth Financial Inc. Class A 12,622,764 49,229
  Towne Bank 1,615,945 49,157
* Upstart Holdings Inc. 383,294 47,873
  BGC Partners Inc. Class A 8,409,647 47,683
  Great Western Bancorp Inc. 1,374,786 45,079
  Mercury General Corp. 691,761 44,930
  Eagle Bancorp Inc. 798,405 44,775
  Banner Corp. 817,962 44,342
  Trustmark Corp. 1,432,442 44,119
  Park National Corp. 368,114 43,224
  Argo Group International Holdings Ltd. 826,011 42,812
  Hope Bancorp Inc. 2,942,082 41,719
* PRA Group Inc. 1,081,373 41,600
  Northwest Bancshares Inc. 3,045,135 41,536
  First Interstate BancSystem Inc. Class A 980,341 41,008
  Provident Financial Services Inc. 1,755,621 40,186
  Capitol Federal Financial Inc. 3,314,386 39,043
  Horace Mann Educators Corp. 1,036,748 38,795
  BancFirst Corp. 610,900 38,138
  NBT Bancorp Inc. 1,036,428 37,280
  Westamerica Bancorp 639,380 37,103
* Encore Capital Group Inc. 769,793 36,480
1 iStar Inc. 1,743,926 36,152
* SiriusPoint Ltd. 3,407,675 34,315
  Redwood Trust Inc. 2,821,677 34,058
  First Commonwealth Financial Corp. 2,417,660 34,016
*,1 Riot Blockchain Inc. 888,202 33,459
  Broadmark Realty Capital Inc. 3,158,002 33,443
  Berkshire Hills Bancorp Inc. 1,213,980 33,275
  Ladder Capital Corp. 2,858,108 32,983
  StepStone Group Inc. Class A 954,279 32,827
* Silvergate Capital Corp. Class A 283,343 32,108
  ProAssurance Corp. 1,347,194 30,649
  S&T Bancorp Inc. 978,454 30,626
10

Vanguard® Small-Cap Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Boston Private Financial Holdings Inc. 2,063,188 30,432
  American National Group Inc. 201,732 29,967
  Employers Holdings Inc. 677,772 29,009
  OFG Bancorp 1,298,055 28,713
  TFS Financial Corp. 1,400,458 28,429
  City Holding Co. 376,029 28,292
  Brookline Bancorp Inc. 1,867,060 27,913
  Safety Insurance Group Inc. 355,808 27,853
1 Invesco Mortgage Capital Inc. 7,099,070 27,686
  National Bank Holdings Corp. Class A 733,378 27,678
  Nelnet Inc. Class A 339,553 25,545
  Tompkins Financial Corp. 319,512 24,781
* Oscar Health Inc. Class A 1,074,128 23,094
* Palomar Holdings Inc. 303,021 22,866
  Heartland Financial USA Inc. 469,378 22,056
* LendingClub Corp. 1,211,886 21,971
*,1 MetroMile Inc. 2,358,383 21,579
  Kearny Financial Corp. 1,788,821 21,376
  KKR Real Estate Finance Trust Inc. 979,345 21,183
  ARMOUR Residential REIT Inc. 1,761,678 20,118
* Blucora Inc. 1,150,688 19,918
  BrightSpire Capital Inc. 2,108,304 19,818
  WisdomTree Investments Inc. 3,178,900 19,709
  PJT Partners Inc. Class A 273,786 19,543
  TPG RE Finance Trust Inc. 1,445,167 19,437
*,1 Root Inc. Class A 1,723,257 18,646
* Columbia Financial Inc. 1,069,969 18,425
* eHealth Inc. 308,639 18,025
* Ambac Financial Group Inc. 1,148,309 17,983
* World Acceptance Corp. 110,213 17,661
  Central Pacific Financial Corp. 672,020 17,513
  Northfield Bancorp Inc. 1,065,640 17,476
  National Western Life Group Inc. Class A 77,402 17,368
*,1 Romeo Power Inc. 2,117,825 17,239
* GoHealth Inc. Class A 1,487,101 16,670
  United Fire Group Inc. 597,391 16,566
  Capstead Mortgage Corp. 2,233,469 13,713
* AssetMark Financial Holdings Inc. 454,832 11,398
  Granite Point Mortgage Trust Inc. 695,318 10,256
  GCM Grosvenor Inc. Class A 845,600 8,811
  State Auto Financial Corp. 445,503 7,627
  Associated Capital Group Inc. Class A 47,292 1,838
1 loanDepot Inc. Class A 75,012 964
*,2 Frontier Financial Corp. 1
            18,736,707
Health Care (14.15%)
* Charles River Laboratories International Inc. 1,251,206 462,846
* Avantor Inc. 12,317,881 437,408
  Bio-Techne Corp. 968,271 435,974
  PerkinElmer Inc. 2,790,564 430,891
*,1 Novavax Inc. 1,844,526 391,611
* Molina Healthcare Inc. 1,453,789 367,896
* Masimo Corp. 1,232,476 298,814
* Guardant Health Inc. 2,391,570 297,009
* Intellia Therapeutics Inc. 1,619,681 262,243
* Repligen Corp. 1,298,668 259,240
* Jazz Pharmaceuticals plc 1,435,251 254,958
* Novocure Ltd. 1,094,158 242,706
* Penumbra Inc. 862,902 236,487
* Syneos Health Inc. 2,584,725 231,307
* Catalent Inc. 2,119,675 229,179
11

Vanguard® Small-Cap Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Neurocrine Biosciences Inc. 2,352,928 228,987
* Natera Inc. 1,969,617 223,611
* Bridgebio Pharma Inc. 3,345,095 203,917
* Arrowhead Pharmaceuticals Inc. 2,460,894 203,811
* Amedisys Inc. 810,848 198,601
  Encompass Health Corp. 2,478,489 193,397
* Organon & Co. 6,303,875 190,755
  Chemed Corp. 397,028 188,390
  Hill-Rom Holdings Inc. 1,654,475 187,932
  Bruker Corp. 2,451,657 186,277
* Mirati Therapeutics Inc. 1,152,836 186,218
* United Therapeutics Corp. 994,587 178,439
* Tenet Healthcare Corp. 2,658,694 178,106
* STAAR Surgical Co. 1,167,466 178,039
* Envista Holdings Corp. 4,002,887 172,965
* Fate Therapeutics Inc. 1,989,753 172,691
* Acceleron Pharma Inc. 1,360,094 170,678
* Bio-Rad Laboratories Inc. Class A 261,310 168,359
* HealthEquity Inc. 2,075,698 167,052
* Pacific Biosciences of California Inc. 4,691,592 164,065
* Omnicell Inc. 1,075,282 162,851
* Halozyme Therapeutics Inc. 3,543,161 160,895
*,1 Invitae Corp. 4,725,525 159,392
* Denali Therapeutics Inc. 1,961,349 153,848
  Perrigo Co. plc 3,323,321 152,374
* LHC Group Inc. 748,360 149,867
* Globus Medical Inc. Class A 1,931,926 149,782
* Shockwave Medical Inc. 783,345 148,624
* Sarepta Therapeutics Inc. 1,887,060 146,700
* Twist Bioscience Corp. 1,095,609 145,990
* Tandem Diabetes Care Inc. 1,481,259 144,275
* Ultragenyx Pharmaceutical Inc. 1,511,346 144,107
* Exelixis Inc. 7,802,021 142,153
* Acadia Healthcare Co. Inc. 2,232,899 140,114
* Nevro Corp. 822,363 136,340
* Ionis Pharmaceuticals Inc. 3,331,452 132,892
* Blueprint Medicines Corp. 1,452,082 127,725
* Medpace Holdings Inc. 715,899 126,449
* NeoGenomics Inc. 2,788,630 125,962
* Inspire Medical Systems Inc. 643,499 124,363
* TG Therapeutics Inc. 3,168,044 122,888
* Neogen Corp. 2,662,099 122,563
* Integra LifeSciences Holdings Corp. 1,787,479 121,978
* Adaptive Biotechnologies Corp. 2,968,417 121,290
*,1 Beam Therapeutics Inc. 934,702 120,305
* CareDx Inc. 1,294,759 118,496
* Quidel Corp. 900,044 115,314
  Select Medical Holdings Corp. 2,685,672 113,497
  Ensign Group Inc. 1,299,376 112,617
* ICU Medical Inc. 501,743 103,259
* Arena Pharmaceuticals Inc. 1,511,941 103,114
* Apellis Pharmaceuticals Inc. 1,602,707 101,291
  Premier Inc. Class A 2,887,871 100,469
  CONMED Corp. 724,161 99,521
* Alkermes plc 3,995,448 97,968
*,1 Privia Health Group Inc. 2,193,496 97,325
* Editas Medicine Inc. Class A 1,691,379 95,800
* Maravai LifeSciences Holdings Inc. Class A 2,275,248 94,946
* Reata Pharmaceuticals Inc. Class A 664,083 93,988
* Glaukos Corp. 1,094,368 92,835
* NuVasive Inc. 1,285,694 87,144
12

Vanguard® Small-Cap Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Merit Medical Systems Inc. 1,324,350 85,632
* AtriCure Inc. 1,078,993 85,597
* Haemonetics Corp. 1,269,201 84,580
* Agios Pharmaceuticals Inc. 1,532,835 84,475
* Progyny Inc. 1,431,675 84,469
* Iovance Biotherapeutics Inc. 3,235,028 84,175
* Insmed Inc. 2,858,635 81,357
* Allakos Inc. 932,847 79,637
* 1Life Healthcare Inc. 2,394,600 79,165
*,1 Multiplan Corp. 8,304,476 79,059
* Nektar Therapeutics 4,533,990 77,803
* Integer Holdings Corp. 819,682 77,214
* Vir Biotechnology Inc. 1,618,040 76,501
* Emergent BioSolutions Inc. 1,200,897 75,645
  Owens & Minor Inc. 1,776,948 75,218
* Arvinas Inc. 975,629 75,123
* Sage Therapeutics Inc. 1,310,472 74,448
* Intra-Cellular Therapies Inc. 1,819,489 74,272
* PTC Therapeutics Inc. 1,753,593 74,124
* ACADIA Pharmaceuticals Inc. 2,988,700 72,894
* R1 RCM Inc. 3,256,403 72,422
* Turning Point Therapeutics Inc. 916,911 71,537
* Kodiak Sciences Inc. 765,705 71,211
* Inari Medical Inc. 741,681 69,184
* Veracyte Inc. 1,674,655 66,953
* Pacira BioSciences Inc. 1,095,542 66,477
  Patterson Cos. Inc. 2,165,146 65,799
* Prestige Consumer Healthcare Inc. 1,240,223 64,616
* Amicus Therapeutics Inc. 6,611,581 63,736
* Accolade Inc. 1,166,681 63,362
* Inovalon Holdings Inc. Class A 1,840,058 62,709
* Karuna Therapeutics Inc. 549,051 62,586
* MEDNAX Inc. 2,039,579 61,493
* SpringWorks Therapeutics Inc. 731,634 60,294
* Sotera Health Co. 2,464,025 59,703
  Healthcare Services Group Inc. 1,863,998 58,846
* Option Care Health Inc. 2,685,793 58,738
* Corcept Therapeutics Inc. 2,610,408 57,429
* Myriad Genetics Inc. 1,821,684 55,707
* Magellan Health Inc. 585,096 55,116
* FibroGen Inc. 2,062,662 54,929
* Surgery Partners Inc. 822,226 54,777
* Global Blood Therapeutics Inc. 1,550,706 54,306
* Outset Medical Inc. 1,086,364 54,296
* Bluebird Bio Inc. 1,680,567 53,745
*,1 American Well Corp. Class A 4,158,555 52,315
* Health Catalyst Inc. 939,712 52,163
* Berkeley Lights Inc. 1,163,378 52,131
* Ligand Pharmaceuticals Inc. 394,176 51,712
*,1 Butterfly Network Inc. 3,489,723 50,531
* Xencor Inc. 1,452,502 50,097
* AdaptHealth Corp. Class A 1,770,825 48,538
* Axsome Therapeutics Inc. 702,749 47,407
*,1 REVOLUTION Medicines Inc. 1,464,073 46,470
* Relay Therapeutics Inc. 1,265,546 46,306
* iRhythm Technologies Inc. 692,921 45,975
* Allogene Therapeutics Inc. 1,757,927 45,847
* Zentalis Pharmaceuticals Inc. 828,683 44,086
* Ironwood Pharmaceuticals Inc. Class A 3,423,997 44,067
* Ortho Clinical Diagnostics Holdings plc 2,047,053 43,827
* Avanos Medical Inc. 1,198,350 43,584
13

Vanguard® Small-Cap Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Luminex Corp. 1,118,504 41,161
* Evolent Health Inc. Class A 1,948,510 41,153
* Heron Therapeutics Inc. 2,528,527 39,243
* Supernus Pharmaceuticals Inc. 1,257,817 38,728
*,1 OPKO Health Inc. 9,183,983 37,195
* Deciphera Pharmaceuticals Inc. 1,011,120 37,017
* Silk Road Medical Inc. 772,583 36,976
*,1 Clover Health Investments Corp. 2,765,888 36,842
* NanoString Technologies Inc. 563,094 36,483
* Inogen Inc. 559,214 36,444
* Brookdale Senior Living Inc. 4,596,749 36,314
* REGENXBIO Inc. 903,480 35,100
* Doximity Inc. Class A 579,843 33,747
* CorVel Corp. 244,455 32,830
*,1 Nuvation Bio Inc. 3,512,735 32,704
*,1 Atea Pharmaceuticals Inc. 1,443,916 31,015
* Kymera Therapeutics Inc. 614,762 29,816
*,1 Hims & Hers Health Inc. 2,733,418 29,767
*,1 Recursion Pharmaceuticals Inc. Class A 789,111 28,803
* Madrigal Pharmaceuticals Inc. 289,011 28,153
* Tivity Health Inc. 1,045,205 27,499
* Certara Inc. 953,497 27,013
* Alector Inc. 1,287,064 26,810
* Varex Imaging Corp. 983,013 26,364
* Pennant Group Inc. 635,139 25,977
* LifeStance Health Group Inc. 931,280 25,945
* Endo International plc 5,506,019 25,768
* ALX Oncology Holdings Inc. 449,858 24,598
* Generation Bio Co. 914,218 24,592
* Rocket Pharmaceuticals Inc. 551,329 24,418
*,1 Cerevel Therapeutics Holdings Inc. 951,076 24,367
*,1 SmileDirectClub Inc. Class A 2,789,330 24,211
* Meridian Bioscience Inc. 1,082,244 24,004
* Pulmonx Corp. 539,703 23,812
* PMV Pharmaceuticals Inc. 670,969 22,920
*,1 Olema Pharmaceuticals Inc. 799,979 22,383
* NextGen Healthcare Inc. 1,344,065 22,298
* Kronos Bio Inc. 905,160 21,679
  National HealthCare Corp. 308,734 21,581
* Radius Health Inc. 1,179,338 21,511
* Innoviva Inc. 1,551,624 20,807
* Theravance Biopharma Inc. 1,432,515 20,800
*,1 ImmunityBio Inc. 1,430,403 20,426
* Eargo Inc. 480,182 19,164
* Signify Health Inc. Class A 628,806 19,135
* Vaxcyte Inc. 834,962 18,795
* Aerie Pharmaceuticals Inc. 1,166,147 18,670
* Orthofix Medical Inc. 463,842 18,605
* Agiliti Inc. 809,567 17,705
* HealthStream Inc. 631,431 17,642
* ChemoCentryx Inc. 1,310,276 17,545
* Sangamo Therapeutics Inc. 1,437,230 17,204
* Epizyme Inc. 2,035,568 16,916
* Alignment Healthcare Inc. 700,306 16,366
* Forma Therapeutics Holdings Inc. 646,016 16,079
* Stoke Therapeutics Inc. 458,342 15,428
* Atara Biotherapeutics Inc. 987,485 15,355
* Amneal Pharmaceuticals Inc. 2,985,414 15,285
*,1 Precigen Inc. 2,313,186 15,082
  Phibro Animal Health Corp. Class A 508,754 14,693
* Phathom Pharmaceuticals Inc. 429,991 14,555
14

Vanguard® Small-Cap Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Aveanna Healthcare Holdings Inc. 1,144,402 14,156
* Praxis Precision Medicines Inc. 764,938 13,983
*,1 Sana Biotechnology Inc. 700,662 13,775
* Rubius Therapeutics Inc. 555,776 13,566
* Intercept Pharmaceuticals Inc. 660,601 13,192
* Allovir Inc. 646,314 12,758
* Gossamer Bio Inc. 1,522,288 12,361
* AnaptysBio Inc. 474,871 12,313
* Zogenix Inc. 698,129 12,064
* BioAtla Inc. 282,136 11,957
* Natus Medical Inc. 424,218 11,021
* Innovage Holding Corp. 505,356 10,769
* Immunovant Inc. 983,571 10,396
* Harmony Biosciences Holdings Inc. 351,888 9,934
*,1 Lyell Immunopharma Inc. 604,129 9,811
* Kiniksa Pharmaceuticals Ltd. Class A 689,256 9,601
* G1 Therapeutics Inc. 422,440 9,268
* Instil Bio Inc. 478,655 9,248
* Nkarta Inc. 288,422 9,140
*,1 Prelude Therapeutics Inc. 308,310 8,827
*,1 Cullinan Oncology Inc. 325,677 8,386
* Treace Medical Concepts Inc. 261,522 8,175
*,1 Silverback Therapeutics Inc. 259,815 8,026
* Spectrum Pharmaceuticals Inc. 2,026,885 7,601
*,1 Kinnate Biopharma Inc. 324,257 7,549
*,1 Esperion Therapeutics Inc. 351,023 7,424
* Singular Genomics Systems Inc. 262,100 7,203
*,1 Clovis Oncology Inc. 1,238,259 7,182
*,1 Seer Inc. Class A 210,299 6,894
* Design Therapeutics Inc. 344,942 6,861
* ZIOPHARM Oncology Inc. 2,571,960 6,790
* NGM Biopharmaceuticals Inc. 287,500 5,670
* Day One Biopharmaceuticals Inc. 207,079 4,715
*,1 Vor BioPharma Inc. 231,622 4,320
* Black Diamond Therapeutics Inc. 289,586 3,530
* Bright Health Group Inc. 164,948 2,831
*,2 Alder Biopharmaceuticals Inc. CVR Exp. 12/31/2024 1,792,706 1,578
* Horizon Therapeutics plc 1,334 125
* 10X Genomics Inc. Class A 430 84
*,1,2 Synergy Pharmaceuticals LLC 2,001,166
            19,465,167
Industrials (18.37%)
  IDEX Corp. 1,890,302 415,961
* Bill.com Holdings Inc. 1,967,876 360,476
* Fair Isaac Corp. 680,579 342,113
* Howmet Aerospace Inc. 9,731,016 335,428
  Graco Inc. 4,217,330 319,252
  Quanta Services Inc. 3,468,793 314,169
  Allegion plc 2,239,598 311,976
1 Lennox International Inc. 846,207 296,849
  Toro Co. 2,678,969 294,365
* Trex Co. Inc. 2,871,745 293,521
  Booz Allen Hamilton Holding Corp. Class A 3,370,743 287,120
  RPM International Inc. 3,224,202 285,922
  Nordson Corp. 1,301,333 285,656
* Axon Enterprise Inc. 1,610,008 284,649
  Pentair plc 4,136,647 279,182
  Owens Corning 2,600,002 254,540
  Carlisle Cos. Inc. 1,299,031 248,609
  MKS Instruments Inc. 1,378,076 245,229
  A O Smith Corp. 3,347,513 241,222
15

Vanguard® Small-Cap Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Middleby Corp. 1,385,070 239,977
  Robert Half International Inc. 2,667,197 237,301
  Watsco Inc. 819,176 234,809
* AECOM 3,642,694 230,655
  AptarGroup Inc. 1,635,888 230,398
* Sensata Technologies Holding plc 3,936,278 228,186
  Sealed Air Corp. 3,782,901 224,137
* Builders FirstSource Inc. 5,154,533 219,892
* Berry Global Group Inc. 3,358,842 219,064
* WEX Inc. 1,113,945 215,994
  Oshkosh Corp. 1,707,548 212,829
  Genpact Ltd. 4,663,626 211,869
  Huntington Ingalls Industries Inc. 1,001,599 211,087
  Donaldson Co. Inc. 3,140,044 199,487
  ITT Inc. 2,143,819 196,352
  AGCO Corp. 1,501,218 195,729
  Lincoln Electric Holdings Inc. 1,481,250 195,095
  Brunswick Corp. 1,939,651 193,228
  Woodward Inc. 1,501,626 184,520
* Paylocity Holding Corp. 949,115 181,091
*,1 Virgin Galactic Holdings Inc. 3,896,047 179,218
  Cognex Corp. 2,089,135 175,592
* XPO Logistics Inc. 1,208,356 169,037
* Euronet Worldwide Inc. 1,248,529 168,988
  Knight-Swift Transportation Holdings Inc. Class A 3,706,844 168,513
* Axalta Coating Systems Ltd. 5,511,464 168,045
  Sonoco Products Co. 2,504,720 167,566
  EMCOR Group Inc. 1,358,140 167,309
  Acuity Brands Inc. 888,385 166,155
  Tetra Tech Inc. 1,347,125 164,403
* TopBuild Corp. 822,688 162,711
* Coherent Inc. 610,649 161,419
  ManpowerGroup Inc. 1,356,937 161,353
* WillScot Mobile Mini Holdings Corp. 5,646,965 157,381
  MDU Resources Group Inc. 5,008,439 156,965
  Advanced Drainage Systems Inc. 1,336,519 155,798
  Littelfuse Inc. 611,162 155,718
  Louisiana-Pacific Corp. 2,545,885 153,491
  Jack Henry & Associates Inc. 924,328 151,137
  Landstar System Inc. 956,251 151,107
  Eagle Materials Inc. 1,055,345 149,975
* MasTec Inc. 1,387,787 147,244
  MSA Safety Inc. 876,603 145,148
  Rexnord Corp. 2,829,329 141,580
  BWX Technologies Inc. 2,366,852 137,561
* Saia Inc. 655,523 137,326
  Vontier Corp. 4,199,602 136,823
  Regal Beloit Corp. 1,011,354 135,026
  Maximus Inc. 1,529,571 134,556
  KBR Inc. 3,519,684 134,276
* Mohawk Industries Inc. 693,765 133,335
* Chart Industries Inc. 904,680 132,373
* Colfax Corp. 2,868,020 131,384
  Flowserve Corp. 3,242,649 130,744
  nVent Electric plc 4,173,164 130,370
* WESCO International Inc. 1,248,645 128,386
  Graphic Packaging Holding Co. 7,073,422 128,312
  Armstrong World Industries Inc. 1,191,487 127,799
  Hubbell Inc. Class B 676,131 126,328
  Valmont Industries Inc. 528,922 124,852
  Spirit AeroSystems Holdings Inc. Class A 2,624,888 123,868
16

Vanguard® Small-Cap Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Alliance Data Systems Corp. 1,176,315 122,560
* ASGN Inc. 1,257,046 121,845
  Curtiss-Wright Corp. 1,017,948 120,892
  Simpson Manufacturing Co. Inc. 1,080,084 119,285
* FTI Consulting Inc. 851,336 116,301
  Exponent Inc. 1,297,847 115,781
* AZEK Co. Inc. Class A 2,697,318 114,528
  Crane Co. 1,235,823 114,153
* AMN Healthcare Services Inc. 1,175,470 113,997
  John Bean Technologies Corp. 790,198 112,698
  Air Lease Corp. Class A 2,696,801 112,565
* Itron Inc. 1,123,254 112,303
  Allison Transmission Holdings Inc. 2,726,176 108,338
* Resideo Technologies Inc. 3,577,841 107,335
  Altra Industrial Motion Corp. 1,611,220 104,762
  EnerSys 1,065,458 104,127
* ACI Worldwide Inc. 2,794,414 103,785
* Summit Materials Inc. Class A 2,905,977 101,273
  Watts Water Technologies Inc. Class A 684,813 99,921
  MSC Industrial Direct Co. Inc. Class A 1,109,923 99,593
  Korn Ferry 1,343,538 97,474
* Shift4 Payments Inc. Class A 1,019,737 95,570
  Brink's Co. 1,239,654 95,255
  Ryder System Inc. 1,272,961 94,619
* Mercury Systems Inc. 1,397,949 92,656
  Aerojet Rocketdyne Holdings Inc. 1,892,717 91,399
* Kirby Corp. 1,495,495 90,687
  UniFirst Corp. 378,628 88,841
  Applied Industrial Technologies Inc. 965,760 87,942
* Kratos Defense & Security Solutions Inc. 3,085,948 87,919
  Triton International Ltd. 1,673,985 87,616
*,1 Bloom Energy Corp. Class A 3,239,896 87,056
  Silgan Holdings Inc. 2,058,904 85,445
* ExlService Holdings Inc. 790,360 83,984
* Atkore Inc. 1,169,864 83,060
  Insperity Inc. 913,326 82,537
  HB Fuller Co. 1,295,635 82,415
*,1 Nikola Corp. 4,410,602 79,655
  Franklin Electric Co. Inc. 985,917 79,485
  Terex Corp. 1,652,701 78,702
  EVERTEC Inc. 1,798,335 78,497
  GATX Corp. 881,432 77,980
  Kennametal Inc. 2,080,195 74,721
  Hillenbrand Inc. 1,683,808 74,222
* Beacon Roofing Supply Inc. 1,392,285 74,139
  ABM Industries Inc. 1,667,028 73,933
*,1 Marathon Digital Holdings Inc. 2,352,764 73,806
* Welbilt Inc. 3,182,053 73,665
*,3 API Group Corp. 3,506,744 73,256
  Installed Building Products Inc. 592,596 72,510
* TriNet Group Inc. 983,720 71,300
  Badger Meter Inc. 725,097 71,147
  Macquarie Infrastructure Corp. 1,853,501 70,934
* Herc Holdings Inc. 626,995 70,267
  Matson Inc. 1,080,980 69,183
  SPX FLOW Inc. 1,048,508 68,405
* Masonite International Corp. 611,083 68,313
  Albany International Corp. Class A 763,492 68,149
  Maxar Technologies Inc. 1,699,853 67,858
  Comfort Systems USA Inc. 856,719 67,501
* Allegheny Technologies Inc. 3,160,681 65,900
17

Vanguard® Small-Cap Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  AAON Inc. 1,042,812 65,270
* SPX Corp. 1,067,512 65,204
* O-I Glass Inc. 3,935,012 64,259
  Brady Corp. Class A 1,144,191 64,120
  Werner Enterprises Inc. 1,433,461 63,818
* Proto Labs Inc. 689,796 63,323
* Fluor Corp. 3,520,594 62,315
  Trinity Industries Inc. 2,313,405 62,207
  Barnes Group Inc. 1,196,905 61,341
  Moog Inc. Class A 725,466 60,983
  Forward Air Corp. 678,052 60,855
* Green Dot Corp. Class A 1,289,806 60,427
  ManTech International Corp. Class A 684,255 59,215
* AeroVironment Inc. 583,177 58,405
  ESCO Technologies Inc. 614,239 57,622
  Mueller Water Products Inc. Class A 3,966,393 57,195
  Helios Technologies Inc. 723,913 56,501
  Belden Inc. 1,113,843 56,327
* Navistar International Corp. 1,238,037 55,093
* JELD-WEN Holding Inc. 2,096,512 55,054
* Vicor Corp. 515,145 54,471
* Dycom Industries Inc. 727,951 54,254
* Sykes Enterprises Inc. 991,812 53,260
* Hub Group Inc. Class A 801,999 52,916
  Raven Industries Inc. 895,249 51,790
  Otter Tail Corp. 1,039,179 50,722
  Deluxe Corp. 1,052,211 50,264
  EnPro Industries Inc. 515,281 50,060
* Verra Mobility Corp. Class A 3,239,079 49,785
  McGrath RentCorp 604,314 49,294
* Atlas Air Worldwide Holdings Inc. 723,574 49,283
*,1 TuSimple Holdings Inc. Class A 691,757 49,281
* GMS Inc. 1,015,473 48,885
  TTEC Holdings Inc. 466,464 48,088
*,1 PureCycle Technologies Inc. 1,999,117 47,279
  Granite Construction Inc. 1,137,236 47,229
  Lindsay Corp. 272,653 45,064
* Ferro Corp. 2,062,933 44,497
* OSI Systems Inc. 424,597 43,156
* Meritor Inc. 1,813,365 42,469
* Cimpress plc 389,554 42,232
  ADT Inc. 3,813,491 41,148
*,1 Desktop Metal Inc. Class A 3,506,278 40,322
*,1 Danimer Scientific Inc. 1,599,810 40,075
  Enerpac Tool Group Corp. Class A 1,503,879 40,033
  Greif Inc. Class A 636,296 38,528
*,1 BTRS Holdings Inc. 2,980,559 37,615
  Primoris Services Corp. 1,275,177 37,528
  Encore Wire Corp. 490,568 37,180
* FARO Technologies Inc. 453,128 35,240
  Kaman Corp. 695,897 35,073
  ArcBest Corp. 601,664 35,011
  Tennant Co. 437,982 34,973
  Griffon Corp. 1,347,540 34,537
* Air Transport Services Group Inc. 1,479,086 34,359
  Astec Industries Inc. 535,354 33,695
* TriMas Corp. 1,080,148 32,761
* AAR Corp. 839,545 32,532
* ZipRecruiter Inc. Class A 1,296,570 32,388
* Evo Payments Inc. Class A 1,165,925 32,343
  AZZ Inc. 619,972 32,102
18

Vanguard® Small-Cap Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Gibraltar Industries Inc. 407,568 31,102
  Kforce Inc. 492,952 31,021
  Greenbrier Cos. Inc. 692,388 30,174
* Hayward Holdings Inc. 1,151,492 29,962
*,1 Hyliion Holdings Corp. 2,568,012 29,917
* Conduent Inc. 3,970,219 29,777
  Standex International Corp. 303,081 28,765
  Schneider National Inc. Class B 1,282,434 27,919
* Huron Consulting Group Inc. 560,417 27,545
  H&E Equipment Services Inc. 768,402 25,565
*,1 Velodyne Lidar Inc. 2,354,522 25,052
* TrueBlue Inc. 886,279 24,913
  Apogee Enterprises Inc. 604,634 24,627
* Advantage Solutions Inc. 1,987,256 21,443
  Quanex Building Products Corp. 835,130 20,745
  Heartland Express Inc. 1,209,327 20,716
* Kelly Services Inc. Class A 859,133 20,593
*,1 View Inc. 2,419,181 20,515
  Wabash National Corp. 1,229,830 19,677
* Gates Industrial Corp. plc 1,087,928 19,659
  Hyster-Yale Materials Handling Inc. 259,876 18,966
  Gorman-Rupp Co. 524,007 18,047
* American Woodmark Corp. 214,168 17,495
* BrightView Holdings Inc. 1,058,354 17,061
* CIRCOR International Inc. 503,135 16,402
* Triumph Group Inc. 755,154 15,669
* Thermon Group Holdings Inc. 833,014 14,195
* Tutor Perini Corp. 1,020,755 14,137
* Vivint Smart Home Inc. 1,039,675 13,724
  National Presto Industries Inc. 131,975 13,415
  Pactiv Evergreen Inc. 886,512 13,360
* Forrester Research Inc. 283,541 12,986
  REV Group Inc. 804,516 12,623
* First Advantage Corp. 567,160 11,292
*,1 TaskUS Inc. Class A 308,524 10,564
* GreenSky Inc. Class A 1,749,297 9,709
*,1 Latch Inc. 781,211 9,585
  Greif Inc. Class B 152,499 8,997
* Paymentus Holdings Inc. Class A 250,774 8,903
* Flywire Corp. 239,603 8,803
  Kronos Worldwide Inc. 577,517 8,270
  International Seaways Inc. 302,156 5,795
* Legalzoom.com Inc. 27,585 1,044
* Generac Holdings Inc. 372 154
            25,263,295
Other (0.00%)4
*,2 First Eagle Private Credit LLC CVR 651,238 59
Real Estate (8.73%)
  VICI Properties Inc. 13,370,659 414,758
  Equity LifeStyle Properties Inc. 4,085,356 303,583
  Medical Properties Trust Inc. 14,645,826 294,381
  American Homes 4 Rent Class A 6,869,709 266,888
  Gaming & Leisure Properties Inc. 5,505,890 255,088
* Jones Lang LaSalle Inc. 1,277,253 249,652
  Americold Realty Trust 6,287,861 237,996
  CubeSmart 5,016,635 232,371
  Federal Realty Investment Trust 1,936,450 226,894
  Lamar Advertising Co. Class A 2,158,383 225,378
  CyrusOne Inc. 3,051,285 218,228
  Kimco Realty Corp. 10,255,428 213,826
19

Vanguard® Small-Cap Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Omega Healthcare Investors Inc. 5,857,987 212,586
  Vornado Realty Trust 4,527,932 211,319
  STORE Capital Corp. 6,058,545 209,080
  Life Storage Inc. 1,913,470 205,411
  National Retail Properties Inc. 4,369,445 204,840
  Rexford Industrial Realty Inc. 3,562,438 202,881
  Kilroy Realty Corp. 2,898,098 201,824
  Apartment Income REIT Corp. 3,904,161 185,174
  Brixmor Property Group Inc. 7,389,794 169,152
  First Industrial Realty Trust Inc. 3,215,383 167,939
  EastGroup Properties Inc. 995,854 163,768
  American Campus Communities Inc. 3,431,271 160,309
* Redfin Corp. 2,460,726 156,035
* Host Hotels & Resorts Inc. 8,794,729 150,302
  STAG Industrial Inc. 3,973,127 148,714
  Healthcare Trust of America Inc. Class A 5,449,881 145,512
  CoreSite Realty Corp. 1,069,655 143,976
  Douglas Emmett Inc. 4,147,297 139,432
  SL Green Realty Corp. 1,725,493 138,039
  Spirit Realty Capital Inc. 2,859,952 136,820
  Cousins Properties Inc. 3,701,072 136,125
  Regency Centers Corp. 2,115,445 135,537
  QTS Realty Trust Inc. Class A 1,713,076 132,421
  VEREIT Inc. 2,852,737 131,026
  Rayonier Inc. 3,461,009 124,354
  Agree Realty Corp. 1,695,685 119,529
  Highwoods Properties Inc. 2,588,693 116,931
* Park Hotels & Resorts Inc. 5,589,959 115,209
  Innovative Industrial Properties Inc. 595,217 113,698
  Terreno Realty Corp. 1,730,069 111,624
  Hannon Armstrong Sustainable Infrastructure Capital Inc. 1,958,319 109,960
  Healthcare Realty Trust Inc. 3,523,716 106,416
  Hudson Pacific Properties Inc. 3,754,672 104,455
* Howard Hughes Corp. 1,028,366 100,225
  Physicians Realty Trust 5,359,774 98,995
* EPR Properties 1,860,139 97,992
  JBG SMITH Properties 3,105,731 97,862
  Sabra Health Care REIT Inc. 5,370,876 97,750
* Ryman Hospitality Properties Inc. 1,232,041 97,282
  Weingarten Realty Investors 3,018,000 96,787
* DigitalBridge Group Inc. 12,108,499 95,657
1 Broadstone Net Lease Inc. Class A 3,876,165 90,741
  Macerich Co. 4,882,643 89,108
1 Lexington Realty Trust 7,298,593 87,218
* Outfront Media Inc. 3,626,457 87,144
  PotlatchDeltic Corp. 1,585,210 84,254
  Apple Hospitality REIT Inc. 5,288,099 80,696
  Corporate Office Properties Trust 2,790,194 78,098
  National Storage Affiliates Trust 1,525,286 77,118
  Pebblebrook Hotel Trust 3,266,191 76,919
  PS Business Parks Inc. 513,027 75,969
  Equity Commonwealth 2,882,324 75,517
  National Health Investors Inc. 1,083,198 72,628
  SITE Centers Corp. 4,456,542 67,116
* Sunstone Hotel Investors Inc. 5,394,947 67,005
* eXp World Holdings Inc. 1,623,123 62,928
  RLJ Lodging Trust 4,103,485 62,496
  Uniti Group Inc. 5,817,922 61,612
  Retail Properties of America Inc. Class A 5,332,797 61,061
  Kennedy-Wilson Holdings Inc. 2,974,153 59,096
  Brandywine Realty Trust 4,246,906 58,225
20

Vanguard® Small-Cap Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Piedmont Office Realty Trust Inc. Class A 3,078,338 56,857
  CareTrust REIT Inc. 2,412,507 56,043
* Cushman & Wakefield plc 3,055,468 53,379
* Xenia Hotels & Resorts Inc. 2,830,271 53,011
* Realogy Holdings Corp. 2,908,450 52,992
  Urban Edge Properties 2,760,859 52,732
  Service Properties Trust 4,100,777 51,670
  Empire State Realty Trust Inc. Class A 4,284,658 51,416
* DiamondRock Hospitality Co. 5,246,138 50,888
  Retail Opportunity Investments Corp. 2,825,426 49,897
  Columbia Property Trust Inc. 2,854,013 49,631
  Washington REIT 2,097,411 48,240
  Acadia Realty Trust 2,145,442 47,114
  Paramount Group Inc. 4,621,587 46,539
  Kite Realty Group Trust 2,111,737 46,479
  Newmark Group Inc. Class A 3,847,785 46,212
1 Tanger Factory Outlet Centers Inc. 2,379,422 44,852
  Global Net Lease Inc. 2,358,881 43,639
  Industrial Logistics Properties Trust 1,641,461 42,908
  Essential Properties Realty Trust Inc. 1,457,336 39,406
  St. Joe Co. 878,633 39,196
  American Assets Trust Inc. 1,049,900 39,151
  LTC Properties Inc. 987,257 37,901
  Office Properties Income Trust 1,214,269 35,590
  Mack-Cali Realty Corp. 2,023,040 34,695
  Alexander & Baldwin Inc. 1,725,293 31,607
* CoreCivic Inc. 3,000,128 31,411
  Safehold Inc. 398,940 31,317
  Getty Realty Corp. 935,962 29,155
  RPT Realty 2,032,377 26,380
  Centerspace 328,908 25,951
* Marcus & Millichap Inc. 641,436 24,933
  Diversified Healthcare Trust 5,948,155 24,863
  Apartment Investment & Management Co. Class A 3,538,329 23,742
  American Finance Trust Inc. Class A 2,741,817 23,251
1 GEO Group Inc. 2,897,891 20,633
  Universal Health Realty Income Trust 311,051 19,145
  Brookfield Property REIT Inc. Class A 862,559 16,294
  RMR Group Inc. Class A 384,015 14,838
  Alexander's Inc. 51,217 13,724
  Saul Centers Inc. 288,527 13,114
  Franklin Street Properties Corp. 2,424,849 12,755
*,1 Seritage Growth Properties Class A 688,642 12,671
* Summit Hotel Properties Inc. 1,247,038 11,635
* Forestar Group Inc. 423,461 8,855
  Urstadt Biddle Properties Inc. Class A 397,894 7,711
* Compass Inc. Class A 26,809 352
*,2 Spirit MTA REIT 529,410 142
  Urstadt Biddle Properties Inc. 78 1
            12,001,858
Technology (12.97%)
  Entegris Inc. 3,372,994 414,777
* Nuance Communications Inc. 7,123,106 387,782
* PTC Inc. 2,618,508 369,890
* Ceridian HCM Holding Inc. 3,344,195 320,775
* Avalara Inc. 1,942,807 314,346
* Five9 Inc. 1,669,222 306,119
* Dynatrace Inc. 4,934,533 288,275
* Cree Inc. 2,874,760 281,525
* MongoDB Inc. Class A 734,129 265,402
* Proofpoint Inc. 1,427,676 248,073
21

Vanguard® Small-Cap Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* DXC Technology Co. 6,337,787 246,793
* Guidewire Software Inc. 2,084,956 235,016
  Universal Display Corp. 1,056,294 234,846
* Aspen Technology Inc. 1,693,329 232,900
* Manhattan Associates Inc. 1,583,851 229,405
* Elastic NV 1,564,565 228,051
* Zendesk Inc. 1,477,307 213,234
* Smartsheet Inc. Class A 2,944,966 212,980
* Arrow Electronics Inc. 1,846,670 210,206
* ON Semiconductor Corp. 5,317,350 203,548
  Monolithic Power Systems Inc. 541,226 202,121
  Jabil Inc. 3,334,739 193,815
  Vertiv Holdings Co. Class A 7,015,349 191,519
* Lattice Semiconductor Corp. 3,400,218 191,024
* II-VI Inc. 2,611,587 189,575
* Nutanix Inc. Class A 4,818,753 184,173
  Leidos Holdings Inc. 1,760,474 177,984
  Brooks Automation Inc. 1,849,742 176,243
* Anaplan Inc. 3,238,851 172,631
* Silicon Laboratories Inc. 1,113,968 170,716
* Concentrix Corp. 1,036,536 166,675
* Upwork Inc. 2,826,360 164,749
  Dolby Laboratories Inc. Class A 1,624,679 159,690
* Digital Turbine Inc. 2,003,828 152,351
  CDK Global Inc. 3,031,645 150,642
* CACI International Inc. Class A 586,173 149,544
* NCR Corp. 3,258,388 148,615
* J2 Global Inc. 1,067,303 146,808
* Blackline Inc. 1,300,185 144,672
* Varonis Systems Inc. Class B 2,509,641 144,605
*,1 Fastly Inc. Class A 2,371,225 141,325
  Pegasystems Inc. 1,011,418 140,779
* Change Healthcare Inc. 6,102,717 140,607
* F5 Networks Inc. 742,266 138,551
* Q2 Holdings Inc. 1,331,971 136,634
* Synaptics Inc. 876,362 136,344
*,1 Appian Corp. 978,939 134,849
* Pure Storage Inc. Class A 6,700,966 130,870
* Teradata Corp. 2,592,751 129,560
* Everbridge Inc. 937,601 127,589
* Alteryx Inc. Class A 1,474,212 126,812
  Science Applications International Corp. 1,442,813 126,578
  SYNNEX Corp. 1,032,554 125,724
  National Instruments Corp. 2,948,491 124,662
* Rapid7 Inc. 1,303,611 123,361
* Cirrus Logic Inc. 1,431,023 121,809
* 3D Systems Corp. 2,956,606 118,176
  Power Integrations Inc. 1,433,915 117,667
* FireEye Inc. 5,641,431 114,070
*,1 Vroom Inc. 2,715,758 113,682
* Novanta Inc. 837,344 112,840
* Sailpoint Technologies Holdings Inc. 2,183,663 111,520
* Semtech Corp. 1,614,670 111,089
  CMC Materials Inc. 728,317 109,786
  Advanced Energy Industries Inc. 955,584 107,704
* Asana Inc. Class A 1,711,829 106,185
* Workiva Inc. Class A 945,568 105,270
* Magnite Inc. 3,045,023 103,044
* Cerence Inc. 941,651 100,484
  Avnet Inc. 2,474,313 99,170
* Schrodinger Inc. 1,296,905 98,059
22

Vanguard® Small-Cap Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Envestnet Inc. 1,287,030 97,634
* LivePerson Inc. 1,543,123 97,587
* MicroStrategy Inc. Class A 145,194 96,481
* New Relic Inc. 1,429,425 95,729
* Alarm.com Holdings Inc. 1,113,395 94,305
* Rogers Corp. 465,412 93,455
* Blackbaud Inc. 1,215,171 93,046
*,1 Box Inc. Class A 3,629,155 92,725
* Dun & Bradstreet Holdings Inc. 4,295,736 91,800
* Ambarella Inc. 857,154 91,398
  Xerox Holdings Corp. 3,829,916 89,965
* SPS Commerce Inc. 894,371 89,303
* Insight Enterprises Inc. 879,960 88,005
* Fabrinet 916,509 87,866
* CommVault Systems Inc. 1,088,085 85,056
* Onto Innovation Inc. 1,159,797 84,712
* nCino Inc. 1,408,289 84,385
* Diodes Inc. 1,057,243 84,336
* Qualys Inc. 828,474 83,419
* Cloudera Inc. 5,117,769 81,168
* Cornerstone OnDemand Inc. 1,564,674 80,706
* Vimeo Inc. 1,619,192 79,340
* Altair Engineering Inc. Class A 1,137,838 78,477
* Duck Creek Technologies Inc. 1,802,356 78,420
* MACOM Technology Solutions Holdings Inc. 1,198,419 76,795
* Tenable Holdings Inc. 1,839,286 76,054
  Vishay Intertechnology Inc. 3,296,108 74,327
* Sprout Social Inc. Class A 830,333 74,248
* LiveRamp Holdings Inc. 1,580,632 74,053
* Medallia Inc. 2,149,985 72,562
* MaxLinear Inc. Class A 1,687,544 71,704
*,1 PagerDuty Inc. 1,662,128 70,773
* Yelp Inc. Class A 1,763,131 70,455
* FormFactor Inc. 1,930,853 70,399
* Covetrus Inc. 2,550,767 68,871
* Rambus Inc. 2,798,936 66,363
* Verint Systems Inc. 1,457,070 65,670
* Plexus Corp. 711,077 65,000
* Momentive Global Inc. 3,083,794 64,976
* Allscripts Healthcare Solutions Inc. 3,331,714 61,670
* BigCommerce Holdings Inc. 946,297 61,434
* Sanmina Corp. 1,543,282 60,126
* Cargurus Inc. Class A 2,214,544 58,087
  Shutterstock Inc. 591,423 58,060
  Xperi Holding Corp. 2,610,042 58,047
* Appfolio Inc. Class A 400,866 56,602
* Bandwidth Inc. Class A 401,580 55,386
  Switch Inc. Class A 2,606,805 55,030
* Avaya Holdings Corp. 1,999,894 53,797
*,1 Skillz Inc. Class A 2,443,285 53,068
*,1 JFrog Ltd. 1,163,352 52,956
  Progress Software Corp. 1,094,474 50,619
* NetScout Systems Inc. 1,750,603 49,962
*,1 C3.ai Inc. Class A 728,028 45,524
* Zuora Inc. Class A 2,631,127 45,387
* PROS Holdings Inc. 993,311 45,265
  Methode Electronics Inc. 907,713 44,669
* Jamf Holding Corp. 1,320,519 44,330
* Sumo Logic Inc. 2,115,287 43,681
* Bottomline Technologies DE Inc. 1,130,771 41,929
  McAfee Corp. Class A 1,441,781 40,399
23

Vanguard® Small-Cap Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Unisys Corp. 1,580,670 40,007
* Allegro MicroSystems Inc. 1,417,074 39,253
* Yext Inc. 2,675,341 38,231
* Super Micro Computer Inc. 1,055,101 37,118
  CSG Systems International Inc. 780,007 36,801
* nLight Inc. 1,013,252 36,761
  Pitney Bowes Inc. 4,155,421 36,443
* TTM Technologies Inc. 2,539,197 36,310
  Amkor Technology Inc. 1,520,091 35,981
* Eventbrite Inc. Class A 1,865,507 35,445
*,1 E2open Parent Holdings Inc. 3,017,184 34,456
* SolarWinds Corp. 1,970,034 33,274
* Squarespace Inc. Class A 530,390 31,510
*,1 Ouster Inc. 2,430,647 30,359
* Veeco Instruments Inc. 1,190,100 28,610
* Telos Corp. 827,998 28,160
* Ping Identity Holding Corp. 1,229,279 28,150
*,1 Aeva Technologies Inc. 2,617,188 27,664
* CEVA Inc. 538,662 25,479
* Olo Inc. Class A 680,218 25,433
* Parsons Corp. 640,661 25,216
* Confluent Inc. Class A 528,439 25,101
* Groupon Inc. Class A 579,773 25,023
  Benchmark Electronics Inc. 841,150 23,939
* MediaAlpha Inc. Class A 526,323 22,158
* DigitalOcean Holdings Inc. 397,263 22,084
  Ebix Inc. 613,324 20,792
* Rackspace Technology Inc. 1,035,210 20,300
* ScanSource Inc. 635,276 17,870
*,1 Datto Holding Corp. 608,134 16,930
* ON24 Inc. 343,664 12,193
* Diebold Nixdorf Inc. 922,640 11,847
* Sciplay Corp. Class A 570,591 9,672
*,1 Sprinklr Inc. Class A 413,496 8,514
* Vertex Inc. Class A 372,412 8,171
* Viant Technology Inc. Class A 273,924 8,157
*,1 KnowBe4 Inc. Class A 219,146 6,853
*,1 SEMrush Holdings Inc. Class A 263,504 6,066
*,1 PubMatic Inc. Class A 132,858 5,191
*,1 Zeta Global Holdings Corp. Class A 559,762 4,702
* SecureWorks Corp. Class A 161,482 2,992
* SentinelOne Inc. Class A 27,577 1,172
* Clear Secure Inc. Class A 27,577 1,103
* DoubleVerify Holdings Inc. 10,872 460
* Xometry Inc. Class A 2,775 242
* Procore Technologies Inc. 1,088 103
* Alkami Technology Inc. 2,731 97
*,2 Media General Inc. CVR 2,474,410 96
* Benefitfocus Inc. 174 2
            17,846,982
Telecommunications (1.40%)
  Cable One Inc. 135,249 258,706
* Ciena Corp. 3,859,570 219,571
* Lumentum Holdings Inc. 1,890,125 155,047
* Iridium Communications Inc. 2,987,752 119,480
  Juniper Networks Inc. 4,081,236 111,622
* CommScope Holding Co. Inc. 5,078,425 108,221
* Viavi Solutions Inc. 5,688,314 100,456
*,1 fuboTV Inc. 2,971,041 95,400
* Vonage Holdings Corp. 5,949,729 85,736
* Viasat Inc. 1,711,337 85,293
24

Vanguard® Small-Cap Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Cogent Communications Holdings Inc. 1,066,399 81,995
* 8x8 Inc. 2,598,864 72,144
  Shenandoah Telecommunications Co. 1,179,398 57,213
  Telephone & Data Systems Inc. 2,522,533 57,161
  InterDigital Inc. 765,659 55,916
* Infinera Corp. 4,334,488 44,212
* Plantronics Inc. 937,837 39,136
*,1 Globalstar Inc. 17,806,182 31,695
* NETGEAR Inc. 723,736 27,734
* WideOpenWest Inc. 1,307,975 27,088
  ADTRAN Inc. 1,208,041 24,946
* EchoStar Corp. Class A 1,014,840 24,650
* United States Cellular Corp. 399,248 14,497
  Loral Space & Communications Inc. 321,191 12,478
  ATN International Inc. 257,826 11,728
*,1 Gogo Inc. 541,901 6,167
  Ubiquiti Inc. 36 11
            1,928,303
Utilities (2.82%)
  Atmos Energy Corp. 3,254,453 312,785
  Essential Utilities Inc. 6,117,284 279,560
* Sunrun Inc. 4,823,147 269,035
  UGI Corp. 5,195,500 240,604
  OGE Energy Corp. 4,986,689 167,802
* Stericycle Inc. 2,283,697 163,398
  NRG Energy Inc. 3,044,634 122,699
  IDACORP Inc. 1,257,609 122,617
  Pinnacle West Capital Corp. 1,403,981 115,084
* Clean Harbors Inc. 1,222,073 113,824
  National Fuel Gas Co. 2,176,491 113,722
  Hawaiian Electric Industries Inc. 2,580,083 109,086
  PNM Resources Inc. 2,138,346 104,287
  Portland General Electric Co. 2,229,682 102,744
  Black Hills Corp. 1,564,569 102,683
* Evoqua Water Technologies Corp. 2,983,928 100,797
  ONE Gas Inc. 1,324,319 98,158
  New Jersey Resources Corp. 2,395,918 94,806
  ALLETE Inc. 1,297,281 90,784
  Southwest Gas Holdings Inc. 1,356,957 89,817
  Spire Inc. 1,220,381 88,197
* Casella Waste Systems Inc. Class A 1,256,556 79,703
* Sunnova Energy International Inc. 2,090,936 78,745
  Ormat Technologies Inc. 1,114,563 77,496
  NorthWestern Corp. 1,258,481 75,786
  Avista Corp. 1,723,700 73,550
  American States Water Co. 917,464 72,993
  South Jersey Industries Inc. 2,798,276 72,559
  California Water Service Group 1,262,891 70,141
  MGE Energy Inc. 897,816 66,833
  Clearway Energy Inc. Class C 2,030,777 53,775
  Covanta Holding Corp. 2,981,198 52,499
* Harsco Corp. 1,974,460 40,318
  Northwest Natural Holding Co. 766,217 40,242
  Clearway Energy Inc. Class A 876,429 22,104
            3,879,233
Total Common Stocks (Cost $88,662,578) 136,646,668
25

Vanguard® Small-Cap Index Fund
Schedule of Investments (unaudited)
June 30, 2021
      Coupon   Shares Market
Value
($000)
Temporary Cash Investments (2.25%)
Money Market Fund (2.25%)
5,6 Vanguard Market Liquidity Fund
(Cost $3,099,342)
0.056%   30,997,404 3,099,741
Total Investments (101.59%) (Cost $91,761,920)   139,746,409
Other Assets and Liabilities—Net (-1.59%)   (2,193,233)
Net Assets (100%)   137,553,176
Cost is in $000.
* Non-income-producing security.
1 Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $2,236,521,000.
2 Security value determined using significant unobservable inputs.
3 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2021, the aggregate value was $73,256,000, representing 0.1% of net assets.
4 “Other” represents securities that are not classified by the fund’s benchmark index.
5 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
6 Collateral of $2,342,714,000 was received for securities on loan, of which $2,323,711,000 is held in Vanguard Market Liquidity Fund and $19,003,000 is held in cash.
  CVR—Contingent Value Rights.
  REIT—Real Estate Investment Trust.
26

Vanguard® Small-Cap Growth Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
Common Stocks (99.61%)
Basic Materials (1.74%)
  Royal Gold Inc. 1,033,437 117,915
* RBC Bearings Inc. 397,656 79,301
  Balchem Corp. 511,531 67,144
* Ingevity Corp. 631,850 51,407
  Quaker Chemical Corp. 211,607 50,191
* Amyris Inc. 2,979,284 48,771
* Livent Corp. 2,509,257 48,579
*,1 MP Materials Corp. 1,289,663 47,537
  NewMarket Corp. 137,476 44,265
* Hexcel Corp. 661,144 41,255
  GrafTech International Ltd. 3,152,076 36,627
* Century Aluminum Co. 779,183 10,044
  American Vanguard Corp. 412,101 7,216
* Zymergen Inc. 157,820 6,314
            656,566
Consumer Discretionary (15.38%)
  Pool Corp. 599,882 275,142
* RH 264,607 179,668
* Chegg Inc. 2,124,412 176,560
* Floor & Decor Holdings Inc. Class A 1,653,039 174,726
* Zynga Inc. Class A 16,290,143 173,164
* Five Below Inc. 882,092 170,482
* Liberty Media Corp.-Liberty Formula One Class C 3,044,636 146,782
* Bright Horizons Family Solutions Inc. 961,494 141,445
  Gentex Corp. 3,804,008 125,875
  Tempur Sealy International Inc. 3,102,026 121,568
* SiteOne Landscape Supply Inc. 700,168 118,510
* IAA Inc. 2,122,616 115,768
* Crocs Inc. 976,533 113,786
* YETI Holdings Inc. 1,236,845 113,567
* Scientific Games Corp. 1,437,959 111,356
  Churchill Downs Inc. 546,125 108,275
* Skechers USA Inc. Class A 2,114,802 105,381
* Fox Factory Holding Corp. 661,118 102,910
  Texas Roadhouse Inc. Class A 1,043,903 100,424
* Vail Resorts Inc. 317,133 100,379
* Planet Fitness Inc. Class A 1,311,248 98,671
  Nexstar Media Group Inc. Class A 640,152 94,666
* Penn National Gaming Inc. 1,232,037 94,239
* Deckers Outdoor Corp. 221,984 85,257
* Ollie's Bargain Outlet Holdings Inc. 982,090 82,623
* Boyd Gaming Corp. 1,236,903 76,057
  Wingstop Inc. 468,829 73,902
* Sonos Inc. 1,964,800 69,220
  Choice Hotels International Inc. 569,537 67,695
* frontdoor Inc. 1,351,265 67,320
* Grand Canyon Education Inc. 730,888 65,758
* National Vision Holdings Inc. 1,284,147 65,659
* Callaway Golf Co. 1,893,280 63,860
* Shake Shack Inc. Class A 585,977 62,711
* Stitch Fix Inc. Class A 1,021,278 61,583
* Overstock.com Inc. 644,434 59,417
* LGI Homes Inc. 354,072 57,338
* Hilton Grand Vacations Inc. 1,349,745 55,866
* Stamps.com Inc. 274,574 54,994
* Visteon Corp. 441,329 53,374
  Wyndham Hotels & Resorts Inc. 734,362 53,087
  Columbia Sportswear Co. 522,519 51,395
27

Vanguard® Small-Cap Growth Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Papa John's International Inc. 490,202 51,197
* Madison Square Garden Sports Corp. 292,624 50,498
  LCI Industries 378,852 49,789
* Six Flags Entertainment Corp. 1,145,894 49,594
* Leslie's Inc. 1,773,055 48,741
* 2U Inc. 1,111,564 46,319
* Allegiant Travel Co. 238,464 46,262
* Dorman Products Inc. 430,674 44,648
* Red Rock Resorts Inc. Class A 1,004,394 42,687
  Ralph Lauren Corp. 360,410 42,460
* iRobot Corp. 443,811 41,448
  World Wrestling Entertainment Inc. Class A 715,048 41,394
* SeaWorld Entertainment Inc. 808,144 40,359
  Travel + Leisure Co. 677,637 40,286
* Sleep Number Corp. 365,476 40,184
* Revolve Group Inc. Class A 562,601 38,763
* Coursera Inc. 960,787 38,009
* Selectquote Inc. 1,927,037 37,115
  Jack in the Box Inc. 332,066 37,005
* Gentherm Inc. 520,757 37,000
*,1 Luminar Technologies Inc. Class A 1,635,434 35,898
  Levi Strauss & Co. Class A 1,243,905 34,481
  Monro Inc. 500,359 31,778
* Cardlytics Inc. 232,641 29,529
  Strategic Education Inc. 387,650 29,485
*,1 Petco Health & Wellness Co. Inc. Class A 1,246,625 27,937
  Cracker Barrel Old Country Store Inc. 186,563 27,697
* Dave & Buster's Entertainment Inc. 676,089 27,449
  Camping World Holdings Inc. Class A 648,949 26,600
  Steven Madden Ltd. 585,643 25,628
* Madison Square Garden Entertainment Corp. 293,085 24,610
*,1 Fisker Inc. 1,152,704 22,224
* Academy Sports & Outdoors Inc. 516,275 21,291
* RealReal Inc. 999,620 19,753
  EW Scripps Co. Class A 885,010 18,045
* Liberty Media Corp.-Liberty Formula One Class A 386,186 16,463
* Driven Brands Holdings Inc. 526,523 16,280
*,1 ContextLogic Inc. Class A 1,191,221 15,688
* Cavco Industries Inc. 68,697 15,264
* Angi Inc. Class A 1,102,029 14,899
* WW International Inc. 409,965 14,816
*,1 Corsair Gaming Inc. 434,938 14,479
  Sinclair Broadcast Group Inc. Class A 385,132 12,794
* Quotient Technology Inc. 1,174,562 12,697
* Dine Brands Global Inc. 128,175 11,440
*,1 Canoo Inc. 1,120,465 11,137
*,1 Poshmark Inc. Class A 218,167 10,415
*,1 Lordstown Motors Corp. 902,479 9,981
* Sun Country Airlines Holdings Inc. 269,640 9,979
* Stride Inc. 310,307 9,970
  Inter Parfums Inc. 136,917 9,858
* elf Beauty Inc. 362,685 9,843
* Figs Inc. Class A 180,626 9,049
*,1 XL Fleet Corp. 875,182 7,290
* ACV Auctions Inc. Class A 284,333 7,288
*,1 Dream Finders Homes Inc. Class A 279,311 6,824
* Latham Group Inc. 189,351 6,052
* Frontier Group Holdings Inc. 254,086 4,330
*,1 ThredUp Inc. Class A 112,213 3,263
*,1 Revlon Inc. Class A 125,334 1,609
28

Vanguard® Small-Cap Growth Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Mister Car Wash Inc. 15,892 342
* Integral Ad Science Holding Corp. 7,901 163
            5,818,836
Consumer Staples (2.89%)
* Boston Beer Co. Inc. Class A 143,357 146,339
  Casey's General Stores Inc. 582,005 113,281
* Freshpet Inc. 647,564 105,527
* Post Holdings Inc. 902,343 97,877
*,1 Beyond Meat Inc. 604,862 95,260
* Darling Ingredients Inc. 1,285,880 86,797
  WD-40 Co. 216,302 55,436
  Medifast Inc. 176,396 49,917
* Simply Good Foods Co. 1,360,594 49,675
  J & J Snack Foods Corp. 224,545 39,163
* Celsius Holdings Inc. 460,217 35,018
  Sanderson Farms Inc. 158,036 29,706
  Coca-Cola Consolidated Inc. 73,004 29,357
  Lancaster Colony Corp. 151,645 29,345
  Utz Brands Inc. 1,022,847 22,288
* Hydrofarm Holdings Group Inc. 375,526 22,197
* USANA Health Sciences Inc. 190,976 19,562
* BellRing Brands Inc. Class A 621,438 19,476
  National Beverage Corp. 366,819 17,325
* Beauty Health Co. 640,605 10,762
*,1 AppHarvest Inc. 473,002 7,568
*,1 Vital Farms Inc. 281,079 5,610
* Honest Co. Inc. 212,781 3,445
* Duckhorn Portfolio Inc. 134,362 2,964
            1,093,895
Energy (2.86%)
* Enphase Energy Inc. 962,184 176,686
  Texas Pacific Land Corp. 97,753 156,379
  Cabot Oil & Gas Corp. 6,298,789 109,977
* ChampionX Corp. 3,176,889 81,487
  PDC Energy Inc. 1,534,007 70,242
  Matador Resources Co. 1,658,145 59,710
* Denbury Inc. 749,638 57,557
* Shoals Technologies Group Inc. Class A 1,397,489 49,611
  New Fortress Energy Inc. Class A 1,300,172 49,251
* FuelCell Energy Inc. 4,816,830 42,870
*,1 Stem Inc. 889,891 32,045
  Cactus Inc. Class A 856,245 31,441
* Array Technologies Inc. 1,997,054 31,154
* Oceaneering International Inc. 1,568,663 24,424
* Liberty Oilfield Services Inc. Class A 1,602,954 22,698
* Dril-Quip Inc. 557,158 18,849
*,1 ChargePoint Holdings Inc. 491,400 17,071
* Magnolia Oil & Gas Corp. Class A 1,035,088 16,178
* Ameresco Inc. Class A 222,362 13,947
* NexTier Oilfield Solutions Inc. 2,711,448 12,906
* Helix Energy Solutions Group Inc. 1,125,759 6,428
            1,080,911
Financials (3.95%)
  Pinnacle Financial Partners Inc. 1,138,933 100,556
  Morningstar Inc. 372,182 95,692
  Erie Indemnity Co. Class A 400,469 77,431
* Open Lending Corp. Class A 1,691,324 72,879
* Alleghany Corp. 104,316 69,586
  Western Alliance Bancorp 734,286 68,178
*,1 Credit Acceptance Corp. 144,955 65,826
29

Vanguard® Small-Cap Growth Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Trupanion Inc. 568,553 65,440
  Pacific Premier Bancorp Inc. 1,493,059 63,141
*,1 Lemonade Inc. 532,836 58,298
  Kinsale Capital Group Inc. 341,966 56,346
  Ameris Bancorp 1,045,457 52,931
  ServisFirst Bancshares Inc. 769,220 52,292
  Hamilton Lane Inc. Class A 484,919 44,186
  Independent Bank Group Inc. 580,404 42,938
  Virtu Financial Inc. Class A 1,503,984 41,555
  Essent Group Ltd. 842,934 37,890
* LendingTree Inc. 177,913 37,696
* Focus Financial Partners Inc. Class A 752,007 36,472
  Goosehead Insurance Inc. Class A 261,107 33,239
  Houlihan Lokey Inc. Class A 404,180 33,058
  Cohen & Steers Inc. 379,334 31,140
* Upstart Holdings Inc. 241,867 30,209
* Cannae Holdings Inc. 684,607 23,215
*,1 Riot Blockchain Inc. 562,377 21,185
* Silvergate Capital Corp. Class A 179,295 20,318
  TFS Financial Corp. 882,524 17,915
  National Bank Holdings Corp. Class A 459,976 17,359
* Oscar Health Inc. Class A 677,246 14,561
* Palomar Holdings Inc. 191,159 14,425
  Kearny Financial Corp. 1,143,415 13,664
  PJT Partners Inc. Class A 174,041 12,423
*,1 Root Inc. Class A 1,093,163 11,828
* eHealth Inc. 195,223 11,401
  Redwood Trust Inc. 888,443 10,724
* GoHealth Inc. Class A 943,481 10,576
  StepStone Group Inc. Class A 302,256 10,398
*,1 MetroMile Inc. 743,446 6,803
*,1 Romeo Power Inc. 670,542 5,458
* AssetMark Financial Holdings Inc. 142,440 3,570
1 GCM Grosvenor Inc. Class A 268,180 2,794
1 loanDepot Inc. Class A 24,071 309
            1,495,905
Health Care (23.66%)
* Charles River Laboratories International Inc. 791,143 292,660
* Avantor Inc. 7,792,662 276,717
  Bio-Techne Corp. 612,606 275,832
  PerkinElmer Inc. 1,765,488 272,609
* Masimo Corp. 779,330 188,949
* Guardant Health Inc. 1,513,816 188,001
* Intellia Therapeutics Inc. 1,025,109 165,975
* Repligen Corp. 821,936 164,075
* Penumbra Inc. 546,133 149,673
* Syneos Health Inc. 1,635,018 146,318
* Catalent Inc. 1,341,194 145,010
* Neurocrine Biosciences Inc. 1,489,546 144,963
* Natera Inc. 1,247,521 141,631
* Arrowhead Pharmaceuticals Inc. 1,558,311 129,059
* Amedisys Inc. 513,115 125,677
  Chemed Corp. 251,222 119,205
  Bruker Corp. 1,551,297 117,868
* Novocure Ltd. 512,313 113,641
* STAAR Surgical Co. 739,063 112,707
* Fate Therapeutics Inc. 1,259,745 109,333
* Acceleron Pharma Inc. 860,951 108,041
* Bio-Rad Laboratories Inc. Class A 165,330 106,520
* HealthEquity Inc. 1,313,768 105,732
* Omnicell Inc. 680,446 103,054
30

Vanguard® Small-Cap Growth Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Halozyme Therapeutics Inc. 2,243,244 101,866
* LHC Group Inc. 473,994 94,922
* Globus Medical Inc. Class A 1,222,803 94,804
* Shockwave Medical Inc. 496,154 94,135
* Sarepta Therapeutics Inc. 1,195,067 92,905
* Twist Bioscience Corp. 693,770 92,445
* Tandem Diabetes Care Inc. 937,710 91,333
* Ultragenyx Pharmaceutical Inc. 957,398 91,288
* Exelixis Inc. 4,938,774 89,984
*,1 Invitae Corp. 2,633,124 88,815
* Nevro Corp. 520,667 86,321
* Ionis Pharmaceuticals Inc. 2,111,861 84,242
* Blueprint Medicines Corp. 920,066 80,929
* Medpace Holdings Inc. 453,626 80,124
* NeoGenomics Inc. 1,766,391 79,788
* Inspire Medical Systems Inc. 407,693 78,791
* Neogen Corp. 1,687,084 77,673
* Integra LifeSciences Holdings Corp. 1,132,914 77,310
* Adaptive Biotechnologies Corp. 1,881,243 76,868
* Beam Therapeutics Inc. 592,159 76,217
* CareDx Inc. 820,684 75,109
* Quidel Corp. 570,251 73,061
  Ensign Group Inc. 823,471 71,370
* ICU Medical Inc. 317,927 65,429
* Arena Pharmaceuticals Inc. 957,788 65,321
* Apellis Pharmaceuticals Inc. 1,015,682 64,191
* Alkermes plc 2,531,042 62,061
* Editas Medicine Inc. Class A 1,068,304 60,509
* Maravai LifeSciences Holdings Inc. Class A 1,443,027 60,218
  Hill-Rom Holdings Inc. 524,275 59,552
* Glaukos Corp. 693,725 58,849
* NuVasive Inc. 815,006 55,241
* Merit Medical Systems Inc. 839,506 54,282
* AtriCure Inc. 684,065 54,267
* Haemonetics Corp. 804,115 53,586
* Agios Pharmaceuticals Inc. 971,831 53,558
* Progyny Inc. 904,867 53,387
* Insmed Inc. 1,811,422 51,553
* Allakos Inc. 591,845 50,526
* 1Life Healthcare Inc. 1,512,950 50,018
* Nektar Therapeutics 2,878,516 49,395
* Denali Therapeutics Inc. 619,382 48,584
* Vir Biotechnology Inc. 1,022,462 48,342
* Emergent BioSolutions Inc. 758,398 47,772
* Arvinas Inc. 618,787 47,647
* PTC Therapeutics Inc. 1,112,497 47,025
* Sage Therapeutics Inc. 827,668 47,020
* Intra-Cellular Therapies Inc. 1,149,266 46,913
* ACADIA Pharmaceuticals Inc. 1,897,122 46,271
* R1 RCM Inc. 2,056,805 45,743
* Inari Medical Inc. 468,711 43,721
* Veracyte Inc. 1,057,514 42,279
* Pacira BioSciences Inc. 692,337 42,011
* Amicus Therapeutics Inc. 4,183,986 40,334
* Accolade Inc. 738,100 40,086
* Inovalon Holdings Inc. Class A 1,162,470 39,617
* SpringWorks Therapeutics Inc. 462,919 38,149
* Sotera Health Co. 1,556,908 37,724
* Option Care Health Inc. 1,696,713 37,107
* Corcept Therapeutics Inc. 1,659,299 36,505
* FibroGen Inc. 1,303,901 34,723
31

Vanguard® Small-Cap Growth Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Global Blood Therapeutics Inc. 979,186 34,291
* Bluebird Bio Inc. 1,060,667 33,920
* Health Catalyst Inc. 595,116 33,035
* Berkeley Lights Inc. 734,493 32,913
* Ligand Pharmaceuticals Inc. 248,780 32,637
* Xencor Inc. 915,637 31,580
  CONMED Corp. 228,756 31,438
* Privia Health Group Inc. 692,386 30,721
* AdaptHealth Corp. Class A 1,117,841 30,640
* REVOLUTION Medicines Inc. 923,948 29,326
* Relay Therapeutics Inc. 799,030 29,237
* iRhythm Technologies Inc. 437,772 29,046
* Allogene Therapeutics Inc. 1,112,902 29,025
* Zentalis Pharmaceuticals Inc. 523,831 27,868
* Ironwood Pharmaceuticals Inc. Class A 2,165,054 27,864
* Ortho Clinical Diagnostics Holdings plc 1,292,947 27,682
  Luminex Corp. 706,823 26,011
* Evolent Health Inc. Class A 1,230,345 25,985
*,1 Multiplan Corp. 2,626,022 25,000
* Heron Therapeutics Inc. 1,601,349 24,853
* Supernus Pharmaceuticals Inc. 792,079 24,388
* Deciphera Pharmaceuticals Inc. 638,079 23,360
* Silk Road Medical Inc. 488,030 23,357
* NanoString Technologies Inc. 355,482 23,032
* Inogen Inc. 352,181 22,952
* REGENXBIO Inc. 568,235 22,076
* CorVel Corp. 154,457 20,744
* Certara Inc. 601,427 17,038
* Alector Inc. 815,357 16,984
* Pennant Group Inc. 400,598 16,384
*,1 Butterfly Network Inc. 1,101,886 15,955
* Generation Bio Co. 578,894 15,572
* Rocket Pharmaceuticals Inc. 348,948 15,455
*,1 SmileDirectClub Inc. Class A 1,766,613 15,334
* Pulmonx Corp. 342,008 15,089
* PMV Pharmaceuticals Inc. 424,906 14,515
*,1 Kronos Bio Inc. 573,141 13,727
* Radius Health Inc. 742,931 13,551
* Theravance Biopharma Inc. 905,581 13,149
* Innoviva Inc. 980,389 13,147
*,1 ImmunityBio Inc. 905,562 12,931
* Eargo Inc. 304,536 12,154
* Signify Health Inc. Class A 396,292 12,059
* Vaxcyte Inc. 525,178 11,822
*,1 OPKO Health Inc. 2,898,168 11,738
* Orthofix Medical Inc. 292,281 11,723
*,1 Clover Health Investments Corp. 874,422 11,647
* HealthStream Inc. 396,997 11,092
* ChemoCentryx Inc. 822,677 11,016
* Sangamo Therapeutics Inc. 905,089 10,834
* Epizyme Inc. 1,282,955 10,661
* Doximity Inc. Class A 183,163 10,660
*,1 Nuvation Bio Inc. 1,112,422 10,357
* Alignment Healthcare Inc. 441,739 10,323
* Atara Biotherapeutics Inc. 628,070 9,767
*,1 Precigen Inc. 1,465,258 9,554
*,1 Hims & Hers Health Inc. 865,328 9,423
* Phathom Pharmaceuticals Inc. 270,994 9,173
* Recursion Pharmaceuticals Inc. Class A 249,814 9,118
* Sana Biotechnology Inc. 442,707 8,704
* Rubius Therapeutics Inc. 351,136 8,571
32

Vanguard® Small-Cap Growth Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* LifeStance Health Group Inc. 300,458 8,371
* Intercept Pharmaceuticals Inc. 417,217 8,332
* Gossamer Bio Inc. 955,066 7,755
*,1 Cerevel Therapeutics Holdings Inc. 300,678 7,703
* BioAtla Inc. 177,077 7,505
* Olema Pharmaceuticals Inc. 251,111 7,026
* Natus Medical Inc. 267,963 6,962
* Innovage Holding Corp. 319,664 6,812
* Instil Bio Inc. 303,697 5,867
* Nkarta Inc. 179,967 5,703
* Agiliti Inc. 256,096 5,601
*,1 Prelude Therapeutics Inc. 195,359 5,593
*,1 Cullinan Oncology Inc. 205,296 5,286
* Kinnate Biopharma Inc. 206,110 4,798
* Spectrum Pharmaceuticals Inc. 1,270,132 4,763
*,1 Esperion Therapeutics Inc. 221,681 4,689
*,1 Clovis Oncology Inc. 781,130 4,531
* Aveanna Healthcare Holdings Inc. 362,018 4,478
* Seer Inc. Class A 133,591 4,379
* ZIOPHARM Oncology Inc. 1,610,002 4,250
* AnaptysBio Inc. 150,658 3,907
* Harmony Biosciences Holdings Inc. 111,859 3,158
* Lyell Immunopharma Inc. 190,894 3,100
* Vor BioPharma Inc. 145,989 2,723
* Treace Medical Concepts Inc. 82,958 2,593
* Singular Genomics Systems Inc. 81,182 2,231
*,1 Design Therapeutics Inc. 109,337 2,175
* Day One Biopharmaceuticals Inc. 62,505 1,423
*,2 Alder Biopharmaceuticals Inc. CVR Exp. 12/31/2024 1,054,451 928
* Bright Health Group Inc. 47,686 818
* PRA Health Sciences Inc. 780 129
            8,948,863
Industrials (16.59%)
* Fair Isaac Corp. 430,271 216,289
* Bill.com Holdings Inc. 1,145,450 209,824
  Graco Inc. 2,666,950 201,888
  Lennox International Inc. 535,192 187,745
  Toro Co. 1,694,124 186,150
* Trex Co. Inc. 1,817,195 185,736
  Nordson Corp. 822,942 180,644
* Axon Enterprise Inc. 1,019,291 180,211
  MKS Instruments Inc. 872,332 155,231
  A O Smith Corp. 2,118,181 152,636
  Watsco Inc. 518,243 148,549
* Berry Global Group Inc. 2,124,277 138,545
* WEX Inc. 704,575 136,617
  Genpact Ltd. 2,949,832 134,011
* Paylocity Holding Corp. 600,657 114,605
*,1 Virgin Galactic Holdings Inc. 2,465,944 113,433
  Cognex Corp. 1,321,467 111,069
* Euronet Worldwide Inc. 790,151 106,947
* TopBuild Corp. 520,862 103,016
* Coherent Inc. 386,483 102,163
* WillScot Mobile Mini Holdings Corp. 3,573,618 99,597
  Advanced Drainage Systems Inc. 845,980 98,616
  Littelfuse Inc. 386,897 98,577
  Jack Henry & Associates Inc. 585,226 95,690
  Landstar System Inc. 605,187 95,632
  Eagle Materials Inc. 667,785 94,899
  BWX Technologies Inc. 1,499,417 87,146
* Saia Inc. 415,013 86,941
33

Vanguard® Small-Cap Growth Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Maximus Inc. 968,840 85,229
* Chart Industries Inc. 573,197 83,870
* ASGN Inc. 796,716 77,226
* Middleby Corp. 438,538 75,981
  Simpson Manufacturing Co. Inc. 684,706 75,619
  Exponent Inc. 821,825 73,315
* AZEK Co. Inc. Class A 1,707,832 72,515
* AMN Healthcare Services Inc. 745,147 72,264
  John Bean Technologies Corp. 500,991 71,451
* Itron Inc. 711,632 71,149
* ACI Worldwide Inc. 1,769,867 65,733
* Shift4 Payments Inc. Class A 646,768 60,615
* Mercury Systems Inc. 886,032 58,726
  Woodward Inc. 476,101 58,503
  Aerojet Rocketdyne Holdings Inc. 1,196,435 57,776
* Kratos Defense & Security Solutions Inc. 1,953,064 55,643
* Bloom Energy Corp. Class A 2,046,743 54,996
* ExlService Holdings Inc. 499,850 53,114
  Insperity Inc. 579,884 52,404
*,1 Nikola Corp. 2,787,065 50,334
  Franklin Electric Co. Inc. 623,638 50,278
*,1 Marathon Digital Holdings Inc. 1,486,030 46,617
  Installed Building Products Inc. 375,162 45,905
* TriNet Group Inc. 621,617 45,055
  Badger Meter Inc. 458,821 45,020
* Masonite International Corp. 385,291 43,072
  AAON Inc. 659,654 41,288
  Armstrong World Industries Inc. 376,522 40,386
* Proto Labs Inc. 435,432 39,973
  Forward Air Corp. 429,600 38,557
* AeroVironment Inc. 370,367 37,092
  Mueller Water Products Inc. Class A 2,492,924 35,948
  Helios Technologies Inc. 456,201 35,606
* Vicor Corp. 324,675 34,331
  Raven Industries Inc. 564,835 32,676
* Verra Mobility Corp. Class A 2,042,575 31,394
*,1 TuSimple Holdings Inc. Class A 436,471 31,094
  Lindsay Corp. 171,518 28,348
* Cimpress plc 245,639 26,630
* Welbilt Inc. 1,009,012 23,359
* FARO Technologies Inc. 285,504 22,204
  Tennant Co. 278,033 22,201
* Air Transport Services Group Inc. 933,524 21,686
  Albany International Corp. Class A 241,381 21,546
  Maxar Technologies Inc. 536,786 21,428
  Comfort Systems USA Inc. 270,840 21,339
* Evo Payments Inc. Class A 736,843 20,440
* Gibraltar Industries Inc. 256,555 19,578
* Hayward Holdings Inc. 726,837 18,912
* Dycom Industries Inc. 229,906 17,135
*,1 PureCycle Technologies Inc. 629,653 14,891
*,1 Desktop Metal Inc. Class A 1,106,095 12,720
* Danimer Scientific Inc. 504,416 12,636
  Enerpac Tool Group Corp. Class A 472,717 12,584
* BTRS Holdings Inc. 941,389 11,880
* American Woodmark Corp. 133,678 10,920
* ZipRecruiter Inc. Class A 406,207 10,147
*,1 Hyliion Holdings Corp. 812,950 9,471
* Thermon Group Holdings Inc. 522,045 8,896
  Pactiv Evergreen Inc. 557,166 8,396
* Forrester Research Inc. 180,513 8,267
34

Vanguard® Small-Cap Growth Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
*,1 Velodyne Lidar Inc. 745,746 7,935
*,1 View Inc. 768,080 6,513
  Heartland Express Inc. 377,029 6,459
* GreenSky Inc. Class A 1,113,595 6,180
  Gorman-Rupp Co. 164,285 5,658
* First Advantage Corp. 179,240 3,569
* TaskUS Inc. Class A 98,932 3,387
* Latch Inc. 248,306 3,047
* Paymentus Holdings Inc. Class A 77,966 2,768
* Flywire Corp. 74,599 2,741
* Legalzoom.com Inc. 7,903 299
            6,277,332
Other (0.00%)3
*,2 First Eagle Private Credit LLC CVR 323,987 30
Real Estate (7.81%)
  Equity LifeStyle Properties Inc. 2,582,815 191,929
  American Homes 4 Rent Class A 4,343,805 168,757
  Americold Realty Trust 3,976,199 150,499
  CubeSmart 3,173,041 146,975
  CyrusOne Inc. 1,930,832 138,093
  STORE Capital Corp. 3,833,714 132,301
  Rexford Industrial Realty Inc. 2,253,007 128,309
  Kilroy Realty Corp. 1,833,964 127,717
  American Campus Communities Inc. 2,172,038 101,478
* Redfin Corp. 1,558,657 98,834
* Host Hotels & Resorts Inc. 5,563,012 95,072
  STAG Industrial Inc. 2,516,216 94,182
  Healthcare Trust of America Inc. Class A 3,448,238 92,068
  CoreSite Realty Corp. 677,373 91,174
  Spirit Realty Capital Inc. 1,811,774 86,675
  Regency Centers Corp. 1,338,515 85,759
  QTS Realty Trust Inc. Class A 1,084,035 83,796
  Innovative Industrial Properties Inc. 376,253 71,872
  Lamar Advertising Co. Class A 683,438 71,365
  Terreno Realty Corp. 1,096,830 70,768
  Hannon Armstrong Sustainable Infrastructure Capital Inc. 1,241,102 69,688
* Howard Hughes Corp. 651,922 63,536
* Ryman Hospitality Properties Inc. 781,535 61,710
  Broadstone Net Lease Inc. Class A 2,458,275 57,548
  National Storage Affiliates Trust 963,758 48,728
  PS Business Parks Inc. 324,689 48,080
* eXp World Holdings Inc. 1,024,072 39,703
  CareTrust REIT Inc. 1,522,018 35,357
  Physicians Realty Trust 1,694,201 31,292
  JBG SMITH Properties 982,272 30,951
* DigitalBridge Group Inc. 3,824,623 30,215
  Paramount Group Inc. 2,926,551 29,470
  Kite Realty Group Trust 1,328,575 29,242
  Essential Properties Realty Trust Inc. 923,865 24,981
  St. Joe Co. 555,588 24,785
  Pebblebrook Hotel Trust 1,033,050 24,328
  Safehold Inc. 251,272 19,725
  Uniti Group Inc. 1,835,679 19,440
* Marcus & Millichap Inc. 404,150 15,709
  Universal Health Realty Income Trust 194,918 11,997
  Alexander's Inc. 32,124 8,608
* Compass Inc. Class A 8,468 111
            2,952,827
35

Vanguard® Small-Cap Growth Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
Technology (21.64%)
  Entegris Inc. 2,134,071 262,427
* PTC Inc. 1,655,485 233,854
* Avalara Inc. 1,286,677 208,184
* Ceridian HCM Holding Inc. 2,115,543 202,923
* Five9 Inc. 1,056,065 193,672
* Dynatrace Inc. 3,121,338 182,349
* Cree Inc. 1,819,566 178,190
* MongoDB Inc. Class A 464,794 168,032
* Proofpoint Inc. 902,792 156,869
* Guidewire Software Inc. 1,318,485 148,620
  Universal Display Corp. 668,241 148,570
* Aspen Technology Inc. 1,070,916 147,294
* Manhattan Associates Inc. 1,001,712 145,088
* Elastic NV 989,947 144,295
* Zendesk Inc. 934,183 134,840
* Smartsheet Inc. Class A 1,863,933 134,800
  Monolithic Power Systems Inc. 342,325 127,841
  Vertiv Holdings Co. Class A 4,440,403 121,223
* Lattice Semiconductor Corp. 2,151,765 120,886
* II-VI Inc. 1,653,036 119,994
* Nutanix Inc. Class A 3,047,951 116,493
  Brooks Automation Inc. 1,171,186 111,591
* Anaplan Inc. 2,050,124 109,272
* Silicon Laboratories Inc. 704,949 108,033
* Upwork Inc. 1,789,099 104,287
  Dolby Laboratories Inc. Class A 1,028,042 101,046
* Digital Turbine Inc. 1,267,937 96,401
  CDK Global Inc. 1,918,758 95,343
* J2 Global Inc. 675,318 92,890
* Blackline Inc. 823,196 91,597
* Varonis Systems Inc. Class B 1,589,162 91,567
*,1 Fastly Inc. Class A 1,500,849 89,451
  Pegasystems Inc. 640,322 89,126
* Q2 Holdings Inc. 842,957 86,471
* Appian Corp. 620,101 85,419
* Pure Storage Inc. Class A 4,241,094 82,829
* Everbridge Inc. 593,578 80,774
* Alteryx Inc. Class A 933,461 80,296
  National Instruments Corp. 1,867,109 78,941
* Rapid7 Inc. 825,588 78,125
* 3D Systems Corp. 1,873,115 74,868
  Power Integrations Inc. 908,423 74,545
* FireEye Inc. 3,571,483 72,215
* Vroom Inc. 1,721,198 72,049
* Novanta Inc. 530,021 71,426
* Sailpoint Technologies Holdings Inc. 1,382,870 70,623
* Semtech Corp. 1,024,135 70,460
  CMC Materials Inc. 461,295 69,536
  Advanced Energy Industries Inc. 605,900 68,291
* Asana Inc. Class A 1,084,316 67,260
* Workiva Inc. Class A 599,065 66,694
* Magnite Inc. 1,930,192 65,318
* LivePerson Inc. 978,837 61,902
* Envestnet Inc. 815,465 61,861
*,1 MicroStrategy Inc. Class A 92,068 61,179
* New Relic Inc. 905,649 60,651
* Alarm.com Holdings Inc. 706,398 59,832
* Rogers Corp. 295,211 59,278
*,1 Box Inc. Class A 2,301,692 58,808
* Ambarella Inc. 543,518 57,955
36

Vanguard® Small-Cap Growth Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* SPS Commerce Inc. 563,982 56,314
* Fabrinet 581,992 55,796
* CommVault Systems Inc. 687,608 53,750
* nCino Inc. 893,477 53,537
* Onto Innovation Inc. 732,614 53,510
* Diodes Inc. 668,922 53,360
* Qualys Inc. 525,054 52,868
* Cloudera Inc. 3,236,105 51,325
* Cornerstone OnDemand Inc. 992,560 51,196
* Vimeo Inc. 1,027,909 50,368
* Duck Creek Technologies Inc. 1,142,338 49,703
* Altair Engineering Inc. Class A 718,829 49,578
* MACOM Technology Solutions Holdings Inc. 755,912 48,439
* Tenable Holdings Inc. 1,166,860 48,250
* Medallia Inc. 1,358,848 45,861
* MaxLinear Inc. Class A 1,066,824 45,329
* PagerDuty Inc. 1,051,194 44,760
* Yelp Inc. Class A 1,117,660 44,662
* FormFactor Inc. 1,220,656 44,505
* Bandwidth Inc. Class A 293,152 40,431
* BigCommerce Holdings Inc. 597,603 38,796
* Cargurus Inc. Class A 1,400,107 36,725
  Shutterstock Inc. 373,647 36,681
* Appfolio Inc. Class A 253,316 35,768
  Switch Inc. Class A 1,647,137 34,771
* Schrodinger Inc. 409,958 30,997
* Blackbaud Inc. 383,861 29,392
* Zuora Inc. Class A 1,662,090 28,671
* PROS Holdings Inc. 626,323 28,542
* Bottomline Technologies DE Inc. 713,769 26,467
* Yext Inc. 1,685,655 24,088
* Sprout Social Inc. Class A 262,481 23,471
* LiveRamp Holdings Inc. 499,874 23,419
* nLight Inc. 639,521 23,202
* Eventbrite Inc. Class A 1,177,668 22,376
* Ping Identity Holding Corp. 803,331 18,396
* Veeco Instruments Inc. 749,698 18,023
* Telos Corp. 524,724 17,846
*,1 Skillz Inc. Class A 771,103 16,748
* CEVA Inc. 340,819 16,121
* Parsons Corp. 402,599 15,846
* MediaAlpha Inc. Class A 334,067 14,064
* Jamf Holding Corp. 416,555 13,984
* DigitalOcean Holdings Inc. 251,368 13,974
* Rackspace Technology Inc. 653,816 12,821
*,1 E2open Parent Holdings Inc. 956,037 10,918
* Datto Holding Corp. 380,435 10,591
* SolarWinds Corp. 620,635 10,483
*,1 Squarespace Inc. Class A 168,007 9,981
*,1 Ouster Inc. 763,147 9,532
*,1 Aeva Technologies Inc. 829,735 8,770
* Olo Inc. Class A 215,616 8,062
* Confluent Inc. Class A 167,016 7,933
* ON24 Inc. 218,755 7,761
  Ebix Inc. 194,607 6,597
* Sciplay Corp. Class A 364,272 6,174
* Viant Technology Inc. Class A 171,808 5,116
*,1 PubMatic Inc. Class A 84,606 3,306
* Sprinklr Inc. Class A 130,697 2,691
* Vertex Inc. Class A 118,770 2,606
* KnowBe4 Inc. Class A 69,125 2,162
37

Vanguard® Small-Cap Growth Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* SecureWorks Corp. Class A 106,545 1,974
* SEMrush Holdings Inc. Class A 84,301 1,941
*,1 Zeta Global Holdings Corp. Class A 180,530 1,516
* SentinelOne Inc. Class A 7,901 336
* Clear Secure Inc. Class A 7,900 316
* DoubleVerify Holdings Inc. 3,178 135
* Xometry Inc. Class A 794 69
*,2 Media General Inc. CVR 1,362,047 53
* Procore Technologies Inc. 329 31
* Alkami Technology Inc. 793 28
            8,188,467
Telecommunications (1.74%)
  Cable One Inc. 85,544 163,629
* Ciena Corp. 2,440,854 138,860
* Lumentum Holdings Inc. 1,195,914 98,101
* Viasat Inc. 1,085,513 54,102
  Cogent Communications Holdings Inc. 675,250 51,920
  Shenandoah Telecommunications Co. 746,164 36,196
*,1 fuboTV Inc. 938,773 30,144
* Infinera Corp. 2,740,249 27,951
*,1 Globalstar Inc. 11,272,070 20,064
* WideOpenWest Inc. 822,056 17,025
  Loral Space & Communications Inc. 202,182 7,855
  ATN International Inc. 162,753 7,404
*,1 Gogo Inc. 344,751 3,923
            657,174
Utilities (1.35%)
* Sunrun Inc. 3,053,667 170,334
* Clean Harbors Inc. 774,346 72,123
* Evoqua Water Technologies Corp. 1,891,187 63,884
* Casella Waste Systems Inc. Class A 795,160 50,437
* Sunnova Energy International Inc. 1,320,575 49,733
  Ormat Technologies Inc. 707,596 49,199
  Covanta Holding Corp. 1,881,947 33,141
  California Water Service Group 399,679 22,198
            511,049
Total Common Stocks (Cost $25,020,640) 37,681,855
      Coupon      
Temporary Cash Investments (2.39%)
Money Market Fund (2.39%)
4,5 Vanguard Market Liquidity Fund
(Cost $902,938)
0.056%   9,030,335 903,033
Total Investments (102.00%) (Cost $25,923,578)   38,584,888
Other Assets and Liabilities—Net (-2.00%)   (754,819)
Net Assets (100%)   37,830,069
Cost is in $000.
* Non-income-producing security.
1 Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $733,508,000.
2 Security value determined using significant unobservable inputs.
3 “Other” represents securities that are not classified by the fund’s benchmark index.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
5 Collateral of $766,093,000 was received for securities on loan, of which $760,150,000 is held in Vanguard Market Liquidity Fund and $5,943,000 is held in cash.
  CVR—Contingent Value Rights.
  REIT—Real Estate Investment Trust.
38

Vanguard® Small-Cap Value Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
Common Stocks (99.72%)
Basic Materials (5.91%)
  Steel Dynamics Inc. 3,110,808 185,404
  Mosaic Co. 5,301,033 169,156
*,1 Cleveland-Cliffs Inc. 6,972,292 150,323
  Reliance Steel & Aluminum Co. 987,557 149,022
  Scotts Miracle-Gro Co. 604,375 115,992
  Olin Corp. 2,223,339 102,852
* Alcoa Corp. 2,699,080 99,434
  Valvoline Inc. 2,810,898 91,242
  United States Steel Corp. 3,761,232 90,269
  Chemours Co. 2,565,423 89,277
  CF Industries Holdings Inc. 1,662,391 85,530
  Timken Co. 1,059,756 85,406
  Ashland Global Holdings Inc. 940,868 82,326
  Huntsman Corp. 3,092,644 82,017
  Element Solutions Inc. 3,260,057 76,220
  W R Grace & Co. 1,027,349 71,010
  Avient Corp. 1,415,132 69,568
  UFP Industries Inc. 910,762 67,706
* Univar Solutions Inc. 2,628,706 64,088
  Hecla Mining Co. 8,302,014 61,767
  Commercial Metals Co. 1,868,652 57,405
  Sensient Technologies Corp. 655,757 56,762
* Arconic Corp. 1,534,938 54,674
  Cabot Corp. 878,560 50,016
* Domtar Corp. 779,976 42,867
  Minerals Technologies Inc. 523,692 41,199
* Hexcel Corp. 648,873 40,490
  Tronox Holdings plc Class A 1,784,548 39,974
  Stepan Co. 331,906 39,918
  Mueller Industries Inc. 842,344 36,482
  Boise Cascade Co. 610,912 35,647
  Innospec Inc. 382,139 34,626
  Worthington Industries Inc. 535,316 32,751
* Coeur Mining Inc. 3,582,658 31,814
  Compass Minerals International Inc. 528,472 31,317
  Kaiser Aluminum Corp. 246,326 30,419
  Carpenter Technology Corp. 746,697 30,032
  Materion Corp. 315,750 23,792
  Westlake Chemical Corp. 247,789 22,323
  Schweitzer-Mauduit International Inc. 485,453 19,603
  Schnitzer Steel Industries Inc. Class A 379,341 18,607
* GCP Applied Technologies Inc. 793,287 18,452
* Kraton Corp. 472,157 15,246
  PQ Group Holdings Inc. 845,936 12,994
* Koppers Holdings Inc. 312,534 10,110
  Glatfelter Corp. 692,066 9,668
* Zymergen Inc. 155,181 6,209
  Tredegar Corp. 443,312 6,104
  FutureFuel Corp. 202,308 1,942
*,1 MP Materials Corp. 645 24
            2,840,076
Consumer Discretionary (16.37%)
* Tapestry Inc. 4,324,343 188,022
  Williams-Sonoma Inc. 1,167,535 186,397
* Norwegian Cruise Line Holdings Ltd. 5,738,289 168,763
  Newell Brands Inc. 5,933,409 162,991
  Lithia Motors Inc. Class A 461,561 158,611
  Gap Inc. 4,361,772 146,774
39

Vanguard® Small-Cap Value Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Nielsen Holdings plc 5,560,118 137,168
  Kohl's Corp. 2,444,927 134,740
* Capri Holdings Ltd. 2,347,207 134,237
  Service Corp. International 2,477,442 132,766
  L Brands Inc. 1,730,519 124,701
  Polaris Inc. 902,428 123,597
* PVH Corp. 1,104,296 118,811
* Alaska Air Group Inc. 1,930,094 116,404
  Harley-Davidson Inc. 2,384,507 109,258
* Mattel Inc. 5,409,983 108,741
* American Airlines Group Inc. 4,969,877 105,411
  Toll Brothers Inc. 1,815,062 104,929
  Leggett & Platt Inc. 1,964,207 101,766
* BJ's Wholesale Club Holdings Inc. 2,126,698 101,188
  Hanesbrands Inc. 5,416,823 101,132
* AutoNation Inc. 1,061,443 100,635
* Marriott Vacations Worldwide Corp. 628,486 100,118
  Interpublic Group of Cos. Inc. 3,041,981 98,834
* GameStop Corp. Class A 460,749 98,665
  Foot Locker Inc. 1,600,379 98,631
  New York Times Co. Class A 2,199,462 95,787
* Terminix Global Holdings Inc. 1,994,507 95,158
  Thor Industries Inc. 815,283 92,127
* Macy's Inc. 4,832,362 91,622
  Dick's Sporting Goods Inc. 914,156 91,589
  American Eagle Outfitters Inc. 2,332,254 87,529
* Helen of Troy Ltd. 378,931 86,442
* Deckers Outdoor Corp. 218,352 83,862
* JetBlue Airways Corp. 4,905,492 82,314
  Lear Corp. 466,100 81,698
  AMERCO 136,803 80,632
* Goodyear Tire & Rubber Co. 4,326,517 74,200
  Aramark 1,975,298 73,580
  Qurate Retail Inc. Class A 5,589,295 73,164
  Carter's Inc. 647,340 66,786
  H&R Block Inc. 2,812,391 66,035
  Wendy's Co. 2,745,516 64,300
  TEGNA Inc. 3,416,879 64,101
* Nordstrom Inc. 1,725,078 63,086
* Signet Jewelers Ltd. 771,456 62,326
* TripAdvisor Inc. 1,539,417 62,038
* Under Armour Inc. Class A 2,931,298 61,997
* Sabre Corp. 4,953,815 61,824
* Avis Budget Group Inc. 758,156 59,053
* Under Armour Inc. Class C 3,078,466 57,167
  KB Home 1,356,656 55,243
  Dana Inc. 2,253,204 53,536
  Murphy USA Inc. 396,710 52,909
* Meritage Homes Corp. 557,723 52,471
  Wyndham Hotels & Resorts Inc. 725,099 52,417
* Bed Bath & Beyond Inc. 1,572,493 52,348
  Rent-A-Center Inc. 976,494 51,823
* Asbury Automotive Group Inc. 299,997 51,410
* Spirit Airlines Inc. 1,680,790 51,163
  PROG Holdings Inc. 1,050,653 50,568
* Taylor Morrison Home Corp. Class A 1,900,791 50,219
* Hyatt Hotels Corp. Class A 605,697 47,026
  Kontoor Brands Inc. 804,560 45,385
* Abercrombie & Fitch Co. Class A 959,516 44,550
* Coty Inc. Class A 4,757,637 44,436
  MDC Holdings Inc. 872,988 44,173
40

Vanguard® Small-Cap Value Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Brinker International Inc. 710,216 43,927
  Wolverine World Wide Inc. 1,284,970 43,226
  Herman Miller Inc. 915,760 43,169
  Ralph Lauren Corp. 354,973 41,819
  Group 1 Automotive Inc. 267,846 41,363
  Travel + Leisure Co. 667,240 39,667
* Cheesecake Factory Inc. 731,513 39,633
* Tri Pointe Homes Inc. 1,833,644 39,295
  John Wiley & Sons Inc. Class A 652,698 39,279
* Sally Beauty Holdings Inc. 1,754,942 38,732
  Penske Automotive Group Inc. 501,800 37,881
* Urban Outfitters Inc. 915,262 37,727
  Graham Holdings Co. Class B 59,492 37,712
* Bloomin' Brands Inc. 1,380,399 37,464
* ODP Corp. 765,277 36,741
  Big Lots Inc. 545,254 35,992
*,1 Luminar Technologies Inc. Class A 1,612,807 35,401
* Cinemark Holdings Inc. 1,577,317 34,622
* KAR Auction Services Inc. 1,938,278 34,017
* SkyWest Inc. 780,955 33,636
* Lions Gate Entertainment Corp. Class B 1,784,307 32,653
  PriceSmart Inc. 358,156 32,596
* Central Garden & Pet Co. Class A 635,079 30,674
* Cardlytics Inc. 228,785 29,040
  Rush Enterprises Inc. Class A 660,678 28,568
* AMC Networks Inc. Class A 427,368 28,548
* Knowles Corp. 1,442,529 28,475
  HNI Corp. 643,150 28,279
  Cracker Barrel Old Country Store Inc. 183,586 27,255
  La-Z-Boy Inc. 719,952 26,667
* Adtalem Global Education Inc. 729,622 26,004
* Meredith Corp. 595,535 25,870
  Acushnet Holdings Corp. 516,850 25,532
  Steven Madden Ltd. 578,563 25,318
* Tenneco Inc. Class A 1,274,424 24,622
  Oxford Industries Inc. 248,530 24,565
  Sturm Ruger & Co. Inc. 271,697 24,447
* Laureate Education Inc. Class A 1,618,599 23,486
  Buckle Inc. 461,824 22,976
*,1 Fisker Inc. 1,133,697 21,858
* GoPro Inc. Class A 1,837,931 21,412
* Academy Sports & Outdoors Inc. 506,978 20,908
* G-III Apparel Group Ltd. 635,654 20,888
* iHeartMedia Inc. Class A 775,645 20,888
* Vista Outdoor Inc. 448,167 20,741
  Knoll Inc. 785,834 20,424
* Lions Gate Entertainment Corp. Class A 915,168 18,944
  Steelcase Inc. Class A 1,252,997 18,933
* At Home Group Inc. 506,408 18,656
* Hawaiian Holdings Inc. 750,238 18,283
1 Dillard's Inc. Class A 96,792 17,508
* American Axle & Manufacturing Holdings Inc. 1,674,411 17,330
  Aaron's Co. Inc. 528,328 16,901
* BJ's Restaurants Inc. 341,204 16,767
  Matthews International Corp. Class A 464,402 16,700
* Zumiez Inc. 338,136 16,565
  Guess? Inc. 602,237 15,899
* Designer Brands Inc. Class A 952,888 15,770
* WW International Inc. 403,149 14,570
  Sonic Automotive Inc. Class A 323,132 14,457
* Cars.com Inc. 1,007,230 14,434
41

Vanguard® Small-Cap Value Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Clear Channel Outdoor Holdings Inc. 5,453,813 14,398
  Interface Inc. Class A 911,992 13,953
  Smith & Wesson Brands Inc. 390,685 13,557
  Sinclair Broadcast Group Inc. Class A 377,262 12,533
* Dine Brands Global Inc. 126,135 11,258
*,1 Canoo Inc. 1,101,222 10,946
* Children's Place Inc. 107,723 10,025
*,1 Lordstown Motors Corp. 887,447 9,815
* Stride Inc. 304,758 9,792
*,1 Cricut Inc. Class A 228,591 9,738
  Inter Parfums Inc. 134,987 9,719
* elf Beauty Inc. 356,189 9,667
  Scholastic Corp. 250,092 9,476
* Figs Inc. Class A 177,648 8,900
* Vizio Holding Corp. Class A 328,413 8,870
  Caleres Inc. 281,229 7,675
* MSG Networks Inc. Class A 499,704 7,286
*,1 XL Fleet Corp. 860,310 7,166
* Central Garden & Pet Co. 135,011 7,146
* Genesco Inc. 111,729 7,115
* Latham Group Inc. 185,828 5,939
  Rush Enterprises Inc. Class B 144,891 5,526
* El Pollo Loco Holdings Inc. 291,213 5,326
  Global Industrial Co. 130,964 4,808
* Lands' End Inc. 113,683 4,667
* Frontier Group Holdings Inc. 256,772 4,375
* American Public Education Inc. 137,747 3,904
*,1 ThredUp Inc. Class A 110,257 3,206
*,1 AMC Entertainment Holdings Inc. Class A 9,510 539
* Mister Car Wash Inc. 16,381 353
* Integral Ad Science Holding Corp. 8,276 170
* Overstock.com Inc. 435 40
* Allegiant Travel Co. 156 30
* Sun Country Airlines Holdings Inc. 187 7
* Coursera Inc. 142 6
* Dream Finders Homes Inc. Class A 189 5
* ACV Auctions Inc. Class A 177 5
            7,865,039
Consumer Staples (3.27%)
  Bunge Ltd. 2,083,835 162,852
* US Foods Holding Corp. 3,098,160 118,845
* Performance Food Group Co. 2,073,665 100,552
  Ingredion Inc. 985,944 89,228
* Herbalife Nutrition Ltd. 1,645,988 86,793
* Darling Ingredients Inc. 1,265,906 85,449
* Molson Coors Beverage Co. Class B 1,398,223 75,071
  Flowers Foods Inc. 2,954,139 71,490
  Spectrum Brands Holdings Inc. 628,170 53,420
* Hain Celestial Group Inc. 1,314,383 52,733
* Grocery Outlet Holding Corp. 1,336,739 46,331
  Energizer Holdings Inc. 1,060,731 45,590
* Sprouts Farmers Market Inc. 1,832,408 45,535
  Nu Skin Enterprises Inc. Class A 776,478 43,987
* TreeHouse Foods Inc. 872,425 38,840
  Edgewell Personal Care Co. 843,876 37,046
1 B&G Foods Inc. 1,006,168 33,002
* United Natural Foods Inc. 874,700 32,346
  Core-Mark Holding Co. Inc. 701,768 31,587
* Hostess Brands Inc. Class A 1,937,384 31,366
  Sanderson Farms Inc. 155,374 29,206
  Lancaster Colony Corp. 149,897 29,007
42

Vanguard® Small-Cap Value Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Vector Group Ltd. 2,037,229 28,806
  Reynolds Consumer Products Inc. 810,983 24,613
  Cal-Maine Foods Inc. 612,789 22,189
  Universal Corp. 359,594 20,486
  Fresh Del Monte Produce Inc. 549,820 18,078
* Pilgrim's Pride Corp. 755,041 16,747
  Andersons Inc. 462,028 14,106
  Seaboard Corp. 3,574 13,827
* Rite Aid Corp. 809,649 13,197
  Weis Markets Inc. 250,383 12,935
  ACCO Brands Corp. 1,401,035 12,091
* Beauty Health Co. 628,602 10,561
  Tootsie Roll Industries Inc. 247,383 8,389
*,1 AppHarvest Inc. 464,917 7,439
* Honest Co. Inc. 212,123 3,434
* Duckhorn Portfolio Inc. 135,029 2,979
* Hydrofarm Holdings Group Inc. 146 9
            1,570,162
Energy (5.38%)
  Diamondback Energy Inc. 2,807,266 263,574
  Marathon Oil Corp. 12,225,426 166,510
  Targa Resources Corp. 3,545,959 157,618
  Devon Energy Corp. 5,249,223 153,225
* First Solar Inc. 1,484,045 134,321
  Ovintiv Inc. 4,049,465 127,437
  APA Corp. 5,857,879 126,706
  Cimarex Energy Co. 1,595,205 115,573
* EQT Corp. 4,324,196 96,257
* NOV Inc. 6,054,257 92,751
  Chesapeake Energy Corp. 1,518,054 78,817
  HollyFrontier Corp. 2,265,883 74,548
* Range Resources Corp. 3,623,491 60,730
* Antero Resources Corp. 3,979,846 59,817
* Southwestern Energy Co. 10,496,428 59,515
  Equitrans Midstream Corp. 6,370,554 54,213
  Murphy Oil Corp. 2,275,087 52,964
  Antero Midstream Corp. 4,815,415 50,032
  Helmerich & Payne Inc. 1,506,644 49,162
  Arcosa Inc. 747,543 43,911
* Renewable Energy Group Inc. 702,079 43,768
  Continental Resources Inc. 1,141,217 43,400
*,1 Transocean Ltd. 9,110,021 41,177
* CNX Resources Corp. 2,905,427 39,688
* SunPower Corp. 1,339,985 39,154
* California Resources Corp. 1,163,112 35,056
*,1 Stem Inc. 879,195 31,660
  World Fuel Services Corp. 931,149 29,545
  Core Laboratories NV 716,237 27,897
  Patterson-UTI Energy Inc. 2,768,859 27,522
* PBF Energy Inc. Class A 1,484,458 22,712
  SM Energy Co. 910,776 22,432
  Delek US Holdings Inc. 1,027,843 22,222
  Archrock Inc. 2,382,255 21,226
*,1 ChargePoint Holdings Inc. 482,600 16,766
* NOW Inc. 1,704,605 16,177
* Magnolia Oil & Gas Corp. Class A 1,018,758 15,923
  Warrior Met Coal Inc. 795,067 13,675
* Arch Resources Inc. 224,667 12,802
* ProPetro Holding Corp. 1,343,641 12,308
* MRC Global Inc. 1,211,942 11,392
  CVR Energy Inc. 471,427 8,467
43

Vanguard® Small-Cap Value Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Helix Energy Solutions Group Inc. 1,106,252 6,317
* RPC Inc. 1,011,459 5,007
* ChampionX Corp. 2,160 55
* Oceaneering International Inc. 1,068 17
* Dril-Quip Inc. 378 13
* Whiting Petroleum Corp. Warrants Exp. 09/01/2025 699 4
* Whiting Petroleum Corp. Class A Warrants Exp. 09/01/2024 196 1
            2,584,064
Financials (21.23%)
  Signature Bank 893,190 219,412
  Apollo Global Management Inc. 3,242,269 201,669
  Brown & Brown Inc. 3,713,746 197,348
  Invesco Ltd. 6,439,298 172,122
  LPL Financial Holdings Inc. 1,177,642 158,958
  East West Bancorp Inc. 2,199,461 157,679
  Comerica Inc. 2,164,893 154,443
  Ares Management Corp. Class A 2,391,112 152,051
  First Horizon Corp. 8,565,801 148,017
  Assurant Inc. 939,390 146,714
  Carlyle Group Inc. 3,023,740 140,543
  American Financial Group Inc. 1,121,892 139,922
  Zions Bancorp NA 2,540,770 134,305
* Athene Holding Ltd. Class A 1,932,818 130,465
  Commerce Bancshares Inc. 1,633,776 121,814
  Reinsurance Group of America Inc. 1,054,211 120,180
  Voya Financial Inc. 1,880,038 115,622
  RenaissanceRe Holdings Ltd. 770,060 114,600
  People's United Financial Inc. 6,633,236 113,694
  Old Republic International Corp. 4,491,351 111,880
  Starwood Property Trust Inc. 4,231,261 110,732
  SLM Corp. 5,003,564 104,775
  Janus Henderson Group plc 2,673,953 103,776
  First Financial Bankshares Inc. 2,097,434 103,047
  First American Financial Corp. 1,617,795 100,870
  Stifel Financial Corp. 1,548,857 100,459
  Cullen/Frost Bankers Inc. 887,661 99,418
  Prosperity Bancshares Inc. 1,370,103 98,373
  Jefferies Financial Group Inc. 2,869,305 98,130
  Synovus Financial Corp. 2,190,846 96,134
  Affiliated Managers Group Inc. 612,833 94,505
  Primerica Inc. 611,834 93,696
  South State Corp. 1,101,251 90,038
  Lincoln National Corp. 1,403,069 88,169
  Popular Inc. 1,143,975 85,855
  Valley National Bancorp 6,290,087 84,476
  Glacier Bancorp Inc. 1,480,361 81,538
  OneMain Holdings Inc. 1,354,922 81,173
  Unum Group 2,848,229 80,890
  Bank OZK 1,898,758 80,052
  CIT Group Inc. 1,535,546 79,219
  Evercore Inc. Class A 539,584 75,957
  Selective Insurance Group Inc. 930,362 75,499
  Lazard Ltd. Class A 1,660,418 75,134
  Webster Financial Corp. 1,401,675 74,765
  PacWest Bancorp 1,812,816 74,616
  New York Community Bancorp Inc. 6,749,513 74,380
  Sterling Bancorp 2,984,222 73,979
  First Citizens BancShares Inc. Class A 88,782 73,932
  United Bankshares Inc. 2,002,343 73,086
  New Residential Investment Corp. 6,872,391 72,779
  MGIC Investment Corp. 5,262,977 71,576
44

Vanguard® Small-Cap Value Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Kemper Corp. 951,016 70,280
  RLI Corp. 665,895 69,646
  Blackstone Mortgage Trust Inc. Class A 2,166,021 69,074
  AGNC Investment Corp. 4,069,218 68,729
  Hanover Insurance Group Inc. 501,051 67,963
  Western Alliance Bancorp 722,418 67,077
  Wintrust Financial Corp. 884,141 66,868
  UMB Financial Corp. 711,341 66,197
  Radian Group Inc. 2,966,765 66,011
  Community Bank System Inc. 835,572 63,211
  Umpqua Holdings Corp. 3,421,074 63,119
  SEI Investments Co. 996,512 61,754
  BankUnited Inc. 1,445,567 61,711
  FNB Corp. 4,946,721 60,993
* Brighthouse Financial Inc. 1,329,711 60,555
  Hancock Whitney Corp. 1,346,420 59,835
  Axis Capital Holdings Ltd. 1,182,688 57,964
  First Hawaiian Inc. 2,021,797 57,298
  Home BancShares Inc. 2,300,342 56,772
  Moelis & Co. Class A 951,157 54,111
  Chimera Investment Corp. 3,574,422 53,831
  Eastern Bankshares Inc. 2,607,621 53,639
  Bank of Hawaii Corp. 626,646 52,776
  Assured Guaranty Ltd. 1,111,264 52,763
  White Mountains Insurance Group Ltd. 45,788 52,566
  Navient Corp. 2,645,986 51,147
* Texas Capital Bancshares Inc. 784,767 49,825
  Investors Bancorp Inc. 3,459,105 49,327
  Federated Hermes Inc. Class B 1,452,459 49,253
  Artisan Partners Asset Management Inc. Class A 955,407 48,554
* Enstar Group Ltd. 201,877 48,232
  CNO Financial Group Inc. 2,040,076 48,187
  Simmons First National Corp. Class A 1,595,974 46,826
  Walker & Dunlop Inc. 444,300 46,376
  FirstCash Inc. 604,814 46,232
  Cathay General Bancorp 1,174,420 46,225
  Associated Banc-Corp 2,251,404 46,109
  Atlantic Union Bankshares Corp. 1,224,930 44,367
  BancorpSouth Bank 1,544,386 43,752
  Old National Bancorp 2,453,698 43,210
  United Community Banks Inc. 1,346,271 43,094
  American Equity Investment Life Holding Co. 1,333,018 43,083
  Columbia Banking System Inc. 1,112,962 42,916
  CVB Financial Corp. 2,003,748 41,257
  First Bancorp 3,351,016 39,944
  Fulton Financial Corp. 2,522,197 39,800
  Cadence Bancorp Class A 1,839,106 38,401
  International Bancshares Corp. 885,154 38,009
  Essent Group Ltd. 832,847 37,436
  BOK Financial Corp. 432,058 37,416
  Independent Bank Corp. (Massachusetts) 487,263 36,788
* Axos Financial Inc. 781,883 36,272
  Washington Federal Inc. 1,124,424 35,734
  WesBanco Inc. 992,076 35,348
  First Midwest Bancorp Inc. 1,774,443 35,187
  First Merchants Corp. 843,876 35,164
  Hilltop Holdings Inc. 959,836 34,938
  Piper Sandler Cos. 269,342 34,896
  Apollo Commercial Real Estate Finance Inc. 2,167,514 34,572
  Santander Consumer USA Holdings Inc. 951,228 34,549
  Flagstar Bancorp Inc. 816,091 34,496
45

Vanguard® Small-Cap Value Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  WSFS Financial Corp. 735,223 34,254
  First Financial Bancorp 1,434,242 33,891
  Renasant Corp. 830,485 33,219
  Houlihan Lokey Inc. Class A 397,294 32,495
  Two Harbors Investment Corp. 4,248,246 32,117
  PennyMac Mortgage Investment Trust 1,516,911 31,946
  PennyMac Financial Services Inc. 516,345 31,869
  MFA Financial Inc. 6,850,146 31,442
  Virtus Investment Partners Inc. 112,345 31,206
  Towne Bank 1,014,137 30,850
* Genworth Financial Inc. Class A 7,875,256 30,714
  BGC Partners Inc. Class A 5,259,856 29,823
  Great Western Bancorp Inc. 852,243 27,945
  Banner Corp. 514,063 27,867
  Eagle Bancorp Inc. 496,554 27,847
  Mercury General Corp. 428,206 27,812
  Trustmark Corp. 886,232 27,296
  Park National Corp. 227,304 26,690
  Argo Group International Holdings Ltd. 513,945 26,638
* PRA Group Inc. 673,019 25,891
  Hope Bancorp Inc. 1,823,608 25,859
  Northwest Bancshares Inc. 1,879,709 25,639
  First Interstate BancSystem Inc. Class A 610,461 25,536
  Provident Financial Services Inc. 1,085,134 24,839
  Capitol Federal Financial Inc. 2,050,584 24,156
  Horace Mann Educators Corp. 644,912 24,133
  BancFirst Corp. 380,082 23,729
  Westamerica Bancorp 397,097 23,044
  NBT Bancorp Inc. 639,896 23,017
* Cannae Holdings Inc. 673,723 22,846
* Encore Capital Group Inc. 479,687 22,732
1 iStar Inc. 1,087,060 22,535
* SiriusPoint Ltd. 2,134,068 21,490
  First Commonwealth Financial Corp. 1,485,026 20,894
  Broadmark Realty Capital Inc. 1,958,644 20,742
  Berkshire Hills Bancorp Inc. 751,956 20,611
  Ladder Capital Corp. 1,770,025 20,426
  S&T Bancorp Inc. 607,563 19,017
  ProAssurance Corp. 833,745 18,968
  Boston Private Financial Holdings Inc. 1,274,921 18,805
  American National Group Inc. 124,566 18,504
  Employers Holdings Inc. 418,573 17,915
  OFG Bancorp 798,053 17,653
  City Holding Co. 231,864 17,445
  Safety Insurance Group Inc. 219,929 17,216
1 Invesco Mortgage Capital Inc. 4,402,120 17,168
  Brookline Bancorp Inc. 1,146,511 17,140
  Nelnet Inc. Class A 211,419 15,905
  Tompkins Financial Corp. 197,487 15,317
  Heartland Financial USA Inc. 292,852 13,761
* LendingClub Corp. 751,908 13,632
  KKR Real Estate Finance Trust Inc. 603,888 13,062
  ARMOUR Residential REIT Inc. 1,100,222 12,565
* Blucora Inc. 710,667 12,302
  BrightSpire Capital Inc. 1,302,273 12,241
  WisdomTree Investments Inc. 1,965,110 12,184
  TPG RE Finance Trust Inc. 893,090 12,012
* Columbia Financial Inc. 670,384 11,544
* Ambac Financial Group Inc. 713,281 11,170
  Northfield Bancorp Inc. 672,398 11,027
* World Acceptance Corp. 68,394 10,959
46

Vanguard® Small-Cap Value Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Central Pacific Financial Corp. 415,239 10,821
  National Western Life Group Inc. Class A 47,992 10,769
  Redwood Trust Inc. 870,066 10,502
  StepStone Group Inc. Class A 297,529 10,235
  United Fire Group Inc. 368,234 10,211
  Capstead Mortgage Corp. 1,418,290 8,708
*,1 MetroMile Inc. 730,365 6,683
  Granite Point Mortgage Trust Inc. 430,697 6,353
*,1 Romeo Power Inc. 659,342 5,367
  State Auto Financial Corp. 275,249 4,712
* AssetMark Financial Holdings Inc. 144,007 3,609
1 GCM Grosvenor Inc. Class A 263,973 2,751
  Associated Capital Group Inc. Class A 27,524 1,070
  loanDepot Inc. Class A 29,637 381
* Open Lending Corp. Class A 1,236 53
* Lemonade Inc. 326 36
* Oscar Health Inc. Class A 435 9
*,2 Frontier Financial Corp. 2
            10,197,953
Health Care (6.72%)
* Molina Healthcare Inc. 905,392 229,118
* Novavax Inc. 999,024 212,103
* Jazz Pharmaceuticals plc 894,247 158,854
* United Therapeutics Corp. 694,826 124,659
  Encompass Health Corp. 1,543,884 120,469
* Organon & Co. 3,927,483 118,846
* Mirati Therapeutics Inc. 717,527 115,902
* Tenet Healthcare Corp. 1,656,869 110,994
* Bridgebio Pharma Inc. 1,784,373 108,775
* Envista Holdings Corp. 2,494,254 107,777
* Pacific Biosciences of California Inc. 2,920,759 102,139
  Perrigo Co. plc 2,071,812 94,993
* Acadia Healthcare Co. Inc. 1,390,409 87,248
* TG Therapeutics Inc. 1,973,381 76,547
  Select Medical Holdings Corp. 1,672,077 70,662
  Premier Inc. Class A 1,801,019 62,657
  Hill-Rom Holdings Inc. 515,470 58,552
* Reata Pharmaceuticals Inc. Class A 413,507 58,524
* Iovance Biotherapeutics Inc. 2,015,906 52,454
* Integer Holdings Corp. 511,592 48,192
* Denali Therapeutics Inc. 610,222 47,866
  Owens & Minor Inc. 1,106,765 46,849
* Turning Point Therapeutics Inc. 571,967 44,625
* Kodiak Sciences Inc. 477,525 44,410
  Patterson Cos. Inc. 1,349,679 41,017
* Prestige Consumer Healthcare Inc. 774,174 40,334
* Karuna Therapeutics Inc. 342,782 39,074
* MEDNAX Inc. 1,271,473 38,335
  Healthcare Services Group Inc. 1,160,714 36,644
* Myriad Genetics Inc. 1,136,562 34,756
* Magellan Health Inc. 365,272 34,409
* Surgery Partners Inc. 512,223 34,124
* Outset Medical Inc. 678,720 33,922
* American Well Corp. Class A 2,592,722 32,616
  CONMED Corp. 224,985 30,920
* Privia Health Group Inc. 683,837 30,342
* Axsome Therapeutics Inc. 435,710 29,393
* Avanos Medical Inc. 743,460 27,040
* Multiplan Corp. 2,582,608 24,586
* Brookdale Senior Living Inc. 2,863,545 22,622
*,1 Atea Pharmaceuticals Inc. 894,828 19,221
47

Vanguard® Small-Cap Value Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Kymera Therapeutics Inc. 382,906 18,571
* Madrigal Pharmaceuticals Inc. 179,292 17,465
* Tivity Health Inc. 647,655 17,040
* Varex Imaging Corp. 607,490 16,293
* Endo International plc 3,428,128 16,044
*,1 Butterfly Network Inc. 1,083,145 15,684
* ALX Oncology Holdings Inc. 279,880 15,304
* Meridian Bioscience Inc. 670,008 14,861
* NextGen Healthcare Inc. 832,948 13,819
  National HealthCare Corp. 190,506 13,316
* Aerie Pharmaceuticals Inc. 726,063 11,624
* OPKO Health Inc. 2,863,181 11,596
*,1 Clover Health Investments Corp. 862,803 11,492
* Doximity Inc. Class A 180,729 10,518
*,1 Nuvation Bio Inc. 1,092,603 10,172
* Forma Therapeutics Holdings Inc. 402,561 10,020
* Stoke Therapeutics Inc. 284,437 9,574
* Amneal Pharmaceuticals Inc. 1,837,596 9,408
*,1 Hims & Hers Health Inc. 850,572 9,263
  Phibro Animal Health Corp. Class A 317,311 9,164
* Recursion Pharmaceuticals Inc. Class A 245,372 8,956
* Praxis Precision Medicines Inc. 472,109 8,630
* Allovir Inc. 404,398 7,983
* LifeStance Health Group Inc. 285,641 7,958
*,1 Cerevel Therapeutics Holdings Inc. 302,626 7,753
* Zogenix Inc. 430,766 7,444
* Olema Pharmaceuticals Inc. 247,587 6,927
* Immunovant Inc. 610,101 6,449
* Kiniksa Pharmaceuticals Ltd. Class A 427,132 5,950
* G1 Therapeutics Inc. 264,666 5,807
* Agiliti Inc. 251,695 5,505
* Silverback Therapeutics Inc. 161,606 4,992
* Aveanna Healthcare Holdings Inc. 355,652 4,399
* AnaptysBio Inc. 147,995 3,837
* NGM Biopharmaceuticals Inc. 178,486 3,520
* Harmony Biosciences Holdings Inc. 109,771 3,099
* Lyell Immunopharma Inc. 188,185 3,056
* Treace Medical Concepts Inc. 81,389 2,544
* Singular Genomics Systems Inc. 83,828 2,304
* Black Diamond Therapeutics Inc. 181,051 2,207
*,1 Design Therapeutics Inc. 107,213 2,132
* Day One Biopharmaceuticals Inc. 67,924 1,547
* Bright Health Group Inc. 49,145 843
  PerkinElmer Inc. 1,205 186
  STERIS plc 513 106
* 10X Genomics Inc. Class A 390 76
* Maravai LifeSciences Holdings Inc. Class A 926 39
* Sage Therapeutics Inc. 567 32
* SpringWorks Therapeutics Inc. 298 24
* Certara Inc. 411 12
* Vaxcyte Inc. 357 8
* Signify Health Inc. Class A 267 8
* Alignment Healthcare Inc. 302 7
* Pulmonx Corp. 135 6
* Sana Biotechnology Inc. 302 6
* Innovage Holding Corp. 220 5
* Instil Bio Inc. 201 4
* Vor BioPharma Inc. 99 2
*,1,2 Synergy Pharmaceuticals LLC 1,169,882
            3,228,161
48

Vanguard® Small-Cap Value Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
Industrials (19.81%)
  IDEX Corp. 1,177,247 259,053
* Howmet Aerospace Inc. 6,061,554 208,942
  Quanta Services Inc. 2,161,168 195,737
  Allegion plc 1,394,709 194,283
  Booz Allen Hamilton Holding Corp. Class A 2,100,021 178,880
  RPM International Inc. 2,007,995 178,069
  Pentair plc 2,577,056 173,926
  Owens Corning 1,619,675 158,566
  Carlisle Cos. Inc. 809,242 154,873
  Robert Half International Inc. 1,661,586 147,831
* AECOM 2,270,040 143,739
  AptarGroup Inc. 1,018,822 143,491
* Sensata Technologies Holding plc 2,452,643 142,180
  Sealed Air Corp. 2,356,672 139,633
* Builders FirstSource Inc. 3,213,357 137,082
  Oshkosh Corp. 1,064,558 132,686
  Huntington Ingalls Industries Inc. 624,124 131,534
  Donaldson Co. Inc. 1,956,366 124,288
  ITT Inc. 1,335,501 122,319
  AGCO Corp. 935,068 121,914
  Lincoln Electric Holdings Inc. 923,691 121,659
  Brunswick Corp. 1,208,558 120,397
* XPO Logistics Inc. 752,509 105,268
  Knight-Swift Transportation Holdings Inc. Class A 2,311,130 105,064
* Axalta Coating Systems Ltd. 3,434,039 104,704
  Sonoco Products Co. 1,561,114 104,439
  EMCOR Group Inc. 846,351 104,262
  Acuity Brands Inc. 553,375 103,498
  Tetra Tech Inc. 839,455 102,447
  ManpowerGroup Inc. 845,915 100,588
  MDU Resources Group Inc. 3,122,193 97,850
  Louisiana-Pacific Corp. 1,585,201 95,572
* MasTec Inc. 863,562 91,624
  MSA Safety Inc. 546,249 90,448
  Rexnord Corp. 1,762,294 88,185
  Vontier Corp. 2,616,007 85,229
  Regal Beloit Corp. 629,556 84,052
  KBR Inc. 2,190,452 83,566
* Mohawk Industries Inc. 432,618 83,145
* Colfax Corp. 1,786,176 81,825
  Flowserve Corp. 2,019,733 81,436
  nVent Electric plc 2,598,301 81,171
* WESCO International Inc. 777,679 79,961
  Graphic Packaging Holding Co. 4,405,334 79,913
  Hubbell Inc. Class B 421,023 78,664
  Valmont Industries Inc. 329,345 77,742
  Spirit AeroSystems Holdings Inc. Class A 1,634,488 77,131
  Curtiss-Wright Corp. 634,422 75,344
* Middleby Corp. 431,304 74,728
* FTI Consulting Inc. 530,402 72,458
  Crane Co. 769,697 71,097
  Air Lease Corp. Class A 1,680,386 70,139
  Allison Transmission Holdings Inc. 1,698,503 67,498
* Resideo Technologies Inc. 2,230,080 66,902
  Altra Industrial Motion Corp. 1,004,723 65,327
  EnerSys 664,583 64,950
* Summit Materials Inc. Class A 1,808,853 63,039
  Watts Water Technologies Inc. Class A 427,162 62,327
  MSC Industrial Direct Co. Inc. Class A 692,450 62,134
  Korn Ferry 837,323 60,748
49

Vanguard® Small-Cap Value Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Brink's Co. 771,670 59,295
  Ryder System Inc. 793,714 58,997
  Woodward Inc. 468,212 57,534
* Kirby Corp. 931,911 56,511
  Alliance Data Systems Corp. 532,204 55,450
  UniFirst Corp. 236,277 55,440
  Applied Industrial Technologies Inc. 602,644 54,877
  Triton International Ltd. 1,045,116 54,701
  Silgan Holdings Inc. 1,283,989 53,286
* Atkore Inc. 728,792 51,744
  HB Fuller Co. 807,884 51,389
  Terex Corp. 1,028,773 48,990
  EVERTEC Inc. 1,119,414 48,862
  GATX Corp. 549,057 48,575
  Kennametal Inc. 1,297,214 46,596
  Hillenbrand Inc. 1,050,576 46,309
* Beacon Roofing Supply Inc. 867,337 46,186
  ABM Industries Inc. 1,040,600 46,151
*,3 API Group Corp. 2,185,806 45,661
  Macquarie Infrastructure Corp. 1,156,181 44,247
* Herc Holdings Inc. 390,661 43,781
  Matson Inc. 674,132 43,144
  SPX FLOW Inc. 655,064 42,736
* Allegheny Technologies Inc. 1,974,282 41,164
* SPX Corp. 667,338 40,761
  Brady Corp. Class A 715,388 40,090
* O-I Glass Inc. 2,451,455 40,032
  Werner Enterprises Inc. 896,469 39,911
  Armstrong World Industries Inc. 371,768 39,876
* Fluor Corp. 2,194,946 38,851
  Trinity Industries Inc. 1,442,349 38,785
  Barnes Group Inc. 746,885 38,278
  Moog Inc. Class A 454,174 38,178
* Green Dot Corp. Class A 803,073 37,624
  ManTech International Corp. Class A 425,675 36,838
  ESCO Technologies Inc. 384,176 36,040
  Belden Inc. 694,958 35,144
* JELD-WEN Holding Inc. 1,309,246 34,381
* Navistar International Corp. 771,953 34,352
* Sykes Enterprises Inc. 617,810 33,176
* Hub Group Inc. Class A 498,221 32,873
  Otter Tail Corp. 645,118 31,488
  Deluxe Corp. 656,058 31,340
  EnPro Industries Inc. 319,921 31,080
  McGrath RentCorp 376,362 30,700
* Atlas Air Worldwide Holdings Inc. 450,595 30,690
* GMS Inc. 629,383 30,298
  TTEC Holdings Inc. 289,559 29,851
  Granite Construction Inc. 711,521 29,549
* Ferro Corp. 1,284,746 27,712
* OSI Systems Inc. 265,543 26,990
* Meritor Inc. 1,122,494 26,289
  ADT Inc. 2,367,829 25,549
  Greif Inc. Class A 387,687 23,474
  Primoris Services Corp. 789,223 23,227
  Encore Wire Corp. 302,865 22,954
* Welbilt Inc. 989,346 22,903
  Kaman Corp. 432,515 21,799
  ArcBest Corp. 372,924 21,700
  Griffon Corp. 832,024 21,325
  Albany International Corp. Class A 237,303 21,182
50

Vanguard® Small-Cap Value Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Maxar Technologies Inc. 527,973 21,077
  Comfort Systems USA Inc. 266,902 21,029
  Astec Industries Inc. 333,806 21,010
  AZZ Inc. 390,586 20,225
* TriMas Corp. 666,811 20,224
* AAR Corp. 518,544 20,094
  Kforce Inc. 306,400 19,282
  Greenbrier Cos. Inc. 431,423 18,801
* Conduent Inc. 2,462,415 18,468
  Standex International Corp. 190,982 18,126
  Schneider National Inc. Class B 803,191 17,485
* Huron Consulting Group Inc. 351,989 17,300
* Dycom Industries Inc. 225,754 16,825
  H&E Equipment Services Inc. 475,782 15,829
  Apogee Enterprises Inc. 380,999 15,518
* TrueBlue Inc. 547,979 15,404
*,1 PureCycle Technologies Inc. 618,524 14,628
* Advantage Solutions Inc. 1,224,246 13,210
  Quanex Building Products Corp. 519,200 12,897
* Kelly Services Inc. Class A 527,375 12,641
*,1 Desktop Metal Inc. Class A 1,087,625 12,508
* Danimer Scientific Inc. 496,133 12,428
  Enerpac Tool Group Corp. Class A 464,880 12,375
* Gates Industrial Corp. plc 681,275 12,311
  Wabash National Corp. 756,029 12,096
  Hyster-Yale Materials Handling Inc. 160,677 11,726
* BTRS Holdings Inc. 924,013 11,661
* BrightView Holdings Inc. 653,229 10,530
* CIRCOR International Inc. 312,927 10,201
* ZipRecruiter Inc. Class A 399,511 9,980
* Triumph Group Inc. 471,817 9,790
*,1 Hyliion Holdings Corp. 799,779 9,317
* Tutor Perini Corp. 634,990 8,795
* Vivint Smart Home Inc. 644,823 8,512
  National Presto Industries Inc. 82,474 8,383
  REV Group Inc. 503,594 7,901
*,1 Velodyne Lidar Inc. 733,076 7,800
*,1 View Inc. 753,585 6,390
  Heartland Express Inc. 369,266 6,326
  Greif Inc. Class B 104,087 6,141
  Gorman-Rupp Co. 163,226 5,621
  Kronos Worldwide Inc. 362,699 5,194
  International Seaways Inc. 192,504 3,692
* First Advantage Corp. 176,735 3,519
* TaskUS Inc. Class A 94,905 3,250
* Latch Inc. 243,051 2,982
* Paymentus Holdings Inc. Class A 79,885 2,836
* Flywire Corp. 76,309 2,804
* Legalzoom.com Inc. 8,271 313
* Nikola Corp. 1,862 34
* TuSimple Holdings Inc. Class A 411 29
* Hayward Holdings Inc. 499 13
            9,518,004
Real Estate (9.51%)
  VICI Properties Inc. 8,327,310 258,313
  Medical Properties Trust Inc. 9,120,146 183,315
  Gaming & Leisure Properties Inc. 3,428,951 158,863
* Jones Lang LaSalle Inc. 795,768 155,541
  Federal Realty Investment Trust 1,205,974 141,304
  Kimco Realty Corp. 6,387,343 133,176
  Omega Healthcare Investors Inc. 3,650,607 132,481
51

Vanguard® Small-Cap Value Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Vornado Realty Trust 2,819,370 131,580
  Life Storage Inc. 1,192,182 127,981
  National Retail Properties Inc. 2,723,044 127,656
  Apartment Income REIT Corp. 2,432,017 115,351
  Brixmor Property Group Inc. 4,601,226 105,322
  First Industrial Realty Trust Inc. 2,003,642 104,650
  EastGroup Properties Inc. 620,936 102,113
  Douglas Emmett Inc. 2,583,377 86,853
  SL Green Realty Corp. 1,074,952 85,996
  Cousins Properties Inc. 2,303,232 84,713
  VEREIT Inc. 1,775,684 81,557
  Rayonier Inc. 2,154,864 77,424
  Agree Realty Corp. 1,056,257 74,456
  Highwoods Properties Inc. 1,612,686 72,845
* Park Hotels & Resorts Inc. 3,482,849 71,781
  Lamar Advertising Co. Class A 672,040 70,174
  Healthcare Realty Trust Inc. 2,195,935 66,317
  Hudson Pacific Properties Inc. 2,338,159 65,048
* EPR Properties 1,159,405 61,077
  Sabra Health Care REIT Inc. 3,347,636 60,927
  Weingarten Realty Investors 1,880,095 60,295
  Macerich Co. 3,042,459 55,525
  Lexington Realty Trust 4,552,298 54,400
* Outfront Media Inc. 2,257,945 54,258
  PotlatchDeltic Corp. 987,961 52,510
  Apple Hospitality REIT Inc. 3,295,780 50,294
  Corporate Office Properties Trust 1,742,744 48,779
  Equity Commonwealth 1,796,287 47,063
  National Health Investors Inc. 676,136 45,335
  SITE Centers Corp. 2,783,375 41,918
* Sunstone Hotel Investors Inc. 3,355,575 41,676
  RLJ Lodging Trust 2,559,615 38,983
  Retail Properties of America Inc. Class A 3,332,727 38,160
  Kennedy-Wilson Holdings Inc. 1,854,749 36,854
  Brandywine Realty Trust 2,652,767 36,369
  Piedmont Office Realty Trust Inc. Class A 1,924,541 35,546
* Cushman & Wakefield plc 1,904,099 33,265
* Xenia Hotels & Resorts Inc. 1,767,414 33,104
* Realogy Holdings Corp. 1,814,971 33,069
  Urban Edge Properties 1,726,830 32,982
  Service Properties Trust 2,560,022 32,256
  Empire State Realty Trust Inc. Class A 2,670,764 32,049
* DiamondRock Hospitality Co. 3,265,737 31,678
  Columbia Property Trust Inc. 1,784,553 31,033
  Retail Opportunity Investments Corp. 1,753,315 30,964
  Physicians Realty Trust 1,671,660 30,876
  JBG SMITH Properties 970,378 30,577
  Washington REIT 1,313,274 30,205
* DigitalBridge Group Inc. 3,761,517 29,716
  Acadia Realty Trust 1,341,268 29,454
  Newmark Group Inc. Class A 2,407,546 28,915
1 Tanger Factory Outlet Centers Inc. 1,481,173 27,920
  Global Net Lease Inc. 1,482,291 27,422
  Industrial Logistics Properties Trust 1,015,136 26,536
  American Assets Trust Inc. 654,421 24,403
  Pebblebrook Hotel Trust 1,015,506 23,915
  LTC Properties Inc. 608,557 23,362
  Office Properties Income Trust 750,369 21,993
  Mack-Cali Realty Corp. 1,261,574 21,636
  Alexander & Baldwin Inc. 1,063,795 19,489
* CoreCivic Inc. 1,860,055 19,475
52

Vanguard® Small-Cap Value Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Uniti Group Inc. 1,806,908 19,135
  Getty Realty Corp. 583,247 18,168
  RPT Realty 1,259,486 16,348
  Centerspace 204,027 16,098
  Diversified Healthcare Trust 3,694,740 15,444
  Apartment Investment & Management Co. Class A 2,205,110 14,796
  American Finance Trust Inc. Class A 1,692,858 14,355
1 GEO Group Inc. 1,798,148 12,803
  Brookfield Property REIT Inc. Class A 533,162 10,071
  RMR Group Inc. Class A 237,773 9,188
  Saul Centers Inc. 181,201 8,236
* Seritage Growth Properties Class A 429,711 7,907
  Franklin Street Properties Corp. 1,493,150 7,854
* Summit Hotel Properties Inc. 778,064 7,259
* Forestar Group Inc. 263,845 5,517
  Urstadt Biddle Properties Inc. Class A 242,481 4,699
  Urstadt Biddle Properties Inc. 20,597 331
* Compass Inc. Class A 7,290 96
*,2 Spirit MTA REIT 334,911 90
            4,569,468
Technology (6.39%)
* Nuance Communications Inc. 4,437,205 241,561
* DXC Technology Co. 3,948,718 153,763
* Arrow Electronics Inc. 1,150,021 130,907
* ON Semiconductor Corp. 3,310,828 126,738
  Jabil Inc. 2,077,952 120,771
  Leidos Holdings Inc. 1,096,803 110,887
* Concentrix Corp. 645,467 103,791
* CACI International Inc. Class A 364,940 93,103
* NCR Corp. 2,028,553 92,522
* Change Healthcare Inc. 3,798,960 87,528
* F5 Networks Inc. 461,934 86,225
* Synaptics Inc. 545,907 84,932
* Teradata Corp. 1,613,994 80,651
  Science Applications International Corp. 898,380 78,815
  SYNNEX Corp. 642,866 78,275
* Cirrus Logic Inc. 891,861 75,915
* Cerence Inc. 586,476 62,583
  Avnet Inc. 1,542,306 61,816
* Dun & Bradstreet Holdings Inc. 2,676,391 57,194
  Xerox Holdings Corp. 2,388,449 56,105
* Insight Enterprises Inc. 547,778 54,783
  Vishay Intertechnology Inc. 2,060,336 46,461
* Covetrus Inc. 1,589,836 42,926
* Rambus Inc. 1,747,196 41,426
* Verint Systems Inc. 909,350 40,984
* Momentive Global Inc. 1,921,636 40,489
* Plexus Corp. 442,835 40,480
* Allscripts Healthcare Solutions Inc. 2,082,044 38,539
* Sanmina Corp. 959,730 37,391
  Xperi Holding Corp. 1,628,745 36,223
* Avaya Holdings Corp. 1,248,080 33,573
*,1 JFrog Ltd. 726,382 33,065
  Progress Software Corp. 683,684 31,620
* NetScout Systems Inc. 1,087,165 31,028
* Schrodinger Inc. 405,099 30,630
* Blackbaud Inc. 379,193 29,035
*,1 C3.ai Inc. Class A 451,160 28,211
  Methode Electronics Inc. 564,586 27,783
* Sumo Logic Inc. 1,319,866 27,255
  McAfee Corp. Class A 894,360 25,060
53

Vanguard® Small-Cap Value Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Unisys Corp. 984,379 24,915
* Allegro MicroSystems Inc. 879,601 24,365
* Sprout Social Inc. Class A 258,384 23,105
* Super Micro Computer Inc. 655,919 23,075
* LiveRamp Holdings Inc. 492,472 23,072
  CSG Systems International Inc. 485,901 22,925
* TTM Technologies Inc. 1,584,473 22,658
  Pitney Bowes Inc. 2,579,079 22,619
  Amkor Technology Inc. 944,436 22,355
*,1 Skillz Inc. Class A 759,782 16,502
* Groupon Inc. Class A 360,306 15,551
  Benchmark Electronics Inc. 525,463 14,955
* Jamf Holding Corp. 408,366 13,709
* ScanSource Inc. 394,155 11,088
*,1 E2open Parent Holdings Inc. 938,576 10,719
* SolarWinds Corp. 608,190 10,272
* Squarespace Inc. Class A 165,166 9,812
*,1 Ouster Inc. 749,018 9,355
*,1 Aeva Technologies Inc. 814,050 8,604
* Olo Inc. Class A 211,850 7,921
* Confluent Inc. Class A 164,631 7,820
* Diebold Nixdorf Inc. 578,749 7,431
  Ebix Inc. 191,172 6,481
* Sprinklr Inc. Class A 128,867 2,653
* Vertex Inc. Class A 116,107 2,547
*,1 KnowBe4 Inc. Class A 67,632 2,115
* SEMrush Holdings Inc. Class A 82,369 1,896
*,1 Zeta Global Holdings Corp. Class A 171,609 1,442
* SentinelOne Inc. Class A 8,274 352
* Clear Secure Inc. Class A 8,273 331
* DoubleVerify Holdings Inc. 3,222 136
* Xometry Inc. Class A 833 73
* Workiva Inc. Class A 380 42
* Procore Technologies Inc. 312 30
* Alkami Technology Inc. 813 29
* DigitalOcean Holdings Inc. 170 9
* ON24 Inc. 99 4
* Viant Technology Inc. Class A 123 4
            3,072,016
Telecommunications (1.15%)
* Iridium Communications Inc. 1,862,555 74,484
  Juniper Networks Inc. 2,540,456 69,482
* CommScope Holding Co. Inc. 3,163,603 67,416
* Viavi Solutions Inc. 3,544,918 62,603
* Vonage Holdings Corp. 3,704,788 53,386
* 8x8 Inc. 1,619,980 44,971
  Telephone & Data Systems Inc. 1,576,216 35,717
  InterDigital Inc. 477,618 34,880
*,1 fuboTV Inc. 923,152 29,642
* Plantronics Inc. 582,422 24,304
* NETGEAR Inc. 452,050 17,323
  ADTRAN Inc. 748,063 15,448
* EchoStar Corp. Class A 632,855 15,372
* United States Cellular Corp. 249,821 9,071
            554,099
Utilities (3.98%)
  Atmos Energy Corp. 2,026,326 194,750
  Essential Utilities Inc. 3,809,864 174,111
  UGI Corp. 3,235,261 149,825
  OGE Energy Corp. 3,106,257 104,526
54

Vanguard® Small-Cap Value Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Stericycle Inc. 1,423,572 101,857
  NRG Energy Inc. 1,897,557 76,471
  IDACORP Inc. 783,191 76,361
  Pinnacle West Capital Corp. 874,250 71,662
  National Fuel Gas Co. 1,347,873 70,426
  Hawaiian Electric Industries Inc. 1,607,902 67,982
  PNM Resources Inc. 1,331,625 64,943
  Portland General Electric Co. 1,389,204 64,014
  Black Hills Corp. 974,808 63,977
  ONE Gas Inc. 825,441 61,182
  New Jersey Resources Corp. 1,493,368 59,093
  ALLETE Inc. 809,447 56,645
  Southwest Gas Holdings Inc. 843,900 55,858
  Spire Inc. 761,179 55,010
  NorthWestern Corp. 785,492 47,302
  Avista Corp. 1,075,669 45,899
  American States Water Co. 573,702 45,644
  South Jersey Industries Inc. 1,746,017 45,274
  MGE Energy Inc. 560,934 41,756
  Clearway Energy Inc. Class C 1,251,899 33,150
* Harsco Corp. 1,224,173 24,998
  Northwest Natural Holding Co. 473,784 24,883
  California Water Service Group 393,063 21,831
  Clearway Energy Inc. Class A 554,999 13,997
            1,913,427
Total Common Stocks (Cost $33,246,557) 47,912,469
      Coupon      
Temporary Cash Investments (0.96%)
Money Market Fund (0.96%)
4,5 Vanguard Market Liquidity Fund
(Cost $462,038)
0.056%   4,620,875 462,087
Total Investments (100.68%) (Cost $33,708,595)   48,374,556
Other Assets and Liabilities—Net (-0.68%)   (325,523)
Net Assets (100%)   48,049,033
Cost is in $000.
* Non-income-producing security.
1 Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $415,462,000.
2 Security value determined using significant unobservable inputs.
3 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2021, the aggregate value was $45,661,000, representing 0.1% of net assets.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
5 Collateral of $439,320,000 was received for securities on loan, of which $425,425,000 is held in Vanguard Market Liquidity Fund and $13,895,000 is held in cash.
  REIT—Real Estate Investment Trust.
55

© 2021 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SNA482 082021

 

 

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
       
          Shares Market
Value
($000)
Common Stocks (98.95%)
Communication Services (6.22%)
* Snap Inc. Class A 13,357,775 910,199
* Match Group Inc. 3,836,407 618,621
* Pinterest Inc. Class A 7,785,354 614,654
* Roku Inc. Class A 1,314,678 603,766
* Liberty Broadband Corp. Class C 2,429,645 421,932
*,1 AMC Entertainment Holdings Inc. Class A 7,077,805 401,170
* Zillow Group Inc. Class C 2,142,196 261,819
* IAC/InterActiveCorp 1,175,807 181,274
* Zynga Inc. Class A 14,395,444 153,024
  Cable One Inc. 76,837 146,975
* Liberty Global plc Class C 4,973,854 134,493
* Liberty Media Corp.-Liberty Formula One Class C 2,709,159 130,609
* Liberty Media Corp.-Liberty SiriusXM Class C 2,512,993 116,578
* Altice USA Inc. Class A 3,264,929 111,465
* Vimeo Inc. 2,188,934 107,258
  Nexstar Media Group Inc. Class A 607,933 89,901
  New York Times Co. Class A 2,049,678 89,264
* Zillow Group Inc. Class A 653,145 80,030
1 Sirius XM Holdings Inc. 12,046,920 78,787
*,1 Skillz Inc. Class A 3,587,769 77,926
* ZoomInfo Technologies Inc. Class A 1,463,547 76,353
* Iridium Communications Inc. 1,657,154 66,270
* Magnite Inc. 1,817,208 61,494
  TEGNA Inc. 3,138,047 58,870
* Cardlytics Inc. 460,611 58,465
* TripAdvisor Inc. 1,401,089 56,464
* Liberty Global plc Class A 1,890,362 51,342
* Liberty Media Corp.-Liberty SiriusXM Class A 1,041,944 48,534
  Warner Music Group Corp. Class A 1,330,790 47,962
  Cogent Communications Holdings Inc. 585,869 45,047
*,1 fuboTV Inc. 1,345,507 43,204
* Bumble Inc. Class A 747,634 43,064
* iHeartMedia Inc. Class A 1,598,587 43,050
* Madison Square Garden Sports Corp. 242,094 41,778
* Yelp Inc. Class A 991,522 39,621
  John Wiley & Sons Inc. Class A 615,679 37,052
  World Wrestling Entertainment Inc. Class A 635,353 36,781
* Bandwidth Inc. Class A 254,525 35,104
  Shenandoah Telecommunications Co. 696,751 33,799
* Cinemark Holdings Inc. 1,536,594 33,728
* Cargurus Inc. Class A 1,284,211 33,685
  Telephone & Data Systems Inc. 1,386,334 31,414
* Lions Gate Entertainment Corp. Class B 1,690,242 30,931
  Gray Television Inc. 1,275,827 29,854
*,1 AMC Networks Inc. Class A 433,369 28,949
* Liberty Latin America Ltd. Class C 2,008,379 28,318
* Liberty Broadband Corp. Class A 157,517 26,490
* TechTarget Inc. 334,904 25,952
* Meredith Corp. 580,336 25,210
* Liberty Media Corp.-Liberty Formula One Class A 554,943 23,657
* Playtika Holding Corp. 964,296 22,989
  Sinclair Broadcast Group Inc. Class A 679,716 22,580
* Eventbrite Inc. Class A 1,072,826 20,384
* Madison Square Garden Entertainment Corp. 241,101 20,245
* Clear Channel Outdoor Holdings Inc. 6,803,825 17,962
* Lions Gate Entertainment Corp. Class A 854,208 17,682
  EW Scripps Co. Class A 834,739 17,020
1

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
*,1 Globalstar Inc. 9,321,409 16,592
* Advantage Solutions Inc. 1,519,842 16,399
* WideOpenWest Inc. 756,583 15,669
* Angi Inc. Class A 1,140,542 15,420
  Scholastic Corp. 402,149 15,237
* Liberty Media Corp.-Liberty Braves Class C 525,839 14,603
* Cars.com Inc. 964,737 13,825
* QuinStreet Inc. 719,483 13,368
* MediaAlpha Inc. Class A 308,715 12,997
* ORBCOMM Inc. 1,136,127 12,770
* Radius Global Infrastructure Inc. 861,929 12,498
* Liberty Latin America Ltd. Class A 880,238 12,200
* Cincinnati Bell Inc. 736,674 11,360
* Gannett Co. Inc. 1,927,518 10,582
* Anterix Inc. 174,218 10,451
* Consolidated Communications Holdings Inc. 1,062,593 9,340
* IDT Corp. Class B 252,629 9,337
* MSG Networks Inc. Class A 637,509 9,295
*,1 Gogo Inc. 716,266 8,151
* TrueCar Inc. 1,373,284 7,759
  ATN International Inc. 168,474 7,664
* Entercom Communications Corp. Class A 1,710,431 7,372
*,1 AST SpaceMobile Inc. 556,900 7,206
* Boston Omaha Corp. Class A 227,056 7,200
* Marcus Corp. 333,445 7,072
  Loral Space & Communications Inc. 180,667 7,019
* United States Cellular Corp. 182,465 6,625
* Ooma Inc. 317,822 5,994
  Entravision Communications Corp. Class A 871,053 5,819
* Sciplay Corp. Class A 327,919 5,558
* MDC Partners Inc. Class A 898,910 5,259
* EverQuote Inc. Class A 149,191 4,876
* comScore Inc. 886,379 4,432
  National CineMedia Inc. 873,099 4,427
*,1 CuriosityStream Inc. 322,485 4,399
* Liberty TripAdvisor Holdings Inc. Class A 1,010,021 4,111
* Liberty Media Corp.-Liberty Braves Class A 143,456 4,048
* Daily Journal Corp. 11,071 3,748
* Cumulus Media Inc. Class A 252,157 3,694
*,1 Chicken Soup For The Soul Entertainment Inc. Class A 87,439 3,620
* LiveXLive Media Inc. 751,161 3,546
* Hemisphere Media Group Inc. Class A 262,218 3,094
*,1,2 NII Holdings Inc. 1,297,367 2,815
* Thryv Holdings Inc. 76,633 2,741
* Zedge Inc. Class B 146,083 2,689
  Spok Holdings Inc. 260,324 2,504
* Alaska Communications Systems Group Inc. 749,200 2,495
* DHI Group Inc. 708,720 2,395
* Lee Enterprises Inc. 79,935 2,262
* Gaia Inc. Class A 195,135 2,145
*,1 IZEA Worldwide Inc. 789,525 2,013
* Emerald Holding Inc. 368,775 1,988
* Fluent Inc. 626,375 1,835
* Townsquare Media Inc. Class A 137,090 1,748
*,1 Super League Gaming Inc. 324,118 1,747
*,1 Digital Media Solutions Inc. 172,264 1,668
* Cinedigm Corp. Class A 1,268,342 1,636
* Travelzoo 102,940 1,519
* Reading International Inc. Class A 213,227 1,486
  Saga Communications Inc. Class A 60,105 1,301
*,1 Urban One Inc. Class A 147,549 1,279
2

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Ballantyne Strong Inc. 258,423 1,238
* Marchex Inc. Class B 402,768 1,232
* Motorsport Games Inc. Class A 62,885 880
*,1 Dolphin Entertainment Inc. 86,970 812
* Kubient Inc. 129,750 741
*,1 Creatd Inc. 134,195 503
*,1 Endeavor Group Holdings Inc. Class A 15,925 441
* AutoWeb Inc. 129,350 404
* Urban One Inc. 79,223 398
  DallasNews Corp. 52,332 389
* Salem Media Group Inc. Class A 133,923 342
* Beasley Broadcast Group Inc. Class A 109,821 317
* Creative Realities Inc. 102,697 223
* SPAR Group Inc. 108,259 155
*,1 Cuentas Inc. 24,285 151
* Insignia Systems Inc. 17,968 150
* Professional Diversity Network Inc. 73,847 120
* Mediaco Holding Inc. Class A 5,627 20
            7,122,467
Consumer Discretionary (11.49%)
* Lululemon Athletica Inc. 1,681,572 613,723
* Peloton Interactive Inc. Class A 3,827,712 474,713
* Airbnb Inc. Class A 2,087,180 319,631
* Burlington Stores Inc. 939,474 302,501
* Wayfair Inc. Class A 915,477 289,025
* Carvana Co. 920,994 277,974
* DraftKings Inc. Class A 4,619,730 241,011
* Vail Resorts Inc. 569,379 180,220
  Williams-Sonoma Inc. 1,080,909 172,567
* GameStop Corp. Class A 789,148 168,988
* Chegg Inc. 2,030,417 168,748
* RH 237,162 161,033
* Floor & Decor Holdings Inc. Class A 1,490,083 157,502
* Five Below Inc. 794,034 153,463
* Deckers Outdoor Corp. 392,958 150,923
  Lithia Motors Inc. Class A 420,129 144,373
  Lear Corp. 774,037 135,673
  Aramark 3,604,203 134,257
  Service Corp. International 2,394,122 128,301
* Bright Horizons Family Solutions Inc. 867,865 127,672
* Capri Holdings Ltd. 2,139,062 122,333
  Kohl's Corp. 2,201,539 121,327
  Gentex Corp. 3,431,616 113,552
  Polaris Inc. 817,292 111,936
  Brunswick Corp. 1,101,720 109,753
  Autoliv Inc. 1,115,069 109,009
* Crocs Inc. 926,644 107,973
  Tempur Sealy International Inc. 2,615,738 102,511
  Harley-Davidson Inc. 2,182,870 100,019
* Mattel Inc. 4,968,102 99,859
* YETI Holdings Inc. 1,061,602 97,476
  Churchill Downs Inc. 489,522 97,053
* Marriott Vacations Worldwide Corp. 602,963 96,052
  Wyndham Hotels & Resorts Inc. 1,321,314 95,518
* Skechers USA Inc. Class A 1,891,078 94,232
*,1 Chewy Inc. Class A 1,174,943 93,655
  Dick's Sporting Goods Inc. 930,223 93,199
* TopBuild Corp. 467,862 92,534
  Toll Brothers Inc. 1,593,458 92,118
* Fox Factory Holding Corp. 591,756 92,113
  Foot Locker Inc. 1,466,135 90,358
3

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Planet Fitness Inc. Class A 1,187,083 89,328
* DoorDash Inc. Class A 498,530 88,903
  Texas Roadhouse Inc. Class A 922,430 88,738
  Thor Industries Inc. 780,197 88,162
* Terminix Global Holdings Inc. 1,830,519 87,334
* Macy's Inc. 4,382,633 83,095
  American Eagle Outfitters Inc. 2,148,053 80,616
* Helen of Troy Ltd. 344,528 78,594
  Travel + Leisure Co. 1,219,070 72,474
* AutoNation Inc. 762,941 72,334
*,1 QuantumScape Corp. Class A 2,444,321 71,521
  Qurate Retail Inc. Class A 5,395,265 70,624
* Boyd Gaming Corp. 1,128,520 69,393
* Ollie's Bargain Outlet Holdings Inc. 800,029 67,306
* Goodyear Tire & Rubber Co. 3,924,050 67,297
  Wingstop Inc. 415,300 65,464
  Carter's Inc. 621,842 64,155
*,1 Luminar Technologies Inc. Class A 2,838,994 62,316
* Scientific Games Corp. 799,651 61,925
  H&R Block Inc. 2,579,455 60,566
* frontdoor Inc. 1,206,849 60,125
* Adient plc 1,316,043 59,485
* National Vision Holdings Inc. 1,159,899 59,306
* Signet Jewelers Ltd. 732,690 59,194
  Wendy's Co. 2,521,201 59,047
* Grand Canyon Education Inc. 653,366 58,783
* Nordstrom Inc. 1,535,692 56,160
* Overstock.com Inc. 599,127 55,240
* Callaway Golf Co. 1,625,687 54,834
* Stitch Fix Inc. Class A 904,315 54,530
* Shake Shack Inc. Class A 507,449 54,307
* Stamps.com Inc. 255,620 51,198
* Meritage Homes Corp. 536,667 50,490
  KB Home 1,239,048 50,454
* Hilton Grand Vacations Inc. 1,213,110 50,211
* Bed Bath & Beyond Inc. 1,504,686 50,091
  Cracker Barrel Old Country Store Inc. 336,984 50,029
* LGI Homes Inc. 305,474 49,468
* Sonos Inc. 1,400,712 49,347
  Papa John's International Inc. 468,481 48,928
  Dana Inc. 2,056,558 48,864
  Choice Hotels International Inc. 408,975 48,611
* Taylor Morrison Home Corp. Class A 1,790,627 47,308
  Steven Madden Ltd. 1,075,494 47,064
* Visteon Corp. 387,055 46,810
  Murphy USA Inc. 350,059 46,687
* Asbury Automotive Group Inc. 268,447 46,004
* Six Flags Entertainment Corp. 1,062,388 45,980
  LCI Industries 349,856 45,978
*,1 Fisker Inc. 2,294,999 44,248
  Rent-A-Center Inc. 832,663 44,189
* 2U Inc. 1,053,861 43,914
  Columbia Sportswear Co. 428,718 42,169
* Hyatt Hotels Corp. Class A 534,645 41,510
* Dorman Products Inc. 396,348 41,089
* Brinker International Inc. 651,667 40,306
* Urban Outfitters Inc. 972,272 40,077
* Abercrombie & Fitch Co. Class A 862,412 40,042
  Wolverine World Wide Inc. 1,178,180 39,634
  MDC Holdings Inc. 780,067 39,471
  Installed Building Products Inc. 318,846 39,014
4

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Skyline Champion Corp. 724,098 38,594
* Red Rock Resorts Inc. Class A 903,275 38,389
  Kontoor Brands Inc. 673,815 38,010
* Sleep Number Corp. 342,004 37,603
* Vista Outdoor Inc. 805,362 37,272
  Group 1 Automotive Inc. 240,254 37,102
* Leslie's Inc. 1,330,789 36,583
* SeaWorld Entertainment Inc. 731,840 36,548
* iRobot Corp. 390,492 36,468
* ODP Corp. 750,468 36,030
  Graham Holdings Co. Class B 56,239 35,650
* Cheesecake Factory Inc. 653,659 35,415
* Sally Beauty Holdings Inc. 1,604,391 35,409
* Tri Pointe Homes Inc. 1,641,191 35,171
* Boot Barn Holdings Inc. 417,692 35,107
  Jack in the Box Inc. 313,662 34,954
* Revolve Group Inc. Class A 506,403 34,891
* GrowGeneration Corp. 722,177 34,737
* Gentherm Inc. 476,146 33,830
  Penske Automotive Group Inc. 443,855 33,507
  Levi Strauss & Co. Class A 1,178,726 32,674
  Winnebago Industries Inc. 479,693 32,600
* Bloomin' Brands Inc. 1,148,389 31,167
  Shutterstock Inc. 316,197 31,041
* Everi Holdings Inc. 1,236,099 30,828
  Monro Inc. 479,003 30,421
*,1 Veoneer Inc. 1,311,019 30,219
  Big Lots Inc. 449,449 29,668
  Core-Mark Holding Co. Inc. 642,627 28,925
* At Home Group Inc. 780,323 28,747
* Dave & Buster's Entertainment Inc. 686,266 27,862
  Century Communities Inc. 418,135 27,823
  Strategic Education Inc. 353,090 26,856
  Smith & Wesson Brands Inc. 760,824 26,401
* Cavco Industries Inc. 116,949 25,985
*,1 Workhorse Group Inc. 1,536,846 25,496
* WW International Inc. 684,928 24,753
* Adtalem Global Education Inc. 683,262 24,351
  Acushnet Holdings Corp. 489,975 24,205
  Oxford Industries Inc. 241,219 23,842
* M/I Homes Inc. 403,901 23,697
  La-Z-Boy Inc. 634,538 23,503
* Academy Sports & Outdoors Inc. 566,533 23,364
  Patrick Industries Inc. 319,913 23,354
*,1 Petco Health & Wellness Co. Inc. Class A 1,036,083 23,219
  Sturm Ruger & Co. Inc. 256,215 23,054
* Purple Innovation Inc. Class A 860,906 22,737
* Bally's Corp. 417,824 22,608
  Camping World Holdings Inc. Class A 545,565 22,363
* Malibu Boats Inc. Class A 301,772 22,129
* Laureate Education Inc. Class A 1,507,861 21,879
* Dine Brands Global Inc. 239,670 21,391
* Vroom Inc. 507,743 21,254
* G-III Apparel Group Ltd. 631,366 20,747
* GoPro Inc. Class A 1,765,685 20,570
  Buckle Inc. 412,865 20,540
* Porch Group Inc. 1,054,752 20,399
* Houghton Mifflin Harcourt Co. 1,826,378 20,163
* Hibbett Inc. 224,833 20,152
*,1 Canoo Inc. 2,013,038 20,010
* XPEL Inc. 237,877 19,951
5

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Children's Place Inc. 210,689 19,607
* Stride Inc. 602,763 19,367
1 Dillard's Inc. Class A 101,394 18,340
* Tenneco Inc. Class A 935,384 18,072
*,1 Blink Charging Co. 436,600 17,975
* RealReal Inc. 853,867 16,872
* Tupperware Brands Corp. 709,372 16,848
* American Axle & Manufacturing Holdings Inc. 1,622,801 16,796
* BJ's Restaurants Inc. 334,782 16,451
*,1 Lordstown Motors Corp. 1,480,745 16,377
* Green Brick Partners Inc. 700,759 15,935
  Aaron's Co. Inc. 485,297 15,525
* MarineMax Inc. 317,240 15,462
* Denny's Corp. 933,267 15,390
* Hayward Holdings Inc. 577,203 15,019
  Caleres Inc. 548,435 14,967
* Zumiez Inc. 305,274 14,955
* Party City Holdco Inc. 1,590,644 14,841
  Sonic Automotive Inc. Class A 327,988 14,674
*,1 Vuzix Corp. 794,285 14,575
  Guess? Inc. 542,042 14,310
* Groupon Inc. Class A 328,197 14,165
*,1 ContextLogic Inc. Class A 1,071,432 14,111
* Designer Brands Inc. Class A 840,556 13,911
  Franchise Group Inc. 393,201 13,868
* Genesco Inc. 204,078 12,996
* America's Car-Mart Inc. 90,717 12,856
  Johnson Outdoors Inc. Class A 106,214 12,852
* Perdoceo Education Corp. 1,041,039 12,774
* Modine Manufacturing Co. 752,123 12,478
* Monarch Casino & Resort Inc. 185,776 12,293
* Golden Entertainment Inc. 273,105 12,235
* Quotient Technology Inc. 1,127,964 12,193
* Lovesac Co. 152,470 12,166
  Standard Motor Products Inc. 271,549 11,772
* Stoneridge Inc. 396,919 11,709
* 1-800-Flowers.com Inc. Class A 361,699 11,527
*,1 XL Fleet Corp. 1,379,383 11,490
* Chico's FAS Inc. 1,723,802 11,343
* Citi Trends Inc. 130,211 11,328
* Sportsman's Warehouse Holdings Inc. 634,132 11,269
*,1 PLBY Group Inc. 289,303 11,251
* AMMO Inc. 1,102,334 10,792
* Chuy's Holdings Inc. 287,085 10,697
* Ruth's Hospitality Group Inc. 461,745 10,634
* CarParts.com Inc. 512,291 10,430
  Haverty Furniture Cos. Inc. 243,310 10,404
* Rush Street Interactive Inc. 836,947 10,261
*,1 Cricut Inc. Class A 237,765 10,129
* Playa Hotels & Resorts NV 1,352,251 10,047
* Universal Electronics Inc. 204,428 9,915
* Liquidity Services Inc. 388,969 9,899
* Lands' End Inc. 235,334 9,660
* Fossil Group Inc. 674,575 9,633
* Accel Entertainment Inc. Class A 795,423 9,442
  Clarus Corp. 365,289 9,388
1 PetMed Express Inc. 293,841 9,359
*,1 Poshmark Inc. Class A 195,043 9,311
* Coursera Inc. 232,288 9,189
  Carriage Services Inc. Class A 244,203 9,028
* Latham Group Inc. 279,795 8,942
6

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Shoe Carnival Inc. 123,905 8,870
* Lumber Liquidators Holdings Inc. 419,592 8,853
  Ethan Allen Interiors Inc. 319,985 8,832
* Arko Corp. 954,072 8,768
* Vivint Smart Home Inc. 637,080 8,409
* Beazer Homes USA Inc. 434,635 8,384
* American Public Education Inc. 283,006 8,020
  RCI Hospitality Holdings Inc. 120,049 7,947
1 Big 5 Sporting Goods Corp. 301,330 7,738
  Movado Group Inc. 241,248 7,592
* Red Robin Gourmet Burgers Inc. 224,951 7,448
* OneSpaWorld Holdings Ltd. 767,169 7,434
* Nautilus Inc. 440,612 7,424
*,1 Golden Nugget Online Gaming Inc. 578,971 7,388
*,1 Genius Brands International Inc. 4,014,176 7,386
* MasterCraft Boat Holdings Inc. 280,229 7,367
* American Outdoor Brands Inc. 208,094 7,312
* Lindblad Expeditions Holdings Inc. 455,775 7,297
*,1 Shift Technologies Inc. 846,543 7,263
  Winmark Corp. 37,307 7,166
* Conn's Inc. 277,460 7,075
* Cooper-Standard Holdings Inc. 243,215 7,053
* Hovnanian Enterprises Inc. Class A 66,249 7,042
  Marine Products Corp. 435,410 6,723
* Funko Inc. Class A 310,341 6,604
*,1 Arcimoto Inc. 375,498 6,455
* Express Inc. 948,730 6,157
* TravelCenters of America Inc. 209,205 6,117
*,1 ThredUp Inc. Class A 209,621 6,096
  Hooker Furniture Corp. 175,501 6,079
  OneWater Marine Inc. Class A 143,841 6,046
  Rocky Brands Inc. 101,217 5,628
* Noodles & Co. Class A 445,413 5,559
* Motorcar Parts of America Inc. 242,316 5,438
  Tilly's Inc. Class A 338,218 5,405
*,1 PubMatic Inc. Class A 136,252 5,323
* Unifi Inc. 218,345 5,319
*,1 CarLotz Inc. 965,292 5,271
* PlayAGS Inc. 526,035 5,208
* Century Casinos Inc. 387,312 5,202
*,1 1847 Goedeker Inc. 1,339,212 5,156
* El Pollo Loco Holdings Inc. 278,683 5,097
  Cato Corp. Class A 295,673 4,988
  Del Taco Restaurants Inc. 484,407 4,849
*,1 StoneMor Inc. 1,793,246 4,698
* Vizio Holding Corp. Class A 165,127 4,460
* Kirkland's Inc. 194,241 4,444
* Vera Bradley Inc. 324,859 4,025
  Flexsteel Industries Inc. 97,684 3,945
* Drive Shack Inc. 1,183,163 3,916
* Container Store Group Inc. 296,427 3,865
* Bluegreen Vacations Holding Corp. Class A 214,654 3,864
* Duluth Holdings Inc. Class B 178,791 3,692
*,1 Dream Finders Homes Inc. Class A 147,162 3,595
* Full House Resorts Inc. 359,688 3,575
1 Hall of Fame Resort & Entertainment Co. 883,148 3,471
*,1 ONE Group Hospitality Inc. 313,980 3,460
* Fiesta Restaurant Group Inc. 257,327 3,456
* Build-A-Bear Workshop Inc. 196,911 3,409
  Bassett Furniture Industries Inc. 138,463 3,372
* Barnes & Noble Education Inc. 456,383 3,291
7

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Superior Industries International Inc. 381,353 3,287
* Regis Corp. 349,565 3,272
*,1 Aterian Inc. 221,261 3,237
  Superior Group of Cos. Inc. 133,888 3,201
* Garrett Motion Inc. 398,600 3,181
* VOXX International Corp. Class A 226,322 3,171
* Carrols Restaurant Group Inc. 522,588 3,141
* Universal Technical Institute Inc. 478,196 3,103
* Casper Sleep Inc. 370,020 3,049
*,1 GAN Ltd. 184,685 3,036
  Escalade Inc. 129,137 2,964
* Select Interior Concepts Inc. Class A 315,254 2,963
  Nathan's Famous Inc. 40,865 2,914
* Inspired Entertainment Inc. 221,770 2,828
* Lincoln Educational Services Corp. 348,261 2,709
* Lakeland Industries Inc. 119,360 2,665
  JOANN Inc. 164,435 2,590
* Waitr Holdings Inc. 1,433,022 2,551
* Delta Apparel Inc. 85,957 2,537
* Horizon Global Corp. 298,383 2,530
* Potbelly Corp. 318,419 2,516
* Strattec Security Corp. 55,763 2,479
* BBQ Holdings Inc. 130,141 2,470
*,1 Remark Holdings Inc. 1,304,599 2,427
  Culp Inc. 148,464 2,420
  Lifetime Brands Inc. 160,590 2,404
* Legacy Housing Corp. 141,220 2,388
* Lazydays Holdings Inc. 107,766 2,371
*,1 Aspen Group Inc. 333,613 2,175
*,1 Esports Entertainment Group Inc. 199,381 2,165
*,1 XpresSpa Group Inc. 1,379,720 2,125
* J Alexander's Holdings Inc. Class A 179,472 2,089
  Hamilton Beach Brands Holding Co. Class A 92,346 2,057
* Biglari Holdings Inc. Class B 12,507 1,994
* Kura Sushi USA Inc. Class A 52,221 1,985
  Weyco Group Inc. 77,311 1,729
*,1 BurgerFi International Inc. 168,553 1,686
* Landsea Homes Corp. 199,200 1,667
*,1 AYRO Inc. 332,352 1,622
* Target Hospitality Corp. 392,230 1,455
*,1 Koss Corp. 62,148 1,443
*,1 LMP Automotive Holdings Inc. 84,897 1,443
* Charles & Colvard Ltd. 453,482 1,351
* RumbleON Inc. Class B 32,485 1,315
* iMedia Brands Inc. 161,242 1,298
* Live Ventures Inc. 20,102 1,238
* New Home Co. Inc. 194,068 1,139
*,1 Vinco Ventures Inc. 283,169 1,119
*,1 Greenlane Holdings Inc. Class A 249,130 1,114
* Zovio Inc. Class A 422,334 1,094
*,1 J. Jill Inc. 54,407 1,072
* Biglari Holdings Inc. Class A 1,335 1,040
*,1 Blue Apron Holdings Inc. Class A 211,464 905
* JAKKS Pacific Inc. 78,317 861
* Toughbuilt Industries Inc. 1,033,977 860
  Educational Development Corp. 65,062 811
* Iconix Brand Group Inc. 244,119 764
* Ark Restaurants Corp. 38,576 762
* Sypris Solutions Inc. 191,017 711
*,1 Harbor Custom Development Inc. 208,794 676
* Mister Car Wash Inc. 30,865 665
8

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Luby's Inc. 169,167 650
  Crown Crafts Inc. 82,557 625
* Allied Esports Entertainment Inc. 270,890 623
* Dixie Group Inc. 190,957 560
*,1 Digital Brands Group Inc. 89,647 520
* Nephros Inc. 44,770 465
*,1 Forward Industries Inc. 139,573 413
* Good Times Restaurants Inc. 99,829 408
  Dover Motorsports Inc. 181,111 408
* Vince Holding Corp. 40,363 408
* 1stdibs.com Inc. 11,105 387
*,1 Monaker Group Inc. 160,271 359
* Xcel Brands Inc. 113,019 338
* Flanigan's Enterprises Inc. 8,326 336
  AMCON Distributing Co. 2,126 326
*,1 Comstock Holding Cos. Inc. Class A 52,273 313
* Rave Restaurant Group Inc. 209,299 310
* Amesite Inc. 103,256 284
* Unique Fabricating Inc. 56,941 211
* Muscle Maker Inc. 122,856 172
*,1 Sequential Brands Group Inc. 16,951 145
* Nova Lifestyle Inc. 42,072 133
*,1 Yunhong CTI Ltd. 46,060 91
*,1 Envela Corp. 17,358 83
* Emerson Radio Corp. 68,379 81
* Esports Technologies Inc. 3,018 64
*,1 TRxADE HEALTH Inc. 9,900 44
* Canterbury Park Holding Corp. 2,731 41
*,2 Contra A/S CVR 448,712 40
* iPower Inc. 2,776 20
  Jerash Holdings US Inc. 2,870 19
* Amergent Hospitality Group Inc. 19,975 11
* Bowl America Inc. Class A 505 4
            13,150,594
Consumer Staples (2.65%)
  Keurig Dr Pepper Inc. 8,182,390 288,347
  Bunge Ltd. 1,990,697 155,573
* Darling Ingredients Inc. 2,294,300 154,865
* Boston Beer Co. Inc. Class A 131,330 134,062
* US Foods Holding Corp. 3,122,428 119,776
*,1 Beyond Meat Inc. 705,006 111,031
  Casey's General Stores Inc. 519,250 101,067
* Freshpet Inc. 610,280 99,451
* BJ's Wholesale Club Holdings Inc. 1,938,370 92,228
* Performance Food Group Co. 1,882,161 91,266
* Post Holdings Inc. 835,471 90,624
  Ingredion Inc. 942,037 85,254
  Flowers Foods Inc. 2,771,715 67,076
* Herbalife Nutrition Ltd. 1,238,922 65,328
  Lancaster Colony Corp. 278,794 53,949
  Sanderson Farms Inc. 280,943 52,809
  WD-40 Co. 195,147 50,014
  Medifast Inc. 163,298 46,210
* Hain Celestial Group Inc. 1,137,777 45,648
  Spectrum Brands Holdings Inc. 535,050 45,501
* Simply Good Foods Co. 1,195,868 43,661
* Grocery Outlet Holding Corp. 1,215,465 42,128
* Sprouts Farmers Market Inc. 1,648,939 40,976
  Nu Skin Enterprises Inc. Class A 709,112 40,171
* Coty Inc. Class A 3,958,588 36,973
  J & J Snack Foods Corp. 211,180 36,832
9

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* TreeHouse Foods Inc. 805,357 35,855
* Celsius Holdings Inc. 462,610 35,200
  Energizer Holdings Inc. 800,781 34,418
  Edgewell Personal Care Co. 773,499 33,957
1 B&G Foods Inc. 920,542 30,194
  PriceSmart Inc. 331,336 30,155
* Hostess Brands Inc. Class A 1,845,020 29,871
* United Natural Foods Inc. 799,002 29,547
  Coca-Cola Consolidated Inc. 65,740 26,436
* Central Garden & Pet Co. Class A 537,945 25,983
  Vector Group Ltd. 1,749,706 24,741
  Reynolds Consumer Products Inc. 788,138 23,920
  Cal-Maine Foods Inc. 540,110 19,557
* Beauty Health Co. 1,128,602 18,961
  Universal Corp. 332,016 18,915
  Inter Parfums Inc. 251,993 18,144
* BellRing Brands Inc. Class A 571,730 17,918
  Utz Brands Inc. 733,464 15,982
* USANA Health Sciences Inc. 155,357 15,913
* Pilgrim's Pride Corp. 701,976 15,570
  National Beverage Corp. 329,155 15,546
  Calavo Growers Inc. 240,593 15,258
* elf Beauty Inc. 550,533 14,941
* Chefs' Warehouse Inc. 463,458 14,752
  Fresh Del Monte Produce Inc. 427,883 14,069
  Seaboard Corp. 3,616 13,989
*,1 AppHarvest Inc. 855,723 13,692
  Andersons Inc. 446,972 13,646
1 Albertsons Cos. Inc. Class A 677,640 13,322
  MGP Ingredients Inc. 190,894 12,912
* Rite Aid Corp. 779,938 12,713
  Weis Markets Inc. 233,927 12,085
  Ingles Markets Inc. Class A 203,653 11,867
*,1 Tattooed Chef Inc. 538,003 11,540
*,1 22nd Century Group Inc. 2,321,741 10,750
  John B Sanfilippo & Son Inc. 117,084 10,370
1 SpartanNash Co. 516,044 9,965
  Tootsie Roll Industries Inc. 264,454 8,968
* Central Garden & Pet Co. 158,849 8,408
  Turning Point Brands Inc. 160,924 7,366
* Veru Inc. 858,604 6,929
* Whole Earth Brands Inc. 441,948 6,408
* Duckhorn Portfolio Inc. 273,391 6,031
* Honest Co. Inc. 366,153 5,928
* Seneca Foods Corp. Class A 110,362 5,637
* Vital Farms Inc. 218,060 4,352
* Landec Corp. 382,884 4,307
  Nature's Sunshine Products Inc. 243,161 4,224
* NewAge Inc. 1,809,845 4,036
  Limoneira Co. 188,660 3,311
*,1 LifeMD Inc. 255,395 3,009
  Village Super Market Inc. Class A 126,834 2,982
*,1 HF Foods Group Inc. 542,704 2,871
* Farmer Bros Co. 221,822 2,815
* Mission Produce Inc. 122,462 2,536
  Alico Inc. 68,920 2,454
  Oil-Dri Corp. of America 65,419 2,236
  Natural Grocers by Vitamin Cottage Inc. 180,918 1,943
* S&W Seed Co. 489,851 1,783
*,1 Alkaline Water Co. Inc. 1,090,480 1,668
* Lifevantage Corp. 196,129 1,442
10

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Laird Superfood Inc. 46,587 1,392
* Natural Alternatives International Inc. 75,391 1,277
* Revlon Inc. Class A 98,546 1,265
* Reed's Inc. 1,121,061 1,143
* Willamette Valley Vineyards Inc. 73,119 1,000
* Arcadia Biosciences Inc. 301,942 897
  Natural Health Trends Corp. 113,755 795
*,1 RiceBran Technologies 697,387 788
  United-Guardian Inc. 52,397 785
* Rocky Mountain Chocolate Factory Inc. 96,131 733
* Guardion Health Sciences Inc. 273,672 482
* Lifeway Foods Inc. 87,868 455
  Ocean Bio-Chem Inc. 31,116 380
* Eastside Distilling Inc. 127,922 359
* Coffee Holding Co. Inc. 55,673 299
* Summer Infant Inc. 18,966 240
  Mannatech Inc. 7,406 204
* Ifresh Inc. 140,286 198
* Cyanotech Corp. 51,994 158
* MedAvail Holdings Inc. 9,559 117
* Bridgford Foods Corp. 4,554 60
*,1 Jupiter Wellness Inc. 6,900 31
            3,028,176
Energy (2.37%)
* Cheniere Energy Inc. 3,265,988 283,292
  Texas Pacific Land Corp. 109,444 175,082
  Targa Resources Corp. 3,223,583 143,288
  Ovintiv Inc. 3,670,323 115,505
  Cimarex Energy Co. 1,453,652 105,317
* EQT Corp. 3,961,779 88,189
  HollyFrontier Corp. 2,092,511 68,844
* ChampionX Corp. 2,663,988 68,331
  PDC Energy Inc. 1,390,024 63,649
* Range Resources Corp. 3,629,357 60,828
* Antero Resources Corp. 3,878,676 58,296
  Matador Resources Co. 1,529,184 55,066
* Denbury Inc. 705,190 54,144
* TechnipFMC plc 5,954,893 53,892
* Southwestern Energy Co. 9,224,451 52,303
  Helmerich & Payne Inc. 1,506,629 49,161
  Equitrans Midstream Corp. 5,682,736 48,360
  Murphy Oil Corp. 2,027,117 47,191
* CNX Resources Corp. 3,129,425 42,748
* Renewable Energy Group Inc. 670,544 41,802
  Antero Midstream Corp. 3,981,242 41,365
  SM Energy Co. 1,531,553 37,722
*,1 Callon Petroleum Co. 650,849 37,547
*,1 Transocean Ltd. 8,266,750 37,366
  Continental Resources Inc. 897,576 34,135
* Magnolia Oil & Gas Corp. Class A 2,035,269 31,811
*,1 Whiting Petroleum Corp. 544,629 29,709
  World Fuel Services Corp. 888,208 28,183
  Cactus Inc. Class A 763,938 28,052
  Oasis Petroleum Inc. 275,417 27,693
  New Fortress Energy Inc. Class A 698,868 26,473
  Patterson-UTI Energy Inc. 2,658,350 26,424
1 Core Laboratories NV 644,650 25,109
  Delek US Holdings Inc. 1,023,757 22,134
* Oceaneering International Inc. 1,407,367 21,913
* PBF Energy Inc. Class A 1,359,077 20,794
* Green Plains Inc. 602,537 20,257
11

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Kosmos Energy Ltd. 5,763,808 19,943
*,1 Gevo Inc. 2,676,599 19,459
* Centennial Resource Development Inc. Class A 2,642,009 17,913
* Liberty Oilfield Services Inc. Class A 1,226,070 17,361
*,1 Clean Energy Fuels Corp. 1,637,479 16,620
  Archrock Inc. 1,812,580 16,150
* Dril-Quip Inc. 477,172 16,143
* DMC Global Inc. 256,407 14,413
  Northern Oil & Gas Inc. 675,924 14,039
* Tellurian Inc. 2,991,416 13,910
  Bonanza Creek Energy Inc. 276,503 13,015
* Arch Resources Inc. 222,163 12,659
* Laredo Petroleum Inc. 133,525 12,390
* US Silica Holdings Inc. 1,060,353 12,258
* Aspen Aerogels Inc. 393,393 11,770
* Helix Energy Solutions Group Inc. 2,011,505 11,486
  Brigham Minerals Inc. Class A 524,243 11,161
* Par Pacific Holdings Inc. 646,640 10,876
* NexTier Oilfield Solutions Inc. 2,252,565 10,722
* Nabors Industries Ltd. 92,853 10,608
* ProPetro Holding Corp. 1,144,569 10,484
* Bristow Group Inc. Class A 346,888 8,884
*,1 Uranium Energy Corp. 3,330,331 8,859
* Contango Oil & Gas Co. 1,936,738 8,367
* CONSOL Energy Inc. 437,705 8,084
  International Seaways Inc. 414,810 7,956
* Peabody Energy Corp. 998,152 7,915
* TETRA Technologies Inc. 1,823,402 7,914
  CVR Energy Inc. 401,492 7,211
* REX American Resources Corp. 78,116 7,044
* Tidewater Inc. 582,410 7,018
* Talos Energy Inc. 444,460 6,951
* Oil States International Inc. 882,340 6,926
*,1 NextDecade Corp. 1,635,039 6,753
* W&T Offshore Inc. 1,380,789 6,697
*,1 Meta Materials Inc. 881,550 6,603
  Berry Corp. 939,711 6,315
* Dorian LPG Ltd. 409,949 5,788
* Alto Ingredients Inc. 931,682 5,693
* Select Energy Services Inc. Class A 919,653 5,555
* Penn Virginia Corp. 226,011 5,336
* Comstock Resources Inc. 782,228 5,217
* Frank's International NV 1,690,568 5,122
* Vertex Energy Inc. 380,370 5,032
* Vine Energy Inc. Class A 313,254 4,884
* Newpark Resources Inc. 1,318,574 4,562
  Solaris Oilfield Infrastructure Inc. Class A 422,365 4,114
* SilverBow Resources Inc. 174,404 4,050
*,1 Aemetis Inc. 359,524 4,016
* RPC Inc. 798,352 3,952
* Diamond S Shipping Inc. 381,633 3,801
* Earthstone Energy Inc. Class A 337,304 3,734
* FTS International Inc. Class A 127,158 3,597
* Centrus Energy Corp. Class A 137,613 3,493
*,1 Ring Energy Inc. 1,097,498 3,271
  Falcon Minerals Corp. 587,838 2,986
* SandRidge Energy Inc. 452,207 2,840
  Altus Midstream Co. 40,277 2,719
* VAALCO Energy Inc. 759,457 2,468
* Battalion Oil Corp. 181,800 2,436
* Mammoth Energy Services Inc. 497,345 2,283
12

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Overseas Shipholding Group Inc. Class A 1,084,453 2,266
* Amplify Energy Corp. 545,236 2,208
  Evolution Petroleum Corp. 435,404 2,160
* Goodrich Petroleum Corp. 127,665 1,906
*,2 Meta Materials Inc. Series A Class A 1,758,570 1,899
* Exterran Corp. 391,342 1,863
* Natural Gas Services Group Inc. 179,377 1,844
  NACCO Industries Inc. Class A 60,211 1,568
* Geospace Technologies Corp. 179,738 1,454
* Forum Energy Technologies Inc. 59,996 1,409
* Epsilon Energy Ltd. 270,604 1,353
* SEACOR Marine Holdings Inc. 290,748 1,282
  PHX Minerals Inc. 331,548 1,233
* Smart Sand Inc. 337,456 1,124
*,1 American Resources Corp. Class A 424,610 1,083
* Gulf Island Fabrication Inc. 228,031 1,031
*,1 ENGlobal Corp. 265,263 804
*,1 KLX Energy Services Holdings Inc. 79,322 757
* Hallador Energy Co. 276,710 746
  Adams Resources & Energy Inc. 26,556 735
* Dawson Geophysical Co. 260,463 680
*,1 Lightbridge Corp. 83,914 618
* Nine Energy Service Inc. 182,835 538
* Ranger Energy Services Inc. Class A 66,043 528
* Profire Energy Inc. 443,097 501
* US Well Services Inc. Class A 470,102 475
*,1 Abraxas Petroleum Corp. 143,730 464
* ION Geophysical Corp. 210,097 439
* Nabors Industries Ltd. Warrants Exp. 06/11/2026 37,085 371
1 Riley Exploration Permian Inc. 12,410 360
*,1 New Concept Energy Inc. 54,202 331
* Independence Contract Drilling Inc. 75,420 324
* MIND Technology Inc. 165,870 322
* NCS Multistage Holdings Inc. 10,147 308
*,1 Houston American Energy Corp. 116,519 289
*,1 US Energy Corp. Wyoming 52,444 249
*,1 Camber Energy Inc. 374,831 247
* PEDEVCO Corp. 131,848 210
*,1 Barnwell Industries Inc. 62,082 205
* PrimeEnergy Resources Corp. 4,191 194
*,1 Superior Drilling Products Inc. 200,379 184
*,1 Mexco Energy Corp. 16,503 161
*,1 Enservco Corp. 76,526 125
*,1 Nuverra Environmental Solutions Inc. 56,792 123
*,1 Miragen Therapeutics Inc. CVR 330,960 7
*,1,2 Harvest Natural Resources Inc. 133,886
            2,718,779
Financials (13.37%)
  Blackstone Group Inc. 9,686,293 940,927
  KKR & Co. Inc. 8,217,609 486,811
  Ally Financial Inc. 5,223,741 260,351
* Markel Corp. 195,392 231,874
* Arch Capital Group Ltd. 5,724,609 222,916
  Signature Bank 817,428 200,801
  Apollo Global Management Inc. 2,996,880 186,406
  FactSet Research Systems Inc. 535,944 179,868
  Fidelity National Financial Inc. 4,103,637 178,344
  Brown & Brown Inc. 3,328,044 176,852
  Annaly Capital Management Inc. 19,765,438 175,517
  Equitable Holdings Inc. 5,452,723 166,035
  LPL Financial Holdings Inc. 1,127,676 152,214
13

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  East West Bancorp Inc. 2,002,215 143,539
  Western Alliance Bancorp 1,465,296 136,053
  First Horizon Corp. 7,792,338 134,652
* Alleghany Corp. 198,288 132,272
  Tradeweb Markets Inc. Class A 1,485,236 125,592
  AGNC Investment Corp. 7,389,809 124,814
  American Financial Group Inc. 970,927 121,094
* Athene Holding Ltd. Class A 1,764,799 119,124
  Commerce Bancshares Inc. 1,499,416 111,796
  Reinsurance Group of America Inc. 956,708 109,065
  Starwood Property Trust Inc. 4,082,274 106,833
  RenaissanceRe Holdings Ltd. 704,342 104,820
  Voya Financial Inc. 1,702,791 104,722
  SEI Investments Co. 1,678,906 104,042
  Old Republic International Corp. 4,029,294 100,370
  Ares Management Corp. Class A 1,566,478 99,612
  First Financial Bankshares Inc. 2,017,128 99,101
  First American Financial Corp. 1,563,919 97,510
  SLM Corp. 4,633,197 97,019
  Jefferies Financial Group Inc. 2,824,872 96,611
* Coinbase Global Inc. Class A 379,405 96,103
  Stifel Financial Corp. 1,478,269 95,881
  Prosperity Bancshares Inc. 1,322,283 94,940
  Pinnacle Financial Partners Inc. 1,072,431 94,685
  Janus Henderson Group plc 2,423,521 94,057
  Synovus Financial Corp. 2,093,699 91,872
  Affiliated Managers Group Inc. 590,363 91,040
  Cullen/Frost Bankers Inc. 798,677 89,452
  Primerica Inc. 560,847 85,888
  First Citizens BancShares Inc. Class A 102,522 85,374
  Popular Inc. 1,132,991 85,031
  South State Corp. 1,004,259 82,108
  Evercore Inc. Class A 580,121 81,664
  OneMain Holdings Inc. 1,306,861 78,294
  Morningstar Inc. 303,946 78,148
  Valley National Bancorp 5,808,989 78,015
  Carlyle Group Inc. 1,647,242 76,564
  Interactive Brokers Group Inc. Class A 1,136,645 74,712
  Glacier Bancorp Inc. 1,347,526 74,222
*,1 Credit Acceptance Corp. 162,717 73,891
  Lazard Ltd. Class A 1,593,937 72,126
  Bank OZK 1,705,511 71,904
  CIT Group Inc. 1,391,825 71,804
  Essent Group Ltd. 1,592,664 71,590
  New York Community Bancorp Inc. 6,487,642 71,494
  New Residential Investment Corp. 6,640,511 70,323
  United Bankshares Inc. 1,903,876 69,491
  Selective Insurance Group Inc. 853,340 69,249
  Erie Indemnity Co. Class A 354,624 68,567
  Hanover Insurance Group Inc. 502,635 68,177
  Webster Financial Corp. 1,276,478 68,087
  PacWest Bancorp 1,644,392 67,683
  Sterling Bancorp 2,722,571 67,493
  Blackstone Mortgage Trust Inc. Class A 2,068,153 65,953
  MGIC Investment Corp. 4,803,080 65,322
  Kemper Corp. 860,736 63,608
  Hannon Armstrong Sustainable Infrastructure Capital Inc. 1,109,823 62,317
  Radian Group Inc. 2,717,317 60,460
  Wintrust Financial Corp. 799,125 60,438
  Houlihan Lokey Inc. Class A 731,110 59,797
* Open Lending Corp. Class A 1,370,448 59,053
14

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  RLI Corp. 560,042 58,575
  Community Bank System Inc. 761,985 57,644
  Umpqua Holdings Corp. 3,121,153 57,585
  UMB Financial Corp. 618,368 57,545
  Pacific Premier Bancorp Inc. 1,345,699 56,910
  BankUnited Inc. 1,322,513 56,458
* Brighthouse Financial Inc. 1,216,568 55,403
  Axis Capital Holdings Ltd. 1,122,894 55,033
  Eastern Bankshares Inc. 2,668,901 54,899
* Trupanion Inc. 472,328 54,365
  FNB Corp. 4,401,346 54,269
  Hancock Whitney Corp. 1,207,063 53,642
  Home BancShares Inc. 2,149,755 53,056
  First Hawaiian Inc. 1,824,319 51,701
  Assured Guaranty Ltd. 1,068,208 50,719
  Ameris Bancorp 994,095 50,331
  Kinsale Capital Group Inc. 304,886 50,236
  White Mountains Insurance Group Ltd. 43,491 49,929
  Navient Corp. 2,530,047 48,906
  Moelis & Co. Class A 859,637 48,905
  Chimera Investment Corp. 3,245,092 48,871
  Bank of Hawaii Corp. 572,902 48,250
  ServisFirst Bancshares Inc. 674,184 45,831
  Investors Bancorp Inc. 3,213,570 45,826
* Texas Capital Bancshares Inc. 721,427 45,803
  PROG Holdings Inc. 943,438 45,408
  Federated Hermes Inc. Class B 1,327,115 45,002
  Simmons First National Corp. Class A 1,533,475 44,992
  Associated Banc-Corp 2,178,086 44,607
  Walker & Dunlop Inc. 421,037 43,948
* Enstar Group Ltd. 183,618 43,870
  FirstCash Inc. 569,228 43,512
  CNO Financial Group Inc. 1,836,550 43,379
  Artisan Partners Asset Management Inc. Class A 844,837 42,935
  Hamilton Lane Inc. Class A 461,279 42,032
  Cathay General Bancorp 1,055,423 41,541
  Old National Bancorp 2,354,589 41,464
* Cannae Holdings Inc. 1,219,401 41,350
  Atlantic Union Bankshares Corp. 1,120,683 40,591
  American Equity Investment Life Holding Co. 1,224,079 39,562
  Independent Bank Group Inc. 526,124 38,923
  Columbia Banking System Inc. 1,009,073 38,910
  BancorpSouth Bank 1,368,142 38,759
  United Community Banks Inc. 1,201,871 38,472
1 Rocket Cos. Inc. Class A 1,948,947 37,712
  CVB Financial Corp. 1,811,293 37,295
  Cadence Bancorp Class A 1,783,925 37,248
  BOK Financial Corp. 428,317 37,092
  Fulton Financial Corp. 2,328,571 36,745
* Green Dot Corp. Class A 775,676 36,340
  First Bancorp (XNYS) 3,013,706 35,923
  Independent Bank Corp. (Massachusetts) 473,877 35,778
  Santander Consumer USA Holdings Inc. 984,783 35,767
* Focus Financial Partners Inc. Class A 711,438 34,505
  WesBanco Inc. 966,486 34,436
* Axos Financial Inc. 735,609 34,125
  Hilltop Holdings Inc. 934,720 34,024
  International Bancshares Corp. 783,394 33,639
  PennyMac Financial Services Inc. 539,754 33,314
* Silvergate Capital Corp. Class A 292,383 33,133
* LendingTree Inc. 156,240 33,104
15

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Renasant Corp. 808,616 32,345
  Washington Federal Inc. 1,014,365 32,237
* Mr Cooper Group Inc. 969,215 32,042
  First Financial Bancorp 1,351,830 31,944
  First Merchants Corp. 756,301 31,515
  First Midwest Bancorp Inc. 1,578,991 31,311
  Arbor Realty Trust Inc. 1,740,443 31,015
  Virtu Financial Inc. Class A 1,116,833 30,858
  WSFS Financial Corp. 657,683 30,641
  Goosehead Insurance Inc. Class A 237,721 30,262
* Upstart Holdings Inc. 241,756 30,195
  PennyMac Mortgage Investment Trust 1,403,251 29,552
  Two Harbors Investment Corp. 3,892,056 29,424
  Apollo Commercial Real Estate Finance Inc. 1,830,599 29,198
  Flagstar Bancorp Inc. 683,799 28,904
  Sandy Spring Bancorp Inc. 653,804 28,852
  Virtus Investment Partners Inc. 102,540 28,483
* Genworth Financial Inc. Class A 7,250,060 28,275
  MFA Financial Inc. 6,152,569 28,240
  Towne Bank 925,058 28,140
*,1 Lemonade Inc. 253,743 27,762
* NMI Holdings Inc. Class A 1,232,744 27,712
  BGC Partners Inc. Class A 4,854,945 27,528
  Trustmark Corp. 886,904 27,317
  Cohen & Steers Inc. 330,845 27,159
  Seacoast Banking Corp. of Florida 793,794 27,108
  Heartland Financial USA Inc. 564,342 26,518
  Great Western Bancorp Inc. 797,481 26,149
  Live Oak Bancshares Inc. 441,990 26,077
  Argo Group International Holdings Ltd. 502,410 26,040
  Banner Corp. 479,723 26,006
  Piper Sandler Cos. 197,528 25,592
  Eagle Bancorp Inc. 454,065 25,464
* PRA Group Inc. 661,710 25,456
  Veritex Holdings Inc. 709,962 25,140
  Mercury General Corp. 385,605 25,045
* LendingClub Corp. 1,369,951 24,837
  Northwest Bancshares Inc. 1,802,622 24,588
  New York Mortgage Trust Inc. 5,472,562 24,462
  PJT Partners Inc. Class A 340,715 24,320
* Triumph Bancorp Inc. 326,595 24,250
  Hope Bancorp Inc. 1,691,294 23,983
* Palomar Holdings Inc. 310,842 23,456
  Park National Corp. 196,064 23,022
  Provident Financial Services Inc. 998,043 22,845
  Nelnet Inc. Class A 299,291 22,516
  Westamerica Bancorp 384,555 22,316
  Meta Financial Group Inc. 438,890 22,221
  NBT Bancorp Inc. 607,112 21,838
* eHealth Inc. 372,660 21,763
  Lakeland Financial Corp. 344,687 21,247
  Horace Mann Educators Corp. 567,198 21,225
  Enterprise Financial Services Corp. 451,311 20,936
  Capitol Federal Financial Inc. 1,776,383 20,926
  Stewart Information Services Corp. 363,315 20,596
* Encore Capital Group Inc. 434,582 20,595
  Ladder Capital Corp. 1,776,838 20,505
  First Interstate BancSystem Inc. Class A 486,865 20,366
  Berkshire Hills Bancorp Inc. 742,122 20,342
  Brightsphere Investment Group Inc. 854,297 20,016
  James River Group Holdings Ltd. 527,601 19,796
16

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Broadmark Realty Capital Inc. 1,819,109 19,264
  B. Riley Financial Inc. 254,481 19,213
  Redwood Trust Inc. 1,560,017 18,829
  First Commonwealth Financial Corp. 1,313,306 18,478
  American National Group Inc. 123,978 18,417
* Enova International Inc. 527,828 18,057
  Boston Private Financial Holdings Inc. 1,209,387 17,838
  ProAssurance Corp. 782,664 17,806
  First Busey Corp. 714,378 17,617
  Employers Holdings Inc. 410,232 17,558
  Dime Community Bancshares Inc. 519,535 17,467
  CNA Financial Corp. 383,398 17,441
  FB Financial Corp. 462,349 17,255
  S&T Bancorp Inc. 549,885 17,211
* BRP Group Inc. Class A 644,998 17,189
* Bancorp Inc. 742,383 17,082
  OceanFirst Financial Corp. 814,481 16,974
  First Bancorp (XNGS) 414,290 16,949
  AMERISAFE Inc. 280,848 16,764
  National Bank Holdings Corp. Class A 444,025 16,758
* Customers Bancorp Inc. 429,659 16,752
  TriCo Bancshares 390,837 16,642
  BancFirst Corp. 265,761 16,591
  OFG Bancorp 744,548 16,469
  Southside Bancshares Inc. 423,492 16,190
  Brookline Bancorp Inc. 1,069,459 15,988
  Cowen Inc. Class A 387,820 15,920
  City Holding Co. 210,677 15,851
  Stock Yards Bancorp Inc. 309,166 15,733
  Meridian Bancorp Inc. 766,511 15,683
1 Invesco Mortgage Capital Inc. 4,018,197 15,671
  Safety Insurance Group Inc. 193,276 15,130
  Premier Financial Corp. 508,214 14,438
* StoneX Group Inc. 236,696 14,360
* Donnelley Financial Solutions Inc. 427,408 14,104
  StepStone Group Inc. Class A 394,866 13,583
  German American Bancorp Inc. 364,173 13,547
  Ready Capital Corp. 839,815 13,328
  ConnectOne Bancorp Inc. 508,891 13,318
  TFS Financial Corp. 647,573 13,146
  Heritage Financial Corp. 523,099 13,088
  Washington Trust Bancorp Inc. 253,887 13,037
  First Foundation Inc. 576,017 12,966
  Tompkins Financial Corp. 163,432 12,676
  Preferred Bank 198,857 12,582
  Origin Bancorp Inc. 293,522 12,463
  Ellington Financial Inc. 645,559 12,362
  Bryn Mawr Bank Corp. 290,239 12,245
* Blucora Inc. 696,412 12,055
  1st Source Corp. 256,748 11,929
* Selectquote Inc. 616,095 11,866
* Columbia Financial Inc. 688,242 11,852
  Lakeland Bancorp Inc. 670,042 11,712
  HomeStreet Inc. 287,444 11,710
  Banc of California Inc. 659,840 11,574
* Oscar Health Inc. Class A 535,698 11,518
  Kearny Financial Corp. 963,376 11,512
  ARMOUR Residential REIT Inc. 991,390 11,322
  HarborOne Bancorp Inc. 787,365 11,291
  TPG RE Finance Trust Inc. 809,279 10,885
  Granite Point Mortgage Trust Inc. 736,222 10,859
17

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  BrightSpire Capital Inc. 1,154,207 10,850
  Central Pacific Financial Corp. 411,613 10,727
* Ambac Financial Group Inc. 678,598 10,627
  First Bancshares Inc. 283,601 10,615
  Univest Financial Corp. 389,265 10,265
* SiriusPoint Ltd. 1,019,353 10,265
* Watford Holdings Ltd. 292,346 10,229
  Northfield Bancorp Inc. 617,232 10,123
  Federal Agricultural Mortgage Corp. Class C 101,301 10,019
  WisdomTree Investments Inc. 1,612,567 9,998
  TrustCo Bank Corp. 288,587 9,922
  Flushing Financial Corp. 459,760 9,853
  Heritage Commerce Corp. 880,334 9,798
* CrossFirst Bankshares Inc. 697,746 9,594
  Altabancorp 219,531 9,508
  Merchants Bancorp 242,162 9,502
  QCR Holdings Inc. 197,564 9,501
  Allegiance Bancshares Inc. 245,436 9,435
*,1 MetroMile Inc. 1,022,727 9,358
  Camden National Corp. 195,516 9,338
* World Acceptance Corp. 57,142 9,156
1 HCI Group Inc. 90,685 9,017
  United Fire Group Inc. 320,061 8,875
  Capstead Mortgage Corp. 1,431,214 8,788
  Horizon Bancorp Inc. 499,270 8,702
* GoHealth Inc. Class A 768,726 8,617
1 Orchid Island Capital Inc. 1,633,724 8,479
  Ares Commercial Real Estate Corp. 566,795 8,326
* Nicolet Bankshares Inc. 117,963 8,298
*,1 Root Inc. Class A 758,525 8,207
  Cambridge Bancorp 98,381 8,165
  First Mid Bancshares Inc. 201,464 8,161
  Dynex Capital Inc. 432,268 8,066
  Midland States Bancorp Inc. 305,700 8,031
  Byline Bancorp Inc. 353,581 8,002
  Community Trust Bancorp Inc. 197,197 7,963
* Atlantic Capital Bancshares Inc. 310,140 7,896
  Hanmi Financial Corp. 403,075 7,683
  Arrow Financial Corp. 213,523 7,676
  Peapack-Gladstone Financial Corp. 244,762 7,605
  KKR Real Estate Finance Trust Inc. 349,930 7,569
  Great Southern Bancorp Inc. 139,541 7,521
* TriState Capital Holdings Inc. 365,239 7,447
* MBIA Inc. 676,725 7,444
  National Western Life Group Inc. Class A 32,569 7,308
  First Community Bankshares Inc. 238,636 7,123
  Diamond Hill Investment Group Inc. 42,238 7,067
* Metropolitan Bank Holding Corp. 117,222 7,059
  First Financial Corp. 167,769 6,848
  Peoples Bancorp Inc. 228,240 6,760
  Hingham Institution For Savings 23,225 6,747
  Business First Bancshares Inc. 290,288 6,662
1 UWM Holdings Corp. 787,000 6,650
  Sculptor Capital Management Inc. Class A 269,408 6,625
  CBTX Inc. 237,870 6,496
  Bank First Corp. 93,063 6,493
  Amalgamated Financial Corp. 415,380 6,492
  Reliant Bancorp Inc. 233,622 6,478
* Equity Bancshares Inc. Class A 212,401 6,476
  MidWestOne Financial Group Inc. 224,575 6,461
  Republic Bancorp Inc. Class A 138,975 6,411
18

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Victory Capital Holdings Inc. Class A 198,281 6,402
  Bar Harbor Bankshares 222,943 6,381
  MVB Financial Corp. 148,795 6,348
  Mercantile Bank Corp. 208,744 6,304
* Amerant Bancorp Inc. Class A 293,441 6,274
* AssetMark Financial Holdings Inc. 248,706 6,233
  First of Long Island Corp. 291,318 6,185
  Universal Insurance Holdings Inc. 439,868 6,105
  Independent Bank Corp. (Michigan) 281,181 6,104
  Financial Institutions Inc. 202,822 6,085
  Regional Management Corp. 129,527 6,028
  HomeTrust Bancshares Inc. 215,943 6,025
  Alerus Financial Corp. 207,616 6,023
  Citizens & Northern Corp. 239,548 5,869
  Oppenheimer Holdings Inc. Class A 112,122 5,700
  CNB Financial Corp. 249,505 5,694
  Capstar Financial Holdings Inc. 277,423 5,687
  Sierra Bancorp 216,755 5,516
* Southern First Bancshares Inc. 106,633 5,455
* Bridgewater Bancshares Inc. 337,396 5,449
  Waterstone Financial Inc. 277,169 5,449
  West Bancorp Inc. 191,999 5,328
  American National Bankshares Inc. 170,162 5,290
  Century Bancorp Inc. Class A 45,583 5,196
  SmartFinancial Inc. 214,269 5,145
  A-Mark Precious Metals Inc. 110,251 5,127
  Civista Bancshares Inc. 231,923 5,125
  Metrocity Bankshares Inc. 289,352 5,067
* Oportun Financial Corp. 252,253 5,053
  Farmers National Banc Corp. 319,673 4,958
  GCM Grosvenor Inc. Class A 464,400 4,839
* EZCORP Inc. Class A 789,526 4,761
  Independence Holding Co. 102,073 4,728
  Guaranty Bancshares Inc. 137,281 4,677
  Capital City Bank Group Inc. 180,813 4,663
  FS Bancorp Inc. 65,074 4,638
  Peoples Financial Services Corp. 107,554 4,582
  Great Ajax Corp. 351,693 4,565
  Blue Ridge Bankshares Inc. 259,250 4,542
  Mid Penn Bancorp Inc. 165,244 4,536
  Bank of Marin Bancorp 142,080 4,532
  First Bancorp Inc. 150,877 4,443
  First Choice Bancorp 145,885 4,442
  First Internet Bancorp 142,650 4,419
  Northrim Bancorp Inc. 103,326 4,417
  Home Bancorp Inc. 115,411 4,398
  Primis Financial Corp. 287,971 4,394
  Southern Missouri Bancorp Inc. 96,899 4,357
* Carter Bankshares Inc. 344,047 4,304
  Spirit of Texas Bancshares Inc. 182,248 4,163
  State Auto Financial Corp. 242,790 4,157
  Curo Group Holdings Corp. 244,120 4,150
  Bank of Commerce Holdings 270,412 4,062
  Community Bankers Trust Corp. 349,305 3,961
  Old Second Bancorp Inc. 315,993 3,918
  Provident Bancorp Inc. 240,038 3,915
* Select Bancorp Inc. 242,107 3,903
  Investors Title Co. 21,152 3,694
  Marlin Business Services Corp. 160,638 3,656
  RBB Bancorp 148,988 3,608
* Ocwen Financial Corp. 115,930 3,592
19

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Orrstown Financial Services Inc. 154,571 3,566
* Coastal Financial Corp. 124,583 3,558
  Territorial Bancorp Inc. 135,398 3,516
  Heritage Insurance Holdings Inc. 405,975 3,483
  Enterprise Bancorp Inc. 105,588 3,458
  South Plains Financial Inc. 148,800 3,442
  PCSB Financial Corp. 187,862 3,413
* Maiden Holdings Ltd. 1,005,248 3,388
* Howard Bancorp Inc. 209,353 3,377
* Citizens Inc. Class A 636,472 3,367
1 ACNB Corp. 120,407 3,361
  Red River Bancshares Inc. 66,269 3,347
* Atlanticus Holdings Corp. 84,031 3,336
1 Farmers & Merchants Bancorp Inc. 152,161 3,320
* Professional Holding Corp. Class A 183,628 3,309
  Greenhill & Co. Inc. 211,508 3,291
* Republic First Bancorp Inc. 818,442 3,266
  Investar Holding Corp. 141,742 3,244
  First Business Financial Services Inc. 119,155 3,226
  Western Asset Mortgage Capital Corp. 992,747 3,226
* BayCom Corp. 177,771 3,191
  Northeast Bank 106,577 3,183
  PCB Bancorp 196,935 3,171
  First Bank 233,730 3,165
  Shore Bancshares Inc. 188,076 3,150
  National Bankshares Inc. 88,924 3,113
  AG Mortgage Investment Trust Inc. 725,046 3,096
  Evans Bancorp Inc. 83,333 3,092
  Western New England Bancorp Inc. 378,578 3,085
  BCB Bancorp Inc. 224,581 3,021
  Macatawa Bank Corp. 337,024 2,949
* Greenlight Capital Re Ltd. Class A 322,459 2,944
  LCNB Corp. 179,044 2,931
  Ames National Corp. 118,092 2,894
  Mackinac Financial Corp. 145,023 2,866
  Premier Financial Bancorp Inc. 169,639 2,858
  Luther Burbank Corp. 236,374 2,803
  Donegal Group Inc. Class A 191,590 2,791
  Fidelity D&D Bancorp Inc. 49,684 2,688
  Norwood Financial Corp. 103,366 2,688
* Pacific Mercantile Bancorp 312,577 2,688
  Community Financial Corp. 76,717 2,647
  Cherry Hill Mortgage Investment Corp. 267,036 2,633
  Summit Financial Group Inc. 119,570 2,632
  Tiptree Inc. Class A 278,722 2,592
  Westwood Holdings Group Inc. 118,862 2,586
* Safeguard Scientifics Inc. 332,225 2,578
  Virginia National Bankshares Corp. 66,267 2,577
* ACRES Commercial Realty Corp. 159,052 2,554
  Central Valley Community Bancorp 125,918 2,537
  First Northwest Bancorp 143,194 2,513
  Timberland Bancorp Inc. 88,996 2,503
* SWK Holdings Corp. 140,901 2,473
* Capital Bancorp Inc. 120,766 2,470
  Pzena Investment Management Inc. Class A 224,114 2,467
* Esquire Financial Holdings Inc. 103,937 2,463
  Bankwell Financial Group Inc. 88,368 2,442
* Trean Insurance Group Inc. 161,148 2,430
*,1 Finance of America Cos. Inc. Class A 315,700 2,409
  County Bancorp Inc. 70,459 2,393
  Codorus Valley Bancorp Inc. 118,516 2,375
20

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Bank of Princeton 81,643 2,341
  BankFinancial Corp. 204,346 2,338
  Meridian Corp. 88,121 2,313
  Crawford & Co. Class B 266,713 2,294
  Parke Bancorp Inc. 117,162 2,292
  1st Constitution Bancorp 110,376 2,284
  Unity Bancorp Inc. 103,594 2,284
* NI Holdings Inc. 117,881 2,241
  Middlefield Banc Corp. 94,048 2,220
  Ellington Residential Mortgage REIT 185,536 2,184
  ESSA Bancorp Inc. 133,034 2,180
  Citizens Community Bancorp Inc. 157,258 2,151
  AFC Gamma Inc. 102,900 2,125
  OP Bancorp 207,322 2,086
* FVCBankcorp Inc. 120,415 2,078
* California Bancorp 111,000 2,076
  Chemung Financial Corp. 46,289 2,051
  Richmond Mutual Bancorp Inc. 136,621 2,036
* MMA Capital Holdings Inc. 74,847 2,033
  Penns Woods Bancorp Inc. 85,255 2,031
  Associated Capital Group Inc. Class A 51,741 2,011
  Severn Bancorp Inc. 166,056 1,976
* MainStreet Bancshares Inc. 87,486 1,975
  ChoiceOne Financial Services Inc. 78,643 1,905
* Malvern Bancorp Inc. 102,938 1,903
  C&F Financial Corp. 36,986 1,886
* First Western Financial Inc. 72,635 1,881
* Velocity Financial Inc. 150,175 1,876
* Medallion Financial Corp. 211,543 1,874
  First Guaranty Bancshares Inc. 95,755 1,865
  HBT Financial Inc. 107,073 1,864
  Federal Agricultural Mortgage Corp. Class A 20,476 1,853
  Riverview Bancorp Inc. 256,932 1,822
  Guild Holdings Co. Class A 118,454 1,817
  William Penn Bancorp 151,653 1,805
* Five Star Bancorp 74,621 1,802
  Cortland Bancorp 66,679 1,784
  Eagle Bancorp Montana Inc. 77,227 1,776
  First United Corp. 101,549 1,770
  United Insurance Holdings Corp. 310,230 1,768
  Nexpoint Real Estate Finance Inc. 84,363 1,762
  GAMCO Investors Inc. Class A 70,032 1,754
* ProSight Global Inc. 137,233 1,751
  First Community Corp. 86,350 1,744
  Sachem Capital Corp. 324,098 1,734
  Peoples Bancorp of North Carolina Inc. 66,525 1,716
1 Hawthorn Bancshares Inc. 73,740 1,691
  First Capital Inc. 38,982 1,690
* Manning & Napier Inc. Class A 209,696 1,650
  SB Financial Group Inc. 88,836 1,643
  Bank of the James Financial Group Inc. 101,650 1,626
  United Security Bancshares 196,870 1,608
  First Savings Financial Group Inc. 21,830 1,597
* Bright Health Group Inc. 92,592 1,589
  First Financial Northwest Inc. 104,176 1,578
  CB Financial Services Inc. 71,072 1,574
* PDL Community Bancorp 113,139 1,545
  Provident Financial Holdings Inc. 89,437 1,545
  Franklin Financial Services Corp. 47,974 1,532
* Security National Financial Corp. Class A 174,529 1,527
* Randolph Bancorp Inc. 73,561 1,523
21

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  American River Bankshares 82,554 1,494
  Bank of South Carolina Corp. 72,771 1,492
  Crawford & Co. Class A 164,368 1,491
* Arlington Asset Investment Corp. Class A 366,318 1,487
  FNCB Bancorp Inc. 204,000 1,483
1 Oak Valley Bancorp 80,206 1,457
  Colony Bankcorp Inc. 79,731 1,424
  Union Bankshares Inc. 38,565 1,396
  Salisbury Bancorp Inc. 26,823 1,363
  Silvercrest Asset Management Group Inc. Class A 88,935 1,338
  Level One Bancorp Inc. 48,814 1,333
* Pioneer Bancorp Inc. 109,648 1,318
1 First National Corp. 64,822 1,302
  US Global Investors Inc. Class A 206,953 1,281
  Summit State Bank 78,386 1,218
  CF Bankshares Inc. 63,590 1,211
  Plumas Bancorp 37,769 1,210
* Nicholas Financial Inc. 107,396 1,205
* Hallmark Financial Services Inc. 270,526 1,204
* Sterling Bancorp Inc. 251,548 1,145
1 loanDepot Inc. Class A 87,780 1,128
1 Ohio Valley Banc Corp. 45,934 1,123
  Prudential Bancorp Inc. 80,339 1,113
* Elevate Credit Inc. 308,950 1,103
  Old Point Financial Corp. 45,108 1,094
  AmeriServ Financial Inc. 273,459 1,075
* HMN Financial Inc. 47,410 1,010
1 Citizens Holding Co. 54,367 1,004
  Sound Financial Bancorp Inc. 22,740 986
  United Bancorp Inc. 67,245 986
* FFBW Inc. 85,515 975
  Kingstone Cos. Inc. 123,825 966
* Angel Oak Mortgage Inc. 53,356 953
  Guaranty Federal Bancshares Inc. 38,891 947
  Lument Finance Trust Inc. 223,295 940
  Landmark Bancorp Inc. 33,410 902
* Consumer Portfolio Services Inc. 195,871 881
  Donegal Group Inc. Class B 61,092 849
  First US Bancshares Inc. 77,118 831
  IF Bancorp Inc. 36,116 831
  United Bancshares Inc. 21,112 760
1 Community West Bancshares 55,714 729
  Greene County Bancorp Inc. 25,448 716
  Partners Bancorp 88,606 712
  Auburn National Bancorp Inc. 19,698 698
*,1 Reliance Global Group Inc. 182,186 643
* Broadway Financial Corp. 237,171 638
*,1 Siebert Financial Corp. 129,565 623
  FedNat Holding Co. 148,849 618
  Bank7 Corp. 35,700 616
  Manhattan Bridge Capital Inc. 76,988 601
* Limestone Bancorp Inc. 35,467 590
  Tremont Mortgage Trust 94,591 574
* FlexShopper Inc. 181,219 538
  Hennessy Advisors Inc. 57,467 536
  Pathfinder Bancorp Inc. 31,500 498
* Ashford Inc. 20,199 459
* Heritage Global Inc. 176,967 448
  Emclaire Financial Corp. 14,818 431
*,1 LM Funding America Inc. 99,643 427
* Impac Mortgage Holdings Inc. 181,058 384
22

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
1 Atlantic American Corp. 88,286 381
* Riverview Financial Corp. 30,805 352
  Oconee Federal Financial Corp. 13,333 312
* Bogota Financial Corp. 29,940 305
  Elmira Savings Bank 20,134 288
* Kingsway Financial Services Inc. 51,368 257
* Vericity Inc. 26,052 249
  CBM Bancorp Inc. 15,795 237
* Rhinebeck Bancorp Inc. 21,520 235
*,1 Oxbridge Re Holdings Ltd. 89,196 234
* Affinity Bancshares Inc. 17,788 229
*,1,2 Contran Corp. CVR 238,902 229
*,1 Carver Bancorp Inc. 21,647 222
  Mid-Southern Bancorp Inc. 10,235 163
*,1 Cohen & Co. Inc. 8,216 155
* Magyar Bancorp Inc. 10,465 143
* FG Financial Group Inc. 15,130 140
  Glen Burnie Bancorp 9,237 120
* Income Opportunity Realty Investors Inc. 8,837 114
*,1 Medley Management Inc. Class A 14,165 87
  Home Federal Bancorp Inc. of Louisiana 4,434 85
* Conifer Holdings Inc. 24,973 72
* OptimumBank Holdings Inc. 14,519 70
  Kentucky First Federal Bancorp 9,399 69
* Village Bank & Trust Financial Corp. 1,338 65
  Value Line Inc. 1,919 59
* ICC Holdings Inc. 2,593 42
* Patriot National Bancorp Inc. 3,079 28
* GWG Holdings Inc. 2,941 21
*,2 First Eagle Private Credit LLC CVR 225,787 21
  National Security Group Inc. 1,272 14
* HV Bancorp Inc. 525 12
* Unico American Corp. 1,377 6
  Lake Shore Bancorp Inc. 300 5
*,2 F-star Therapeutics Inc. CVR 40,838 3
  WVS Financial Corp. 100 2
*,2 Frontier Financial Corp. 1
*,2 Contra Costa County Public Financing Authority CVR 101,693
            15,304,328
Health Care (15.34%)
* Moderna Inc. 4,345,548 1,021,117
* Veeva Systems Inc. Class A 1,885,773 586,381
* Teladoc Health Inc. 1,859,060 309,143
* Exact Sciences Corp. 2,431,784 302,295
* Horizon Therapeutics plc 3,181,343 297,901
* Alnylam Pharmaceuticals Inc. 1,666,295 282,470
* Seagen Inc. 1,718,491 271,315
* Novocure Ltd. 1,220,178 270,660
* Avantor Inc. 7,305,217 259,408
* Insulet Corp. 940,516 258,181
  Bio-Techne Corp. 550,197 247,732
* Elanco Animal Health Inc. 6,703,017 232,528
* BioMarin Pharmaceutical Inc. 2,582,852 215,513
* Molina Healthcare Inc. 826,754 209,218
* 10X Genomics Inc. Class A 1,055,009 206,592
* Novavax Inc. 966,880 205,278
* Masimo Corp. 716,665 173,755
* Guardant Health Inc. 1,219,298 151,425
* Jazz Pharmaceuticals plc 846,533 150,378
* Repligen Corp. 725,295 144,783
* Intellia Therapeutics Inc. 880,008 142,482
23

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Penumbra Inc. 479,474 131,405
* Neurocrine Biosciences Inc. 1,339,813 130,391
* Syneos Health Inc. 1,441,252 128,978
* Natera Inc. 1,128,674 128,138
* Arrowhead Pharmaceuticals Inc. 1,470,535 121,790
* United Therapeutics Corp. 630,456 113,110
* Amedisys Inc. 459,455 112,534
  Bruker Corp. 1,443,352 109,666
  Encompass Health Corp. 1,402,193 109,413
  Chemed Corp. 224,769 106,653
  Hill-Rom Holdings Inc. 938,075 106,556
* Mirati Therapeutics Inc. 655,961 105,957
* Tenet Healthcare Corp. 1,501,364 100,576
* STAAR Surgical Co. 659,395 100,558
* Envista Holdings Corp. 2,271,081 98,133
* Fate Therapeutics Inc. 1,129,150 97,999
* Pacific Biosciences of California Inc. 2,795,984 97,776
* HealthEquity Inc. 1,172,126 94,333
* Acceleron Pharma Inc. 746,923 93,731
* Omnicell Inc. 608,718 92,190
* Denali Therapeutics Inc. 1,146,222 89,910
* LHC Group Inc. 446,174 89,351
* Sarepta Therapeutics Inc. 1,127,543 87,655
*,1 Invitae Corp. 2,568,952 86,651
* Tandem Diabetes Care Inc. 888,804 86,570
* Halozyme Therapeutics Inc. 1,884,768 85,587
* Globus Medical Inc. Class A 1,100,424 85,316
* Shockwave Medical Inc. 448,813 85,153
* Ultragenyx Pharmaceutical Inc. 890,533 84,912
* Bridgebio Pharma Inc. 1,370,356 83,537
* Nevro Corp. 487,591 80,838
* Exelixis Inc. 4,423,825 80,602
* Acadia Healthcare Co. Inc. 1,270,845 79,746
* Ionis Pharmaceuticals Inc. 1,992,452 79,479
* Twist Bioscience Corp. 590,264 78,653
* Change Healthcare Inc. 3,343,428 77,033
* PRA Health Sciences Inc. 461,179 76,191
* Biohaven Pharmaceutical Holding Co. Ltd. 782,586 75,973
* NeoGenomics Inc. 1,649,998 74,530
* Inspire Medical Systems Inc. 383,791 74,171
* Blueprint Medicines Corp. 815,627 71,743
* PPD Inc. 1,540,784 71,015
* Quidel Corp. 549,242 70,369
* Neogen Corp. 1,523,783 70,155
* Medpace Holdings Inc. 388,311 68,587
* Integra LifeSciences Holdings Corp. 999,818 68,228
* CareDx Inc. 727,727 66,602
* AMN Healthcare Services Inc. 658,981 63,908
  Select Medical Holdings Corp. 1,509,407 63,788
* TG Therapeutics Inc. 1,622,684 62,944
  Ensign Group Inc. 720,377 62,435
* LivaNova plc 696,052 58,545
* Arena Pharmaceuticals Inc. 845,803 57,684
* Maravai LifeSciences Holdings Inc. Class A 1,379,285 57,558
  CONMED Corp. 412,661 56,712
* ICU Medical Inc. 275,505 56,699
* Glaukos Corp. 657,230 55,753
* Alkermes plc 2,238,725 54,894
* Editas Medicine Inc. Class A 962,418 54,511
* Reata Pharmaceuticals Inc. Class A 376,524 53,289
* Beam Therapeutics Inc. 414,001 53,286
24

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Apellis Pharmaceuticals Inc. 836,087 52,841
* Iovance Biotherapeutics Inc. 2,020,715 52,579
* AtriCure Inc. 634,607 50,343
  Royalty Pharma plc Class A 1,228,138 50,341
* NuVasive Inc. 731,743 49,598
* Adaptive Biotechnologies Corp. 1,179,216 48,183
* Haemonetics Corp. 717,857 47,838
* Turning Point Therapeutics Inc. 609,059 47,519
* Merit Medical Systems Inc. 699,910 45,256
* Insmed Inc. 1,578,990 44,938
  Owens & Minor Inc. 1,057,761 44,775
*,1 Cassava Sciences Inc. 521,207 44,532
* Vir Biotechnology Inc. 939,129 44,402
* Integer Holdings Corp. 470,615 44,332
* Nektar Therapeutics 2,554,190 43,830
* R1 RCM Inc. 1,917,059 42,635
* PTC Therapeutics Inc. 1,003,312 42,410
* Kodiak Sciences Inc. 452,140 42,049
* NanoString Technologies Inc. 642,758 41,644
* Sage Therapeutics Inc. 731,794 41,573
* CryoPort Inc. 653,716 41,249
* Emergent BioSolutions Inc. 649,712 40,925
* Intra-Cellular Therapies Inc. 996,540 40,679
* BioCryst Pharmaceuticals Inc. 2,536,054 40,095
* ACADIA Pharmaceuticals Inc. 1,638,735 39,969
* Agios Pharmaceuticals Inc. 720,588 39,712
* Schrodinger Inc. 519,811 39,303
* Allakos Inc. 458,900 39,176
* Covetrus Inc. 1,419,260 38,320
* Pacira BioSciences Inc. 630,297 38,246
* Veracyte Inc. 951,568 38,044
  Patterson Cos. Inc. 1,242,130 37,748
* Inovalon Holdings Inc. Class A 1,106,845 37,721
* Allscripts Healthcare Solutions Inc. 2,009,472 37,195
* MEDNAX Inc. 1,228,684 37,045
* AdaptHealth Corp. Class A 1,347,344 36,931
* Prestige Consumer Healthcare Inc. 708,402 36,908
* 1Life Healthcare Inc. 1,101,832 36,427
* Arvinas Inc. 470,540 36,232
* Amicus Therapeutics Inc. 3,729,162 35,949
* Dicerna Pharmaceuticals Inc. 954,079 35,606
  Premier Inc. Class A 1,009,642 35,125
*,1 Multiplan Corp. 3,681,744 35,050
* Vericel Corp. 661,543 34,731
* Myriad Genetics Inc. 1,076,977 32,934
*,1 Sorrento Therapeutics Inc. 3,386,263 32,813
* Heska Corp. 142,163 32,659
* SpringWorks Therapeutics Inc. 391,474 32,261
* Phreesia Inc. 525,994 32,243
* FibroGen Inc. 1,208,205 32,174
* Corcept Therapeutics Inc. 1,453,381 31,974
*,1 GoodRx Holdings Inc. Class A 885,010 31,869
* Option Care Health Inc. 1,451,858 31,752
* Axonics Inc. 493,504 31,293
* Ligand Pharmaceuticals Inc. 238,131 31,240
* Progyny Inc. 525,973 31,032
* Magellan Health Inc. 324,440 30,562
* Global Blood Therapeutics Inc. 871,312 30,513
* Karuna Therapeutics Inc. 265,914 30,312
* Bluebird Bio Inc. 936,663 29,954
* Ironwood Pharmaceuticals Inc. Class A 2,315,563 29,801
25

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
*,1 Bionano Genomics Inc. 3,974,629 29,134
* Surgery Partners Inc. 433,203 28,860
* Xencor Inc. 831,334 28,673
* ModivCare Inc. 168,461 28,650
* Revance Therapeutics Inc. 962,289 28,522
* iRhythm Technologies Inc. 419,679 27,846
* Translate Bio Inc. 1,002,882 27,619
* Rocket Pharmaceuticals Inc. 619,635 27,444
*,1 Inovio Pharmaceuticals Inc. 2,954,288 27,386
* Community Health Systems Inc. 1,762,102 27,207
* agilon health Inc. 661,682 26,844
* Health Catalyst Inc. 480,101 26,650
* Lantheus Holdings Inc. 959,293 26,515
*,1 Butterfly Network Inc. 1,812,081 26,239
* Axsome Therapeutics Inc. 384,716 25,953
* Protagonist Therapeutics Inc. 569,959 25,580
* Sotera Health Co. 1,052,331 25,498
*,1 OPKO Health Inc. 6,267,350 25,383
* Avanos Medical Inc. 687,311 24,997
* Allogene Therapeutics Inc. 954,928 24,905
* Ortho Clinical Diagnostics Holdings plc 1,140,749 24,423
* Evolent Health Inc. Class A 1,133,473 23,939
* Silk Road Medical Inc. 498,689 23,867
* Supernus Pharmaceuticals Inc. 762,522 23,478
* Cardiovascular Systems Inc. 545,752 23,276
*,1 Fulgent Genetics Inc. 251,434 23,190
  Luminex Corp. 626,946 23,072
* Quanterix Corp. 392,018 22,996
*,1 Anavex Life Sciences Corp. 998,582 22,828
*,1 Ocugen Inc. 2,806,049 22,533
* MacroGenics Inc. 820,237 22,032
* REVOLUTION Medicines Inc. 686,796 21,799
  US Physical Therapy Inc. 185,048 21,442
* Deciphera Pharmaceuticals Inc. 582,380 21,321
* RadNet Inc. 621,867 20,951
*,1 Clover Health Investments Corp. 1,572,194 20,942
* Brookdale Senior Living Inc. 2,643,395 20,883
* Avid Bioservices Inc. 811,276 20,809
* Sangamo Therapeutics Inc. 1,714,097 20,518
* Prothena Corp. plc 398,901 20,507
* Cytokinetics Inc. 1,030,551 20,395
* Heron Therapeutics Inc. 1,293,817 20,080
* Kura Oncology Inc. 951,127 19,831
* BioLife Solutions Inc. 441,131 19,635
* REGENXBIO Inc. 504,138 19,586
* Seres Therapeutics Inc. 820,145 19,560
* MannKind Corp. 3,552,327 19,360
* Castle Biosciences Inc. 263,072 19,291
* Vocera Communications Inc. 483,139 19,253
* Celldex Therapeutics Inc. 575,219 19,235
  Mesa Laboratories Inc. 70,677 19,165
* Atara Biotherapeutics Inc. 1,221,079 18,988
* Addus HomeCare Corp. 217,263 18,954
* ImmunoGen Inc. 2,865,453 18,883
*,1 Senseonics Holdings Inc. 4,869,123 18,697
* Codexis Inc. 822,481 18,637
* Arcus Biosciences Inc. 648,096 17,797
* CorVel Corp. 132,413 17,783
*,1 MiMedx Group Inc. 1,421,406 17,782
* Inogen Inc. 266,693 17,380
* Krystal Biotech Inc. 251,282 17,087
26

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* uniQure NV 553,234 17,040
* Vanda Pharmaceuticals Inc. 785,880 16,904
* Certara Inc. 575,813 16,313
* Tabula Rasa HealthCare Inc. 324,517 16,226
* Joint Corp. 191,529 16,073
* CryoLife Inc. 565,454 16,059
* Alector Inc. 757,589 15,781
* Endo International plc 3,336,898 15,617
* Ocular Therapeutix Inc. 1,084,151 15,373
* Constellation Pharmaceuticals Inc. 449,750 15,202
* Rubius Therapeutics Inc. 621,387 15,168
* Varex Imaging Corp. 563,947 15,125
* Pennant Group Inc. 369,099 15,096
  LeMaitre Vascular Inc. 244,382 14,912
* Tactile Systems Technology Inc. 285,655 14,854
* AngioDynamics Inc. 546,439 14,825
*,1 ImmunityBio Inc. 1,033,557 14,759
*,1 DermTech Inc. 349,693 14,537
* Cerus Corp. 2,455,546 14,512
* Replimune Group Inc. 377,188 14,492
* Tivity Health Inc. 547,185 14,396
*,1 Dynavax Technologies Corp. 1,455,321 14,335
* Agenus Inc. 2,583,027 14,181
* Hanger Inc. 559,946 14,155
* Outset Medical Inc. 282,155 14,102
* Meridian Bioscience Inc. 629,966 13,973
*,1 Cerevel Therapeutics Holdings Inc. 542,540 13,900
* PetIQ Inc. Class A 357,050 13,782
* Zogenix Inc. 797,252 13,777
*,1 Omeros Corp. 908,047 13,475
* Zentalis Pharmaceuticals Inc. 251,475 13,378
* Y-mAbs Therapeutics Inc. 393,494 13,300
* Madrigal Pharmaceuticals Inc. 136,381 13,285
* Myovant Sciences Ltd. 578,375 13,170
* Coherus Biosciences Inc. 941,844 13,026
* Alphatec Holdings Inc. 849,693 13,017
*,1 Vaxart Inc. 1,736,829 13,009
  Atrion Corp. 20,813 12,923
* Recursion Pharmaceuticals Inc. Class A 351,830 12,842
* Natus Medical Inc. 487,897 12,676
* Cutera Inc. 257,379 12,619
* NextGen Healthcare Inc. 753,544 12,501
* Privia Health Group Inc. 281,564 12,493
* OrthoPediatrics Corp. 197,630 12,486
* Innoviva Inc. 926,581 12,425
* Radius Health Inc. 674,894 12,310
  Simulations Plus Inc. 223,543 12,275
  National HealthCare Corp. 174,918 12,227
* Morphic Holding Inc. 211,569 12,142
* Collegium Pharmaceutical Inc. 511,091 12,082
* OptimizeRx Corp. 194,196 12,021
* SI-BONE Inc. 380,694 11,980
* Accolade Inc. 219,973 11,947
* Apollo Medical Holdings Inc. 189,380 11,895
* TransMedics Group Inc. 353,915 11,743
* Organogenesis Holdings Inc. Class A 704,281 11,705
* Enanta Pharmaceuticals Inc. 265,840 11,700
*,1 Humanigen Inc. 670,906 11,660
*,1 VBI Vaccines Inc. 3,437,676 11,516
*,1 Zomedica Corp. 13,799,917 11,491
* ViewRay Inc. 1,740,542 11,488
27

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Travere Therapeutics Inc. 781,648 11,404
*,1 Applied Molecular Transport Inc. 248,171 11,351
* Sesen Bio Inc. 2,439,578 11,271
* Epizyme Inc. 1,352,396 11,238
* Axogen Inc. 516,445 11,160
* Aclaris Therapeutics Inc. 628,507 11,037
* Inari Medical Inc. 118,318 11,037
* Mersana Therapeutics Inc. 805,620 10,940
* Surmodics Inc. 200,925 10,900
* Aerie Pharmaceuticals Inc. 678,653 10,865
* Arcutis Biotherapeutics Inc. 398,141 10,865
*,1 Atossa Therapeutics Inc. 1,708,095 10,795
* SmileDirectClub Inc. Class A 1,237,211 10,739
* OraSure Technologies Inc. 1,057,546 10,724
* Theravance Biopharma Inc. 737,769 10,712
* Relay Therapeutics Inc. 292,193 10,691
* Rigel Pharmaceuticals Inc. 2,454,494 10,652
*,1 Asensus Surgical Inc. 3,331,649 10,561
* HealthStream Inc. 373,116 10,425
* Rhythm Pharmaceuticals Inc. 528,204 10,342
* American Well Corp. Class A 820,626 10,323
* Signify Health Inc. Class A 338,517 10,301
*,1 Hims & Hers Health Inc. 940,299 10,240
* Orthofix Medical Inc. 254,828 10,221
*,1 G1 Therapeutics Inc. 463,341 10,166
* Personalis Inc. 401,279 10,152
* Antares Pharma Inc. 2,320,596 10,118
* Arcturus Therapeutics Holdings Inc. 296,699 10,040
*,1 Cortexyme Inc. 188,773 10,005
* Stoke Therapeutics Inc. 295,211 9,937
* Amphastar Pharmaceuticals Inc. 489,851 9,875
* Karyopharm Therapeutics Inc. 937,582 9,676
* ChemoCentryx Inc. 722,059 9,668
* Albireo Pharma Inc. 268,918 9,461
* Sutro Biopharma Inc. 505,044 9,389
* Kadmon Holdings Inc. 2,391,619 9,256
* Alignment Healthcare Inc. 395,735 9,248
* Curis Inc. 1,140,369 9,203
  National Research Corp. 199,630 9,163
*,1 Aldeyra Therapeutics Inc. 808,572 9,161
* Verastem Inc. 2,250,360 9,159
* Scholar Rock Holding Corp. 316,417 9,144
* ALX Oncology Holdings Inc. 164,492 8,994
*,1 Clovis Oncology Inc. 1,537,740 8,919
* Anika Therapeutics Inc. 203,739 8,820
* Syndax Pharmaceuticals Inc. 511,815 8,788
* Cara Therapeutics Inc. 614,235 8,765
* Stereotaxis Inc. 907,417 8,747
*,1 Esperion Therapeutics Inc. 413,453 8,745
*,1 Marinus Pharmaceuticals Inc. 483,886 8,681
*,1 Precigen Inc. 1,325,890 8,645
* IGM Biosciences Inc. 103,414 8,604
* Akebia Therapeutics Inc. 2,247,642 8,519
* Amneal Pharmaceuticals Inc. 1,663,063 8,515
* Nuvation Bio Inc. 910,316 8,475
* Agiliti Inc. 383,322 8,383
* SeaSpine Holdings Corp. 408,189 8,372
* Intersect ENT Inc. 488,112 8,342
* Catalyst Pharmaceuticals Inc. 1,433,029 8,240
* Cross Country Healthcare Inc. 498,451 8,229
  Phibro Animal Health Corp. Class A 284,843 8,226
28

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Chimerix Inc. 1,019,226 8,154
* ZIOPHARM Oncology Inc. 3,083,137 8,139
* Spectrum Pharmaceuticals Inc. 2,149,330 8,060
* AnaptysBio Inc. 310,653 8,055
* Generation Bio Co. 296,205 7,968
* Triple-S Management Corp. Class B 354,874 7,903
* VistaGen Therapeutics Inc. 2,501,316 7,879
* IVERIC bio Inc. 1,245,663 7,860
* Intercept Pharmaceuticals Inc. 392,236 7,833
* Avita Medical Inc. 379,760 7,793
* Immunovant Inc. 732,357 7,741
* Precision BioSciences Inc. 611,444 7,655
* C4 Therapeutics Inc. 201,321 7,618
* Vapotherm Inc. 320,934 7,587
* Chinook Therapeutics Inc. 535,868 7,566
* Ardelyx Inc. 989,258 7,499
* Eagle Pharmaceuticals Inc. 173,560 7,428
* Nkarta Inc. 233,770 7,408
* Forma Therapeutics Holdings Inc. 290,641 7,234
* Sana Biotechnology Inc. 347,403 6,830
* ChromaDex Corp. 689,581 6,799
* Geron Corp. 4,790,387 6,754
* Crinetics Pharmaceuticals Inc. 356,364 6,717
* Pulmonx Corp. 150,995 6,662
* Aveanna Healthcare Holdings Inc. 536,976 6,642
* BioAtla Inc. 156,414 6,629
* PAVmed Inc. 1,035,125 6,625
* NGM Biopharmaceuticals Inc. 333,690 6,580
* Fluidigm Corp. 1,066,739 6,571
* Akero Therapeutics Inc. 264,668 6,566
* Relmada Therapeutics Inc. 202,653 6,487
* Bioxcel Therapeutics Inc. 218,976 6,363
* Provention Bio Inc. 753,388 6,351
* TCR2 Therapeutics Inc. 386,991 6,351
* Phathom Pharmaceuticals Inc. 186,917 6,327
* Lineage Cell Therapeutics Inc. 2,211,454 6,303
  Computer Programs & Systems Inc. 188,160 6,253
* KalVista Pharmaceuticals Inc. 260,088 6,232
* Accuray Inc. 1,370,761 6,196
* Kymera Therapeutics Inc. 126,856 6,153
*,1 Annovis Bio Inc. 71,637 6,131
* Oncocyte Corp. 1,055,717 6,060
*,1 TherapeuticsMD Inc. 5,045,661 6,004
*,1 Seer Inc. Class A 183,016 5,999
* Eargo Inc. 150,229 5,996
* Sientra Inc. 752,132 5,987
* Evolus Inc. 471,377 5,963
* PMV Pharmaceuticals Inc. 172,897 5,906
* CytomX Therapeutics Inc. 927,407 5,870
* Avidity Biosciences Inc. 236,457 5,843
*,1 Citius Pharmaceuticals Inc. 1,674,777 5,828
* Ideaya Biosciences Inc. 276,793 5,810
* Vaxcyte Inc. 252,866 5,692
* Kindred Biosciences Inc. 613,706 5,628
* Keros Therapeutics Inc. 130,963 5,562
* iCAD Inc. 320,572 5,549
* Flexion Therapeutics Inc. 669,369 5,509
* Dyne Therapeutics Inc. 257,849 5,425
* Gossamer Bio Inc. 667,714 5,422
* Berkeley Lights Inc. 119,700 5,364
* Viking Therapeutics Inc. 893,673 5,353
29

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Silverback Therapeutics Inc. 172,368 5,324
* Selecta Biosciences Inc. 1,268,829 5,304
* Evelo Biosciences Inc. 384,074 5,277
* Innovage Holding Corp. 246,762 5,258
* ANI Pharmaceuticals Inc. 149,726 5,248
* InfuSystem Holdings Inc. 252,427 5,248
* Shattuck Labs Inc. 180,988 5,247
* BioDelivery Sciences International Inc. 1,465,429 5,246
* Durect Corp. 3,209,549 5,232
*,1 Brooklyn ImmunoTherapeutics Inc. 290,008 5,223
*,1 Tonix Pharmaceuticals Holding Corp. 4,639,499 5,150
*,1 KemPharm Inc. 400,100 5,129
*,1 XOMA Corp. 150,322 5,111
* Applied Therapeutics Inc. 244,203 5,075
*,1 CEL-SCI Corp. 584,272 5,071
* Aspira Women's Health Inc. 899,973 5,058
* Treace Medical Concepts Inc. 161,728 5,056
* Forte Biosciences Inc. 149,758 5,035
* Annexon Inc. 223,524 5,032
* Kiniksa Pharmaceuticals Ltd. Class A 360,454 5,021
* Athenex Inc. 1,069,582 4,941
* Nurix Therapeutics Inc. 185,722 4,927
* Neuronetics Inc. 307,189 4,921
* Quotient Ltd. 1,340,966 4,881
* Puma Biotechnology Inc. 531,005 4,875
* Homology Medicines Inc. 669,572 4,868
*,1 SOC Telemed Inc. Class A 835,826 4,756
*,1 Prelude Therapeutics Inc. 164,389 4,706
* Allovir Inc. 236,665 4,672
*,1 iBio Inc. 3,064,755 4,628
* Kronos Bio Inc. 192,956 4,621
* Passage Bio Inc. 348,523 4,614
* Cue Biopharma Inc. 394,489 4,596
* Avrobio Inc. 516,737 4,594
* PLx Pharma Inc. 331,362 4,573
* Spero Therapeutics Inc. 327,432 4,571
* Instil Bio Inc. 233,585 4,513
* Cullinan Oncology Inc. 174,310 4,488
* Lexicon Pharmaceuticals Inc. 977,562 4,487
* Molecular Templates Inc. 569,263 4,452
*,1 Frequency Therapeutics Inc. 445,789 4,440
* Neoleukin Therapeutics Inc. 480,818 4,438
* Adverum Biotechnologies Inc. 1,267,367 4,436
*,1 Xeris Pharmaceuticals Inc. 1,079,952 4,395
* Olema Pharmaceuticals Inc. 156,570 4,381
* CytoSorbents Corp. 577,872 4,363
* Eiger BioPharmaceuticals Inc. 510,889 4,353
* Zynex Inc. 280,328 4,353
*,1 AquaBounty Technologies Inc. 811,365 4,349
*,1 Ampio Pharmaceuticals Inc. 2,602,839 4,347
*,2 PDL BioPharma Inc. 1,757,467 4,341
* Inotiv Inc. 162,296 4,330
* Apyx Medical Corp. 419,438 4,324
* Harvard Bioscience Inc. 518,619 4,320
  Utah Medical Products Inc. 50,707 4,312
* Cogent Biosciences Inc. 530,687 4,304
* Harpoon Therapeutics Inc. 310,195 4,302
* Syros Pharmaceuticals Inc. 784,001 4,273
* RAPT Therapeutics Inc. 134,150 4,265
* Altimmune Inc. 428,684 4,223
* SIGA Technologies Inc. 672,348 4,222
30

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
*,1 DarioHealth Corp. 195,917 4,185
* iTeos Therapeutics Inc. 162,088 4,158
* Cymabay Therapeutics Inc. 951,704 4,149
* Cerecor Inc. 1,260,718 4,123
*,1 GT Biopharma Inc. 263,619 4,086
* Paratek Pharmaceuticals Inc. 598,403 4,081
* Praxis Precision Medicines Inc. 222,033 4,059
* ClearPoint Neuro Inc. 211,302 4,034
* Kinnate Biopharma Inc. 173,255 4,033
* Misonix Inc. 180,234 3,998
* Invacare Corp. 493,404 3,982
* Trevena Inc. 2,322,625 3,925
* Aeglea BioTherapeutics Inc. 554,671 3,861
*,1 Athersys Inc. 2,674,464 3,851
* Atea Pharmaceuticals Inc. 177,667 3,816
* Infinity Pharmaceuticals Inc. 1,265,649 3,784
* Mirum Pharmaceuticals Inc. 218,362 3,775
*,1 Accelerate Diagnostics Inc. 460,967 3,715
* MEI Pharma Inc. 1,300,888 3,708
* Pliant Therapeutics Inc. 126,989 3,698
*,1 Seelos Therapeutics Inc. 1,397,239 3,689
* Magenta Therapeutics Inc. 376,216 3,679
* Ontrak Inc. 112,315 3,648
* ORIC Pharmaceuticals Inc. 205,956 3,643
* Prometheus Biosciences Inc. 146,731 3,604
* Mustang Bio Inc. 1,075,925 3,572
* Fortress Biotech Inc. 987,801 3,526
* PDS Biotechnology Corp. 280,221 3,517
* Castlight Health Inc. Class B 1,330,196 3,498
*,1 Zynerba Pharmaceuticals Inc. 657,052 3,476
* WaVe Life Sciences Ltd. 514,829 3,429
*,1 ADMA Biologics Inc. 2,137,532 3,420
* Chiasma Inc. 722,239 3,416
* Design Therapeutics Inc. 171,436 3,410
* XBiotech Inc. 205,238 3,399
* Atreca Inc. Class A 394,769 3,363
*,1 Pieris Pharmaceuticals Inc. 876,649 3,358
* Edgewise Therapeutics Inc. 157,217 3,353
* Outlook Therapeutics Inc. 1,344,080 3,347
*,1 Soliton Inc. 145,849 3,280
*,1 Clene Inc. 289,830 3,258
* Solid Biosciences Inc. 887,181 3,247
* Harrow Health Inc. 348,655 3,239
*,1 Pulse Biosciences Inc. 194,880 3,196
*,1 CorMedix Inc. 459,676 3,153
*,1 Corbus Pharmaceuticals Holdings Inc. 1,707,491 3,125
* Co-Diagnostics Inc. 377,526 3,115
* Conformis Inc. 2,705,690 3,112
* Aligos Therapeutics Inc. 152,655 3,112
* Adamas Pharmaceuticals Inc. 573,050 3,026
* Oyster Point Pharma Inc. 172,643 2,968
*,1 Oncternal Therapeutics Inc. 624,098 2,964
* Gemini Therapeutics Inc. Class A 457,546 2,960
* Arbutus Biopharma Corp. 971,703 2,944
* Apria Inc. 104,626 2,930
* 4D Molecular Therapeutics Inc. 121,476 2,925
* Hookipa Pharma Inc. 319,262 2,924
1 Forian Inc. 228,700 2,875
* Clearside Biomedical Inc. 587,354 2,860
*,1 MyMD Pharmaceuticals Inc. 451,063 2,842
* IntriCon Corp. 125,924 2,831
31

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* 9 Meters Biopharma Inc. 2,572,858 2,830
* Kezar Life Sciences Inc. 519,145 2,819
* Fulcrum Therapeutics Inc. 264,326 2,770
*,1 VYNE Therapeutics Inc. 785,168 2,756
* Inhibrx Inc. 99,759 2,745
*,1 Viracta Therapeutics Inc. 241,903 2,743
* F-star Therapeutics Inc. 316,221 2,716
*,1 Kala Pharmaceuticals Inc. 511,749 2,712
*,1 Vor BioPharma Inc. 145,100 2,706
* Taysha Gene Therapies Inc. 126,546 2,683
* Black Diamond Therapeutics Inc. 218,408 2,662
*,1 Evofem Biosciences Inc. 2,345,720 2,651
* Immunic Inc. 216,020 2,648
*,1 Jaguar Health Inc. 1,667,073 2,634
* Gritstone bio Inc. 282,287 2,577
* Cardiff Oncology Inc. 387,033 2,574
*,1 MediciNova Inc. 602,341 2,560
* Celcuity Inc. 106,116 2,547
*,1 T2 Biosystems Inc. 2,112,481 2,514
*,1 Clever Leaves Holdings Inc. 245,652 2,493
* Acutus Medical Inc. 146,640 2,490
* Tarsus Pharmaceuticals Inc. 85,761 2,485
* Synlogic Inc. 630,910 2,454
*,1 Retractable Technologies Inc. 212,160 2,453
* Bolt Biotherapeutics Inc. 158,059 2,444
*,1 Kaleido Biosciences Inc. 328,390 2,443
* Marker Therapeutics Inc. 874,800 2,441
* Viridian Therapeutics Inc. 133,095 2,434
* Akouos Inc. 192,464 2,415
* EyePoint Pharmaceuticals Inc. 268,616 2,415
* Jounce Therapeutics Inc. 353,899 2,407
* Athira Pharma Inc. 233,951 2,396
* Exagen Inc. 159,272 2,387
*,1 Heat Biologics Inc. 354,060 2,383
* Savara Inc. 1,399,752 2,380
*,1 AVEO Pharmaceuticals Inc. 359,293 2,368
* Checkpoint Therapeutics Inc. 791,620 2,335
* Catalyst Biosciences Inc. 535,995 2,321
*,1 Surface Oncology Inc. 311,001 2,320
* Eloxx Pharmaceuticals Inc. 1,165,259 2,319
* Lannett Co. Inc. 494,850 2,311
* iRadimed Corp. 78,349 2,304
* 89bio Inc. 122,295 2,287
*,1 AcelRx Pharmaceuticals Inc. 1,647,649 2,274
* Ovid therapeutics Inc. 580,240 2,269
* Codiak Biosciences Inc. 122,349 2,267
* PhaseBio Pharmaceuticals Inc. 603,986 2,247
* CTI BioPharma Corp. 888,475 2,221
* Surgalign Holdings Inc. 1,579,136 2,195
* Applied Genetic Technologies Corp. 560,171 2,190
*,1 Talis Biomedical Corp. 197,056 2,174
* Hepion Pharmaceuticals Inc. 1,095,443 2,169
* Galectin Therapeutics Inc. 672,775 2,153
*,1 Werewolf Therapeutics Inc. 123,381 2,152
*,1 SCYNEXIS Inc. 290,315 2,137
*,1 Adamis Pharmaceuticals Corp. 1,939,054 2,133
*,1 Novan Inc. 211,113 2,124
* Poseida Therapeutics Inc. 210,978 2,114
*,1 UNITY Biotechnology Inc. 451,636 2,096
* Bioventus Inc. Class A 117,710 2,072
*,1 180 Life Sciences Corp. 206,257 2,063
32

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
*,1 Inmune Bio Inc. 117,066 2,057
* Strongbridge Biopharma plc 688,709 2,045
* NeuroPace Inc. 85,923 2,044
* Assembly Biosciences Inc. 522,841 2,029
*,1 Repro-Med Systems Inc. 435,387 2,016
*,1 Genprex Inc. 601,298 2,014
* Enzo Biochem Inc. 627,821 1,990
* CASI Pharmaceuticals Inc. 1,259,927 1,953
* Calithera Biosciences Inc. 926,583 1,937
* Tela Bio Inc. 118,909 1,916
* Adicet Bio Inc. 185,774 1,912
* Sharps Compliance Corp. 185,229 1,908
*,1 Verrica Pharmaceuticals Inc. 167,152 1,889
* Biomea Fusion Inc. 120,725 1,885
* Vincerx Pharma Inc. 144,384 1,876
* Akoya Biosciences Inc. 96,256 1,862
* Larimar Therapeutics Inc. 186,049 1,827
* Five Star Senior Living Inc. 314,433 1,811
* Otonomy Inc. 805,354 1,796
*,1 Tyme Technologies Inc. 1,423,912 1,794
* IsoRay Inc. 2,244,332 1,791
*,1 SELLAS Life Sciences Group Inc. 161,039 1,788
* Tricida Inc. 412,936 1,784
* Cyclerion Therapeutics Inc. 456,851 1,782
* Lipocine Inc. 1,268,147 1,775
*,1 Palatin Technologies Inc. 2,904,698 1,772
* Ikena Oncology Inc. 126,106 1,771
*,1 Matinas BioPharma Holdings Inc. 2,281,716 1,768
* Oncorus Inc. 127,797 1,764
* Talaris Therapeutics Inc. 120,103 1,764
* Avinger Inc. 1,419,200 1,746
* Tracon Pharmaceuticals Inc. 264,030 1,714
*,1 Actinium Pharmaceuticals Inc. 216,428 1,712
* Pro-Dex Inc. 55,605 1,699
*,1 Finch Therapeutics Group Inc. 120,736 1,699
*,1 Aytu BioPharma Inc. 338,714 1,697
* TFF Pharmaceuticals Inc. 174,626 1,678
*,1 Moleculin Biotech Inc. 456,531 1,675
*,1 Biolase Inc. 2,391,154 1,669
*,1 Beyond Air Inc. 255,952 1,659
* Cabaletta Bio Inc. 192,579 1,656
*,1 Onconova Therapeutics Inc. 237,625 1,647
* FONAR Corp. 92,762 1,640
* SQZ Biotechnologies Co. 113,026 1,633
*,1 Inozyme Pharma Inc. 95,747 1,632
* Concert Pharmaceuticals Inc. 385,906 1,629
* Sio Gene Therapies Inc. 595,200 1,625
* ContraFect Corp. 364,900 1,606
* Figs Inc. Class A 31,992 1,603
* Eledon Pharmaceuticals Inc. 202,056 1,598
* NexImmune Inc. 97,825 1,597
* NextCure Inc. 198,763 1,596
*,1 VolitionRX Ltd. 481,021 1,583
* Rain Therapeutics Inc. 101,444 1,576
*,1 Agile Therapeutics Inc. 1,183,275 1,574
*,1 Capricor Therapeutics Inc. 304,679 1,563
* NantHealth Inc. 671,472 1,558
* BrainStorm Cell Therapeutics Inc. 408,100 1,551
* cbdMD Inc. 532,486 1,544
* Abeona Therapeutics Inc. 983,956 1,535
*,1 Orgenesis Inc. 301,998 1,531
33

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
*,1 Eton Pharmaceuticals Inc. 247,693 1,526
* Voyager Therapeutics Inc. 368,944 1,524
*,1 Optinose Inc. 484,591 1,507
* X4 Pharmaceuticals Inc. 231,241 1,503
*,1 Milestone Scientific Inc. 611,501 1,498
* Exicure Inc. 997,030 1,496
* Alpine Immune Sciences Inc. 164,025 1,476
* Lantern Pharma Inc. 99,700 1,456
* Equillium Inc. 243,522 1,434
*,1 BioSig Technologies Inc. 370,638 1,431
* Apollo Endosurgery Inc. 175,558 1,422
* NeuBase Therapeutics Inc. 296,095 1,418
* Merrimack Pharmaceuticals Inc. 221,783 1,417
*,1 Zosano Pharma Corp. 1,490,303 1,416
* Capital Senior Living Corp. 28,463 1,409
* Aptevo Therapeutics Inc. 62,672 1,406
* Aileron Therapeutics Inc. 1,111,963 1,390
*,1 Aptinyx Inc. Class A 490,278 1,387
* Eyenovia Inc. 278,865 1,383
*,1 Caladrius Biosciences Inc. 855,364 1,377
* Protara Therapeutics Inc. 141,207 1,375
* GlycoMimetics Inc. 585,947 1,359
* Reneo Pharmaceuticals Inc. 144,757 1,351
* Doximity Inc. Class A 23,149 1,347
* Galera Therapeutics Inc. 136,099 1,338
* AIM ImmunoTech Inc. 621,990 1,337
*,1 Enochian Biosciences Inc. 265,200 1,318
*,1 Nemaura Medical Inc. 126,945 1,314
* Celsion Corp. 1,031,288 1,310
*,1 Precipio Inc. 354,107 1,285
* Foghorn Therapeutics Inc. 120,415 1,285
* Terns Pharmaceuticals Inc. 104,594 1,282
*,1 La Jolla Pharmaceutical Co. 299,121 1,280
* Anixa Biosciences Inc. 329,309 1,278
* AIkido Pharma Inc. 1,332,059 1,275
*,1 Second Sight Medical Products Inc. 256,669 1,268
* LogicBio Therapeutics Inc. 283,745 1,260
*,1 Rockwell Medical Inc. 1,326,746 1,207
* Landos Biopharma Inc. 103,643 1,197
*,1 Liquidia Corp. 414,269 1,185
*,1 Synthetic Biologics Inc. 1,950,906 1,175
* Spruce Biosciences Inc. 104,705 1,174
* Delcath Systems Inc. 92,853 1,171
* IRIDEX Corp. 164,887 1,164
* LENSAR Inc. 133,880 1,159
*,1 Aquestive Therapeutics Inc. 290,879 1,155
* Minerva Neurosciences Inc. 491,858 1,141
* ENDRA Life Sciences Inc. 516,833 1,127
* Odonate Therapeutics Inc. 320,614 1,119
* Electromed Inc. 98,539 1,113
* Angion Biomedica Corp. 84,982 1,106
*,1 Progenity Inc. 308,342 1,101
  ProPhase Labs Inc. 177,100 1,098
*,1 Greenwich Lifesciences Inc. 24,425 1,098
* Verve Therapeutics Inc. 18,081 1,089
* Cidara Therapeutics Inc. 528,593 1,068
* Diffusion Pharmaceuticals Inc. 1,455,326 1,062
*,1 Aethlon Medical Inc. 214,682 1,056
* Axcella Health Inc. 260,381 1,044
* Streamline Health Solutions Inc. 585,779 1,037
* Sigilon Therapeutics Inc. 95,474 1,024
34

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* DiaMedica Therapeutics Inc. 229,660 1,022
* CareCloud Inc. 120,480 1,014
*,1 Ekso Bionics Holdings Inc. 180,167 991
*,1 Organovo Holdings Inc. 105,062 988
* Leap Therapeutics Inc. 598,301 981
* Baudax Bio Inc. 1,272,334 968
*,1 Dyadic International Inc. 269,600 968
* Dare Bioscience Inc. 509,543 963
* Assertio Holdings Inc. 613,637 957
* Decibel Therapeutics Inc. 110,721 952
* Sensei Biotherapeutics Inc. 96,711 944
* Oragenics Inc. 1,333,996 941
*,1 Regulus Therapeutics Inc. 1,156,989 941
*,1 Aprea Therapeutics Inc. 188,253 919
* Biocept Inc. 218,867 917
* Recro Pharma Inc. 393,139 908
* Microbot Medical Inc. 113,841 904
*,1 Cocrystal Pharma Inc. 716,237 895
*,1 Corvus Pharmaceuticals Inc. 328,117 876
*,1 Aravive Inc. 145,805 872
*,1 Lucira Health Inc. 130,873 869
*,1 Soleno Therapeutics Inc. 753,533 859
*,1 Kintara Therapeutics Inc. 377,910 858
*,1 Chembio Diagnostics Inc. 288,247 856
*,1 Cohbar Inc. 607,943 851
* Immunome Inc. 48,821 845
*,1 Aerpio Pharmaceuticals Inc. 498,929 843
* OpGen Inc. 361,228 820
* Biodesix Inc. 59,097 781
*,1 Idera Pharmaceuticals Inc. 648,437 778
* Calyxt Inc. 193,297 777
*,1 Vyant Bio Inc. 199,679 747
*,1 Qualigen Therapeutics Inc. 373,111 742
*,1 PolarityTE Inc. 724,685 739
* Satsuma Pharmaceuticals Inc. 103,894 732
*,1 Hancock Jaffe Laboratories Inc. 104,806 720
* Predictive Oncology Inc. 546,261 716
* Achieve Life Sciences Inc. 79,456 714
* Opiant Pharmaceuticals Inc. 50,903 704
* vTv Therapeutics Inc. Class A 306,532 699
*,1 SiNtx Technologies Inc. 363,149 697
*,1 Advaxis Inc. 1,483,827 688
*,1 Brickell Biotech Inc. 718,364 683
* Champions Oncology Inc. 66,282 681
*,1 Biomerica Inc. 169,548 680
* Sanara Medtech Inc. 18,363 679
* Cellectar Biosciences Inc. 566,291 674
* Myomo Inc. 61,752 667
* aTyr Pharma Inc. 136,758 667
* Bio-Path Holdings Inc. 95,597 638
* Convey Holding Parent Inc. 55,702 634
* ImmuCell Corp. 66,498 632
* scPharmaceuticals Inc. 103,047 630
* Monte Rosa Therapeutics Inc. 27,376 621
* ElectroCore Inc. 520,441 619
* Great Elm Group Inc. 276,253 619
* Sensus Healthcare Inc. 159,743 615
*,1 Osmotica Pharmaceuticals plc 200,978 605
* Allena Pharmaceuticals Inc. 463,039 602
* Genocea Biosciences Inc. 255,951 599
*,1 Applied DNA Sciences Inc. 87,895 597
35

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
*,1 AzurRx BioPharma Inc. 727,509 597
*,1 OncoSec Medical Inc. 210,348 591
* Edesa Biotech Inc. 106,609 563
*,1 Acorda Therapeutics Inc. 117,425 560
* Pulmatrix Inc. 537,282 559
*,1 BioVie Inc. Class A 32,769 555
*,1 NanoViricides Inc. 118,568 550
* Aridis Pharmaceuticals Inc. 74,302 550
*,1 Catabasis Pharmaceuticals Inc. 259,639 548
* Psychemedics Corp. 78,603 547
*,1 Graybug Vision Inc. 96,995 527
* Cyclo Therapeutics Inc. 51,376 526
*,1 Cleveland BioLabs Inc. 96,003 525
* Bellerophon Therapeutics Inc. 108,278 524
*,1 IMARA Inc. 65,866 520
* Cyclacel Pharmaceuticals Inc. 87,352 517
* Lyell Immunopharma Inc. 31,811 517
* Day One Biopharmaceuticals Inc. 22,454 511
* Navidea Biopharmaceuticals Inc. 278,365 509
*,1 INVO BioScience Inc. 106,226 494
* Evoke Pharma Inc. 358,936 492
* Alimera Sciences Inc. 53,677 488
*,1 ARCA biopharma Inc. 137,498 480
* Processa Pharmaceuticals Inc. 58,438 479
*,1 Motus GI Holdings Inc. 449,879 468
* BioCardia Inc. 117,857 468
*,1 Teligent Inc. 865,731 463
* GeoVax Labs Inc. 91,677 458
* Regional Health Properties Inc. 32,823 451
*,1 Soligenix Inc. 403,677 448
* LifeStance Health Group Inc. 15,928 444
*,1 Adial Pharmaceuticals Inc. 171,932 438
*,1 Enveric Biosciences Inc. 181,583 432
* Helius Medical Technologies Inc. 24,943 423
* Lumos Pharma Inc. 42,462 422
* Cyteir Therapeutics Inc. 19,510 418
*,1 HTG Molecular Diagnostics Inc. 71,355 415
* AgeX Therapeutics Inc. 258,811 401
* Venus Concept Inc. 128,833 401
*,2 Tobira Therapeutics Inc. CVR Exp. 12/31/2028 87,894 398
* Alpha Teknova Inc. 16,428 390
* CVRx Inc. 13,726 384
* Plus Therapeutics Inc. 147,187 377
* Tenax Therapeutics Inc. 173,801 377
*,1 Reviva Pharmaceuticals Holdings Inc. 77,006 374
*,1 SunLink Health Systems Inc. 108,130 370
* Entasis Therapeutics Holdings Inc. 137,238 366
* Strata Skin Sciences Inc. 237,025 365
* Salarius Pharmaceuticals Inc. 338,547 359
* Lyra Therapeutics Inc. 43,879 352
* Yumanity Therapeutics Inc. 29,214 340
*,1 CNS Pharmaceuticals Inc. 172,272 338
*,1 Viveve Medical Inc. 114,231 338
*,1 Vaccinex Inc. 120,227 337
* Vivos Therapeutics Inc. 67,256 333
*,1 RA Medical Systems Inc. 74,338 325
* Benitec Biopharma Inc. 74,773 318
* Yield10 Bioscience Inc. 37,034 316
* Avenue Therapeutics Inc. 125,030 314
*,2 Alder Biopharmaceuticals Inc. CVR Exp. 12/31/2024 355,460 313
* Kewaunee Scientific Corp. 21,515 310
36

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Singular Genomics Systems Inc. 11,200 308
*,1 Bellicum Pharmaceuticals Inc. 92,891 307
*,1 Aditx Therapeutics Inc. 118,558 307
* Codex DNA Inc. 13,949 307
* Phio Pharmaceuticals Corp. 135,191 306
* Histogen Inc. 263,497 287
* Monopar Therapeutics Inc. 45,070 265
*,1 NanoVibronix Inc. 308,919 263
*,1 ReShape Lifesciences Inc. 51,120 256
*,1 Graphite Bio Inc. 8,223 253
*,1 NovaBay Pharmaceuticals Inc. 373,541 251
*,1 Hoth Therapeutics Inc. 156,163 250
*,1 Checkmate Pharmaceuticals Inc. 41,612 248
*,1 Impel Neuropharma Inc. 27,954 247
* Century Therapeutics Inc. 8,366 245
* Cumberland Pharmaceuticals Inc. 83,401 237
* Longeveron Inc. Class A 28,260 230
* Trevi Therapeutics Inc. 100,874 227
* NeuroMetrix Inc. 66,234 226
*,1 InVivo Therapeutics Holdings Corp. 301,862 224
*,1 Allied Healthcare Products Inc. 53,862 223
* Elevation Oncology Inc. 16,420 223
*,1 Artelo Biosciences Inc. 184,000 219
*,1 Windtree Therapeutics Inc. 95,328 218
*,1 ThermoGenesis Holdings Inc. 77,065 204
* Nuwellis Inc. 48,665 204
* Sonoma Pharmaceuticals Inc. 27,591 203
  Petros Pharmaceuticals Inc. 64,076 202
*,1 Janux Therapeutics Inc. 8,067 201
* American Shared Hospital Services 68,306 200
*,1 Star Equity Holdings Inc. 63,587 197
* Ocuphire Pharma Inc. 37,099 196
* Acer Therapeutics Inc. 68,311 195
*,1 SCWorx Corp. 109,982 191
*,1 Titan Pharmaceuticals Inc. 72,773 189
* Vera Therapeutics Inc. Class A 14,263 189
*,1 Tempest Therapeutics Inc. 16,896 189
* Xenetic Biosciences Inc. 90,724 185
*,1 Lexaria Bioscience Corp. 25,976 182
*,1 Palisade Bio Inc. 41,615 169
* EyeGate Pharmaceuticals Inc. 43,540 158
* NeuroBo Pharmaceuticals Inc. 47,464 158
*,1 Sonnet BioTherapeutics Holdings Inc. 96,871 153
* Lixte Biotechnology Holdings Inc. 48,388 147
* Metacrine Inc. 37,740 143
* Longboard Pharmaceuticals Inc. 15,283 139
*,1 Dynatronics Corp. 105,988 127
*,1 Senestech Inc. 77,831 125
*,1 Timber Pharmaceuticals Inc. 95,828 117
* Galecto Inc. 22,500 114
* CynergisTek Inc. 55,455 113
* Aziyo Biologics Inc. Class A 11,215 108
* Inhibikase Therapeutics Inc. 34,800 97
* Imac Holdings Inc. 46,484 92
*,2 Aduro Biotech Inc. CVR 150,581 90
* Virios Therapeutics Inc. 14,111 89
* Armata Pharmaceuticals Inc. 21,828 87
* Avalon GloboCare Corp. 76,771 75
*,1 GBS Inc. 18,854 74
*,1 Xtant Medical Holdings Inc. 44,170 72
* Protagenic Therapeutics Inc. 20,783 60
37

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
*,1 Panbela Therapeutics Inc. 20,849 59
* Kiromic BioPharma Inc. 10,414 50
* Aerovate Therapeutics Inc. 2,096 48
* Kadmon Holdings Inc. Warrants Exp. 09/28/2022 105,015 22
*,1,2 Oncternal Therapeutics Inc. CVR 20,153 21
*,2 Aevi Genomic Medicine Inc. CVR 631,947 21
*,2 Elanco Animal Health Inc. CVR 701,074 18
*,2 Salarius Pharmaceuticals Inc. Rights Exp. 12/31/2049 119,407 15
*,2 Ocera Therapeutics Inc. CVR 48,417 13
*,2 Qualigen Therapeutics Inc. CVR 91,096 6
*,2 Alexza Pharmaceuticals Inc. CVR 128,704 5
* Ligand Pharmaceuticals Glucagon CVR 395,811 5
* Ligand Pharmaceuticals General CVR 395,811 5
* Virpax Pharmaceuticals Inc. 1,000 5
* Ligand Pharmaceuticals Roche CVR 395,811 4
*,1,2 Seelos Therapeutics Inc. CVR 5,736 3
*,2 Ambit Biosciences Corp. CVR 22,388
*,2 NeuroBo Pharmaceuticals Inc. CVR 5,194
* Advaxis Inc. Warrants Exp. 09/11/2024 47,130
*,2 Lantheus Holdings Inc. CVR 1,316,898
*,2 Phenomix Corp. CVR 47
*,2 Achillion Pharmaceuticals Inc. CVR 374
            17,557,478
Industrials (13.27%)
* Uber Technologies Inc. 21,037,893 1,054,419
* CoStar Group Inc. 5,585,352 462,579
  TransUnion 2,703,400 296,860
* Plug Power Inc. 7,255,048 248,050
* Lyft Inc. Class A 3,648,701 220,673
* XPO Logistics Inc. 1,437,138 201,041
  Graco Inc. 2,400,862 181,745
  Lennox International Inc. 487,125 170,883
  Nordson Corp. 766,310 168,213
* Trex Co. Inc. 1,631,917 166,798
  Toro Co. 1,513,114 166,261
  Booz Allen Hamilton Holding Corp. Class A 1,924,971 163,969
* Axon Enterprise Inc. 915,755 161,905
  Owens Corning 1,474,364 144,340
  Hubbell Inc. Class B 769,640 143,800
  Carlisle Cos. Inc. 740,960 141,805
* Middleby Corp. 785,613 136,115
  Watsco Inc. 464,458 133,132
* AECOM 2,062,048 130,569
* Sensata Technologies Holding plc 2,239,676 129,834
* Sunrun Inc. 2,276,895 127,005
* Builders FirstSource Inc. 2,918,526 124,504
  HEICO Corp. Class A 996,396 123,732
  Oshkosh Corp. 963,742 120,121
  Donaldson Co. Inc. 1,791,377 113,806
  AGCO Corp. 870,169 113,453
  ITT Inc. 1,214,341 111,221
  Lincoln Electric Holdings Inc. 842,277 110,936
* SiteOne Landscape Supply Inc. 628,821 106,434
* IAA Inc. 1,907,533 104,037
* Clarivate plc 3,731,652 102,732
  Woodward Inc. 829,931 101,982
  Vertiv Holdings Co. Class A 3,502,098 95,607
  EMCOR Group Inc. 774,581 95,421
  Acuity Brands Inc. 507,235 94,868
  Tetra Tech Inc. 765,150 93,379
* Stericycle Inc. 1,302,614 93,202
38

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  ManpowerGroup Inc. 775,363 92,198
  HEICO Corp. 633,821 88,367
*,1 Virgin Galactic Holdings Inc. 1,885,462 86,731
* CACI International Inc. Class A 335,742 85,655
  Landstar System Inc. 541,808 85,617
  MSA Safety Inc. 513,767 85,070
* AZEK Co. Inc. Class A 2,002,927 85,044
  Rexnord Corp. 1,691,869 84,661
* MasTec Inc. 797,552 84,620
  Advanced Drainage Systems Inc. 711,301 82,916
* WillScot Mobile Mini Holdings Corp. 2,963,867 82,603
*,1 ChargePoint Holdings Inc. 2,300,301 79,912
  Knight-Swift Transportation Holdings Inc. Class A 1,739,587 79,082
  BWX Technologies Inc. 1,348,893 78,398
* Saia Inc. 371,369 77,798
  Timken Co. 963,114 77,617
* Colfax Corp. 1,675,600 76,759
  Regal Beloit Corp. 573,165 76,523
* Upwork Inc. 1,304,051 76,013
  KBR Inc. 1,978,070 75,463
  AMERCO 127,824 75,339
* JetBlue Airways Corp. 4,472,681 75,052
  Flowserve Corp. 1,851,924 74,670
  nVent Electric plc 2,377,993 74,289
* Hexcel Corp. 1,189,189 74,205
* Chart Industries Inc. 501,764 73,418
  Armstrong World Industries Inc. 679,710 72,906
* ASGN Inc. 746,968 72,404
  Science Applications International Corp. 820,483 71,981
  Valmont Industries Inc. 302,020 71,292
* RBC Bearings Inc. 355,393 70,872
  Spirit AeroSystems Holdings Inc. Class A 1,490,742 70,348
  Curtiss-Wright Corp. 579,426 68,813
  Simpson Manufacturing Co. Inc. 605,561 66,878
* Clean Harbors Inc. 713,110 66,419
* FTI Consulting Inc. 482,354 65,894
  UFP Industries Inc. 877,220 65,213
  Exponent Inc. 728,440 64,984
  Crane Co. 700,512 64,706
* WESCO International Inc. 619,173 63,663
  John Bean Technologies Corp. 444,347 63,373
  Air Lease Corp. Class A 1,516,545 63,301
  Allison Transmission Holdings Inc. 1,546,183 61,445
* Resideo Technologies Inc. 2,009,325 60,280
  MSC Industrial Direct Co. Inc. Class A 662,371 59,435
  EnerSys 606,198 59,244
* Univar Solutions Inc. 2,383,549 58,111
  Watts Water Technologies Inc. Class A 390,552 56,985
* Avis Budget Group Inc. 726,853 56,615
* Evoqua Water Technologies Corp. 1,670,131 56,417
  Ryder System Inc. 757,146 56,279
*,1 Stem Inc. 1,544,776 55,627
  Altra Industrial Motion Corp. 850,694 55,312
  Korn Ferry 751,304 54,507
  Brink's Co. 690,139 53,030
* Mercury Systems Inc. 790,941 52,424
  UniFirst Corp. 217,676 51,076
  Aerojet Rocketdyne Holdings Inc. 1,055,264 50,959
* Kirby Corp. 838,582 50,852
  Applied Industrial Technologies Inc. 550,283 50,109
* Kratos Defense & Security Solutions Inc. 1,716,178 48,894
39

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Triton International Ltd. 928,954 48,621
* Atkore Inc. 669,379 47,526
  Terex Corp. 995,023 47,383
  Hillenbrand Inc. 1,073,384 47,315
* Spirit Airlines Inc. 1,513,723 46,078
  Insperity Inc. 505,317 45,666
* Bloom Energy Corp. Class A 1,697,923 45,623
*,3 API Group Corp. 2,179,359 45,527
  GATX Corp. 501,241 44,345
  Franklin Electric Co. Inc. 542,334 43,723
* Casella Waste Systems Inc. Class A 683,867 43,378
  Kennametal Inc. 1,197,733 43,023
* Beacon Roofing Supply Inc. 783,981 41,747
* Welbilt Inc. 1,797,529 41,613
* Dun & Bradstreet Holdings Inc. 1,938,060 41,416
  ABM Industries Inc. 932,839 41,371
  Arcosa Inc. 689,093 40,477
* FuelCell Energy Inc. 4,528,574 40,304
  Maxar Technologies Inc. 1,007,995 40,239
* Shoals Technologies Group Inc. Class A 1,126,500 39,991
* Herc Holdings Inc. 355,069 39,793
* TriNet Group Inc. 548,579 39,761
  Matson Inc. 619,225 39,630
* SPX Corp. 648,168 39,590
  Comfort Systems USA Inc. 502,313 39,577
  Macquarie Infrastructure Corp. 1,033,006 39,533
  SPX FLOW Inc. 603,764 39,390
  Albany International Corp. Class A 439,504 39,230
* Allegiant Travel Co. 202,108 39,209
* Masonite International Corp. 349,970 39,123
  Herman Miller Inc. 818,207 38,570
  Brady Corp. Class A 676,597 37,917
  AAON Inc. 583,769 36,538
  Werner Enterprises Inc. 816,617 36,356
*,1 Nikola Corp. 1,987,745 35,899
* Proto Labs Inc. 389,988 35,801
* Gibraltar Industries Inc. 467,327 35,662
  Mueller Industries Inc. 818,784 35,462
  Moog Inc. Class A 418,377 35,169
  ESCO Technologies Inc. 370,634 34,769
  Federal Signal Corp. 864,186 34,766
  Forward Air Corp. 383,270 34,398
  Barnes Group Inc. 666,462 34,156
  ManTech International Corp. Class A 388,644 33,633
*,1 TuSimple Holdings Inc. Class A 470,603 33,526
  Helios Technologies Inc. 422,298 32,960
  Mueller Water Products Inc. Class A 2,272,665 32,772
  Boise Cascade Co. 560,619 32,712
  Healthcare Services Group Inc. 1,034,376 32,655
* Dycom Industries Inc. 437,557 32,611
* Vicor Corp. 304,089 32,154
* JELD-WEN Holding Inc. 1,208,668 31,740
* Navistar International Corp. 709,438 31,570
* Fluor Corp. 1,781,438 31,531
* Hub Group Inc. Class A 472,709 31,189
* AeroVironment Inc. 310,579 31,104
* KAR Auction Services Inc. 1,751,999 30,748
  Trinity Industries Inc. 1,131,354 30,422
* Cimpress plc 278,719 30,216
  Covanta Holding Corp. 1,703,243 29,994
* SkyWest Inc. 690,204 29,727
40

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* GMS Inc. 613,664 29,542
  Kadant Inc. 166,565 29,330
  Raven Industries Inc. 501,547 29,015
  Deluxe Corp. 604,864 28,894
  EnPro Industries Inc. 293,561 28,519
  HNI Corp. 627,347 27,584
  Granite Construction Inc. 655,437 27,220
  McGrath RentCorp 332,313 27,107
  Rush Enterprises Inc. Class A 617,145 26,685
* Atlas Air Worldwide Holdings Inc. 387,498 26,392
  GrafTech International Ltd. 2,228,278 25,893
  Lindsay Corp. 155,760 25,744
* Meritor Inc. 1,039,802 24,352
* Array Technologies Inc. 1,531,579 23,893
* CBIZ Inc. 723,753 23,717
  CSW Industrials Inc. 199,605 23,645
*,1 Desktop Metal Inc. Class A 2,049,975 23,575
  Enerpac Tool Group Corp. Class A 871,343 23,195
  ADT Inc. 2,140,250 23,093
* Harsco Corp. 1,122,868 22,929
* TPI Composites Inc. 465,378 22,534
  Encore Wire Corp. 296,032 22,436
  Pitney Bowes Inc. 2,485,348 21,797
  ICF International Inc. 245,612 21,579
  Primoris Services Corp. 726,711 21,387
  ArcBest Corp. 366,831 21,346
* MYR Group Inc. 230,259 20,935
  Greenbrier Cos. Inc. 475,155 20,707
  Astec Industries Inc. 327,562 20,617
  Alamo Group Inc. 134,474 20,531
* Ameresco Inc. Class A 326,147 20,456
  Tennant Co. 253,712 20,259
* PGT Innovations Inc. 859,302 19,962
* Air Transport Services Group Inc. 854,671 19,854
  Kaman Corp. 386,013 19,455
  Steelcase Inc. Class A 1,286,597 19,440
  Columbus McKinnon Corp. 401,436 19,365
* American Woodmark Corp. 228,589 18,673
* AAR Corp. 474,388 18,383
* CoreCivic Inc. 1,728,782 18,100
* Triumph Group Inc. 865,248 17,954
* TriMas Corp. 589,495 17,879
* Gates Industrial Corp. plc 980,273 17,714
  Knoll Inc. 673,213 17,497
  Shyft Group Inc. 466,042 17,435
  AZZ Inc. 335,659 17,380
  Griffon Corp. 661,128 16,945
* Hawaiian Holdings Inc. 693,996 16,913
* NV5 Global Inc. 174,487 16,491
*,1 Hyliion Holdings Corp. 1,411,802 16,447
  Kforce Inc. 259,501 16,330
* US Ecology Inc. 427,127 16,026
* Construction Partners Inc. Class A 502,116 15,766
* IES Holdings Inc. 305,457 15,688
  Standex International Corp. 164,331 15,597
* Lydall Inc. 253,631 15,350
  Apogee Enterprises Inc. 375,094 15,278
  Matthews International Corp. Class A 424,270 15,257
  H&E Equipment Services Inc. 450,978 15,004
* Huron Consulting Group Inc. 302,752 14,880
* NOW Inc. 1,565,902 14,860
41

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Viad Corp. 297,600 14,835
* Driven Brands Holdings Inc. 466,332 14,419
* TrueBlue Inc. 511,867 14,389
* Great Lakes Dredge & Dock Corp. 963,281 14,074
  Douglas Dynamics Inc. 338,123 13,758
* Energy Recovery Inc. 600,567 13,681
  CAI International Inc. 234,845 13,151
  Interface Inc. Class A 856,272 13,101
* Parsons Corp. 329,728 12,978
  Marten Transport Ltd. 782,314 12,900
  Heidrick & Struggles International Inc. 280,489 12,496
* Manitowoc Co. Inc. 501,158 12,278
  Heartland Express Inc. 706,968 12,110
  Wabash National Corp. 753,972 12,064
  ACCO Brands Corp. 1,397,834 12,063
*,1 Hydrofarm Holdings Group Inc. 199,410 11,787
* Kelly Services Inc. Class A 488,779 11,716
  Schneider National Inc. Class B 535,950 11,668
* Echo Global Logistics Inc. 378,813 11,645
* Sun Country Airlines Holdings Inc. 310,717 11,500
* Cornerstone Building Brands Inc. 611,344 11,114
  Quanex Building Products Corp. 446,260 11,085
* Veritiv Corp. 178,241 10,948
* Montrose Environmental Group Inc. 203,777 10,935
  Argan Inc. 221,171 10,570
* SP Plus Corp. 338,553 10,356
*,1 Romeo Power Inc. 1,257,988 10,240
  Hyster-Yale Materials Handling Inc. 138,369 10,098
* Sterling Construction Co. Inc. 414,746 10,008
* CIRCOR International Inc. 297,031 9,683
  CRA International Inc. 110,217 9,435
  Insteel Industries Inc. 286,233 9,202
* Ducommun Inc. 159,857 8,722
*,1 Eos Energy Enterprises Inc. 482,017 8,657
  Gorman-Rupp Co. 247,584 8,527
  Genco Shipping & Trading Ltd. 450,256 8,501
*,1 Eagle Bulk Shipping Inc. 179,137 8,477
  Global Industrial Co. 230,131 8,448
* Tutor Perini Corp. 602,231 8,341
* Thermon Group Holdings Inc. 483,229 8,234
* Vectrus Inc. 172,062 8,188
* PAE Inc. 897,285 7,986
* DXP Enterprises Inc. 239,383 7,971
* MRC Global Inc. 826,591 7,770
* Forrester Research Inc. 167,979 7,693
* Titan Machinery Inc. 247,632 7,662
* Babcock & Wilcox Enterprises Inc. 946,043 7,455
  VSE Corp. 150,331 7,443
  Ennis Inc. 341,313 7,345
  Barrett Business Services Inc. 100,661 7,309
  Kimball International Inc. Class B 555,299 7,302
* BrightView Holdings Inc. 450,610 7,264
*,1 View Inc. 851,100 7,217
* BlueLinx Holdings Inc. 139,300 7,004
* Frontier Group Holdings Inc. 399,557 6,808
* ACV Auctions Inc. Class A 263,349 6,750
  National Presto Industries Inc. 66,367 6,746
*,1 Blade Air Mobility Inc. 641,000 6,731
* Heritage-Crystal Clean Inc. 225,549 6,694
* RR Donnelley & Sons Co. 1,046,134 6,570
  Resources Connection Inc. 452,764 6,502
42

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Titan International Inc. 740,635 6,281
  Omega Flex Inc. 42,167 6,186
  Tecnoglass Inc. 284,691 6,092
* American Superconductor Corp. 350,169 6,089
* Lawson Products Inc. 113,596 6,079
* Willdan Group Inc. 161,508 6,079
* Astronics Corp. 345,138 6,043
  REV Group Inc. 381,943 5,993
* Daseke Inc. 918,525 5,952
* Mayville Engineering Co. Inc. 293,651 5,905
* Transcat Inc. 102,401 5,787
  Miller Industries Inc. 143,265 5,650
* Blue Bird Corp. 222,106 5,522
  Allied Motion Technologies Inc. 153,942 5,316
* HyreCar Inc. 250,838 5,248
* Commercial Vehicle Group Inc. 477,687 5,078
*,1 Advent Technologies Holdings Inc. 517,503 4,989
* Acacia Research Corp. 718,306 4,856
* Franklin Covey Co. 145,539 4,708
*,1 ExOne Co. 214,270 4,637
* Radiant Logistics Inc. 668,010 4,629
* Rekor Systems Inc. 451,308 4,585
*,1 AgEagle Aerial Systems Inc. 867,580 4,572
*,1 Yellow Corp. 698,839 4,549
* NN Inc. 615,679 4,525
  Park Aerospace Corp. 301,534 4,493
* Northwest Pipe Co. 156,996 4,435
*,1 Beam Global 115,358 4,419
* Alta Equipment Group Inc. 330,300 4,390
* Mesa Air Group Inc. 454,955 4,245
*,1 Byrna Technologies Inc. 185,200 4,208
  Powell Industries Inc. 134,130 4,151
* Matrix Service Co. 392,929 4,126
  Park-Ohio Holdings Corp. 125,736 4,041
  Rush Enterprises Inc. Class B 101,805 3,883
*,1 Sunworks Inc. 354,765 3,729
* FTC Solar Inc. 272,724 3,630
* HC2 Holdings Inc. 889,681 3,541
* Covenant Logistics Group Inc. Class A 166,743 3,448
  Hurco Cos. Inc. 95,977 3,359
  LSI Industries Inc. 399,975 3,204
* L B Foster Co. Class A 167,811 3,128
* GP Strategies Corp. 198,873 3,126
* Vidler Water Resouces Inc. 234,949 3,125
*,1 Lightning eMotors Inc. 374,400 3,111
* CECO Environmental Corp. 430,199 3,080
*,1 Aqua Metals Inc. 995,201 2,986
* Team Inc. 442,404 2,964
  Preformed Line Products Co. 35,638 2,644
* Orion Group Holdings Inc. 458,832 2,638
* Mistras Group Inc. 262,279 2,578
  Eastern Co. 83,819 2,542
*,1 Nuvve Holding Corp. 179,700 2,483
* US Xpress Enterprises Inc. Class A 285,538 2,456
*,1 Red Violet Inc. 103,773 2,441
* Orion Energy Systems Inc. 414,723 2,376
* Infrastructure & Energy Alternatives Inc. 180,389 2,320
* Concrete Pumping Holdings Inc. 272,231 2,306
*,1 Ault Global Holdings Inc. 765,535 2,159
*,1 Orbital Energy Group Inc. 492,755 2,153
* EVI Industries Inc. 75,573 2,146
43

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
*,1 Agrify Corp. 179,975 2,142
* Quad/Graphics Inc. 493,264 2,047
*,1 Energous Corp. 704,135 2,021
*,1 Custom Truck One Source Inc. 209,946 1,999
* Ultralife Corp. 236,379 1,981
* Armstrong Flooring Inc. 310,427 1,922
*,1 Westwater Resources Inc. 401,812 1,913
* Performant Financial Corp. 509,470 1,911
  Graham Corp. 137,367 1,890
* Hudson Technologies Inc. 548,421 1,865
* Twin Disc Inc. 130,235 1,853
*,1 LiqTech International Inc. 247,491 1,812
* Karat Packaging Inc. 88,602 1,805
* Willis Lease Finance Corp. 41,490 1,778
* Huttig Building Products Inc. 301,119 1,740
* USA Truck Inc. 105,813 1,700
  BGSF Inc. 136,163 1,680
  Universal Logistics Holdings Inc. 70,430 1,641
*,1 AerSale Corp. 131,700 1,641
*,1 Ocean Power Technologies Inc. 655,249 1,638
*,1 Alpha Pro Tech Ltd. 187,485 1,607
* PAM Transportation Services Inc. 29,376 1,550
* Hill International Inc. 620,435 1,545
* Urban-Gro Inc. 166,000 1,522
* Atlas Technical Consultants Inc. Class A 152,021 1,472
* Manitex International Inc. 197,034 1,436
* Williams Industrial Services Group Inc. 246,037 1,434
* Gencor Industries Inc. 115,798 1,408
  Acme United Corp. 31,209 1,391
  ARC Document Solutions Inc. 549,008 1,180
* DLH Holdings Corp. 98,735 1,153
*,1 Flux Power Holdings Inc. 96,866 1,127
* Broadwind Inc. 243,621 1,104
* FreightCar America Inc. 184,790 1,096
* Capstone Green Energy Corp. 194,062 1,091
*,1 India Globalization Capital Inc. 629,022 1,032
* Limbach Holdings Inc. 109,900 1,018
*,1 iSun Inc. 87,677 998
*,1 Ideal Power Inc. 78,314 995
*,1 First Advantage Corp. 47,144 939
* VirTra Inc. 126,051 929
*,1 SG Blocks Inc. 166,382 915
* Quest Resource Holding Corp. 142,638 906
* GEE Group Inc. 1,544,230 885
  NL Industries Inc. 135,025 878
  Pangaea Logistics Solutions Ltd. 174,862 878
*,1 Akerna Corp. 205,869 830
*,1 Fuel Tech Inc. 349,173 821
* Charah Solutions Inc. 156,362 790
* Document Security Systems Inc. 434,721 778
* Volt Information Sciences Inc. 164,768 753
*,1 Polar Power Inc. 80,021 750
  Innovative Solutions & Support Inc. 118,837 745
* Perma-Fix Environmental Services Inc. 100,598 719
* Mastech Digital Inc. 46,402 694
  HireQuest Inc. 36,700 679
* AMREP Corp. 56,720 661
* SIFCO Industries Inc. 59,912 603
* Air Industries Group 455,019 592
* Legalzoom.com Inc. 15,424 584
* CPI Aerostructures Inc. 161,170 572
44

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* RCM Technologies Inc. 133,985 552
*,1 Odyssey Marine Exploration Inc. 86,024 547
* Virco Manufacturing Corp. 153,003 522
*,1 Sigma Labs Inc. 131,130 511
* Perma-Pipe International Holdings Inc. 72,762 485
* Jewett-Cameron Trading Co. Ltd. 44,770 435
* Taylor Devices Inc. 36,345 427
* Air T Inc. 17,189 426
* LS Starrett Co. Class A 44,550 416
* Astrotech Corp. 298,659 397
* Applied UV Inc. 39,709 390
*,1 BioHiTech Global Inc. 241,627 350
*,1 ShiftPixy Inc. 142,974 337
* Hudson Global Inc. 18,306 321
*,1 JanOne Inc. 39,400 307
*,1 Energy Focus Inc. 72,978 290
* Wilhelmina International Inc. 54,036 270
* TOMI Environmental Solutions Inc. 82,446 237
* Gaucho Group Holdings Inc. 45,132 232
1 Pioneer Power Solutions Inc. 44,120 206
* Servotronics Inc. 19,402 166
  Patriot Transportation Holding Inc. 14,470 163
*,1 Staffing 360 Solutions Inc. 248,125 143
* Xometry Inc. Class A 1,551 136
*,1,2 FTE Networks Inc. 82,837 124
  Espey Manufacturing & Electronics Corp. 7,053 105
  Chicago Rivet & Machine Co. 2,905 75
* Avalon Holdings Corp. Class A 15,976 75
* P&F Industries Inc. Class A 9,628 65
  CompX International Inc. 2,808 58
*,1,2 Proteostasis Therapeutics Inc. CVR 507,408 55
* Art's-Way Manufacturing Co. Inc. 4,243 14
* Air T Funding Warrants Exp. 08/30/2021 36,997 5
*,2 Recycling Asset Holdings Inc. 43,054 5
            15,190,763
Information Technology (22.03%)
* Square Inc. Class A 5,580,220 1,360,458
* Zoom Video Communications Inc. Class A 3,033,193 1,173,937
* Twilio Inc. Class A 2,108,302 831,008
* DocuSign Inc. 2,767,415 773,686
* Crowdstrike Holdings Inc. Class A 2,835,643 712,625
  Marvell Technology Inc. 11,594,622 676,314
* Workday Inc. Class A 2,538,399 606,017
* Palo Alto Networks Inc. 1,378,069 511,332
* Trade Desk Inc. Class A 6,131,278 474,316
* Okta Inc. Class A 1,772,639 433,729
* EPAM Systems Inc. 796,569 407,015
* HubSpot Inc. 623,711 363,449
* Dell Technologies Inc. Class C 3,519,886 350,827
* Slack Technologies Inc. Class A 7,263,525 321,774
* Datadog Inc. Class A 3,090,099 321,617
* RingCentral Inc. Class A 1,096,700 318,679
* Splunk Inc. 2,102,816 304,025
* Cloudflare Inc. Class A 2,732,784 289,238
* MongoDB Inc. Class A 757,873 273,986
* Coupa Software Inc. 1,042,634 273,285
* Zendesk Inc. 1,686,131 243,376
  Entegris Inc. 1,912,626 235,196
* ON Semiconductor Corp. 6,098,209 233,439
* Zscaler Inc. 1,055,106 227,966
  SS&C Technologies Holdings Inc. 3,150,430 227,020
45

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Nuance Communications Inc. 4,061,401 221,103
* Snowflake Inc. Class A 881,783 213,215
  Cognex Corp. 2,501,163 210,223
* GoDaddy Inc. Class A 2,374,523 206,489
* Fair Isaac Corp. 407,961 205,074
* SolarEdge Technologies Inc. 736,723 203,608
* Avalara Inc. 1,220,497 197,476
*,1 VMware Inc. Class A 1,140,702 182,478
* Ceridian HCM Holding Inc. 1,862,623 178,663
* Five9 Inc. 954,674 175,078
* Black Knight Inc. 2,222,862 173,339
* Palantir Technologies Inc. Class A 6,422,630 169,301
* Bill.com Holdings Inc. 887,973 162,659
* Cree Inc. 1,631,470 159,770
* Dynatrace Inc. 2,616,879 152,878
* Proofpoint Inc. 819,166 142,338
  MKS Instruments Inc. 781,671 139,098
  Universal Display Corp. 606,494 134,842
* Guidewire Software Inc. 1,188,067 133,919
* Aspen Technology Inc. 963,229 132,483
* Elastic NV 901,093 131,343
* Manhattan Associates Inc. 898,071 130,077
* Dropbox Inc. Class A 4,222,413 127,981
* Ciena Corp. 2,197,011 124,988
* WEX Inc. 634,221 122,975
* Smartsheet Inc. Class A 1,667,268 120,577
* Arrow Electronics Inc. 1,051,343 119,674
  Genpact Ltd. 2,477,641 112,559
* Nutanix Inc. Class A 2,907,565 111,127
  Jabil Inc. 1,900,770 110,473
* Anaplan Inc. 2,061,635 109,885
* First Solar Inc. 1,200,671 108,673
* Lattice Semiconductor Corp. 1,928,715 108,355
* II-VI Inc. 1,479,865 107,423
* Paylocity Holding Corp. 532,819 101,662
* Euronet Worldwide Inc. 742,827 100,542
  Brooks Automation Inc. 1,050,134 100,057
* Silicon Laboratories Inc. 628,209 96,273
* Concentrix Corp. 588,774 94,675
* Coherent Inc. 348,075 92,010
  Dolby Laboratories Inc. Class A 923,825 90,803
  Littelfuse Inc. 347,432 88,522
* Lumentum Holdings Inc. 1,072,316 87,962
* Varonis Systems Inc. Class B 1,501,121 86,495
  CDK Global Inc. 1,723,308 85,631
* NCR Corp. 1,845,621 84,179
* Digital Turbine Inc. 1,098,996 83,557
* J2 Global Inc. 598,900 82,379
* Blackline Inc. 728,695 81,082
  National Instruments Corp. 1,868,964 79,020
  Pegasystems Inc. 563,715 78,463
  Vontier Corp. 2,401,521 78,242
* Synaptics Inc. 500,080 77,802
* Teradata Corp. 1,554,466 77,677
* Q2 Holdings Inc. 752,655 77,207
* Appian Corp. 553,140 76,195
  Maximus Inc. 863,257 75,941
*,1 Fastly Inc. Class A 1,234,332 73,566
* Rapid7 Inc. 776,021 73,435
  Alliance Data Systems Corp. 703,209 73,267
*,1 MicroStrategy Inc. Class A 109,716 72,906
46

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Everbridge Inc. 535,528 72,875
* Alteryx Inc. Class A 838,528 72,130
  SYNNEX Corp. 587,540 71,539
  Power Integrations Inc. 862,241 70,755
* 3D Systems Corp. 1,757,512 70,248
* Pure Storage Inc. Class A 3,576,204 69,843
* Cirrus Logic Inc. 810,362 68,978
* FireEye Inc. 3,409,511 68,940
* Sailpoint Technologies Holdings Inc. 1,310,969 66,951
* Novanta Inc. 496,712 66,937
* Workiva Inc. Class A 598,870 66,672
* Itron Inc. 637,146 63,702
* Semtech Corp. 923,883 63,563
* ACI Worldwide Inc. 1,676,581 62,268
  CMC Materials Inc. 409,246 61,690
* CommScope Holding Co. Inc. 2,851,848 60,773
  Advanced Energy Industries Inc. 535,181 60,320
* Envestnet Inc. 775,758 58,849
* Viavi Solutions Inc. 3,252,791 57,444
* LivePerson Inc. 903,391 57,130
* Cerence Inc. 529,347 56,487
* Sabre Corp. 4,503,316 56,201
  Avnet Inc. 1,379,443 55,288
* Alarm.com Holdings Inc. 641,700 54,352
* Ambarella Inc. 504,224 53,765
  Kulicke & Soffa Industries Inc. 873,441 53,455
  Xerox Holdings Corp. 2,272,795 53,388
* Blackbaud Inc. 691,463 52,945
*,1 Box Inc. Class A 2,071,528 52,928
* Rogers Corp. 260,249 52,258
* Shift4 Payments Inc. Class A 548,751 51,429
* CommVault Systems Inc. 655,006 51,202
* New Relic Inc. 764,406 51,192
* Onto Innovation Inc. 698,439 51,014
* SPS Commerce Inc. 510,252 50,949
* ExlService Holdings Inc. 477,124 50,699
* Cloudera Inc. 3,192,653 50,635
* Fabrinet 526,653 50,490
* Insight Enterprises Inc. 501,426 50,148
* Vonage Holdings Corp. 3,356,912 48,373
* Diodes Inc. 599,459 47,819
*,1 Affirm Holdings Inc. Class A 709,977 47,817
* Viasat Inc. 954,986 47,596
* Qualys Inc. 468,906 47,214
* Cornerstone OnDemand Inc. 881,123 45,448
*,1 Riot Blockchain Inc. 1,196,841 45,085
* LiveRamp Holdings Inc. 958,485 44,905
* Mimecast Ltd. 840,927 44,611
* Altair Engineering Inc. Class A 644,352 44,441
* 8x8 Inc. 1,545,398 42,900
  Vishay Intertechnology Inc. 1,886,261 42,535
* MACOM Technology Solutions Holdings Inc. 661,492 42,388
* MaxLinear Inc. Class A 973,733 41,374
* Medallia Inc. 1,214,297 40,983
*,1 Marathon Digital Holdings Inc. 1,305,031 40,939
* Verint Systems Inc. 907,758 40,913
* FormFactor Inc. 1,109,594 40,456
* Tenable Holdings Inc. 970,309 40,122
  Badger Meter Inc. 403,947 39,635
* Calix Inc. 804,161 38,198
* Perficient Inc. 470,068 37,803
47

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Rambus Inc. 1,590,045 37,700
  EVERTEC Inc. 857,013 37,409
*,1 MicroVision Inc. 2,231,468 37,377
* Momentive Global Inc. 1,738,125 36,622
* Plexus Corp. 399,879 36,553
  Amkor Technology Inc. 1,538,611 36,419
* Sanmina Corp. 929,070 36,197
* Sprout Social Inc. Class A 400,548 35,817
* Appfolio Inc. Class A 250,362 35,351
* PagerDuty Inc. 822,051 35,003
* SunPower Corp. 1,150,991 33,632
  Xperi Holding Corp. 1,508,368 33,546
  Ubiquiti Inc. 104,183 32,525
* Domo Inc. Class B 402,159 32,507
  Belden Inc. 641,127 32,422
* Ultra Clean Holdings Inc. 602,596 32,371
* Qualtrics International Inc. Class A 818,423 31,305
  InterDigital Inc. 423,640 30,938
* Sykes Enterprises Inc. 564,113 30,293
* Verra Mobility Corp. Class A 1,940,258 29,822
* Infinera Corp. 2,920,259 29,787
* NetScout Systems Inc. 1,035,981 29,567
* Avaya Holdings Corp. 1,080,468 29,065
  Progress Software Corp. 603,526 27,913
* AppLovin Corp. Class A 366,905 27,580
  TTEC Holdings Inc. 260,179 26,822
  Switch Inc. Class A 1,268,569 26,779
* Repay Holdings Corp. Class A 1,088,760 26,174
* PROS Holdings Inc. 574,017 26,158
  Methode Electronics Inc. 528,239 25,995
* Knowles Corp. 1,309,674 25,853
* Zuora Inc. Class A 1,478,292 25,501
* Cohu Inc. 678,924 24,978
* OSI Systems Inc. 240,919 24,487
* Unisys Corp. 963,495 24,386
* Asana Inc. Class A 382,727 23,741
* PAR Technology Corp. 336,914 23,564
* Avid Technology Inc. 599,583 23,474
* SiTime Corp. 179,699 22,748
* Plantronics Inc. 541,261 22,587
  CSG Systems International Inc. 469,480 22,150
* Ichor Holdings Ltd. 403,495 21,708
* Duck Creek Technologies Inc. 482,312 20,985
*,1 E2open Parent Holdings Inc. 1,825,593 20,848
* Super Micro Computer Inc. 590,255 20,765
* Bottomline Technologies DE Inc. 556,494 20,635
* FARO Technologies Inc. 263,521 20,494
* TTM Technologies Inc. 1,397,647 19,986
* Yext Inc. 1,397,553 19,971
* Extreme Networks Inc. 1,778,880 19,852
* nLight Inc. 542,169 19,670
* Axcelis Technologies Inc. 482,990 19,522
* Conduent Inc. 2,466,200 18,496
* Evo Payments Inc. Class A 657,718 18,245
* SolarWinds Corp. 1,056,234 17,840
* Jamf Holding Corp. 516,995 17,356
* Veeco Instruments Inc. 712,697 17,133
* Allegro MicroSystems Inc. 605,494 16,772
* Agilysys Inc. 294,358 16,740
  CTS Corp. 440,504 16,369
* Impinj Inc. 316,796 16,343
48

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* ePlus Inc. 182,929 15,858
* NETGEAR Inc. 410,225 15,720
* CEVA Inc. 326,056 15,422
* Upland Software Inc. 372,835 15,350
  QAD Inc. Class A 176,030 15,318
* Model N Inc. 443,848 15,211
* ACM Research Inc. Class A 147,975 15,126
* C3.ai Inc. Class A 237,926 14,878
  Benchmark Electronics Inc. 520,796 14,822
  McAfee Corp. Class A 522,978 14,654
  ADTRAN Inc. 696,863 14,390
* EchoStar Corp. Class A 591,294 14,363
* Diebold Nixdorf Inc. 1,107,087 14,215
*,1 Aeva Technologies Inc. 1,294,466 13,682
* DigitalOcean Holdings Inc. 238,980 13,285
* Ribbon Communications Inc. 1,731,778 13,179
* OneSpan Inc. 492,765 12,585
* Harmonic Inc. 1,465,255 12,484
* Mitek Systems Inc. 630,141 12,137
* Telos Corp. 353,401 12,019
* Ping Identity Holding Corp. 523,610 11,991
* Photronics Inc. 905,230 11,958
* Tucows Inc. Class A 142,365 11,435
  Ebix Inc. 336,117 11,394
* BTRS Holdings Inc. 887,945 11,206
*,1 Ouster Inc. 889,919 11,115
* Olo Inc. Class A 292,681 10,943
* BigCommerce Holdings Inc. 166,297 10,796
* ChannelAdvisor Corp. 428,427 10,501
* ScanSource Inc. 368,394 10,363
*,1 Corsair Gaming Inc. 302,544 10,072
  American Software Inc. Class A 452,136 9,929
* MoneyGram International Inc. 975,963 9,838
* Rackspace Technology Inc. 501,265 9,830
* Digi International Inc. 482,627 9,706
* A10 Networks Inc. 860,727 9,692
*,1 Inseego Corp. 950,524 9,591
* Cantaloupe Inc. 794,540 9,423
* I3 Verticals Inc. Class A 307,205 9,284
* Datto Holding Corp. 331,341 9,225
  Comtech Telecommunications Corp. 381,601 9,219
* Alpha & Omega Semiconductor Ltd. 297,919 9,054
*,1 Paya Holdings Inc. Class A 789,697 8,702
*,1 Velodyne Lidar Inc. 807,405 8,591
*,1 Kopin Corp. 1,036,092 8,475
* Brightcove Inc. 581,480 8,344
* SMART Global Holdings Inc. 173,426 8,269
* Kimball Electronics Inc. 371,809 8,083
* Vertex Inc. Class A 368,042 8,075
* Arlo Technologies Inc. 1,187,461 8,039
  PC Connection Inc. 166,529 7,705
*,1 Cleanspark Inc. 462,887 7,702
* PDF Solutions Inc. 421,057 7,655
* NeoPhotonics Corp. 743,244 7,589
*,1 Eastman Kodak Co. 898,570 7,476
* Veritone Inc. 378,948 7,469
  Cass Information Systems Inc. 174,393 7,107
* Turtle Beach Corp. 222,362 7,098
  Hackett Group Inc. 393,421 7,089
*,1 Digimarc Corp. 200,390 6,713
*,1 Akoustis Technologies Inc. 622,827 6,670
49

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Napco Security Technologies Inc. 177,192 6,444
* CalAmp Corp. 504,519 6,417
* Zix Corp. 879,933 6,204
* AXT Inc. 557,791 6,125
* Benefitfocus Inc. 431,222 6,080
* Clearfield Inc. 160,136 5,997
* International Money Express Inc. 401,314 5,960
*,1 Atomera Inc. 272,121 5,834
* Limelight Networks Inc. 1,833,121 5,774
* ShotSpotter Inc. 117,689 5,740
* Vishay Precision Group Inc. 163,112 5,552
* Quantum Corp. 803,084 5,533
* Grid Dynamics Holdings Inc. 343,847 5,168
  NVE Corp. 68,972 5,107
* Identiv Inc. 290,921 4,946
* KnowBe4 Inc. Class A 155,799 4,872
* DSP Group Inc. 328,763 4,866
* Luna Innovations Inc. 429,312 4,649
* GTY Technology Holdings Inc. 652,705 4,641
* CyberOptics Corp. 111,668 4,574
* Sumo Logic Inc. 217,377 4,489
* Aviat Networks Inc. 134,805 4,418
* DZS Inc. 211,987 4,399
* Casa Systems Inc. 490,169 4,348
* Viant Technology Inc. Class A 144,812 4,312
* ON24 Inc. 119,368 4,235
* EMCORE Corp. 448,875 4,139
* GreenSky Inc. Class A 725,344 4,026
* Iteris Inc. 598,384 3,979
*,1 VirnetX Holding Corp. 909,363 3,883
* Powerfleet Inc. 538,599 3,878
* Daktronics Inc. 578,920 3,815
* Cambium Networks Corp. 77,093 3,727
*,1 MICT Inc. 1,539,373 3,602
* eGain Corp. 313,314 3,597
*,1 908 Devices Inc. 92,602 3,588
*,1 SEMrush Holdings Inc. Class A 146,131 3,364
* Rimini Street Inc. 523,406 3,224
* Intelligent Systems Corp. 101,109 3,181
*,1 eMagin Corp. 905,974 3,153
* Airgain Inc. 152,868 3,152
*,1 Intrusion Inc. 201,239 3,101
* Genasys Inc. 542,457 2,973
*,1 Applied Optoelectronics Inc. 350,479 2,969
* Smith Micro Software Inc. 559,391 2,920
*,1 GreenBox POS 239,500 2,857
  Information Services Group Inc. 486,337 2,845
* SharpSpring Inc. 167,057 2,822
* SkyWater Technology Inc. 97,252 2,786
* KVH Industries Inc. 221,785 2,728
* SecureWorks Corp. Class A 137,212 2,543
*,1 Wrap Technologies Inc. 321,498 2,524
*,1 UiPath Inc. Class A 36,869 2,504
* inTEST Corp. 148,977 2,498
  Bel Fuse Inc. Class B 170,427 2,454
* Immersion Corp. 262,908 2,306
* Intevac Inc. 335,972 2,264
* Pixelworks Inc. 645,535 2,201
*,1 Inpixon 1,875,723 2,195
*,1 Resonant Inc. 682,895 2,192
*,1 ClearSign Technologies Corp. 450,444 2,162
50

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Synchronoss Technologies Inc. 583,936 2,096
* Innodata Inc. 297,534 2,083
* Ondas Holdings Inc. 257,600 2,045
* Intellicheck Inc. 243,410 2,037
*,1 BM Technologies Inc. (XASE) 163,400 2,033
*,1 Vislink Technologies Inc. 707,832 2,017
* Asure Software Inc. 219,744 1,949
* PCTEL Inc. 276,829 1,813
* Computer Task Group Inc. 187,341 1,812
* IEC Electronics Corp. 172,190 1,810
* Amtech Systems Inc. 182,225 1,757
* ServiceSource International Inc. 1,208,512 1,704
* TransAct Technologies Inc. 118,987 1,634
*,1 Boxlight Corp. Class A 665,240 1,603
* PFSweb Inc. 204,650 1,510
* Franklin Wireless Corp. 163,414 1,498
* Usio Inc. 231,552 1,482
*,1 Marin Software Inc. 137,030 1,470
* Paysign Inc. 462,224 1,470
*,1 Verb Technology Co. Inc. 673,664 1,381
*,1 Inuvo Inc. 1,416,973 1,368
*,1 Phunware Inc. 982,326 1,365
* Lantronix Inc. 257,789 1,330
*,1 AudioEye Inc. 78,351 1,316
  Richardson Electronics Ltd. 158,275 1,315
* Mechanical Technology Inc. 171,367 1,285
* Everspin Technologies Inc. 195,210 1,255
* SRAX Inc. Class A 230,219 1,252
*,1 ComSovereign Holding Corp. 536,900 1,246
* GSI Technology Inc. 220,551 1,239
* CPS Technologies Corp. 127,379 1,224
*,1 Exela Technologies Inc. 493,228 1,179
* StarTek Inc. 161,812 1,154
*,1 QuickLogic Corp. 158,547 1,146
* AstroNova Inc. 81,755 1,138
*,1 GTT Communications Inc. 455,031 1,106
* Park City Group Inc. 194,170 1,070
* Steel Connect Inc. 529,960 1,060
*,1 Digital Ally Inc. 570,960 1,028
* Key Tronic Corp. 153,764 1,003
*,1 One Stop Systems Inc. 168,878 978
* Wireless Telecom Group Inc. 233,098 949
*,1 Net Element Inc. 72,997 943
* LightPath Technologies Inc. Class A 371,011 942
* Issuer Direct Corp. 34,425 934
* RealNetworks Inc. 390,673 910
*,1 BSQUARE Corp. 190,526 909
* Data I/O Corp. 131,998 899
* NetSol Technologies Inc. 189,041 890
* Frequency Electronics Inc. 90,022 882
* Alfi Inc. 59,800 880
* Communications Systems Inc. 121,692 874
*,1 Research Frontiers Inc. 363,229 861
* Marqeta Inc. Class A 30,590 859
* Aehr Test Systems 303,162 837
* WidePoint Corp. 113,042 821
*,4 BM Technologies Inc. (Acquired 12/17/20, Cost $961) 66,937 749
  Wayside Technology Group Inc. 28,454 712
*,1 SeaChange International Inc. 549,030 708
* TaskUS Inc. Class A 19,907 682
* Aware Inc. 183,320 680
51

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* RF Industries Ltd. 90,386 674
* LGL Group Inc. 63,393 660
* SentinelOne Inc. Class A 15,424 656
* CSP Inc. 58,291 624
* Clear Secure Inc. Class A 15,428 617
*,1 Sprinklr Inc. Class A 27,502 566
* Qumu Corp. 193,733 558
*,1 MoSys Inc. 88,143 553
*,1 Summit Wireless Technologies Inc. 137,470 551
* TESSCO Technologies Inc. 83,660 514
*,1 NXT-ID Inc. 573,533 510
  Image Sensing Systems Inc. 70,723 481
* GSE Systems Inc. 256,492 459
*,1 Bio-key International Inc. 119,034 452
*,1 VerifyMe Inc. 105,348 445
*,1 Neonode Inc. 70,627 436
*,1 Sonim Technologies Inc. 779,142 435
  SilverSun Technologies Inc. 34,810 424
*,1 Coda Octopus Group Inc. 45,539 396
*,1 Oblong Inc. 116,112 395
* Optical Cable Corp. 101,490 388
* Intapp Inc. 13,714 384
*,1 Socket Mobile Inc. 60,356 371
*,1 Universal Security Instruments Inc. 42,010 353
* Cemtrex Inc. 221,797 335
* Research Solutions Inc. 116,571 333
* Integral Ad Science Holding Corp. 15,426 317
* ClearOne Inc. 114,463 314
* CVD Equipment Corp. 68,981 310
  Network-1 Technologies Inc. 93,241 304
*,1 Bridgeline Digital Inc. 70,744 304
*,1 Kaspien Holdings Inc. 12,368 301
* Zeta Global Holdings Corp. Class A 35,045 294
* Confluent Inc. Class A 6,177 293
* DoubleVerify Holdings Inc. 6,396 271
* Electro-Sensors Inc. 53,093 260
* Evolving Systems Inc. 93,207 227
* TSR Inc. 23,470 225
* ALJ Regional Holdings Inc. 107,333 194
* Trio-Tech International 37,942 191
*,1 American Virtual Cloud Technologies Inc. 29,939 180
* SigmaTron International Inc. 29,937 150
* Flywire Corp. 4,022 148
* Priority Technology Holdings Inc. 19,186 147
* Schmitt Industries Inc. 25,776 142
  BK Technologies Corp. 44,217 139
* Paymentus Holdings Inc. Class A 3,230 115
* Crexendo Inc. 18,695 114
* ADDvantage Technologies Group Inc. 40,013 106
* Red Cat Holdings Inc. 38,709 101
  Bel Fuse Inc. Class A 6,700 96
* Duos Technologies Group Inc. 8,483 87
* Nortech Systems Inc. 9,269 74
* OLB Group Inc. 11,665 64
* Procore Technologies Inc. 648 62
* Alkami Technology Inc. 1,593 57
* Blonder Tongue Laboratories Inc. 16,400 22
*,1,2 SRAX Inc. Rights 74,416 13
* Support.com Inc. 3,100 12
* Rubicon Technology Inc. 561 5
            25,215,184
52

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
Materials (3.68%)
  Crown Holdings Inc. 1,903,809 194,588
  Steel Dynamics Inc. 2,840,992 169,323
  RPM International Inc. 1,833,225 162,570
*,1 Cleveland-Cliffs Inc. 6,460,076 139,279
  Reliance Steel & Aluminum Co. 902,088 136,125
  AptarGroup Inc. 927,038 130,564
* Berry Global Group Inc. 1,898,117 123,795
  Scotts Miracle-Gro Co. 574,015 110,165
  Royal Gold Inc. 925,413 105,590
  Sonoco Products Co. 1,415,265 94,681
  Olin Corp. 2,031,959 93,998
  United States Steel Corp. 3,828,907 91,894
* Alcoa Corp. 2,444,047 90,039
* Axalta Coating Systems Ltd. 2,930,304 89,345
  Louisiana-Pacific Corp. 1,449,119 87,367
  Eagle Materials Inc. 606,234 86,152
  Valvoline Inc. 2,575,145 83,589
  Chemours Co. 2,349,517 81,763
  Huntsman Corp. 2,805,667 74,406
  Element Solutions Inc. 3,088,792 72,216
  Graphic Packaging Holding Co. 3,973,507 72,079
  Ashland Global Holdings Inc. 774,973 67,810
  Avient Corp. 1,275,745 62,716
  Balchem Corp. 462,586 60,719
  W R Grace & Co. 873,621 60,385
* Summit Materials Inc. Class A 1,647,076 57,401
  Hecla Mining Co. 7,531,789 56,036
  Commercial Metals Co. 1,713,801 52,648
  Sensient Technologies Corp. 586,277 50,748
* Arconic Corp. 1,364,520 48,604
  HB Fuller Co. 741,185 47,147
  Silgan Holdings Inc. 1,116,515 46,335
* Ingevity Corp. 561,834 45,711
  Cabot Corp. 788,562 44,893
  Quaker Chemical Corp. 188,830 44,789
* Livent Corp. 2,260,643 43,766
  Westlake Chemical Corp. 482,045 43,427
* Amyris Inc. 2,629,465 43,044
* Domtar Corp. 711,295 39,093
  Minerals Technologies Inc. 481,955 37,915
* Allegheny Technologies Inc. 1,761,822 36,734
* O-I Glass Inc. 2,242,818 36,625
  Stepan Co. 303,574 36,511
  Tronox Holdings plc Class A 1,560,157 34,948
*,1 MP Materials Corp. 936,735 34,528
  NewMarket Corp. 104,706 33,713
  Trinseo SA 551,581 33,007
* Coeur Mining Inc. 3,642,168 32,342
  Innospec Inc. 338,188 30,643
  Worthington Industries Inc. 490,587 30,014
  Compass Minerals International Inc. 486,853 28,851
  Kaiser Aluminum Corp. 227,663 28,114
  Carpenter Technology Corp. 689,200 27,720
  Greif Inc. Class A 457,449 27,699
* Ferro Corp. 1,191,485 25,700
*,1 PureCycle Technologies Inc. 1,047,995 24,785
  Materion Corp. 294,299 22,175
* Danimer Scientific Inc. 882,721 22,112
  Schweitzer-Mauduit International Inc. 463,436 18,714
  Schnitzer Steel Industries Inc. Class A 367,618 18,032
53

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* US Concrete Inc. 229,552 16,941
* GCP Applied Technologies Inc. 692,978 16,119
* Orion Engineered Carbons SA 812,125 15,422
* Kraton Corp. 459,108 14,825
* Ranpak Holdings Corp. Class A 591,359 14,802
  Resolute Forest Products Inc. 1,118,443 13,645
  Warrior Met Coal Inc. 752,065 12,936
  Neenah Inc. 246,220 12,353
  PQ Group Holdings Inc. 752,216 11,554
* Diversey Holdings Ltd. 637,831 11,424
  Myers Industries Inc. 526,640 11,059
* AdvanSix Inc. 364,654 10,889
* Koppers Holdings Inc. 310,217 10,036
  Chase Corp. 97,050 9,958
* Century Aluminum Co. 721,814 9,304
  Hawkins Inc. 277,331 9,083
* Zymergen Inc. 225,647 9,028
  SunCoke Energy Inc. 1,236,101 8,826
  Pactiv Evergreen Inc. 585,199 8,819
  Glatfelter Corp. 597,487 8,347
* TimkenSteel Corp. 556,094 7,869
  Mercer International Inc. 597,351 7,616
  Verso Corp. Class A 419,667 7,428
* Clearwater Paper Corp. 251,747 7,293
* Alpha Metallurgical Resources Inc. 263,839 6,762
* Forterra Inc. 279,071 6,561
  Haynes International Inc. 183,165 6,480
* Rayonier Advanced Materials Inc. 913,698 6,113
* UFP Technologies Inc. 105,705 6,070
*,1 McEwen Mining Inc. 4,291,585 5,922
  American Vanguard Corp. 337,612 5,912
*,1 Gatos Silver Inc. 327,377 5,726
  Tredegar Corp. 364,892 5,025
* Intrepid Potash Inc. 146,628 4,672
  Kronos Worldwide Inc. 311,343 4,458
  United States Lime & Minerals Inc. 29,478 4,100
  Olympic Steel Inc. 136,127 4,001
*,1 Loop Industries Inc. 322,000 3,970
  FutureFuel Corp. 394,467 3,787
* Venator Materials plc 789,121 3,740
* Ryerson Holding Corp. 243,758 3,559
  Gold Resource Corp. 1,103,006 2,846
* Trecora Resources 336,352 2,798
* Marrone Bio Innovations Inc. 1,425,744 2,367
* Advanced Emissions Solutions Inc. 288,024 2,134
* LSB Industries Inc. 325,159 1,967
*,1 Comstock Mining Inc. 480,028 1,742
* Flotek Industries Inc. 946,103 1,637
*,1 Hycroft Mining Holding Corp. 529,322 1,620
  Northern Technologies International Corp. 90,059 1,567
* Core Molding Technologies Inc. 98,285 1,517
* Smith-Midland Corp. 58,500 1,381
*,1 United States Antimony Corp. 1,204,357 1,190
* Universal Stainless & Alloy Products Inc. 114,415 1,152
  Friedman Industries Inc. 79,293 1,063
* Synalloy Corp. 106,210 1,061
* Ampco-Pittsburgh Corp. 159,675 969
*,1 Golden Minerals Co. 1,371,650 843
* AgroFresh Solutions Inc. 396,351 824
* Crown ElectroKinetics Corp. 174,301 737
* US Gold Corp. 48,897 543
54

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
*,1 Solitario Zinc Corp. 788,689 528
* Ramaco Resources Inc. 94,034 517
* Paramount Gold Nevada Corp. 340,306 330
* Ikonics Corp. 4,271 82
*,2 Partners LP CVR 40,838 3
            4,209,534
Other (0.00%)5
*,2 Spirit MTA REIT 653,668 175
*,2 Media General Inc. CVR 1,202,098 47
*,2 Contra Costa County Board of Education CVR 44,870 3
*,2 Biosante Pharmaceutical Inc. CVR 44,795
            225
Real Estate (6.76%)
  Invitation Homes Inc. 8,010,086 298,696
  Sun Communities Inc. 1,590,005 272,527
  VICI Properties Inc. 7,638,937 236,960
  WP Carey Inc. 2,532,989 189,012
  Camden Property Trust 1,380,685 183,175
  Equity LifeStyle Properties Inc. 2,417,854 179,671
  Medical Properties Trust Inc. 8,349,385 167,823
  American Homes 4 Rent Class A 3,885,156 150,938
  VEREIT Inc. 3,260,422 149,751
  Gaming & Leisure Properties Inc. 3,111,107 144,138
* Jones Lang LaSalle Inc. 728,228 142,339
  Americold Realty Trust 3,589,249 135,853
  CubeSmart 2,870,357 132,955
  Lamar Advertising Co. Class A 1,235,161 128,976
  CyrusOne Inc. 1,743,017 124,661
  Omega Healthcare Investors Inc. 3,335,075 121,030
  STORE Capital Corp. 3,460,386 119,418
  Life Storage Inc. 1,098,843 117,961
  National Retail Properties Inc. 2,499,063 117,156
  Rexford Industrial Realty Inc. 1,910,934 108,828
  Apartment Income REIT Corp. 2,226,170 105,587
  Kilroy Realty Corp. 1,508,786 105,072
  First Industrial Realty Trust Inc. 1,860,304 97,164
  Brixmor Property Group Inc. 4,224,033 96,688
  EastGroup Properties Inc. 569,421 93,641
* Redfin Corp. 1,469,781 93,199
  American Campus Communities Inc. 1,955,053 91,340
*,1 Opendoor Technologies Inc. 4,844,443 85,892
  STAG Industrial Inc. 2,285,155 85,533
  CoreSite Realty Corp. 619,020 83,320
  Healthcare Trust of America Inc. Class A 3,114,081 83,146
  Douglas Emmett Inc. 2,347,418 78,920
  SL Green Realty Corp. 985,360 78,829
  Spirit Realty Capital Inc. 1,637,358 78,331
  Cousins Properties Inc. 2,126,836 78,225
  QTS Realty Trust Inc. Class A 971,621 75,106
  Rayonier Inc. 1,958,810 70,380
* Park Hotels & Resorts Inc. 3,340,008 68,838
  Agree Realty Corp. 965,080 68,028
  Highwoods Properties Inc. 1,462,488 66,061
  Innovative Industrial Properties Inc. 338,316 64,625
  Terreno Realty Corp. 978,524 63,134
* Howard Hughes Corp. 640,779 62,450
* Ryman Hospitality Properties Inc. 772,335 60,984
  Healthcare Realty Trust Inc. 1,988,921 60,065
  Hudson Pacific Properties Inc. 2,117,082 58,897
  Physicians Realty Trust 3,069,944 56,702
55

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* EPR Properties 1,055,375 55,597
  Sabra Health Care REIT Inc. 3,004,087 54,674
* DigitalBridge Group Inc. 6,865,752 54,239
  Weingarten Realty Investors 1,689,738 54,190
  Broadstone Net Lease Inc. Class A 2,207,251 51,672
  PotlatchDeltic Corp. 933,584 49,620
  National Storage Affiliates Trust 972,030 49,146
* Outfront Media Inc. 2,043,605 49,108
  JBG SMITH Properties 1,536,949 48,429
  Lexington Realty Trust 3,967,332 47,410
  Equity Commonwealth 1,704,821 44,666
  Essential Properties Realty Trust Inc. 1,647,179 44,540
  Apple Hospitality REIT Inc. 2,908,311 44,381
  Corporate Office Properties Trust 1,563,057 43,750
  National Health Investors Inc. 650,681 43,628
  Pebblebrook Hotel Trust 1,823,677 42,948
  Macerich Co. 2,348,602 42,862
  PS Business Parks Inc. 285,331 42,252
* Sunstone Hotel Investors Inc. 2,992,536 37,167
  SITE Centers Corp. 2,388,367 35,969
  Uniti Group Inc. 3,329,715 35,262
  Kennedy-Wilson Holdings Inc. 1,755,854 34,889
  RLJ Lodging Trust 2,285,238 34,804
  Retail Properties of America Inc. Class A 2,968,363 33,988
  Brandywine Realty Trust 2,396,837 32,861
  Piedmont Office Realty Trust Inc. Class A 1,769,637 32,685
  CareTrust REIT Inc. 1,390,570 32,303
* eXp World Holdings Inc. 813,745 31,549
  Retail Opportunity Investments Corp. 1,715,075 30,288
  Four Corners Property Trust Inc. 1,093,274 30,185
* Realogy Holdings Corp. 1,655,030 30,155
  Service Properties Trust 2,354,409 29,666
* Xenia Hotels & Resorts Inc. 1,573,355 29,469
  Urban Edge Properties 1,516,473 28,965
  Newmark Group Inc. Class A 2,343,828 28,149
* DiamondRock Hospitality Co. 2,892,956 28,062
  Columbia Property Trust Inc. 1,580,887 27,492
* Cushman & Wakefield plc 1,567,026 27,376
  Acadia Realty Trust 1,240,369 27,239
  Washington REIT 1,178,600 27,108
  Independence Realty Trust Inc. 1,477,761 26,940
  Tanger Factory Outlet Centers Inc. 1,426,279 26,885
  American Assets Trust Inc. 720,463 26,866
  Monmouth Real Estate Investment Corp. 1,414,488 26,479
  Kite Realty Group Trust 1,166,575 25,676
  Easterly Government Properties Inc. 1,191,036 25,107
  Global Net Lease Inc. 1,357,056 25,106
  Industrial Logistics Properties Trust 944,119 24,679
  Empire State Realty Trust Inc. Class A 2,030,663 24,368
  Paramount Group Inc. 2,394,162 24,109
  iStar Inc. 1,070,018 22,181
  LTC Properties Inc. 543,627 20,870
  St. Joe Co. 451,752 20,153
  Mack-Cali Realty Corp. 1,174,644 20,145
  Office Properties Income Trust 658,780 19,309
  Alexander & Baldwin Inc. 1,048,362 19,206
  NexPoint Residential Trust Inc. 314,428 17,287
  Safehold Inc. 208,718 16,384
  Getty Realty Corp. 513,420 15,993
  RPT Realty 1,192,268 15,476
  Community Healthcare Trust Inc. 314,832 14,942
56

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Summit Hotel Properties Inc. 1,530,253 14,277
  Diversified Healthcare Trust 3,374,826 14,107
  Apartment Investment & Management Co. Class A 2,098,504 14,081
* Marcus & Millichap Inc. 358,305 13,927
  Centerspace 173,669 13,702
  American Finance Trust Inc. Class A 1,563,375 13,257
  UMH Properties Inc. 582,245 12,705
1 GEO Group Inc. 1,725,912 12,288
  Armada Hoffler Properties Inc. 894,389 11,886
  Global Medical REIT Inc. 789,130 11,648
  Gladstone Commercial Corp. 499,126 11,260
  Universal Health Realty Income Trust 174,624 10,748
  New Senior Investment Group Inc. 1,179,220 10,354
* Seritage Growth Properties Class A 542,635 9,984
*,1 Ashford Hospitality Trust Inc. 2,167,885 9,886
  Urstadt Biddle Properties Inc. Class A 483,474 9,370
  RE/MAX Holdings Inc. Class A 278,801 9,292
  Gladstone Land Corp. 373,571 8,988
* Chatham Lodging Trust 697,356 8,975
  Plymouth Industrial REIT Inc. 445,075 8,910
  RMR Group Inc. Class A 227,240 8,781
  Saul Centers Inc. 192,280 8,739
  NETSTREIT Corp. 377,007 8,694
  Alexander's Inc. 31,209 8,362
  City Office REIT Inc. 650,310 8,083
* Rafael Holdings Inc. Class B 151,886 7,754
  CatchMark Timber Trust Inc. Class A 656,570 7,682
  Franklin Street Properties Corp. 1,388,925 7,306
  Preferred Apartment Communities Inc. Class A 722,674 7,046
  One Liberty Properties Inc. 238,162 6,761
* CorePoint Lodging Inc. 574,074 6,143
* Hersha Hospitality Trust Class A 552,656 5,947
* FRP Holdings Inc. 97,165 5,410
* Forestar Group Inc. 255,427 5,341
  Retail Value Inc. 242,780 5,280
  CTO Realty Growth Inc. 95,171 5,094
* Tejon Ranch Co. 327,577 4,982
  Farmland Partners Inc. 407,561 4,911
  Indus Realty Trust Inc. 74,573 4,896
* Braemar Hotels & Resorts Inc. 698,188 4,336
  Whitestone REIT 508,665 4,196
  Bluerock Residential Growth REIT Inc. Class A 385,120 3,917
  Postal Realty Trust Inc. Class A 211,996 3,867
  Cedar Realty Trust Inc. 181,763 3,061
  BRT Apartments Corp. 160,894 2,790
*,1 Pennsylvania REIT 923,550 2,300
  Alpine Income Property Trust Inc. 117,243 2,230
*,1 Stratus Properties Inc. 87,488 2,158
1 New York City REIT Inc. Class A 153,517 2,011
*,1 Fathom Holdings Inc. 54,236 1,778
1 CorEnergy Infrastructure Trust Inc. 235,189 1,557
  Clipper Realty Inc. 196,786 1,446
* Altisource Portfolio Solutions SA 136,542 1,214
* Maui Land & Pineapple Co. Inc. 87,932 944
1 CIM Commercial Trust Corp. 90,052 806
* Transcontinental Realty Investors Inc. 22,564 762
* Wheeler REIT Inc. 148,244 750
* Sotherly Hotels Inc. 219,143 657
* Trinity Place Holdings Inc. 293,741 620
* Power REIT 14,432 580
* Condor Hospitality Trust Inc. 70,224 426
57

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Global Self Storage Inc. 80,071 417
1 InnSuites Hospitality Trust 51,296 345
* InterGroup Corp. 6,800 305
* Compass Inc. Class A 16,022 211
*,1 Alset EHome International Inc. Class A 33,825 192
* JW Mays Inc. 4,600 142
* Medalist Diversified REIT Inc. 70,942 96
* American Realty Investors Inc. 8,298 77
* Altisource Asset Management Corp. 2,631 50
* HMG/Courtland Properties Inc. 1,000 16
* CKX Lands Inc. 1,000 12
*,1 CIM Commercial Trust Corp. Rights 213,355
            7,740,055
Utilities (1.77%)
* PG&E Corp. 21,015,762 213,730
  Essential Utilities Inc. 3,187,749 145,680
  UGI Corp. 2,948,015 136,523
  Vistra Corp. 6,461,744 119,865
  OGE Energy Corp. 2,832,467 95,312
  MDU Resources Group Inc. 2,855,093 89,479
  IDACORP Inc. 718,773 70,080
  National Fuel Gas Co. 1,268,865 66,298
  Hawaiian Electric Industries Inc. 1,557,018 65,831
  Black Hills Corp. 893,785 58,659
  PNM Resources Inc. 1,202,685 58,655
  Portland General Electric Co. 1,252,680 57,723
  ONE Gas Inc. 739,164 54,787
  Southwest Gas Holdings Inc. 810,698 53,660
  New Jersey Resources Corp. 1,340,478 53,043
  Spire Inc. 722,817 52,238
  ALLETE Inc. 744,710 52,115
  Avangrid Inc. 993,110 51,076
  Ormat Technologies Inc. 640,398 44,527
  NorthWestern Corp. 724,495 43,629
  American States Water Co. 522,678 41,584
  Avista Corp. 959,962 40,962
  South Jersey Industries Inc. 1,572,369 40,771
  California Water Service Group 716,169 39,776
  MGE Energy Inc. 505,759 37,649
* Sunnova Energy International Inc. 901,105 33,936
  Clearway Energy Inc. Class C 1,204,139 31,886
  Chesapeake Utilities Corp. 251,544 30,268
  Otter Tail Corp. 583,969 28,503
  SJW Group 381,952 24,178
  Northwest Natural Holding Co. 421,657 22,145
  Middlesex Water Co. 239,004 19,534
  Unitil Corp. 219,845 11,645
  York Water Co. 191,787 8,688
  Clearway Energy Inc. Class A 314,697 7,937
*,1 Cadiz Inc. 486,617 6,618
* Pure Cycle Corp. 358,164 4,950
  Artesian Resources Corp. Class A 116,927 4,299
  RGC Resources Inc. 89,040 2,245
1 Spark Energy Inc. Class A 198,114 2,245
  Global Water Resources Inc. 125,187 2,138
  Genie Energy Ltd. Class B 286,048 1,808
            2,026,675
Total Common Stocks (Cost $70,199,705) 113,264,258
58

Vanguard® Extended Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
Preferred Stocks (0.00%)
1 FAT Brands Inc. Pfd., 8.250%, 8/6/21 7,939 173
  Air T Funding Pfd., 8.000%, 6/7/24 704 17
Total Preferred Stocks (Cost $143) 190
      Coupon      
Temporary Cash Investments (3.07%)
Money Market Fund (3.07%)
6,7 Vanguard Market Liquidity Fund
(Cost $3,510,384)
0.056%   35,106,450 3,510,645
Total Investments (102.02%) (Cost $73,710,232)   116,775,093
Other Assets and Liabilities—Net (-2.02%)   (2,307,311)
Net Assets (100%)   114,467,782
Cost is in $000.
* Non-income-producing security.
1 Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $2,373,517,000.
2 Security value determined using significant unobservable inputs.
3 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2021, the aggregate value was $45,527,000, representing 0.0% of net assets.
4 Restricted securities totaling $749,000, representing 0.0% of net assets.
5 “Other” represents securities that are not classified by the fund’s benchmark index.
6 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
7 Collateral of $2,526,378,000 was received for securities on loan, of which $2,486,865,000 is held in Vanguard Market Liquidity Fund and $39,513,000 is held in cash.
  CVR—Contingent Value Rights.
  REIT—Real Estate Investment Trust.
59

© 2021 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SNA982 082021

 

 

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
Common Stocks (99.52%)
Basic Materials (2.01%)
  Linde plc 14,686,456 4,245,854
  Air Products and Chemicals Inc. 6,250,874 1,798,251
  Freeport-McMoRan Inc. 41,398,649 1,536,304
  Ecolab Inc. 7,267,697 1,496,928
  Newmont Corp. 22,627,672 1,434,142
  Dow Inc. 21,052,825 1,332,223
  International Flavors & Fragrances Inc. 7,031,608 1,050,522
  Fastenal Co. 16,221,837 843,536
  Nucor Corp. 8,452,897 810,886
  LyondellBasell Industries NV Class A 7,556,879 777,376
  International Paper Co. 11,072,420 678,850
  Albemarle Corp. 3,297,648 555,522
  Avery Dennison Corp. 2,345,738 493,168
  Celanese Corp. 3,180,980 482,237
  Eastman Chemical Co. 3,855,687 450,151
  FMC Corp. 3,639,621 393,807
  Steel Dynamics Inc. 5,666,972 337,752
  CF Industries Holdings Inc. 6,061,698 311,874
  Mosaic Co. 9,658,934 308,217
*,1 Cleveland-Cliffs Inc. 12,700,376 273,820
  Reliance Steel & Aluminum Co. 1,797,642 271,264
  Scotts Miracle-Gro Co. 1,101,728 211,444
  Royal Gold Inc. 1,852,015 211,315
  Olin Corp. 4,050,682 187,385
* Alcoa Corp. 4,887,484 180,055
  Valvoline Inc. 5,115,982 166,065
1 United States Steel Corp. 6,849,768 164,394
  Chemours Co. 4,679,928 162,861
  Timken Co. 1,933,609 155,830
  Ashland Global Holdings Inc. 1,714,886 150,053
  Huntsman Corp. 5,639,147 149,550
* Hexcel Corp. 2,364,562 147,549
* RBC Bearings Inc. 711,783 141,944
  Element Solutions Inc. 5,934,511 138,749
  W R Grace & Co. 1,873,229 129,478
  Avient Corp. 2,591,606 127,403
  UFP Industries Inc. 1,656,676 123,157
  Balchem Corp. 915,785 120,206
* Univar Solutions Inc. 4,813,277 117,348
  Hecla Mining Co. 15,135,365 112,607
  Commercial Metals Co. 3,409,274 104,733
  Sensient Technologies Corp. 1,193,306 103,293
* Arconic Corp. 2,795,205 99,565
* Ingevity Corp. 1,133,758 92,243
  Cabot Corp. 1,607,716 91,527
  Quaker Chemical Corp. 379,389 89,987
* Amyris Inc. 5,351,453 87,603
* Livent Corp. 4,515,127 87,413
*,1 MP Materials Corp. 2,313,214 85,265
  Westlake Chemical Corp. 902,956 81,347
  NewMarket Corp. 246,790 79,461
* Domtar Corp. 1,423,198 78,219
  Minerals Technologies Inc. 959,813 75,508
  Stepan Co. 604,099 72,655
  Tronox Holdings plc Class A 3,231,958 72,396
  Mueller Industries Inc. 1,535,264 66,492
  GrafTech International Ltd. 5,657,377 65,739
1

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Boise Cascade Co. 1,115,567 65,093
  Innospec Inc. 693,642 62,851
  Worthington Industries Inc. 962,095 58,861
* Coeur Mining Inc. 6,502,079 57,738
  Compass Minerals International Inc. 967,222 57,318
  Carpenter Technology Corp. 1,367,924 55,018
  Kaiser Aluminum Corp. 444,945 54,946
  Materion Corp. 579,760 43,685
  Schweitzer-Mauduit International Inc. 875,359 35,347
* GCP Applied Technologies Inc. 1,462,469 34,017
  Schnitzer Steel Industries Inc. Class A 682,486 33,476
* Kraton Corp. 854,618 27,596
*,1 Energy Fuels Inc. 4,042,519 24,457
  Neenah Inc. 469,944 23,577
  PQ Group Holdings Inc. 1,507,543 23,156
* US Silica Holdings Inc. 1,990,676 23,012
* AdvanSix Inc. 770,146 22,997
*,1 Zymergen Inc. 564,247 22,576
* Koppers Holdings Inc. 586,622 18,977
  Hawkins Inc. 547,476 17,930
* Century Aluminum Co. 1,381,682 17,810
  Glatfelter Corp. 1,245,051 17,393
*,1 Uranium Energy Corp. 6,231,638 16,576
  Resolute Forest Products Inc. 1,348,495 16,452
*,1 Gatos Silver Inc. 920,017 16,091
* TimkenSteel Corp. 1,089,498 15,416
  Verso Corp. Class A 777,751 13,766
  American Vanguard Corp. 752,309 13,173
*,1 Meta Materials Inc. 1,745,203 13,072
* Clearwater Paper Corp. 442,264 12,812
  Haynes International Inc. 345,682 12,230
  Omega Flex Inc. 81,817 12,003
  Tredegar Corp. 828,913 11,414
* Unifi Inc. 455,043 11,085
* Rayonier Advanced Materials Inc. 1,619,718 10,836
* Intrepid Potash Inc. 282,908 9,013
* NN Inc. 1,111,750 8,171
* Northwest Pipe Co. 286,170 8,084
  Olympic Steel Inc. 266,097 7,821
*,1 Ur-Energy Inc. 5,132,158 7,185
  FutureFuel Corp. 739,186 7,096
* Ryerson Holding Corp. 434,133 6,338
  Eastern Co. 201,875 6,123
  Culp Inc. 354,635 5,781
  Gold Resource Corp. 2,124,067 5,480
* Marrone Bio Innovations Inc. 2,723,634 4,521
  Northern Technologies International Corp. 240,001 4,176
* LSB Industries Inc. 684,091 4,139
*,1 Westwater Resources Inc. 844,700 4,021
*,2 Meta Materials Inc. Series A Class A 3,488,956 3,768
*,1 Comstock Mining Inc. 953,420 3,461
*,1 CPS Technologies Corp. 336,065 3,230
*,1 Hycroft Mining Holding Corp. 985,459 3,015
* Universal Stainless & Alloy Products Inc. 278,310 2,803
*,3 Perma-Pipe International Holdings Inc. 416,232 2,772
*,1 Golden Minerals Co. 4,466,858 2,744
*,1 United States Antimony Corp. 2,761,481 2,728
  Friedman Industries Inc. 185,803 2,490
* Synalloy Corp. 239,817 2,396
* US Gold Corp. 200,942 2,232
* Ampco-Pittsburgh Corp. 357,448 2,170
2

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
*,1 AgroFresh Solutions Inc. 635,137 1,321
  United-Guardian Inc. 72,972 1,094
* Yield10 Bioscience Inc. 75,885 647
* Flexible Solutions International Inc. 151,258 591
*,1 Solitario Zinc Corp. 522,011 350
  Chicago Rivet & Machine Co. 11,238 291
* Paramount Gold Nevada Corp. 153,359 149
* Hycroft Mining Holding Corp. Warrants Exp. 10/06/2025 155,000 130
*,2 Partners LP CVR 61,021 4
            25,312,615
Consumer Discretionary (15.89%)
* Amazon.com Inc. 12,108,357 41,654,685
* Tesla Inc. 21,768,378 14,795,967
  Home Depot Inc. 30,031,686 9,576,804
* Walt Disney Co. 51,321,242 9,020,735
* Netflix Inc. 12,524,850 6,615,751
  Walmart Inc. 39,729,664 5,602,677
  NIKE Inc. Class B 36,012,739 5,563,608
  Costco Wholesale Corp. 12,499,201 4,945,559
  McDonald's Corp. 21,075,098 4,868,137
  Lowe's Cos. Inc. 20,195,166 3,917,256
  Starbucks Corp. 33,281,400 3,721,193
  Target Corp. 14,012,637 3,387,415
* Booking Holdings Inc. 1,159,631 2,537,377
* General Motors Co. 36,879,260 2,182,146
  TJX Cos. Inc. 32,359,231 2,181,659
  Activision Blizzard Inc. 21,951,547 2,095,056
  Estee Lauder Cos. Inc. Class A 6,219,514 1,978,303
* Uber Technologies Inc. 36,996,445 1,854,262
* Ford Motor Co. 110,754,941 1,645,818
  Dollar General Corp. 6,758,521 1,462,476
  eBay Inc. 18,284,233 1,283,736
  Ross Stores Inc. 10,072,844 1,249,033
* Chipotle Mexican Grill Inc. 795,267 1,232,934
* Lululemon Athletica Inc. 3,358,129 1,225,616
* Aptiv plc 7,641,506 1,202,238
  Electronic Arts Inc. 8,086,589 1,163,094
* O'Reilly Automotive Inc. 1,970,586 1,115,765
* Marriott International Inc. Class A 7,359,139 1,004,670
  Yum! Brands Inc. 8,414,313 967,898
* Hilton Worldwide Holdings Inc. 7,868,387 949,085
*,1 Trade Desk Inc. Class A 12,175,372 941,887
* AutoZone Inc. 622,603 929,061
* Peloton Interactive Inc. Class A 7,210,482 894,244
* Southwest Airlines Co. 16,704,809 886,858
  DR Horton Inc. 9,168,678 828,573
* Copart Inc. 6,016,624 793,172
*,1 AMC Entertainment Holdings Inc. Class A 13,932,885 789,716
* Delta Air Lines Inc. 18,085,393 782,374
  VF Corp. 9,387,188 770,125
  ViacomCBS Inc. Class B 16,557,277 748,389
  Lennar Corp. Class A 7,518,417 746,955
* Etsy Inc. 3,588,844 738,728
  Best Buy Co. Inc. 6,366,566 732,028
* Carvana Co. 2,286,566 690,131
* Wayfair Inc. Class A 2,083,722 657,852
* Dollar Tree Inc. 6,610,547 657,749
* ROBLOX Corp. Class A 7,289,015 655,866
* Expedia Group Inc. 3,991,171 653,395
  Garmin Ltd. 4,341,766 627,993
* Airbnb Inc. Class A 4,090,795 626,464
3

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Las Vegas Sands Corp. 11,847,766 624,259
* Carnival Corp. 23,381,064 616,325
  Tractor Supply Co. 3,256,462 605,897
* Burlington Stores Inc. 1,880,003 605,342
* CarMax Inc. 4,609,776 595,353
* Caesars Entertainment Inc. 5,601,657 581,172
* Take-Two Interactive Software Inc. 3,269,030 578,684
* Ulta Beauty Inc. 1,562,200 540,162
  Darden Restaurants Inc. 3,697,081 539,737
* Royal Caribbean Cruises Ltd. 6,114,537 521,448
  Genuine Parts Co. 4,082,048 516,257
  Domino's Pizza Inc. 1,096,773 511,634
  MGM Resorts International 11,759,266 501,533
  Pool Corp. 1,076,447 493,723
  Omnicom Group Inc. 6,077,658 486,152
* NVR Inc. 97,599 485,389
* United Airlines Holdings Inc. 9,109,188 476,319
  L Brands Inc. 6,303,962 454,263
* Lyft Inc. Class A 7,246,975 438,297
* DraftKings Inc. Class A 7,925,265 413,461
  Whirlpool Corp. 1,769,528 385,792
  PulteGroup Inc. 7,059,361 385,229
* American Airlines Group Inc. 18,128,242 384,500
  Advance Auto Parts Inc. 1,848,724 379,247
  Interpublic Group of Cos. Inc. 11,118,348 361,235
* Vail Resorts Inc. 1,137,472 360,033
* Wynn Resorts Ltd. 2,941,294 359,720
*,1 GameStop Corp. Class A 1,678,232 359,377
* LKQ Corp. 7,256,465 357,163
* Live Nation Entertainment Inc. 4,017,646 351,906
  Hasbro Inc. 3,692,458 349,011
* Tapestry Inc. 7,884,682 342,826
  News Corp. Class A 13,295,848 342,634
  Williams-Sonoma Inc. 2,127,307 339,625
  Fox Corp. Class A 8,894,690 330,260
  BorgWarner Inc. 6,778,676 329,037
* RH 473,814 321,720
* Chegg Inc. 3,814,258 317,003
* Floor & Decor Holdings Inc. Class A 2,955,615 312,408
* Zynga Inc. Class A 29,203,729 310,436
* Norwegian Cruise Line Holdings Ltd. 10,438,959 307,010
* Five Below Inc. 1,582,834 305,914
* Deckers Outdoor Corp. 796,482 305,905
  Lear Corp. 1,699,322 297,857
  Newell Brands Inc. 10,814,062 297,062
  Lithia Motors Inc. Class A 840,866 288,955
  Aramark 7,202,440 268,291
  Gap Inc. 7,946,064 267,385
* Discovery Inc. Class C 8,755,975 253,748
* Bright Horizons Family Solutions Inc. 1,724,586 253,704
* Liberty Media Corp.-Liberty Formula One Class C 5,247,450 252,980
  Nielsen Holdings plc 10,131,298 249,939
* Penn National Gaming Inc. 3,217,318 246,093
  Kohl's Corp. 4,452,995 245,405
* Capri Holdings Ltd. 4,278,737 244,701
  Service Corp. International 4,513,481 241,877
  Gentex Corp. 6,821,223 225,714
  Polaris Inc. 1,645,216 225,329
  Tempur Sealy International Inc. 5,544,623 217,294
* PVH Corp. 2,015,824 216,882
  Rollins Inc. 6,259,625 214,079
4

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* SiteOne Landscape Supply Inc. 1,255,707 212,541
* Alaska Air Group Inc. 3,520,763 212,337
* IAA Inc. 3,809,964 207,795
* Crocs Inc. 1,752,351 204,184
* YETI Holdings Inc. 2,220,185 203,857
* Liberty Media Corp.-Liberty SiriusXM Class C 4,340,022 201,334
* Scientific Games Corp. 2,576,240 199,504
  Harley-Davidson Inc. 4,342,210 198,960
* Mattel Inc. 9,863,970 198,266
  Churchill Downs Inc. 980,023 194,299
  Wyndham Hotels & Resorts Inc. 2,638,849 190,762
  Toll Brothers Inc. 3,288,117 190,086
* Skechers USA Inc. Class A 3,794,827 189,096
  Leggett & Platt Inc. 3,578,076 185,380
* BJ's Wholesale Club Holdings Inc. 3,881,375 184,676
* Fox Factory Holding Corp. 1,186,213 184,646
  Hanesbrands Inc. 9,874,844 184,363
* AutoNation Inc. 1,933,664 183,331
* Marriott Vacations Worldwide Corp. 1,146,462 182,631
  Texas Roadhouse Inc. Class A 1,874,000 180,279
  Foot Locker Inc. 2,920,282 179,977
* Planet Fitness Inc. Class A 2,352,762 177,045
  New York Times Co. Class A 4,009,577 174,617
* Terminix Global Holdings Inc. 3,632,729 173,317
  Nexstar Media Group Inc. Class A 1,149,908 170,048
  Thor Industries Inc. 1,486,560 167,981
  Dick's Sporting Goods Inc. 1,668,101 167,127
* Macy's Inc. 8,813,772 167,109
*,1 Chewy Inc. Class A 2,072,055 165,163
  Fox Corp. Class B 4,661,536 164,086
1 American Eagle Outfitters Inc. 4,252,622 159,601
* Helen of Troy Ltd. 691,227 157,683
  Ralph Lauren Corp. 1,288,142 151,756
1 Sirius XM Holdings Inc. 23,152,530 151,418
* JetBlue Airways Corp. 8,947,487 150,139
* Ollie's Bargain Outlet Holdings Inc. 1,754,292 147,589
  AMERCO 249,287 146,930
  Travel + Leisure Co. 2,436,880 144,873
*,1 Discovery Inc. Class A 4,615,636 141,608
* Boyd Gaming Corp. 2,223,202 136,705
* Goodyear Tire & Rubber Co. 7,894,912 135,398
  Qurate Retail Inc. Class A 10,193,219 133,429
  Wingstop Inc. 839,641 132,353
*,1 Luminar Technologies Inc. Class A 5,875,678 128,971
* Sonos Inc. 3,514,436 123,814
  Choice Hotels International Inc. 1,023,625 121,668
  Carter's Inc. 1,179,046 121,642
* frontdoor Inc. 2,423,474 120,737
  H&R Block Inc. 5,137,365 120,625
* National Vision Holdings Inc. 2,310,504 118,136
* Grand Canyon Education Inc. 1,310,859 117,938
  Wendy's Co. 5,009,268 117,317
  TEGNA Inc. 6,231,032 116,894
* Nordstrom Inc. 3,154,431 115,358
* Callaway Golf Co. 3,379,902 114,004
* Signet Jewelers Ltd. 1,402,095 113,275
* TripAdvisor Inc. 2,800,609 112,865
* Shake Shack Inc. Class A 1,054,535 112,856
* Sabre Corp. 9,011,810 112,467
* Stitch Fix Inc. Class A 1,828,486 110,258
* Under Armour Inc. Class C 5,889,040 109,359
5

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Under Armour Inc. Class A 5,111,785 108,114
* Avis Budget Group Inc. 1,382,871 107,712
*,1 QuantumScape Corp. Class A 3,668,955 107,354
* Overstock.com Inc. 1,156,240 106,605
* Cardlytics Inc. 834,861 105,969
* LGI Homes Inc. 634,030 102,675
  KB Home 2,485,221 101,198
* Hilton Grand Vacations Inc. 2,414,669 99,943
  Cracker Barrel Old Country Store Inc. 670,444 99,534
* Stamps.com Inc. 491,846 98,512
  Dana Inc. 4,114,255 97,755
  Murphy USA Inc. 723,979 96,557
* Visteon Corp. 792,851 95,887
* Meritage Homes Corp. 1,018,348 95,806
* Bed Bath & Beyond Inc. 2,876,326 95,753
  Warner Music Group Corp. Class A 2,634,179 94,936
  Rent-A-Center Inc. 1,773,550 94,122
* Asbury Automotive Group Inc. 548,310 93,964
* Spirit Airlines Inc. 3,043,051 92,630
  PROG Holdings Inc. 1,920,364 92,427
  Steven Madden Ltd. 2,112,035 92,423
  Columbia Sportswear Co. 939,060 92,366
  Papa John's International Inc. 879,469 91,852
* Liberty Media Corp.-Liberty SiriusXM Class A 1,964,664 91,514
* Taylor Morrison Home Corp. Class A 3,463,551 91,507
* Madison Square Garden Sports Corp. 527,991 91,115
  LCI Industries 678,091 89,115
* Six Flags Entertainment Corp. 2,056,121 88,989
* Leslie's Inc. 3,190,709 87,713
* Hyatt Hotels Corp. Class A 1,109,223 86,120
*,1 2U Inc. 2,001,367 83,397
* Allegiant Travel Co. 429,444 83,312
  Kontoor Brands Inc. 1,463,418 82,551
* Abercrombie & Fitch Co. Class A 1,747,736 81,147
* Coty Inc. Class A 8,645,088 80,745
  MDC Holdings Inc. 1,592,079 80,559
* Dorman Products Inc. 775,912 80,439
* Brinker International Inc. 1,293,946 80,031
*,1 Fisker Inc. 4,138,097 79,782
  Herman Miller Inc. 1,674,555 78,939
  Wolverine World Wide Inc. 2,327,830 78,308
* Red Rock Resorts Inc. Class A 1,808,637 76,867
* Skyline Champion Corp. 1,440,504 76,779
* iHeartMedia Inc. Class A 2,850,888 76,774
* Academy Sports & Outdoors Inc. 1,851,400 76,352
* Vista Outdoor Inc. 1,636,567 75,740
  Group 1 Automotive Inc. 488,638 75,460
  World Wrestling Entertainment Inc. Class A 1,283,435 74,298
* iRobot Corp. 793,651 74,119
* Sleep Number Corp. 658,212 72,370
* SeaWorld Entertainment Inc. 1,448,114 72,319
* Cheesecake Factory Inc. 1,332,905 72,217
* Tri Pointe Homes Inc. 3,345,675 71,698
  John Wiley & Sons Inc. Class A 1,188,418 71,519
* Sally Beauty Holdings Inc. 3,204,627 70,726
* Revolve Group Inc. Class A 1,008,625 69,494
  Graham Holdings Co. Class B 108,647 68,871
* Boot Barn Holdings Inc. 818,916 68,830
* Urban Outfitters Inc. 1,666,580 68,696
  Penske Automotive Group Inc. 907,565 68,512
*,1 Coursera Inc. 1,721,903 68,118
6

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* At Home Group Inc. 1,843,775 67,925
* Bloomin' Brands Inc. 2,501,235 67,884
* ODP Corp. 1,393,688 66,911
* Selectquote Inc. 3,468,610 66,805
  Jack in the Box Inc. 599,342 66,791
  Big Lots Inc. 994,278 65,632
* Gentherm Inc. 915,963 65,079
  Lennar Corp. Class B 792,001 64,508
*,1 Cinemark Holdings Inc. 2,856,019 62,690
* KAR Auction Services Inc. 3,531,732 61,982
* Everi Holdings Inc. 2,478,277 61,808
  Winnebago Industries Inc. 907,988 61,707
  Levi Strauss & Co. Class A 2,209,438 61,246
* SkyWest Inc. 1,421,163 61,209
  PriceSmart Inc. 659,203 59,994
  Rush Enterprises Inc. Class A 1,353,390 58,521
  Monro Inc. 908,236 57,682
* Lions Gate Entertainment Corp. Class B 3,124,622 57,181
  Century Communities Inc. 846,197 56,306
  Gray Television Inc. 2,378,226 55,650
* Cavco Industries Inc. 243,741 54,157
* WW International Inc. 1,468,753 53,081
  Strategic Education Inc. 696,178 52,951
* AMC Networks Inc. Class A 779,555 52,074
  HNI Corp. 1,177,645 51,781
* Knowles Corp. 2,583,317 50,995
*,1 Petco Health & Wellness Co. Inc. Class A 2,250,800 50,440
  Smith & Wesson Brands Inc. 1,437,007 49,864
* Dave & Buster's Entertainment Inc. 1,213,874 49,283
* M/I Homes Inc. 830,727 48,739
  La-Z-Boy Inc. 1,314,873 48,703
  Camping World Holdings Inc. Class A 1,161,011 47,590
* Meredith Corp. 1,094,125 47,529
* Adtalem Global Education Inc. 1,330,964 47,436
  Acushnet Holdings Corp. 938,240 46,349
  Sinclair Broadcast Group Inc. Class A 1,376,232 45,718
* Central Garden & Pet Co. Class A 930,706 44,953
  Sturm Ruger & Co. Inc. 496,980 44,718
* Tenneco Inc. Class A 2,307,630 44,583
  Oxford Industries Inc. 449,444 44,423
* Madison Square Garden Entertainment Corp. 528,572 44,384
* Malibu Boats Inc. Class A 582,960 42,748
* Purple Innovation Inc. Class A 1,598,400 42,214
* Laureate Education Inc. Class A 2,901,622 42,103
  Buckle Inc. 833,518 41,468
*,1 Blink Charging Co. 1,006,872 41,453
* Hibbett Inc. 457,514 41,007
* Dine Brands Global Inc. 456,815 40,771
* Liberty Media Corp.-Liberty Formula One Class A 940,855 40,109
*,1 Canoo Inc. 4,014,558 39,905
* Houghton Mifflin Harcourt Co. 3,576,440 39,484
* GoPro Inc. Class A 3,360,923 39,155
* XPEL Inc. 466,253 39,105
* G-III Apparel Group Ltd. 1,168,642 38,402
  Knoll Inc. 1,432,904 37,241
*,1 Clean Energy Fuels Corp. 3,656,758 37,116
* Children's Place Inc. 396,128 36,864
* Stride Inc. 1,117,437 35,903
*,1 Lordstown Motors Corp. 3,234,332 35,772
* elf Beauty Inc. 1,302,170 35,341
* RealReal Inc. 1,776,196 35,098
7

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Inter Parfums Inc. 485,059 34,924
* Lions Gate Entertainment Corp. Class A 1,649,184 34,138
  Steelcase Inc. Class A 2,234,753 33,767
* Hawaiian Holdings Inc. 1,355,554 33,035
*,1 Figs Inc. Class A 652,673 32,699
* American Axle & Manufacturing Holdings Inc. 3,088,081 31,962
1 Dillard's Inc. Class A 176,209 31,873
  EW Scripps Co. Class A 1,554,570 31,698
* Tupperware Brands Corp. 1,321,895 31,395
*,1 Vuzix Corp. 1,704,770 31,283
  Aaron's Co. Inc. 969,598 31,017
  Matthews International Corp. Class A 861,228 30,970
* BJ's Restaurants Inc. 618,185 30,378
* MarineMax Inc. 622,719 30,351
* Zumiez Inc. 603,440 29,563
* Designer Brands Inc. Class A 1,760,538 29,137
* Driven Brands Holdings Inc. 940,025 29,066
* Lovesac Co. 362,873 28,954
  Guess? Inc. 1,087,126 28,700
  Caleres Inc. 1,035,189 28,250
  Franchise Group Inc. 797,768 28,137
*,1 ContextLogic Inc. Class A 2,135,066 28,119
* Denny's Corp. 1,697,501 27,992
* Liberty Media Corp.-Liberty Braves Class C 987,343 27,419
* Angi Inc. Class A 1,984,177 26,826
* Viad Corp. 537,765 26,808
  Sonic Automotive Inc. Class A 594,911 26,616
* Clear Channel Outdoor Holdings Inc. 10,053,800 26,542
* Party City Holdco Inc. 2,816,945 26,282
*,1 XL Fleet Corp. 3,137,573 26,136
* Cars.com Inc. 1,818,461 26,059
* Bally's Corp. 481,535 26,056
*,1 Corsair Gaming Inc. 779,672 25,955
* Genesco Inc. 406,708 25,899
* QuinStreet Inc. 1,349,340 25,071
  Interface Inc. Class A 1,633,950 24,999
* 1-800-Flowers.com Inc. Class A 770,904 24,569
* Monarch Casino & Resort Inc. 364,215 24,100
  News Corp. Class B 983,114 23,939
* America's Car-Mart Inc. 166,563 23,605
* Golden Entertainment Inc. 525,379 23,537
* Central Garden & Pet Co. 444,224 23,513
* Quotient Technology Inc. 2,128,905 23,013
* Arko Corp. 2,479,596 22,787
  Standard Motor Products Inc. 524,648 22,743
* Perdoceo Education Corp. 1,820,982 22,343
* Citi Trends Inc. 256,668 22,330
* Chico's FAS Inc. 3,316,349 21,822
* Stoneridge Inc. 732,480 21,608
*,1 Latham Group Inc. 671,803 21,471
* Ruth's Hospitality Group Inc. 928,503 21,383
* Gannett Co. Inc. 3,814,619 20,942
* Sportsman's Warehouse Holdings Inc. 1,174,785 20,876
* Chuy's Holdings Inc. 559,897 20,862
* CarParts.com Inc. 1,023,552 20,840
* Accel Entertainment Inc. Class A 1,695,846 20,130
* Green Brick Partners Inc. 857,383 19,497
* Liquidity Services Inc. 739,638 18,824
* Fossil Group Inc. 1,317,998 18,821
*,1 Poshmark Inc. Class A 391,002 18,666
  Haverty Furniture Cos. Inc. 430,364 18,402
8

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Sun Country Airlines Holdings Inc. 486,640 18,011
  Clarus Corp. 694,721 17,854
  Scholastic Corp. 467,178 17,701
*,1 Cricut Inc. Class A 409,810 17,458
* Rush Street Interactive Inc. 1,411,105 17,300
  Carriage Services Inc. Class A 465,881 17,224
  Global Industrial Co. 467,792 17,173
* Thryv Holdings Inc. 478,211 17,106
* Lands' End Inc. 414,709 17,024
  Johnson Outdoors Inc. Class A 139,074 16,828
  Shoe Carnival Inc. 227,792 16,308
  Ethan Allen Interiors Inc. 587,494 16,215
* VistaGen Therapeutics Inc. 5,096,657 16,054
* Vizio Holding Corp. Class A 594,289 16,052
* Lumber Liquidators Holdings Inc. 759,502 16,025
* Beazer Homes USA Inc. 829,881 16,008
* Frontier Group Holdings Inc. 909,976 15,506
1 Big 5 Sporting Goods Corp. 596,371 15,315
* Universal Electronics Inc. 313,610 15,210
  RCI Hospitality Holdings Inc. 225,538 14,931
*,1 Golden Nugget Online Gaming Inc. 1,165,903 14,877
*,1 Genius Brands International Inc. 8,042,081 14,797
* Noodles & Co. Class A 1,185,367 14,793
*,1 Eastman Kodak Co. 1,771,630 14,740
* Arlo Technologies Inc. 2,157,183 14,604
  Winmark Corp. 74,865 14,380
  Movado Group Inc. 448,953 14,129
* Red Robin Gourmet Burgers Inc. 425,651 14,093
*,1 Nautilus Inc. 829,380 13,975
* Entercom Communications Corp. Class A 3,217,136 13,866
* Boston Omaha Corp. Class A 436,709 13,848
* Turtle Beach Corp. 430,300 13,735
* MSG Networks Inc. Class A 940,795 13,717
* American Outdoor Brands Inc. 389,198 13,676
* MasterCraft Boat Holdings Inc. 518,648 13,635
* Lindblad Expeditions Holdings Inc. 851,258 13,629
*,1 Marcus Corp. 640,475 13,584
* American Public Education Inc. 477,462 13,531
* Cooper-Standard Holdings Inc. 465,848 13,510
*,1 Funko Inc. Class A 632,450 13,459
  Kimball International Inc. Class B 1,020,161 13,415
* Hovnanian Enterprises Inc. Class A 125,575 13,347
*,1 Arcimoto Inc. 756,712 13,008
* ACV Auctions Inc. Class A 505,331 12,952
*,1 Dream Finders Homes Inc. Class A 504,839 12,333
* Motorcar Parts of America Inc. 546,215 12,257
*,1 ThredUp Inc. Class A 401,638 11,680
*,1 CarLotz Inc. 2,115,206 11,549
  Hooker Furniture Corp. 333,354 11,547
* Express Inc. 1,746,229 11,333
  Rocky Brands Inc. 202,765 11,274
*,1 Shift Technologies Inc. 1,301,145 11,164
  A-Mark Precious Metals Inc. 238,900 11,109
* Century Casinos Inc. 793,927 10,662
*,1 HyreCar Inc. 506,771 10,602
* TravelCenters of America Inc. 362,440 10,598
  OneWater Marine Inc. Class A 251,744 10,581
*,1 MDC Partners Inc. Class A 1,801,805 10,541
  Del Taco Restaurants Inc. 1,048,799 10,498
  Tilly's Inc. Class A 656,557 10,492
* Container Store Group Inc. 783,316 10,214
9

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* El Pollo Loco Holdings Inc. 545,592 9,979
  Entravision Communications Corp. Class A 1,487,248 9,935
*,1 CuriosityStream Inc. 728,240 9,933
*,1 Liberty Media Corp.-Liberty Braves Class A 342,950 9,678
  Cato Corp. Class A 536,076 9,044
* Liberty TripAdvisor Holdings Inc. Class A 2,188,991 8,909
* Vera Bradley Inc. 704,855 8,733
*,1 Full House Resorts Inc. 855,457 8,503
  National CineMedia Inc. 1,675,457 8,495
* Mesa Air Group Inc. 905,936 8,452
*,1 Kirkland's Inc. 368,352 8,428
* PlayAGS Inc. 836,774 8,284
  Superior Group of Cos. Inc. 329,021 7,867
* Drive Shack Inc. 2,360,420 7,813
* Daily Journal Corp. 22,215 7,520
* Barnes & Noble Education Inc. 1,030,027 7,426
* Conn's Inc. 286,215 7,298
  Flexsteel Industries Inc. 176,716 7,138
* Duluth Holdings Inc. Class B 344,208 7,108
* Alta Equipment Group Inc. 531,233 7,060
* Bluegreen Vacations Holding Corp. Class A 388,496 6,993
*,1 LiveXLive Media Inc. 1,459,913 6,891
* Cumulus Media Inc. Class A 469,052 6,872
*,1 Aterian Inc. 465,244 6,807
* Fiesta Restaurant Group Inc. 502,700 6,751
*,1 Chicken Soup For The Soul Entertainment Inc. Class A 157,648 6,527
  Bassett Furniture Industries Inc. 264,341 6,437
* Build-A-Bear Workshop Inc. 370,547 6,414
*,1 ONE Group Hospitality Inc. 556,732 6,135
* Carrols Restaurant Group Inc. 1,008,721 6,062
* Regis Corp. 645,733 6,044
* VOXX International Corp. Class A 421,571 5,906
* Universal Technical Institute Inc. 895,668 5,813
* Lincoln Educational Services Corp. 740,170 5,759
1 Hall of Fame Resort & Entertainment Co. 1,463,254 5,751
  Lifetime Brands Inc. 370,500 5,546
  JOANN Inc. 348,525 5,489
  Escalade Inc. 236,395 5,425
* Superior Industries International Inc. 607,533 5,237
*,1 Ondas Holdings Inc. 658,052 5,225
* Delta Apparel Inc. 176,930 5,223
* Strattec Security Corp. 115,441 5,132
  Hamilton Beach Brands Holding Co. Class A 228,418 5,087
* Luby's Inc. 1,300,764 4,995
* Casper Sleep Inc. 595,766 4,909
* Lakeland Industries Inc. 219,794 4,908
* Potbelly Corp. 597,189 4,718
* Townsquare Media Inc. Class A 368,555 4,699
  Nathan's Famous Inc. 64,365 4,591
*,1 AYRO Inc. 890,400 4,345
* Emerald Holding Inc. 803,929 4,333
*,1 Lazydays Holdings Inc. 194,700 4,283
*,1 Aspen Group Inc. 638,205 4,161
* iMedia Brands Inc. 512,547 4,126
* Urban One Inc. 817,509 4,104
* Lee Enterprises Inc. 144,549 4,091
*,1 Gaia Inc. Class A 367,120 4,035
* J Alexander's Holdings Inc. Class A 334,360 3,892
* RumbleON Inc. Class B 90,880 3,678
* Reading International Inc. Class A 526,251 3,668
* Tuesday Morning Corp. 808,565 3,639
10

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
*,1 BurgerFi International Inc. 362,452 3,625
*,1 LMP Automotive Holdings Inc. 210,500 3,578
  Acme United Corp. 75,799 3,378
* Biglari Holdings Inc. Class A 4,329 3,372
  Weyco Group Inc. 150,204 3,360
  Rush Enterprises Inc. Class B 87,512 3,338
* Legacy Housing Corp. 195,427 3,305
*,1 SRAX Inc. Class A 590,641 3,213
* Kura Sushi USA Inc. Class A 84,122 3,197
  Marine Products Corp. 203,641 3,144
* Fluent Inc. 1,044,001 3,059
* Travelzoo 202,796 2,993
*,1 Revlon Inc. Class A 213,038 2,735
  Saga Communications Inc. Class A 120,553 2,610
*,1 Vinco Ventures Inc. 643,569 2,542
  Educational Development Corp. 202,122 2,520
* BBQ Holdings Inc. 121,470 2,305
*,1 Koss Corp. 96,300 2,236
  Wayside Technology Group Inc. 88,277 2,210
* Landsea Homes Corp. 258,755 2,166
* Zovio Inc. Class A 826,876 2,142
*,1 Live Ventures Inc. 34,110 2,101
* Biglari Holdings Inc. Class B 12,594 2,008
*,1 Envela Corp. 416,000 1,997
* Motorsport Games Inc. Class A 138,137 1,934
* Charles & Colvard Ltd. 609,632 1,817
* Marchex Inc. Class B 545,794 1,670
*,1 Esports Technologies Inc. 71,959 1,515
* J. Jill Inc. 76,597 1,510
*,1 Auddia Inc. 264,100 1,490
* Mister Car Wash Inc. 67,912 1,462
* Good Times Restaurants Inc. 350,735 1,434
* Kewaunee Scientific Corp. 97,556 1,404
*,1 Dolphin Entertainment Inc. 147,246 1,375
* New Home Co. Inc. 226,301 1,328
  DallasNews Corp. 176,509 1,313
* FlexShopper Inc. 424,874 1,262
  Crown Crafts Inc. 161,982 1,226
* StoneMor Inc. 431,538 1,131
*,1 Monaker Group Inc. 467,097 1,046
* Endeavor Group Holdings Inc. Class A 34,966 969
* Eastside Distilling Inc. 341,735 960
* Beasley Broadcast Group Inc. Class A 314,277 908
* Vince Holding Corp. 85,346 862
*,1 Applied UV Inc. 85,989 844
* Ark Restaurants Corp. 42,422 838
* PARTS iD Inc. 138,518 837
* Amesite Inc. 292,757 805
* JAKKS Pacific Inc. 72,537 798
  CompX International Inc. 36,927 767
* Bowl America Inc. Class A 85,200 751
* Integral Ad Science Holding Corp. 33,955 699
*,1 Allied Esports Entertainment Inc. 298,452 686
*,1 Muscle Maker Inc. 487,573 683
*,1 Universal Security Instruments Inc. 74,733 628
*,1 Kaspien Holdings Inc. 23,778 578
* Salem Media Group Inc. Class A 220,213 562
* Canterbury Park Holding Corp. 35,605 533
*,1 Urban One Inc. Class A 60,200 522
  NL Industries Inc. 74,466 484
* Xcel Brands Inc. 151,456 453
11

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* InterGroup Corp. 9,638 432
*,1 Forward Industries Inc. 144,468 428
  FAT Brands Inc. 26,359 385
* Unique Fabricating Inc. 79,983 296
  Jerash Holdings US Inc. 41,854 282
* Mediaco Holding Inc. Class A 67,571 243
*,1 Sequential Brands Group Inc. 21,522 184
* Flanigan's Enterprises Inc. 3,658 147
* Dixie Group Inc. 40,323 118
  Dover Motorsports Inc. 37,667 85
* Troika Media Group Inc. 28,500 81
* Virco Manufacturing Corp. 8,350 28
*,1,2 SRAX Inc. Rights 148,260 27
* Summer Infant Inc. 522 7
            199,945,327
Consumer Staples (4.70%)
  Procter & Gamble Co. 69,141,796 9,329,303
  Coca-Cola Co. 109,606,018 5,930,782
  PepsiCo Inc. 39,024,187 5,782,214
  Philip Morris International Inc. 44,025,291 4,363,347
  CVS Health Corp. 37,189,127 3,103,061
  Altria Group Inc. 52,280,775 2,492,747
  Mondelez International Inc. Class A 39,676,560 2,477,404
  Colgate-Palmolive Co. 23,888,902 1,943,362
  Kimberly-Clark Corp. 9,531,327 1,275,101
  Walgreens Boots Alliance Inc. 20,754,525 1,091,896
  Constellation Brands Inc. Class A 4,566,749 1,068,117
  Sysco Corp. 13,727,858 1,067,341
  General Mills Inc. 17,242,463 1,050,583
  Archer-Daniels-Midland Co. 15,786,904 956,686
* Monster Beverage Corp. 10,454,770 955,043
  Corteva Inc. 20,853,939 924,872
  McKesson Corp. 4,458,949 852,729
  Kraft Heinz Co. 18,955,545 773,007
  Kroger Co. 19,257,280 737,746
  Brown-Forman Corp. Class B 9,703,228 727,160
  Hershey Co. 4,136,023 720,412
  Keurig Dr Pepper Inc. 20,026,540 705,735
  Clorox Co. 3,516,102 632,582
  McCormick & Co. Inc. (Non-Voting) 7,037,818 621,580
  Tyson Foods Inc. Class A 8,329,064 614,352
  Church & Dwight Co. Inc. 6,932,284 590,769
  Conagra Brands Inc. 13,477,080 490,296
  AmerisourceBergen Corp. 4,065,008 465,403
  Kellogg Co. 7,225,505 464,817
  J M Smucker Co. 2,942,817 381,301
  Hormel Foods Corp. 7,640,566 364,837
  Lamb Weston Holdings Inc. 4,133,986 333,447
* Darling Ingredients Inc. 4,608,294 311,060
  Bunge Ltd. 3,800,373 296,999
* Molson Coors Beverage Co. Class B 5,101,400 273,894
* Boston Beer Co. Inc. Class A 257,151 262,500
  Campbell Soup Co. 5,569,670 253,921
*,1 Beyond Meat Inc. 1,513,415 238,348
* US Foods Holding Corp. 5,642,018 216,428
  Casey's General Stores Inc. 1,043,950 203,194
* Freshpet Inc. 1,161,695 189,310
* Performance Food Group Co. 3,781,206 183,351
* Post Holdings Inc. 1,618,394 175,547
  Ingredion Inc. 1,798,957 162,806
* Herbalife Nutrition Ltd. 2,989,701 157,647
12

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Flowers Foods Inc. 5,379,914 130,194
  Sanderson Farms Inc. 569,088 106,971
  Lancaster Colony Corp. 545,560 105,571
  WD-40 Co. 388,859 99,661
  Spectrum Brands Holdings Inc. 1,150,676 97,854
* Hain Celestial Group Inc. 2,410,430 96,706
  Medifast Inc. 317,528 89,854
* Simply Good Foods Co. 2,447,630 89,363
* Grocery Outlet Holding Corp. 2,413,913 83,666
* Sprouts Farmers Market Inc. 3,355,616 83,387
  Energizer Holdings Inc. 1,934,965 83,165
  Nu Skin Enterprises Inc. Class A 1,419,762 80,430
  Primo Water Corp. 4,357,671 72,904
* TreeHouse Foods Inc. 1,599,741 71,220
  J & J Snack Foods Corp. 405,205 70,672
* GrowGeneration Corp. 1,410,361 67,838
  Edgewell Personal Care Co. 1,540,009 67,606
* Celsius Holdings Inc. 830,043 63,158
1 B&G Foods Inc. 1,835,159 60,193
* United Natural Foods Inc. 1,602,463 59,259
  Core-Mark Holding Co. Inc. 1,274,406 57,361
* Hostess Brands Inc. Class A 3,458,703 55,996
  Coca-Cola Consolidated Inc. 131,612 52,925
  Vector Group Ltd. 3,725,788 52,683
  Reynolds Consumer Products Inc. 1,471,304 44,654
  Cal-Maine Foods Inc. 1,123,464 40,681
  Utz Brands Inc. 1,845,883 40,222
*,1 Hydrofarm Holdings Group Inc. 673,469 39,809
* Beauty Health Co. 2,289,015 38,455
  Universal Corp. 639,819 36,451
* USANA Health Sciences Inc. 342,547 35,087
* BellRing Brands Inc. Class A 1,114,944 34,942
  Fresh Del Monte Produce Inc. 980,246 32,231
1 National Beverage Corp. 656,239 30,994
* Pilgrim's Pride Corp. 1,363,322 30,238
* Chefs' Warehouse Inc. 903,974 28,774
  Calavo Growers Inc. 435,658 27,629
*,1 AppHarvest Inc. 1,678,855 26,862
  Andersons Inc. 843,606 25,755
  Seaboard Corp. 6,610 25,572
  MGP Ingredients Inc. 364,952 24,685
*,1 Tattooed Chef Inc. 1,140,168 24,457
*,1 Rite Aid Corp. 1,480,806 24,137
  Weis Markets Inc. 448,525 23,171
  Ingles Markets Inc. Class A 394,127 22,966
  ACCO Brands Corp. 2,590,479 22,356
*,1 PLBY Group Inc. 547,837 21,305
  John B Sanfilippo & Son Inc. 237,984 21,078
  Turning Point Brands Inc. 426,050 19,500
*,1 22nd Century Group Inc. 4,086,876 18,922
  SpartanNash Co. 951,050 18,365
*,1 Mission Produce Inc. 883,584 18,299
1 PetMed Express Inc. 539,909 17,196
  Nature's Sunshine Products Inc. 989,399 17,186
1 Tootsie Roll Industries Inc. 446,678 15,147
* Whole Earth Brands Inc. 1,036,462 15,029
* Veru Inc. 1,769,505 14,280
*,1 Honest Co. Inc. 767,741 12,430
* Duckhorn Portfolio Inc. 486,413 10,730
  Brown-Forman Corp. Class A 148,780 10,489
*,1 Vital Farms Inc. 520,033 10,380
13

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Landec Corp. 835,266 9,397
*,1 MedAvail Holdings Inc. 752,474 9,218
  Limoneira Co. 519,742 9,121
* Seneca Foods Corp. Class A 178,374 9,111
* NewAge Inc. 3,817,545 8,513
  Oil-Dri Corp. of America 192,881 6,593
*,1 HF Foods Group Inc. 1,087,129 5,751
*,1 AquaBounty Technologies Inc. 1,015,881 5,445
*,1 Laird Superfood Inc. 177,625 5,306
* Farmer Bros Co. 414,798 5,264
*,1 LifeMD Inc. 439,707 5,180
  Village Super Market Inc. Class A 219,324 5,156
  Alico Inc. 134,556 4,790
* Lifevantage Corp. 581,331 4,273
* Natural Alternatives International Inc. 203,132 3,441
  Natural Grocers by Vitamin Cottage Inc. 305,806 3,284
*,1 Alkaline Water Co. Inc. 1,927,828 2,950
* Reed's Inc. 2,528,703 2,579
*,1 Blue Apron Holdings Inc. Class A 495,637 2,121
*,1 Greenlane Holdings Inc. Class A 448,477 2,005
* S&W Seed Co. 520,210 1,894
* Urban-Gro Inc. 189,828 1,741
  Ocean Bio-Chem Inc. 124,424 1,518
* Willamette Valley Vineyards Inc. 109,229 1,494
*,1 Arcadia Biosciences Inc. 482,710 1,434
*,1 Bridgford Foods Corp. 103,783 1,365
* Calyxt Inc. 333,559 1,341
* Rocky Mountain Chocolate Factory Inc. 162,623 1,241
* Coffee Holding Co. Inc. 230,234 1,236
  AMCON Distributing Co. 6,102 934
  Mannatech Inc. 30,933 854
* Nuzee Inc. 236,402 745
* RiceBran Technologies 560,464 633
* Lifeway Foods Inc. 45,393 235
* Ifresh Inc. 23,811 34
* ESC Co. 609,806
            59,158,335
Energy (2.92%)
  Exxon Mobil Corp. 119,579,282 7,543,061
  Chevron Corp. 54,559,393 5,714,551
  ConocoPhillips 38,120,053 2,321,511
  EOG Resources Inc. 16,487,744 1,375,737
  Schlumberger NV 39,508,210 1,264,658
  Marathon Petroleum Corp. 18,435,700 1,113,885
  Phillips 66 12,369,574 1,061,557
  Pioneer Natural Resources Co. 6,196,391 1,007,037
  Kinder Morgan Inc. 54,369,513 991,156
  Valero Energy Corp. 11,546,718 901,568
  Occidental Petroleum Corp. 25,058,915 783,592
  Williams Cos. Inc. 28,311,378 751,667
  ONEOK Inc. 12,586,912 700,336
  Hess Corp. 7,844,789 685,007
* Enphase Energy Inc. 3,448,761 633,296
* Cheniere Energy Inc. 6,448,105 559,309
  Devon Energy Corp. 19,124,884 558,255
  Halliburton Co. 23,894,757 552,447
* Plug Power Inc. 16,050,619 548,771
  Diamondback Energy Inc. 5,114,678 480,217
  Baker Hughes Co. 20,731,199 474,123
  Marathon Oil Corp. 22,281,636 303,476
  Targa Resources Corp. 6,460,705 287,178
14

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Texas Pacific Land Corp. 175,118 280,143
* First Solar Inc. 2,704,486 244,783
  Ovintiv Inc. 7,381,384 232,292
  APA Corp. 10,684,492 231,106
  Cimarex Energy Co. 2,897,979 209,959
  Cabot Oil & Gas Corp. 11,302,419 197,340
* EQT Corp. 7,890,803 175,649
* NOV Inc. 11,048,837 169,268
* ChampionX Corp. 5,701,338 146,239
1 Chesapeake Energy Corp. 2,755,487 143,065
  HollyFrontier Corp. 4,133,174 135,981
  PDC Energy Inc. 2,753,161 126,067
*,1 ChargePoint Holdings Inc. 3,522,557 122,374
*,1 Stem Inc. 3,194,419 115,031
* Range Resources Corp. 6,608,068 110,751
* Antero Resources Corp. 7,255,406 109,049
* Southwestern Energy Co. 19,160,804 108,642
  Matador Resources Co. 2,976,549 107,186
* Denbury Inc. 1,338,984 102,807
  Equitrans Midstream Corp. 11,626,229 98,939
  Murphy Oil Corp. 4,158,690 96,814
  Antero Midstream Corp. 8,810,445 91,541
  Helmerich & Payne Inc. 2,752,168 89,803
* Shoals Technologies Group Inc. Class A 2,506,193 88,970
  New Fortress Energy Inc. Class A 2,333,672 88,399
  SM Energy Co. 3,327,205 81,949
  Arcosa Inc. 1,368,880 80,408
* Renewable Energy Group Inc. 1,277,958 79,668
1 Continental Resources Inc. 2,065,547 78,553
* FuelCell Energy Inc. 8,654,290 77,023
*,1 Transocean Ltd. 16,658,952 75,298
* CNX Resources Corp. 5,273,882 72,041
*,1 SunPower Corp. 2,431,918 71,061
*,1 Callon Petroleum Co. 1,117,270 64,455
* California Resources Corp. 2,112,256 63,663
* Magnolia Oil & Gas Corp. Class A 3,711,545 58,011
  Cactus Inc. Class A 1,530,115 56,186
* Array Technologies Inc. 3,582,198 55,882
  World Fuel Services Corp. 1,696,527 53,831
  Core Laboratories NV 1,299,780 50,626
  Patterson-UTI Energy Inc. 5,066,291 50,359
* Ameresco Inc. Class A 799,676 50,156
* TPI Composites Inc. 981,646 47,531
* Oceaneering International Inc. 2,792,091 43,473
* PBF Energy Inc. Class A 2,730,369 41,775
* Liberty Oilfield Services Inc. Class A 2,898,566 41,044
  Delek US Holdings Inc. 1,891,116 40,886
  Bonanza Creek Energy Inc. 864,394 40,687
*,1 Tellurian Inc. 8,669,286 40,312
* Green Plains Inc. 1,193,274 40,118
*,1 Gevo Inc. 5,274,955 38,349
  Archrock Inc. 4,271,166 38,056
*,1 Centennial Resource Development Inc. Class A 5,142,222 34,864
* Dril-Quip Inc. 1,010,506 34,185
* Weatherford International plc 1,878,317 34,185
* Laredo Petroleum Inc. 345,120 32,024
* DMC Global Inc. 530,271 29,807
* NOW Inc. 3,116,908 29,579
1 Northern Oil & Gas Inc. 1,393,031 28,933
  Brigham Minerals Inc. Class A 1,222,846 26,034
  Warrior Met Coal Inc. 1,433,239 24,652
15

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Extraction Oil & Gas Inc. 431,297 23,683
* Arch Resources Inc. 408,145 23,256
* NexTier Oilfield Solutions Inc. 4,834,539 23,012
* Helix Energy Solutions Group Inc. 3,979,724 22,724
* ProPetro Holding Corp. 2,439,424 22,345
* Par Pacific Holdings Inc. 1,263,166 21,246
* MRC Global Inc. 2,219,035 20,859
* Nabors Industries Ltd. 176,770 20,194
* Talos Energy Inc. 1,153,417 18,039
* Bristow Group Inc. Class A 676,311 17,320
  SunCoke Energy Inc. 2,366,469 16,897
* Peabody Energy Corp. 1,964,682 15,580
  CVR Energy Inc. 854,707 15,351
* Contango Oil & Gas Co. 3,481,306 15,039
* TETRA Technologies Inc. 3,295,150 14,301
* REX American Resources Corp. 158,424 14,287
* CONSOL Energy Inc. 734,922 13,574
* Comstock Resources Inc. 1,994,090 13,301
* Tidewater Inc. 1,080,375 13,019
* W&T Offshore Inc. 2,681,269 13,004
* Oil States International Inc. 1,623,137 12,742
  Berry Corp. 1,839,614 12,362
* American Superconductor Corp. 699,114 12,158
*,1 Alto Ingredients Inc. 1,949,722 11,913
* Alpha Metallurgical Resources Inc. 442,955 11,353
* Select Energy Services Inc. Class A 1,709,690 10,327
* Penn Virginia Corp. 429,524 10,141
* FTS International Inc. Class A 329,459 9,320
* RPC Inc. 1,861,517 9,215
*,1 Advent Technologies Holdings Inc. 929,000 8,956
*,1 Vine Energy Inc. Class A 567,711 8,851
*,1 Beam Global 225,246 8,629
* Newpark Resources Inc. 2,463,271 8,523
*,1 Aemetis Inc. 753,561 8,417
  Solaris Oilfield Infrastructure Inc. Class A 851,272 8,291
*,1 Sunworks Inc. 763,200 8,021
*,1 Centrus Energy Corp. Class A 310,122 7,871
* Matrix Service Co. 741,752 7,788
* Earthstone Energy Inc. Class A 618,011 6,841
  Altus Midstream Co. 96,167 6,492
*,1 FTC Solar Inc. 469,720 6,252
*,1 Ring Energy Inc. 2,079,191 6,196
*,1 Orbital Energy Group Inc. 1,335,228 5,835
* SandRidge Energy Inc. 919,342 5,773
* VAALCO Energy Inc. 1,744,200 5,669
* Trecora Resources 632,639 5,264
  Falcon Minerals Corp. 1,003,296 5,097
* Goodrich Petroleum Corp. 334,016 4,987
*,1 SilverBow Resources Inc. 205,056 4,761
* Amplify Energy Corp. 1,102,676 4,466
* Natural Gas Services Group Inc. 394,956 4,060
  Evolution Petroleum Corp. 783,904 3,888
  NACCO Industries Inc. Class A 144,802 3,771
*,1 Ocean Power Technologies Inc. 1,435,000 3,588
* NextDecade Corp. 859,258 3,549
* Exterran Corp. 707,082 3,366
* Flotek Industries Inc. 1,909,932 3,304
* Geospace Technologies Corp. 384,794 3,113
  PHX Minerals Inc. 765,919 2,849
* Battalion Oil Corp. 207,225 2,777
*,1 American Resources Corp. Class A 1,017,171 2,594
16

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* SEACOR Marine Holdings Inc. 506,645 2,234
* Forum Energy Technologies Inc. 89,830 2,109
* Smart Sand Inc. 618,477 2,060
*,1 Ideal Power Inc. 149,000 1,894
  Adams Resources & Energy Inc. 67,594 1,872
* Capstone Green Energy Corp. 317,886 1,787
*,1 KLX Energy Services Holdings Inc. 186,397 1,780
* Epsilon Energy Ltd. 353,256 1,766
*,1 iSun Inc. 149,258 1,699
* Gulf Island Fabrication Inc. 371,790 1,680
* Hallador Energy Co. 578,821 1,560
* Ranger Energy Services Inc. Class A 179,415 1,435
* Mammoth Energy Services Inc. 306,944 1,409
* US Well Services Inc. Class A 1,272,929 1,286
*,1 ION Geophysical Corp. 614,995 1,285
* Ramaco Resources Inc. 233,281 1,283
* Dawson Geophysical Co. 420,259 1,097
* PrimeEnergy Resources Corp. 21,616 1,001
* Nine Energy Service Inc. 332,314 977
* MIND Technology Inc. 491,592 954
*,1 New Concept Energy Inc. 154,300 941
*,1 Camber Energy Inc. 1,111,600 732
*,1 PEDEVCO Corp. 460,492 732
* Nabors Industries Ltd. Warrants Exp. 06/11/2026 70,676 707
* Profire Energy Inc. 598,052 676
* Independence Contract Drilling Inc. 129,345 555
*,1 Abraxas Petroleum Corp. 140,843 455
*,1 Stabilis Solutions Inc. 43,809 436
* NCS Multistage Holdings Inc. 5,982 182
* Tidewater Inc. Class A Warrants Exp. 07/31/2023 8,839 11
* Tidewater Inc. Class B Warrants Exp. 07/31/2023 9,555 9
*,1,2 Harvest Natural Resources Inc. 51,829
*,1 FTS International Inc. Warrants Exp. 11/19/2023 22,671
            36,713,262
Financials (11.13%)
* Berkshire Hathaway Inc. Class B 48,902,808 13,591,068
  JPMorgan Chase & Co. 85,499,490 13,298,591
  Bank of America Corp. 217,832,685 8,981,242
  Wells Fargo & Co. 116,761,886 5,288,146
  Citigroup Inc. 58,384,489 4,130,703
  Morgan Stanley 42,044,618 3,855,071
  Goldman Sachs Group Inc. 9,597,373 3,642,491
  BlackRock Inc. 3,877,324 3,392,542
  Charles Schwab Corp. 43,389,239 3,159,171
  S&P Global Inc. 6,804,541 2,792,924
  PNC Financial Services Group Inc. 12,000,558 2,289,226
  US Bancorp 37,868,200 2,157,351
  CME Group Inc. 10,143,630 2,157,347
  Truist Financial Corp. 37,987,999 2,108,334
  Marsh & McLennan Cos. Inc. 14,390,095 2,024,399
  Intercontinental Exchange Inc. 15,895,325 1,886,775
  Blackstone Group Inc. 19,326,505 1,877,377
  Chubb Ltd. 10,797,386 1,716,137
  Moody's Corp. 4,495,068 1,628,878
  Progressive Corp. 16,531,024 1,623,512
  Aon plc Class A 6,055,919 1,445,911
  T. Rowe Price Group Inc. 6,408,880 1,268,766
  MSCI Inc. 2,212,297 1,179,331
  American International Group Inc. 24,246,254 1,154,122
  Prudential Financial Inc. 11,129,523 1,140,442
  Bank of New York Mellon Corp. 22,259,735 1,140,366
17

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  MetLife Inc. 18,548,511 1,110,128
  Allstate Corp. 8,433,608 1,100,080
  Travelers Cos. Inc. 7,104,349 1,063,592
  Discover Financial Services 8,614,281 1,018,983
  First Republic Bank 4,980,174 932,139
  Aflac Inc. 17,277,847 927,129
  KKR & Co. Inc. 15,616,976 925,150
* Coinbase Global Inc. Class A 3,403,035 861,989
* SVB Financial Group 1,532,028 852,466
  Willis Towers Watson plc 3,644,048 838,204
  Ameriprise Financial Inc. 3,275,896 815,305
  Arthur J Gallagher & Co. 5,796,931 812,034
  Fifth Third Bancorp 19,895,605 760,609
  Northern Trust Corp. 5,587,800 646,061
  Hartford Financial Services Group Inc. 10,096,442 625,677
  Huntington Bancshares Inc. 41,716,235 595,291
  Nasdaq Inc. 3,245,893 570,628
  KeyCorp 27,439,151 566,618
  State Street Corp. 6,759,785 556,195
  Citizens Financial Group Inc. 12,040,253 552,286
  Regions Financial Corp. 27,176,722 548,426
  Broadridge Financial Solutions Inc. 3,281,463 530,055
  M&T Bank Corp. 3,636,273 528,387
  Ally Financial Inc. 10,474,563 522,052
  Cincinnati Financial Corp. 4,324,630 504,338
  Principal Financial Group Inc. 7,682,446 485,454
  MarketAxess Holdings Inc. 1,019,659 472,704
* Markel Corp. 388,650 461,215
  Raymond James Financial Inc. 3,494,297 453,909
* Berkshire Hathaway Inc. Class A 1,051 439,950
* Arch Capital Group Ltd. 10,831,004 421,759
  Signature Bank 1,623,851 398,899
  Equitable Holdings Inc. 12,109,138 368,723
  Apollo Global Management Inc. 5,907,760 367,463
  Brown & Brown Inc. 6,768,387 359,672
  FactSet Research Systems Inc. 1,069,709 359,005
  Cboe Global Markets Inc. 3,015,295 358,971
  Annaly Capital Management Inc. 39,495,567 350,721
  Loews Corp. 6,311,360 344,916
  Fidelity National Financial Inc. 7,757,152 337,126
  Lincoln National Corp. 5,112,174 321,249
  Invesco Ltd. 11,738,064 313,758
  LPL Financial Holdings Inc. 2,146,633 289,753
  East West Bancorp Inc. 4,010,910 287,542
  Everest Re Group Ltd. 1,132,482 285,397
  Comerica Inc. 3,946,875 281,570
  W R Berkley Corp. 3,757,246 279,652
  Ares Management Corp. Class A 4,336,301 275,745
  Franklin Resources Inc. 8,549,133 273,487
  First Horizon Corp. 15,622,841 269,963
  Assurant Inc. 1,699,285 265,394
  Carlyle Group Inc. 5,509,622 256,087
  American Financial Group Inc. 2,045,243 255,083
  AGNC Investment Corp. 14,817,959 250,275
  Globe Life Inc. 2,620,819 249,633
* Alleghany Corp. 373,699 249,283
  Tradeweb Markets Inc. Class A 2,942,245 248,796
  Zions Bancorp NA 4,631,516 244,822
  Western Alliance Bancorp 2,620,056 243,272
* Athene Holding Ltd. Class A 3,520,835 237,656
  SEI Investments Co. 3,631,635 225,052
18

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Commerce Bancshares Inc. 2,978,436 222,072
  Reinsurance Group of America Inc. 1,920,852 218,977
*,1 Opendoor Technologies Inc. 12,231,263 216,860
  Voya Financial Inc. 3,426,300 210,717
  RenaissanceRe Holdings Ltd. 1,403,891 208,927
  People's United Financial Inc. 12,090,937 207,239
  Old Republic International Corp. 8,182,027 203,814
  Starwood Property Trust Inc. 7,708,686 201,736
  SLM Corp. 9,132,251 191,229
  Janus Henderson Group plc 4,871,482 189,062
  First Financial Bankshares Inc. 3,825,229 187,934
  First American Financial Corp. 2,944,951 183,618
  Stifel Financial Corp. 2,824,613 183,204
  Cullen/Frost Bankers Inc. 1,619,757 181,413
  Pinnacle Financial Partners Inc. 2,043,769 180,444
  Prosperity Bancshares Inc. 2,495,472 179,175
  Jefferies Financial Group Inc. 5,238,155 179,145
  Synovus Financial Corp. 3,994,662 175,286
  Affiliated Managers Group Inc. 1,118,411 172,470
  Morningstar Inc. 668,277 171,821
  Primerica Inc. 1,116,967 171,052
  South State Corp. 2,009,917 164,331
  Popular Inc. 2,080,207 156,120
  Valley National Bancorp 11,480,679 154,186
  Interactive Brokers Group Inc. Class A 2,293,649 150,762
  Glacier Bancorp Inc. 2,702,747 148,867
  Unum Group 5,201,306 147,717
  OneMain Holdings Inc. 2,449,942 146,776
  Bank OZK 3,463,795 146,034
  CIT Group Inc. 2,799,508 144,427
  Erie Indemnity Co. Class A 718,954 139,010
  Evercore Inc. Class A 985,618 138,745
  Selective Insurance Group Inc. 1,698,828 137,860
  Webster Financial Corp. 2,556,141 136,345
  PacWest Bancorp 3,310,861 136,275
  Essent Group Ltd. 3,026,146 136,025
  Lazard Ltd. Class A 3,001,071 135,798
  Sterling Bancorp 5,465,963 135,501
  New York Community Bancorp Inc. 12,182,770 134,254
  First Citizens BancShares Inc. Class A 160,557 133,702
  United Bankshares Inc. 3,655,488 133,425
  New Residential Investment Corp. 12,416,166 131,487
* Open Lending Corp. Class A 3,036,251 130,832
  MGIC Investment Corp. 9,578,078 130,262
  Kemper Corp. 1,735,232 128,234
  RLI Corp. 1,216,818 127,267
  Blackstone Mortgage Trust Inc. Class A 3,960,951 126,315
  Hanover Insurance Group Inc. 913,682 123,932
  Wintrust Financial Corp. 1,613,839 122,055
  Radian Group Inc. 5,402,240 120,200
  UMB Financial Corp. 1,283,057 119,401
  Houlihan Lokey Inc. Class A 1,458,026 119,252
*,1 Credit Acceptance Corp. 259,830 117,991
* Trupanion Inc. 1,014,161 116,730
  Umpqua Holdings Corp. 6,265,341 115,596
  Community Bank System Inc. 1,512,546 114,424
  Pacific Premier Bancorp Inc. 2,688,476 113,696
  BankUnited Inc. 2,647,256 113,011
  FNB Corp. 9,093,338 112,121
* Brighthouse Financial Inc. 2,433,738 110,832
  Hancock Whitney Corp. 2,451,993 108,967
19

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Axis Capital Holdings Ltd. 2,157,790 105,753
  First Hawaiian Inc. 3,698,487 104,815
*,1 Lemonade Inc. 953,524 104,325
  Home BancShares Inc. 4,214,821 104,022
  Kinsale Capital Group Inc. 611,245 100,715
  Chimera Investment Corp. 6,536,192 98,435
  Eastern Bankshares Inc. 4,754,044 97,791
  Moelis & Co. Class A 1,718,164 97,746
  White Mountains Insurance Group Ltd. 83,796 96,200
  Assured Guaranty Ltd. 2,025,932 96,191
  Bank of Hawaii Corp. 1,131,010 95,254
  Ameris Bancorp 1,873,903 94,876
  ServisFirst Bancshares Inc. 1,382,554 93,986
  Navient Corp. 4,824,144 93,251
* Texas Capital Bancshares Inc. 1,438,210 91,312
  Investors Bancorp Inc. 6,332,226 90,298
  Federated Hermes Inc. Class B 2,651,865 89,925
  Artisan Partners Asset Management Inc. Class A 1,739,828 88,418
  CNO Financial Group Inc. 3,736,177 88,249
* Enstar Group Ltd. 368,841 88,124
  Simmons First National Corp. Class A 2,926,897 85,875
  FirstCash Inc. 1,108,959 84,769
  Associated Banc-Corp 4,136,701 84,720
  Cathay General Bancorp 2,150,895 84,659
  Walker & Dunlop Inc. 801,034 83,612
* Cannae Holdings Inc. 2,455,393 83,262
  Atlantic Union Bankshares Corp. 2,239,450 81,113
  BancorpSouth Bank 2,832,221 80,237
  Hamilton Lane Inc. Class A 879,404 80,131
  Old National Bancorp 4,490,218 79,073
  United Community Banks Inc. 2,453,827 78,547
  American Equity Investment Life Holding Co. 2,429,651 78,526
  Columbia Banking System Inc. 2,032,546 78,375
  Independent Bank Group Inc. 1,042,037 77,090
*,1 Riot Blockchain Inc. 2,020,695 76,120
  CVB Financial Corp. 3,640,510 74,958
  Virtu Financial Inc. Class A 2,709,040 74,851
1 Rocket Cos. Inc. Class A 3,848,996 74,478
  First Bancorp (XNYS) 6,137,676 73,161
* Silvergate Capital Corp. Class A 644,147 72,995
  Fulton Financial Corp. 4,588,610 72,408
  Cadence Bancorp Class A 3,364,933 70,260
  International Bancshares Corp. 1,598,669 68,647
  BOK Financial Corp. 780,808 67,618
* LendingTree Inc. 318,467 67,477
  Independent Bank Corp. (Massachusetts) 892,137 67,356
* Axos Financial Inc. 1,428,002 66,245
* Focus Financial Partners Inc. Class A 1,350,547 65,502
  WesBanco Inc. 1,836,571 65,437
  Washington Federal Inc. 2,048,788 65,110
  First Merchants Corp. 1,556,992 64,880
  First Midwest Bancorp Inc. 3,256,353 64,573
  Hilltop Holdings Inc. 1,749,512 63,682
  Piper Sandler Cos. 489,083 63,366
  Santander Consumer USA Holdings Inc. 1,737,388 63,102
  Flagstar Bancorp Inc. 1,491,603 63,050
  Apollo Commercial Real Estate Finance Inc. 3,946,067 62,940
  WSFS Financial Corp. 1,348,682 62,835
  Arbor Realty Trust Inc. 3,506,200 62,480
  First Financial Bancorp 2,636,185 62,293
  Renasant Corp. 1,513,139 60,526
20

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Mr Cooper Group Inc. 1,828,955 60,465
  Goosehead Insurance Inc. Class A 470,487 59,893
  Two Harbors Investment Corp. 7,826,189 59,166
  PennyMac Mortgage Investment Trust 2,791,082 58,780
  PennyMac Financial Services Inc. 944,990 58,325
  MFA Financial Inc. 12,557,543 57,639
  Towne Bank 1,873,244 56,984
  Sandy Spring Bancorp Inc. 1,286,934 56,792
  Virtus Investment Partners Inc. 204,056 56,681
* Genworth Financial Inc. Class A 14,239,021 55,532
* NMI Holdings Inc. Class A 2,442,945 54,917
  Cohen & Steers Inc. 663,913 54,501
*,1 Upstart Holdings Inc. 432,661 54,039
  BGC Partners Inc. Class A 9,527,156 54,019
  Live Oak Bancshares Inc. 903,676 53,317
* Palomar Holdings Inc. 684,292 51,637
  Mercury General Corp. 791,421 51,403
  Great Western Bancorp Inc. 1,551,705 50,880
  Heartland Financial USA Inc. 1,081,939 50,840
  Banner Corp. 932,876 50,571
  Trustmark Corp. 1,631,286 50,244
  Seacoast Banking Corp. of Florida 1,458,436 49,806
* LendingClub Corp. 2,744,392 49,756
  Eagle Bancorp Inc. 877,913 49,233
* Triumph Bancorp Inc. 662,902 49,220
  Park National Corp. 417,753 49,053
  Argo Group International Holdings Ltd. 945,129 48,986
  New York Mortgage Trust Inc. 10,745,306 48,032
* PRA Group Inc. 1,235,547 47,532
  Hope Bancorp Inc. 3,326,468 47,169
  First Interstate BancSystem Inc. Class A 1,126,782 47,133
  Veritex Holdings Inc. 1,320,939 46,774
  Northwest Bancshares Inc. 3,410,864 46,524
  Provident Financial Services Inc. 1,991,430 45,584
  PJT Partners Inc. Class A 615,537 43,937
  Capitol Federal Financial Inc. 3,726,571 43,899
  Meta Financial Group Inc. 866,393 43,865
  BancFirst Corp. 702,583 43,862
  Horace Mann Educators Corp. 1,160,467 43,425
  NBT Bancorp Inc. 1,181,629 42,503
  Stewart Information Services Corp. 747,068 42,351
* Encore Capital Group Inc. 884,313 41,908
  Westamerica Bancorp 717,967 41,664
  Lakeland Financial Corp. 664,923 40,986
1 iStar Inc. 1,969,778 40,834
*,1 eHealth Inc. 697,818 40,753
  Brightsphere Investment Group Inc. 1,669,284 39,111
  First Commonwealth Financial Corp. 2,750,307 38,697
  Redwood Trust Inc. 3,183,500 38,425
* SiriusPoint Ltd. 3,770,790 37,972
  FB Financial Corp. 1,009,946 37,691
  Berkshire Hills Bancorp Inc. 1,368,567 37,512
  StepStone Group Inc. Class A 1,078,514 37,101
  James River Group Holdings Ltd. 987,603 37,055
  Broadmark Realty Capital Inc. 3,483,276 36,888
  Ladder Capital Corp. 3,192,166 36,838
  First Busey Corp. 1,477,035 36,424
  Enterprise Financial Services Corp. 783,800 36,360
  ProAssurance Corp. 1,525,342 34,702
  Boston Private Financial Holdings Inc. 2,345,976 34,603
  S&T Bancorp Inc. 1,091,553 34,166
21

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Southside Bancshares Inc. 889,746 34,015
  OceanFirst Financial Corp. 1,629,481 33,958
  American National Group Inc. 227,251 33,758
* Enova International Inc. 973,924 33,318
  Employers Holdings Inc. 771,374 33,015
  OFG Bancorp 1,484,422 32,835
  First Bancorp (XNGS) 793,028 32,443
  City Holding Co. 428,000 32,203
  Safety Insurance Group Inc. 409,861 32,084
  Brookline Bancorp Inc. 2,145,425 32,074
  AMERISAFE Inc. 536,761 32,039
  National Bank Holdings Corp. Class A 848,439 32,020
* Bancorp Inc. 1,380,926 31,775
* BRP Group Inc. Class A 1,190,542 31,728
1 Invesco Mortgage Capital Inc. 8,060,620 31,436
* Customers Bancorp Inc. 800,037 31,193
  TFS Financial Corp. 1,532,085 31,101
  Premier Financial Corp. 1,061,930 30,169
  Dime Community Bancshares Inc. 892,156 29,994
  Stock Yards Bancorp Inc. 585,934 29,818
  Nelnet Inc. Class A 387,879 29,180
  Tompkins Financial Corp. 364,164 28,245
  Cowen Inc. Class A 675,326 27,722
  German American Bancorp Inc. 740,330 27,540
  Meridian Bancorp Inc. 1,340,718 27,431
  TriCo Bancshares 640,669 27,280
* StoneX Group Inc. 437,190 26,524
  B. Riley Financial Inc. 348,947 26,346
  Origin Bancorp Inc. 620,171 26,332
* Oscar Health Inc. Class A 1,209,241 25,999
  Ready Capital Corp. 1,628,912 25,851
  ConnectOne Bancorp Inc. 967,897 25,330
  Heritage Financial Corp. 1,006,483 25,182
  Kearny Financial Corp. 2,100,812 25,105
  Lakeland Bancorp Inc. 1,409,589 24,640
*,1 MetroMile Inc. 2,666,591 24,399
  Preferred Bank 379,153 23,989
  KKR Real Estate Finance Trust Inc. 1,104,591 23,892
  HomeStreet Inc. 578,950 23,586
  Federal Agricultural Mortgage Corp. Class C 235,998 23,340
  First Foundation Inc. 1,036,739 23,337
  Granite Point Mortgage Trust Inc. 1,581,444 23,326
  Bryn Mawr Bank Corp. 541,452 22,844
* Blucora Inc. 1,312,273 22,715
  Washington Trust Bancorp Inc. 441,110 22,651
  WisdomTree Investments Inc. 3,622,002 22,456
  TPG RE Finance Trust Inc. 1,667,627 22,430
  BrightSpire Capital Inc. 2,338,486 21,982
  Ellington Financial Inc. 1,136,749 21,769
  Univest Financial Corp. 823,311 21,711
  First Bancshares Inc. 578,990 21,672
  Banc of California Inc. 1,234,952 21,661
* Columbia Financial Inc. 1,240,810 21,367
  ARMOUR Residential REIT Inc. 1,868,735 21,341
*,1 Root Inc. Class A 1,961,411 21,222
* Ambac Financial Group Inc. 1,316,393 20,615
  Northfield Bancorp Inc. 1,251,571 20,526
* World Acceptance Corp. 127,584 20,444
  Allegiance Bancshares Inc. 528,965 20,333
  Central Pacific Financial Corp. 777,675 20,266
* MoneyGram International Inc. 1,993,880 20,098
22

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
1 UWM Holdings Corp. 2,374,253 20,062
* Watford Holdings Ltd. 568,980 19,909
*,1 Romeo Power Inc. 2,425,974 19,747
  HarborOne Bancorp Inc. 1,365,769 19,585
  National Western Life Group Inc. Class A 86,919 19,504
  QCR Holdings Inc. 402,082 19,336
* GoHealth Inc. Class A 1,706,845 19,134
  Horizon Bancorp Inc. 1,081,443 18,850
  Camden National Corp. 390,388 18,645
  Great Southern Bancorp Inc. 343,100 18,493
1 HCI Group Inc. 182,986 18,194
  United Fire Group Inc. 655,785 18,185
  First Mid Bancshares Inc. 446,174 18,075
  TrustCo Bank Corp. 524,779 18,042
  Heritage Commerce Corp. 1,595,982 17,763
  Community Trust Bancorp Inc. 435,777 17,597
  Merchants Bancorp 447,530 17,561
* CrossFirst Bankshares Inc. 1,249,085 17,175
  Hanmi Financial Corp. 884,660 16,862
  Flushing Financial Corp. 781,396 16,745
  Diamond Hill Investment Group Inc. 98,938 16,553
  Capstead Mortgage Corp. 2,668,879 16,387
* Nicolet Bankshares Inc. 232,189 16,332
  Altabancorp 369,940 16,022
  Midland States Bancorp Inc. 595,655 15,648
  Republic Bancorp Inc. Class A 338,191 15,601
  Cambridge Bancorp 187,606 15,569
* TriState Capital Holdings Inc. 755,438 15,403
  Dynex Capital Inc. 816,917 15,244
  Peoples Bancorp Inc. 509,181 15,082
  Peapack-Gladstone Financial Corp. 476,295 14,798
  Arrow Financial Corp. 410,156 14,745
* MBIA Inc. 1,321,611 14,538
  CBTX Inc. 522,900 14,280
  Bank First Corp. 200,654 14,000
  First Financial Corp. 340,863 13,914
* Atlantic Capital Bancshares Inc. 541,808 13,794
  Hingham Institution For Savings 47,077 13,676
  Byline Bancorp Inc. 603,384 13,655
1 Orchid Island Capital Inc. 2,628,471 13,642
  Victory Capital Holdings Inc. Class A 420,918 13,591
* AssetMark Financial Holdings Inc. 533,215 13,362
  Independent Bank Corp. (Michigan) 593,507 12,885
  Oppenheimer Holdings Inc. Class A 250,998 12,761
* Oportun Financial Corp. 636,191 12,743
* Amerant Bancorp Inc. Class A 594,667 12,714
  Sculptor Capital Management Inc. Class A 514,825 12,660
  Financial Institutions Inc. 420,841 12,625
  Mercantile Bank Corp. 417,540 12,610
  Business First Bancshares Inc. 548,608 12,591
  First Community Bankshares Inc. 418,922 12,505
  First of Long Island Corp. 588,218 12,488
  Waterstone Financial Inc. 632,968 12,444
* AMMO Inc. 1,260,156 12,337
* Metropolitan Bank Holding Corp. 203,763 12,271
  1st Source Corp. 262,108 12,178
* Southern First Bancshares Inc. 236,770 12,113
  Bar Harbor Bankshares 411,827 11,787
  Reliant Bancorp Inc. 423,562 11,745
  Universal Insurance Holdings Inc. 839,795 11,656
  MidWestOne Financial Group Inc. 402,337 11,575
23

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Equity Bancshares Inc. Class A 373,600 11,391
  HomeTrust Bancshares Inc. 399,852 11,156
  MVB Financial Corp. 260,932 11,131
  Regional Management Corp. 232,857 10,837
  West Bancorp Inc. 387,779 10,761
  Bank of Marin Bancorp 332,138 10,595
  RBB Bancorp 434,782 10,530
  Farmers National Banc Corp. 673,492 10,446
  Primis Financial Corp. 682,619 10,417
1 GCM Grosvenor Inc. Class A 996,143 10,380
  Alerus Financial Corp. 348,449 10,109
  Capstar Financial Holdings Inc. 488,248 10,009
  First Bancorp Inc. 338,506 9,969
  Old Second Bancorp Inc. 797,417 9,888
* Bridgewater Bancshares Inc. 610,421 9,858
  CNB Financial Corp. 422,728 9,647
  SmartFinancial Inc. 397,298 9,539
  Civista Bancshares Inc. 430,004 9,503
  Home Bancorp Inc. 248,975 9,488
  Citizens & Northern Corp. 386,437 9,468
  Southern Missouri Bancorp Inc. 208,303 9,365
* Carter Bankshares Inc. 741,955 9,282
  American National Bankshares Inc. 296,565 9,220
  Sierra Bancorp 346,699 8,824
  Curo Group Holdings Corp. 516,829 8,786
* EZCORP Inc. Class A 1,439,531 8,680
  First Choice Bancorp 284,120 8,651
  Metrocity Bankshares Inc. 488,870 8,560
  Spirit of Texas Bancshares Inc. 371,242 8,479
  Guaranty Bancshares Inc. 248,805 8,477
  State Auto Financial Corp. 494,882 8,472
  Century Bancorp Inc. Class A 73,090 8,332
  First Internet Bancorp 263,092 8,151
  Investors Title Co. 45,994 8,032
* Greenlight Capital Re Ltd. Class A 877,253 8,009
  PCSB Financial Corp. 438,806 7,973
* Trean Insurance Group Inc. 521,868 7,870
  FS Bancorp Inc. 110,310 7,862
  Great Ajax Corp. 604,493 7,846
  Peoples Financial Services Corp. 179,123 7,631
  Enterprise Bancorp Inc. 231,586 7,584
  Provident Bancorp Inc. 460,030 7,503
*,1 Citizens Inc. Class A 1,398,360 7,397
  Capital City Bank Group Inc. 283,929 7,323
  Summit Financial Group Inc. 332,686 7,322
  Mid Penn Bancorp Inc. 264,292 7,255
1 Blue Ridge Bankshares Inc. 413,800 7,250
  Red River Bancshares Inc. 141,735 7,159
  Donegal Group Inc. Class A 487,738 7,106
* Coastal Financial Corp. 248,551 7,099
  Bank of Commerce Holdings 467,689 7,025
  Amalgamated Financial Corp. 447,207 6,990
  Northrim Bancorp Inc. 159,069 6,800
*,1 Five Star Bancorp 280,800 6,781
  South Plains Financial Inc. 292,194 6,758
* Select Bancorp Inc. 417,831 6,735
  Investar Holding Corp. 291,592 6,675
* Howard Bancorp Inc. 413,064 6,663
  Community Bankers Trust Corp. 586,264 6,648
  Macatawa Bank Corp. 745,583 6,524
  First Bank 476,401 6,450
24

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  ACNB Corp. 229,974 6,419
  Orrstown Financial Services Inc. 275,459 6,355
  Central Valley Community Bancorp 312,875 6,304
1 Farmers & Merchants Bancorp Inc. 285,938 6,239
* Ocwen Financial Corp. 200,871 6,223
* Maiden Holdings Ltd. 1,832,424 6,175
  First Business Financial Services Inc. 227,883 6,169
* Professional Holding Corp. Class A 342,166 6,166
  Marlin Business Services Corp. 270,575 6,158
* Amerant Bancorp Inc. Class B 314,585 6,147
  Crawford & Co. Class B 708,040 6,089
  National Bankshares Inc. 173,462 6,073
  Northeast Bank 203,174 6,069
* BayCom Corp. 335,909 6,030
  PCB Bancorp 374,379 6,028
  Heritage Insurance Holdings Inc. 698,405 5,992
  Territorial Bancorp Inc. 225,514 5,857
  Timberland Bancorp Inc. 208,251 5,856
  Greenhill & Co. Inc. 373,820 5,817
  Independence Holding Co. 125,307 5,804
  BCB Bancorp Inc. 429,957 5,783
1 Fidelity D&D Bancorp Inc. 106,859 5,781
  Codorus Valley Bancorp Inc. 287,534 5,762
  Richmond Mutual Bancorp Inc. 382,726 5,703
  Parke Bancorp Inc. 290,652 5,685
  1st Constitution Bancorp 269,567 5,577
  LCNB Corp. 335,090 5,485
  Bankwell Financial Group Inc. 197,559 5,461
  AG Mortgage Investment Trust Inc. 1,278,175 5,458
  Ames National Corp. 221,412 5,427
1 Community Financial Corp. 155,124 5,352
* Capital Bancorp Inc. 257,446 5,265
* FVCBankcorp Inc. 304,945 5,263
* Medallion Financial Corp. 588,403 5,213
  AFC Gamma Inc. 250,200 5,167
* MainStreet Bancshares Inc. 228,238 5,154
  Bank of Princeton 179,731 5,153
  Norwood Financial Corp. 196,843 5,118
1 Western Asset Mortgage Capital Corp. 1,574,051 5,116
  Meridian Corp. 194,533 5,107
  Tiptree Inc. Class A 546,052 5,078
  C&F Financial Corp. 99,153 5,057
  Premier Financial Bancorp Inc. 299,301 5,043
1 Cherry Hill Mortgage Investment Corp. 509,709 5,026
  Silvercrest Asset Management Group Inc. Class A 333,116 5,010
* Republic First Bancorp Inc. 1,249,187 4,984
  Shore Bancshares Inc. 286,372 4,797
  Pzena Investment Management Inc. Class A 433,970 4,778
  Mackinac Financial Corp. 241,433 4,771
  Unity Bancorp Inc. 215,899 4,761
  Virginia National Bankshares Corp. 121,034 4,707
  Evans Bancorp Inc. 126,204 4,682
  ESSA Bancorp Inc. 285,040 4,672
  Riverview Bancorp Inc. 657,721 4,663
  ChoiceOne Financial Services Inc. 192,309 4,658
* NI Holdings Inc. 242,390 4,608
* Pioneer Bancorp Inc. 382,362 4,596
*,1 Safeguard Scientifics Inc. 588,207 4,565
  OP Bancorp 449,912 4,526
  HBT Financial Inc. 254,362 4,428
  Western New England Bancorp Inc. 540,879 4,408
25

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Ellington Residential Mortgage REIT 372,586 4,385
  Penns Woods Bancorp Inc. 183,006 4,359
  Chemung Financial Corp. 98,066 4,345
  Westwood Holdings Group Inc. 197,330 4,294
* First Western Financial Inc. 163,293 4,228
* Pacific Mercantile Bancorp 490,923 4,222
*,1 Finance of America Cos. Inc. Class A 553,000 4,219
* Arlington Asset Investment Corp. Class A 1,037,040 4,210
* Esquire Financial Holdings Inc. 175,811 4,167
1 First Capital Inc. 95,479 4,140
*,1 BM Technologies Inc. (XASE) 331,572 4,125
1 County Bancorp Inc. 120,768 4,101
* Malvern Bancorp Inc. 219,520 4,059
* Manning & Napier Inc. Class A 514,098 4,046
1 First Savings Financial Group Inc. 55,035 4,026
*,1 MMA Capital Holdings Inc. 145,485 3,951
* ACRES Commercial Realty Corp. 245,145 3,937
1 Plumas Bancorp 119,696 3,834
  Level One Bancorp Inc. 139,799 3,817
  Severn Bancorp Inc. 319,317 3,800
  First Community Corp. 186,000 3,757
  Franklin Financial Services Corp. 116,984 3,736
1 Eagle Bancorp Montana Inc. 161,868 3,723
  First Northwest Bancorp 208,878 3,666
  Citizens Community Bancorp Inc. 260,400 3,562
  BankFinancial Corp. 307,906 3,522
* California Bancorp 187,796 3,512
  Luther Burbank Corp. 291,861 3,461
  United Insurance Holdings Corp. 604,893 3,448
  First Financial Northwest Inc. 224,248 3,397
1 Hawthorn Bancshares Inc. 147,702 3,387
1 FNCB Bancorp Inc. 465,227 3,382
  Middlefield Banc Corp. 142,329 3,359
1 First United Corp. 188,019 3,277
* ProSight Global Inc. 252,607 3,223
1 Federal Agricultural Mortgage Corp. Class A 35,555 3,218
  American River Bankshares 177,291 3,209
  GAMCO Investors Inc. Class A 128,065 3,207
  Lument Finance Trust Inc. 736,326 3,100
  Provident Financial Holdings Inc. 178,766 3,087
1 CB Financial Services Inc. 132,764 2,941
  Sachem Capital Corp. 548,216 2,933
  Peoples Bancorp of North Carolina Inc. 113,094 2,918
  Union Bankshares Inc. 80,084 2,899
* Elevate Credit Inc. 793,069 2,831
* Velocity Financial Inc. 225,230 2,813
  Salisbury Bancorp Inc. 55,018 2,795
  Nexpoint Real Estate Finance Inc. 131,900 2,755
  First Guaranty Bancshares Inc. 140,910 2,745
  Summit State Bank 173,210 2,692
  Prudential Bancorp Inc. 193,946 2,686
* PDL Community Bancorp 195,093 2,665
  SB Financial Group Inc. 143,155 2,648
1 Guild Holdings Co. Class A 171,100 2,625
  United Security Bancshares 319,796 2,613
1 Oak Valley Bancorp 141,641 2,574
1 US Global Investors Inc. Class A 413,367 2,559
* Heritage Global Inc. 1,009,805 2,555
1 Greene County Bancorp Inc. 88,514 2,489
1 Partners Bancorp 304,800 2,451
* Broadway Financial Corp. 895,957 2,410
26

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Colony Bankcorp Inc. 132,080 2,359
  Old Point Financial Corp. 94,607 2,295
* Hallmark Financial Services Inc. 505,915 2,251
  Landmark Bancorp Inc. 82,143 2,219
1 Ohio Valley Banc Corp. 88,132 2,155
  Bank7 Corp. 122,833 2,119
1 Auburn National Bancorp Inc. 59,198 2,099
* Angel Oak Mortgage Inc. 115,072 2,056
* SWK Holdings Corp. 116,511 2,045
* Consumer Portfolio Services Inc. 444,873 2,002
  Manhattan Bridge Capital Inc. 253,464 1,980
  Associated Capital Group Inc. Class A 48,851 1,898
  FedNat Holding Co. 438,682 1,821
* Nicholas Financial Inc. 160,566 1,802
  Citizens Holding Co. 96,321 1,778
  Cortland Bancorp 66,087 1,768
* Randolph Bancorp Inc. 84,255 1,745
* Sterling Bancorp Inc. 370,328 1,685
*,1 Digital Media Solutions Inc. 173,619 1,681
* Riverview Financial Corp. 146,658 1,676
* Security National Financial Corp. Class A 188,168 1,646
  Kingstone Cos. Inc. 202,133 1,577
* Great Elm Group Inc. 699,700 1,567
  Sound Financial Bancorp Inc. 32,847 1,424
  CF Bankshares Inc. 72,855 1,388
* Kingsway Financial Services Inc. 276,783 1,384
*,4 BM Technologies Inc. (Acquired 12/17/20, Cost $1,765) 123,018 1,377
  AmeriServ Financial Inc. 345,032 1,356
  Bank of South Carolina Corp. 62,409 1,279
  Hennessy Advisors Inc. 136,122 1,269
  First National Corp. 63,040 1,266
1 loanDepot Inc. Class A 92,379 1,187
* Bogota Financial Corp. 116,190 1,183
*,1 Limestone Bancorp Inc. 63,947 1,064
* Rhinebeck Bancorp Inc. 95,526 1,041
  Crawford & Co. Class A 112,893 1,024
  Tremont Mortgage Trust 164,781 1,000
  CBM Bancorp Inc. 66,233 995
* Ashford Inc. 38,757 881
*,1 Carver Bancorp Inc. 85,276 873
  William Penn Bancorp 72,473 862
  First US Bancshares Inc. 76,445 823
* Midwest Holding Inc. 20,800 814
  Emclaire Financial Corp. 27,204 791
  IF Bancorp Inc. 32,786 754
  Elmira Savings Bank 52,075 745
  Community West Bancshares 50,802 665
* HV Bancorp Inc. 26,133 574
  United Bancshares Inc. 15,866 571
* FFBW Inc. 46,247 527
* Impac Mortgage Holdings Inc. 244,016 517
* Affinity Bancshares Inc. 35,089 451
* HMN Financial Inc. 18,497 394
  Lake Shore Bancorp Inc. 25,642 394
* Patriot National Bancorp Inc. 41,342 378
* FG Financial Group Inc. 34,257 317
* Altisource Asset Management Corp. 15,364 295
  Mid-Southern Bancorp Inc. 18,226 291
*,1,2 Contran Corp. CVR 204,224 196
  Atlantic American Corp. 36,081 156
  Value Line Inc. 4,739 147
27

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
1 Oconee Federal Financial Corp. 5,788 135
* Village Bank & Trust Financial Corp. 782 38
* 1895 Bancorp of Wisconsin Inc. 2,333 35
*,1 Medley Management Inc. Class A 3,709 23
  Generations Bancorp NY Inc. 1,125 11
  Kentucky First Federal Bancorp 1,245 9
  Pathfinder Bancorp Inc. 200 3
*,2 Frontier Financial Corp. 1
            139,970,303
Health Care (13.01%)
  Johnson & Johnson 74,381,224 12,253,563
  UnitedHealth Group Inc. 26,655,275 10,673,838
  Pfizer Inc. 158,110,199 6,191,595
  Abbott Laboratories 50,188,451 5,818,347
  AbbVie Inc. 49,888,652 5,619,458
  Thermo Fisher Scientific Inc. 11,101,575 5,600,412
  Eli Lilly & Co. 24,380,353 5,595,779
  Merck & Co. Inc. 71,521,061 5,562,193
  Danaher Corp. 18,132,976 4,866,165
  Medtronic plc 38,075,061 4,726,257
  Bristol-Myers Squibb Co. 63,069,662 4,214,315
  Amgen Inc. 16,228,764 3,955,761
* Intuitive Surgical Inc. 3,344,881 3,076,086
  Anthem Inc. 6,916,039 2,640,544
  Zoetis Inc. Class A 13,410,996 2,499,273
  Gilead Sciences Inc. 35,425,710 2,439,414
  Stryker Corp. 9,045,040 2,349,268
  Cigna Corp. 9,693,263 2,297,982
* Moderna Inc. 9,639,876 2,265,178
  Becton Dickinson & Co. 8,214,979 1,997,801
* Illumina Inc. 4,124,205 1,951,615
* Edwards Lifesciences Corp. 17,559,592 1,818,647
* Boston Scientific Corp. 40,137,129 1,716,264
  Humana Inc. 3,644,752 1,613,605
  HCA Healthcare Inc. 7,614,845 1,574,293
* Regeneron Pharmaceuticals Inc. 2,809,686 1,569,322
* IDEXX Laboratories Inc. 2,409,189 1,521,523
* Vertex Pharmaceuticals Inc. 7,312,707 1,474,461
* Biogen Inc. 4,252,843 1,472,632
* IQVIA Holdings Inc. 5,413,519 1,311,804
* Align Technology Inc. 2,122,434 1,296,807
  Agilent Technologies Inc. 8,643,165 1,277,546
* Veeva Systems Inc. Class A 3,896,078 1,211,485
* Centene Corp. 16,463,269 1,200,666
* Dexcom Inc. 2,732,038 1,166,580
* Alexion Pharmaceuticals Inc. 6,235,688 1,145,558
  Baxter International Inc. 14,204,672 1,143,476
  ResMed Inc. 4,111,139 1,013,478
  Zimmer Biomet Holdings Inc. 5,889,095 947,084
* Laboratory Corp. of America Holdings 2,759,198 761,125
  West Pharmaceutical Services Inc. 2,086,140 749,133
  Cerner Corp. 8,518,351 665,794
* Teladoc Health Inc. 3,926,887 653,002
* Seagen Inc. 3,845,900 607,191
* Exact Sciences Corp. 4,844,118 602,172
* Horizon Therapeutics plc 6,351,224 594,729
* Alnylam Pharmaceuticals Inc. 3,321,618 563,081
  STERIS plc 2,675,018 551,856
* Novocure Ltd. 2,483,217 550,827
  Cooper Cos. Inc. 1,388,700 550,300
  Teleflex Inc. 1,320,269 530,471
28

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Charles River Laboratories International Inc. 1,419,802 525,213
* Catalent Inc. 4,813,357 520,420
* Insulet Corp. 1,872,593 514,045
* Avantor Inc. 13,984,592 496,593
  Bio-Techne Corp. 1,098,861 494,773
  PerkinElmer Inc. 3,167,283 489,060
  Viatris Inc. 34,145,120 487,934
  Quest Diagnostics Inc. 3,691,381 487,152
* Hologic Inc. 7,240,066 483,057
  Cardinal Health Inc. 8,196,872 467,959
* Elanco Animal Health Inc. 13,363,713 463,587
* Incyte Corp. 5,281,692 444,349
*,1 Novavax Inc. 2,092,661 444,293
* 10X Genomics Inc. Class A 2,216,836 434,101
* BioMarin Pharmaceutical Inc. 5,162,842 430,788
* Molina Healthcare Inc. 1,649,850 417,511
* ABIOMED Inc. 1,279,848 399,453
  DENTSPLY SIRONA Inc. 6,167,580 390,161
* Bio-Rad Laboratories Inc. Class A 592,811 381,942
  Royalty Pharma plc Class A 8,863,714 363,324
* Masimo Corp. 1,398,499 339,066
* Guardant Health Inc. 2,711,594 336,753
  Universal Health Services Inc. Class B 2,093,266 306,517
* Intellia Therapeutics Inc. 1,837,897 297,574
* Henry Schein Inc. 3,976,259 294,999
* Repligen Corp. 1,474,582 294,356
* Jazz Pharmaceuticals plc 1,624,391 288,557
* Penumbra Inc. 979,651 268,483
* Syneos Health Inc. 2,934,168 262,579
* Neurocrine Biosciences Inc. 2,672,448 260,083
* Natera Inc. 2,233,278 253,544
* DaVita Inc. 1,951,317 234,997
* Arrowhead Pharmaceuticals Inc. 2,794,965 231,479
*,1 Bridgebio Pharma Inc. 3,792,805 231,209
* United Therapeutics Corp. 1,266,324 227,191
* Amedisys Inc. 920,962 225,571
  Encompass Health Corp. 2,814,211 219,593
* Organon & Co. 7,154,694 216,501
  Chemed Corp. 451,013 214,006
  Hill-Rom Holdings Inc. 1,878,626 213,393
  Bruker Corp. 2,783,306 211,476
* Mirati Therapeutics Inc. 1,306,036 210,964
* STAAR Surgical Co. 1,328,187 202,549
* Tenet Healthcare Corp. 3,018,375 202,201
* Oak Street Health Inc. 3,403,472 199,341
* Envista Holdings Corp. 4,544,559 196,370
* Fate Therapeutics Inc. 2,259,138 196,071
* Acceleron Pharma Inc. 1,544,048 193,763
* HealthEquity Inc. 2,352,476 189,327
* Pacific Biosciences of California Inc. 5,321,239 186,084
* Omnicell Inc. 1,216,722 184,273
* Halozyme Therapeutics Inc. 4,011,940 182,182
*,1 Invitae Corp. 5,361,705 180,850
* Denali Therapeutics Inc. 2,226,847 174,674
  Perrigo Co. plc 3,776,587 173,157
* LHC Group Inc. 851,265 170,474
* Globus Medical Inc. Class A 2,193,345 170,050
* Shockwave Medical Inc. 888,844 168,640
* Sarepta Therapeutics Inc. 2,141,606 166,488
* Twist Bioscience Corp. 1,242,223 165,526
* Ultragenyx Pharmaceutical Inc. 1,720,384 164,039
29

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Tandem Diabetes Care Inc. 1,680,502 163,681
* Exelixis Inc. 8,859,039 161,412
* PPD Inc. 3,473,130 160,077
* Acadia Healthcare Co. Inc. 2,539,738 159,369
* Nevro Corp. 934,189 154,879
* Ionis Pharmaceuticals Inc. 3,787,718 151,092
* Blueprint Medicines Corp. 1,650,431 145,172
* Medpace Holdings Inc. 812,303 143,477
* NeoGenomics Inc. 3,174,870 143,409
* Inspire Medical Systems Inc. 730,804 141,235
* TG Therapeutics Inc. 3,591,225 139,304
* Integra LifeSciences Holdings Corp. 2,036,402 138,964
* Neogen Corp. 3,018,060 138,951
* Adaptive Biotechnologies Corp. 3,380,715 138,136
*,1 Beam Therapeutics Inc. 1,060,151 136,452
* CareDx Inc. 1,468,725 134,418
* Quidel Corp. 1,023,474 131,127
  Select Medical Holdings Corp. 3,031,374 128,106
  Ensign Group Inc. 1,475,334 127,867
* Arena Pharmaceuticals Inc. 1,714,044 116,898
* ICU Medical Inc. 564,203 116,113
* Apellis Pharmaceuticals Inc. 1,821,214 115,101
  Premier Inc. Class A 3,290,317 114,470
  CONMED Corp. 825,626 113,466
* Alkermes plc 4,531,626 111,115
* Privia Health Group Inc. 2,482,631 110,154
*,1 Editas Medicine Inc. Class A 1,917,942 108,632
* Maravai LifeSciences Holdings Inc. Class A 2,582,621 107,773
* Reata Pharmaceuticals Inc. Class A 753,977 106,710
* Glaukos Corp. 1,238,170 105,034
* NuVasive Inc. 1,457,177 98,767
* AtriCure Inc. 1,222,914 97,014
* Merit Medical Systems Inc. 1,497,419 96,823
* Haemonetics Corp. 1,447,143 96,438
* Agios Pharmaceuticals Inc. 1,742,785 96,045
* Progyny Inc. 1,623,400 95,781
* Iovance Biotherapeutics Inc. 3,675,162 95,628
* Insmed Inc. 3,231,894 91,980
* Allakos Inc. 1,056,737 90,214
*,1 Multiplan Corp. 9,420,775 89,686
* 1Life Healthcare Inc. 2,712,307 89,669
* Integer Holdings Corp. 934,844 88,062
* Nektar Therapeutics 5,130,208 88,034
*,1 Cassava Sciences Inc. 1,017,765 86,958
* Vir Biotechnology Inc. 1,836,296 86,820
* Emergent BioSolutions Inc. 1,370,512 86,329
  Owens & Minor Inc. 2,016,062 85,340
* Arvinas Inc. 1,106,241 85,181
* Sage Therapeutics Inc. 1,494,140 84,882
* Intra-Cellular Therapies Inc. 2,077,547 84,805
* PTC Therapeutics Inc. 1,983,353 83,836
* ACADIA Pharmaceuticals Inc. 3,396,528 82,841
* NanoString Technologies Inc. 1,275,314 82,628
* R1 RCM Inc. 3,696,386 82,208
* Turning Point Therapeutics Inc. 1,038,509 81,024
* Kodiak Sciences Inc. 869,010 80,818
*,1 BioCryst Pharmaceuticals Inc. 5,040,027 79,683
* Inari Medical Inc. 840,789 78,429
* Veracyte Inc. 1,908,890 76,317
* Pacira BioSciences Inc. 1,239,565 75,217
*,1 Sorrento Therapeutics Inc. 7,712,450 74,734
30

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Patterson Cos. Inc. 2,451,614 74,505
* Prestige Consumer Healthcare Inc. 1,410,029 73,462
* Dicerna Pharmaceuticals Inc. 1,954,418 72,939
* Amicus Therapeutics Inc. 7,478,438 72,092
* Accolade Inc. 1,318,070 71,584
* Karuna Therapeutics Inc. 626,172 71,377
* Inovalon Holdings Inc. Class A 2,081,472 70,937
* MEDNAX Inc. 2,324,610 70,087
* Phreesia Inc. 1,133,015 69,454
* Vericel Corp. 1,304,455 68,484
* SpringWorks Therapeutics Inc. 829,840 68,387
* Sotera Health Co. 2,779,259 67,341
* Option Care Health Inc. 3,068,110 67,100
  Healthcare Services Group Inc. 2,122,063 66,994
* agilon health Inc. 1,646,843 66,812
* Corcept Therapeutics Inc. 2,969,220 65,323
*,1 Heska Corp. 279,339 64,173
* Myriad Genetics Inc. 2,065,977 63,178
* Apollo Medical Holdings Inc. 1,005,116 63,131
* FibroGen Inc. 2,355,422 62,725
* Magellan Health Inc. 659,714 62,145
* Surgery Partners Inc. 929,543 61,926
* Global Blood Therapeutics Inc. 1,765,156 61,816
* Bluebird Bio Inc. 1,919,064 61,372
* Outset Medical Inc. 1,226,452 61,298
* Axonics Inc. 963,767 61,112
* ModivCare Inc. 357,957 60,878
*,1 GoodRx Holdings Inc. Class A 1,667,236 60,037
*,1 American Well Corp. Class A 4,715,346 59,319
*,1 Health Catalyst Inc. 1,064,331 59,081
* Ligand Pharmaceuticals Inc. 449,427 58,960
* Berkeley Lights Inc. 1,315,585 58,951
*,1 Bionano Genomics Inc. 7,872,672 57,707
* Xencor Inc. 1,663,879 57,387
*,1 Butterfly Network Inc. 3,949,126 57,183
* Revance Therapeutics Inc. 1,925,324 57,067
* Rocket Pharmaceuticals Inc. 1,250,668 55,392
* AdaptHealth Corp. Class A 2,013,530 55,191
* Community Health Systems Inc. 3,547,563 54,774
*,1 Inovio Pharmaceuticals Inc. 5,889,031 54,591
* Protagonist Therapeutics Inc. 1,203,421 54,010
* Axsome Therapeutics Inc. 795,323 53,652
* REVOLUTION Medicines Inc. 1,657,702 52,615
* Translate Bio Inc. 1,909,243 52,581
* Relay Therapeutics Inc. 1,430,458 52,340
* Allogene Therapeutics Inc. 1,994,602 52,019
* iRhythm Technologies Inc. 783,989 52,018
* Quanterix Corp. 868,025 50,918
* Ironwood Pharmaceuticals Inc. Class A 3,917,040 50,412
* Lantheus Holdings Inc. 1,816,460 50,207
* Zentalis Pharmaceuticals Inc. 940,701 50,045
* Avanos Medical Inc. 1,365,330 49,657
* Ortho Clinical Diagnostics Holdings plc 2,307,800 49,410
*,1 Fulgent Genetics Inc. 532,245 49,089
  Luminex Corp. 1,267,273 46,636
* Cardiovascular Systems Inc. 1,093,353 46,631
* Evolent Health Inc. Class A 2,182,750 46,100
* BioLife Solutions Inc. 1,022,938 45,531
*,1 Ocugen Inc. 5,595,906 44,935
* Heron Therapeutics Inc. 2,873,367 44,595
* Castle Biosciences Inc. 600,074 44,003
31

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Supernus Pharmaceuticals Inc. 1,428,152 43,973
* Avid Bioservices Inc. 1,697,181 43,533
* Seres Therapeutics Inc. 1,816,072 43,313
* MacroGenics Inc. 1,606,133 43,141
*,1 Anavex Life Sciences Corp. 1,879,446 42,964
* RadNet Inc. 1,266,159 42,657
*,1 OPKO Health Inc. 10,453,739 42,338
* Deciphera Pharmaceuticals Inc. 1,147,812 42,021
*,1 Clover Health Investments Corp. 3,150,771 41,968
* Silk Road Medical Inc. 872,010 41,734
  US Physical Therapy Inc. 359,989 41,712
* Brookdale Senior Living Inc. 5,218,038 41,222
* Inogen Inc. 627,275 40,880
* REGENXBIO Inc. 1,035,378 40,224
* Addus HomeCare Corp. 452,292 39,458
* Arcus Biosciences Inc. 1,412,740 38,794
* Codexis Inc. 1,703,092 38,592
* Sangamo Therapeutics Inc. 3,210,151 38,425
* Doximity Inc. Class A 658,234 38,309
* Cytokinetics Inc. 1,928,074 38,157
* Kura Oncology Inc. 1,785,812 37,234
*,1 Celldex Therapeutics Inc. 1,109,479 37,101
*,1 Nuvation Bio Inc. 3,984,725 37,098
* ImmunoGen Inc. 5,625,204 37,070
* CorVel Corp. 271,631 36,480
*,1 MannKind Corp. 6,620,993 36,084
* C4 Therapeutics Inc. 947,234 35,843
*,1 Atea Pharmaceuticals Inc. 1,633,672 35,091
* Atara Biotherapeutics Inc. 2,220,197 34,524
* Kymera Therapeutics Inc. 698,324 33,869
*,1 Hims & Hers Health Inc. 3,104,383 33,807
*,1 Recursion Pharmaceuticals Inc. Class A 893,207 32,602
*,1 Senseonics Holdings Inc. 8,458,671 32,481
* Vanda Pharmaceuticals Inc. 1,490,802 32,067
* Morphic Holding Inc. 558,099 32,029
* Madrigal Pharmaceuticals Inc. 327,153 31,868
* Joint Corp. 376,614 31,605
* Tabula Rasa HealthCare Inc. 629,972 31,499
* Rubius Therapeutics Inc. 1,272,958 31,073
* Y-mAbs Therapeutics Inc. 914,547 30,912
* Tivity Health Inc. 1,174,158 30,892
* Alector Inc. 1,469,150 30,602
* Certara Inc. 1,077,630 30,529
* Replimune Group Inc. 792,294 30,440
  LeMaitre Vascular Inc. 491,320 29,980
* Krystal Biotech Inc. 438,975 29,850
* LifeStance Health Group Inc. 1,055,674 29,411
* Endo International plc 6,279,295 29,387
* CryoLife Inc. 1,034,632 29,384
* Pennant Group Inc. 715,714 29,273
* Agenus Inc. 5,324,007 29,229
* Varex Imaging Corp. 1,086,463 29,139
* Ocular Therapeutix Inc. 2,023,884 28,699
* Dynavax Technologies Corp. 2,906,666 28,631
*,1 Cortexyme Inc. 540,079 28,624
* Aclaris Therapeutics Inc. 1,598,004 28,061
* Generation Bio Co. 1,037,084 27,898
* ALX Oncology Holdings Inc. 509,836 27,878
* Coherus Biosciences Inc. 2,013,139 27,842
* Zogenix Inc. 1,601,353 27,671
* PetIQ Inc. Class A 716,823 27,669
32

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Tactile Systems Technology Inc. 529,389 27,528
* AngioDynamics Inc. 1,014,509 27,524
*,1 Applied Molecular Transport Inc. 600,595 27,471
*,1 SmileDirectClub Inc. Class A 3,161,491 27,442
* Constellation Pharmaceuticals Inc. 809,642 27,366
*,1 Cerevel Therapeutics Holdings Inc. 1,064,899 27,283
* Cerus Corp. 4,610,533 27,248
*,1 DermTech Inc. 653,197 27,153
* Meridian Bioscience Inc. 1,217,883 27,013
* Pulmonx Corp. 611,867 26,996
* Rhythm Pharmaceuticals Inc. 1,355,781 26,546
* Nurix Therapeutics Inc. 1,000,326 26,539
*,1 Pliant Therapeutics Inc. 910,064 26,501
* Hanger Inc. 1,030,060 26,040
* PMV Pharmaceuticals Inc. 760,504 25,979
* SI-BONE Inc. 824,580 25,950
*,1 MiMedx Group Inc. 2,060,394 25,776
* OptimizeRx Corp. 414,345 25,648
*,1 Olema Pharmaceuticals Inc. 901,037 25,211
* Alphatec Holdings Inc. 1,637,533 25,087
* Travere Therapeutics Inc. 1,704,778 24,873
*,1 Omeros Corp. 1,669,004 24,768
  National HealthCare Corp. 353,841 24,733
* NextGen Healthcare Inc. 1,488,469 24,694
*,1 Vaxart Inc. 3,278,276 24,554
* Kronos Bio Inc. 1,023,871 24,522
* Natus Medical Inc. 942,380 24,483
* OrthoPediatrics Corp. 386,772 24,436
  National Research Corp. 527,886 24,230
  Atrion Corp. 38,941 24,180
* ViewRay Inc. 3,644,905 24,056
* Radius Health Inc. 1,316,175 24,007
* Shattuck Labs Inc. 826,567 23,962
* Personalis Inc. 935,159 23,660
* Mersana Therapeutics Inc. 1,740,336 23,634
* Theravance Biopharma Inc. 1,625,986 23,609
* Innoviva Inc. 1,733,042 23,240
*,1 ImmunityBio Inc. 1,623,782 23,188
* Arcutis Biotherapeutics Inc. 842,104 22,981
* Enanta Pharmaceuticals Inc. 514,634 22,649
* Arcturus Therapeutics Holdings Inc. 669,172 22,645
*,1 Sesen Bio Inc. 4,886,333 22,575
* Scholar Rock Holding Corp. 776,611 22,444
* Cutera Inc. 454,902 22,304
* Surmodics Inc. 403,113 21,869
* Collegium Pharmaceutical Inc. 923,600 21,834
*,1 Zomedica Corp. 26,184,332 21,804
* Eargo Inc. 545,716 21,780
*,1 Atossa Therapeutics Inc. 3,396,950 21,469
* Signify Health Inc. Class A 700,848 21,327
* Vaxcyte Inc. 944,616 21,263
*,1 G1 Therapeutics Inc. 966,007 21,194
* Orthofix Medical Inc. 527,395 21,154
* Aerie Pharmaceuticals Inc. 1,312,863 21,019
* OraSure Technologies Inc. 2,067,447 20,964
* Amphastar Pharmaceuticals Inc. 1,030,122 20,767
* Syndax Pharmaceuticals Inc. 1,207,433 20,732
*,1 Asensus Surgical Inc. 6,472,054 20,516
* Rigel Pharmaceuticals Inc. 4,725,470 20,509
* TransMedics Group Inc. 615,353 20,417
*,1 Humanigen Inc. 1,163,415 20,220
33

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* HealthStream Inc. 721,049 20,146
* Avidity Biosciences Inc. 809,364 19,999
* Agiliti Inc. 913,127 19,970
* ChemoCentryx Inc. 1,485,723 19,894
* Curis Inc. 2,463,898 19,884
* Verastem Inc. 4,879,551 19,860
* SeaSpine Holdings Corp. 960,896 19,708
* Sutro Biopharma Inc. 1,046,181 19,448
*,1 Epizyme Inc. 2,322,004 19,296
*,1 Karyopharm Therapeutics Inc. 1,842,739 19,017
* Axogen Inc. 875,038 18,910
* Kadmon Holdings Inc. 4,846,942 18,758
* Albireo Pharma Inc. 530,095 18,649
*,1 Alignment Healthcare Inc. 791,937 18,508
* Antares Pharma Inc. 4,218,858 18,394
* IGM Biosciences Inc. 219,695 18,279
* Forma Therapeutics Holdings Inc. 733,503 18,257
* RAPT Therapeutics Inc. 573,573 18,234
* Organogenesis Holdings Inc. Class A 1,082,945 17,999
*,1 Marinus Pharmaceuticals Inc. 994,174 17,835
* Stoke Therapeutics Inc. 523,417 17,618
* Aldeyra Therapeutics Inc. 1,543,403 17,487
* Anika Therapeutics Inc. 402,697 17,433
*,1 Cara Therapeutics Inc. 1,216,818 17,364
*,1 Precigen Inc. 2,656,212 17,318
* Akebia Therapeutics Inc. 4,493,461 17,030
* Spectrum Pharmaceuticals Inc. 4,529,704 16,986
*,1 Esperion Therapeutics Inc. 799,117 16,901
* Amneal Pharmaceuticals Inc. 3,295,721 16,874
*,1 Clovis Oncology Inc. 2,865,388 16,619
* Keros Therapeutics Inc. 390,573 16,588
  Phibro Animal Health Corp. Class A 573,523 16,563
* Phathom Pharmaceuticals Inc. 488,578 16,538
* Ardelyx Inc. 2,181,265 16,534
* Chimerix Inc. 2,063,682 16,509
* Catalyst Pharmaceuticals Inc. 2,854,634 16,414
* Passage Bio Inc. 1,216,015 16,100
* Aveanna Healthcare Holdings Inc. 1,283,844 15,881
* Praxis Precision Medicines Inc. 865,815 15,827
* Crinetics Pharmaceuticals Inc. 838,738 15,810
* Precision BioSciences Inc. 1,253,591 15,695
* Intersect ENT Inc. 911,831 15,583
* Sana Biotechnology Inc. 789,602 15,524
*,1 ZIOPHARM Oncology Inc. 5,813,951 15,349
* IVERIC bio Inc. 2,392,757 15,098
* Intercept Pharmaceuticals Inc. 755,830 15,094
* Dyne Therapeutics Inc. 717,332 15,093
* Bioxcel Therapeutics Inc. 509,935 14,819
* Allovir Inc. 739,469 14,597
* Akero Therapeutics Inc. 583,254 14,471
* Gossamer Bio Inc. 1,769,438 14,368
* Triple-S Management Corp. Class B 639,762 14,247
* AnaptysBio Inc. 545,993 14,158
* ChromaDex Corp. 1,435,675 14,156
* ORIC Pharmaceuticals Inc. 778,884 13,778
* Eagle Pharmaceuticals Inc. 320,635 13,723
* Avita Medical Inc. 666,603 13,679
* BioAtla Inc. 319,584 13,544
  Computer Programs & Systems Inc. 407,390 13,538
* Relmada Therapeutics Inc. 421,345 13,487
* Oncocyte Corp. 2,340,129 13,432
34

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* InfuSystem Holdings Inc. 643,179 13,372
*,1 Aligos Therapeutics Inc. 645,103 13,150
*,1 Fluidigm Corp. 2,128,993 13,115
* Flexion Therapeutics Inc. 1,575,341 12,965
* Accuray Inc. 2,803,916 12,674
* Ideaya Biosciences Inc. 598,776 12,568
*,1 Annovis Bio Inc. 146,852 12,568
* PAVmed Inc. 1,959,573 12,541
* Geron Corp. 8,890,353 12,535
* KalVista Pharmaceuticals Inc. 519,374 12,444
* TCR2 Therapeutics Inc. 750,605 12,317
* CytomX Therapeutics Inc. 1,941,022 12,287
* Stereotaxis Inc. 1,269,123 12,234
* Vapotherm Inc. 516,241 12,204
* Innovage Holding Corp. 565,667 12,054
* iCAD Inc. 693,372 12,002
*,1 Provention Bio Inc. 1,416,318 11,940
* Sientra Inc. 1,487,200 11,838
*,1 Viking Therapeutics Inc. 1,954,467 11,707
* Immunovant Inc. 1,106,066 11,691
*,1 TherapeuticsMD Inc. 9,817,287 11,683
*,1 Citius Pharmaceuticals Inc. 3,326,638 11,577
* UFP Technologies Inc. 197,000 11,312
* Evolus Inc. 893,396 11,301
* Harmony Biosciences Holdings Inc. 399,183 11,269
*,1 Viracta Therapeutics Inc. 990,902 11,237
*,1 Evelo Biosciences Inc. 815,361 11,203
*,1 Lyell Immunopharma Inc. 685,357 11,130
* iRadimed Corp. 370,023 10,882
* Annexon Inc. 482,424 10,859
* Kindred Biosciences Inc. 1,184,125 10,858
* Neuronetics Inc. 669,625 10,727
* Kiniksa Pharmaceuticals Ltd. Class A 764,267 10,646
  Utah Medical Products Inc. 123,017 10,461
* Durect Corp. 6,403,379 10,437
* Selecta Biosciences Inc. 2,488,030 10,400
*,1 Tonix Pharmaceuticals Holding Corp. 9,325,500 10,351
* Nkarta Inc. 325,617 10,319
* Harpoon Therapeutics Inc. 743,612 10,314
*,1 Instil Bio Inc. 531,457 10,268
* Forte Biosciences Inc. 304,284 10,230
* Spero Therapeutics Inc. 732,126 10,220
* Puma Biotechnology Inc. 1,097,041 10,071
*,1 Prelude Therapeutics Inc. 349,077 9,994
* Cue Biopharma Inc. 849,182 9,893
* BioDelivery Sciences International Inc. 2,761,616 9,887
* Applied Therapeutics Inc. 474,066 9,851
* Apria Inc. 350,792 9,822
* ANI Pharmaceuticals Inc. 279,510 9,797
*,1 Lineage Cell Therapeutics Inc. 3,434,473 9,788
*,1 Athenex Inc. 2,100,766 9,706
* Chinook Therapeutics Inc. 687,295 9,705
* Harvard Bioscience Inc. 1,162,473 9,683
* Altimmune Inc. 973,359 9,588
* Apyx Medical Corp. 926,965 9,557
*,1 SQZ Biotechnologies Co. 657,442 9,500
* Cullinan Oncology Inc. 366,338 9,433
*,1 CEL-SCI Corp. 1,085,487 9,422
*,1 iBio Inc. 6,182,400 9,335
* ClearPoint Neuro Inc. 485,726 9,272
*,1 Treace Medical Concepts Inc. 294,629 9,210
35

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
*,1 Silverback Therapeutics Inc. 298,009 9,205
* Aeglea BioTherapeutics Inc. 1,312,363 9,134
* XBiotech Inc. 551,119 9,127
* MEI Pharma Inc. 3,197,766 9,114
* Athira Pharma Inc. 888,175 9,095
*,1 908 Devices Inc. 229,763 8,903
* Poseida Therapeutics Inc. 887,948 8,897
* CytoSorbents Corp. 1,165,426 8,799
*,1 GT Biopharma Inc. 566,369 8,779
*,1 Ampio Pharmaceuticals Inc. 5,241,695 8,754
*,1 Kinnate Biopharma Inc. 373,540 8,696
* Magenta Therapeutics Inc. 886,614 8,671
* Molecular Templates Inc. 1,104,053 8,634
* Cymabay Therapeutics Inc. 1,979,241 8,629
* Avrobio Inc. 967,108 8,598
* Lexicon Pharmaceuticals Inc. 1,869,773 8,582
* Eiger BioPharmaceuticals Inc. 1,001,630 8,534
*,1 Paratek Pharmaceuticals Inc. 1,241,005 8,464
*,1 Zynex Inc. 541,306 8,406
*,1 Neoleukin Therapeutics Inc. 903,806 8,342
* Tarsus Pharmaceuticals Inc. 287,291 8,326
* Adverum Biotechnologies Inc. 2,373,289 8,307
* Homology Medicines Inc. 1,138,803 8,279
*,1 Athersys Inc. 5,746,910 8,276
*,1 KemPharm Inc. 644,100 8,257
* Castlight Health Inc. Class B 3,132,276 8,238
* Invacare Corp. 1,019,927 8,231
* Gritstone bio Inc. 901,205 8,228
* Black Diamond Therapeutics Inc. 670,378 8,172
*,1 Singular Genomics Systems Inc. 297,086 8,164
* Misonix Inc. 366,647 8,132
*,1 PDS Biotechnology Corp. 644,750 8,092
*,1 Aspira Women's Health Inc. 1,436,328 8,072
*,1 SOC Telemed Inc. Class A 1,410,716 8,027
*,1 Prometheus Biosciences Inc. 326,754 8,025
* Inotiv Inc. 299,702 7,996
*,1 Frequency Therapeutics Inc. 792,410 7,892
*,1 PLx Pharma Inc. 568,172 7,841
*,1 Seer Inc. Class A 238,986 7,834
* Adicet Bio Inc. 757,181 7,791
*,1 Syros Pharmaceuticals Inc. 1,426,343 7,774
*,1 Clene Inc. 691,300 7,770
*,1 Design Therapeutics Inc. 389,569 7,749
* SIGA Technologies Inc. 1,213,112 7,618
* Akouos Inc. 599,792 7,527
* Infinity Pharmaceuticals Inc. 2,513,513 7,515
*,1 Trevena Inc. 4,419,294 7,469
*,1 Seelos Therapeutics Inc. 2,820,391 7,446
*,1 9 Meters Biopharma Inc. 6,726,275 7,399
* CorMedix Inc. 1,072,675 7,359
*,1 Gemini Therapeutics Inc. Class A 1,134,730 7,342
*,1 Edgewise Therapeutics Inc. 341,602 7,286
*,1 Xeris Pharmaceuticals Inc. 1,778,523 7,239
*,1 Kala Pharmaceuticals Inc. 1,364,171 7,230
* Viemed Healthcare Inc. 1,007,372 7,203
* Mirum Pharmaceuticals Inc. 416,459 7,201
*,1 Chiasma Inc. 1,514,996 7,166
*,1 Accelerate Diagnostics Inc. 888,481 7,161
*,1 Cogent Biosciences Inc. 875,342 7,099
*,1 Cardiff Oncology Inc. 1,067,237 7,097
* Acutus Medical Inc. 417,898 7,096
36

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Arbutus Biopharma Corp. 2,328,074 7,054
*,1 Ontrak Inc. 215,565 7,002
*,1 NRX Pharmaceuticals Inc. 602,000 6,995
* Mustang Bio Inc. 2,105,047 6,989
* XOMA Corp. 204,566 6,955
*,1 Pulse Biosciences Inc. 417,488 6,847
*,1 Soliton Inc. 303,956 6,836
*,1 AVEO Pharmaceuticals Inc. 1,031,003 6,794
*,1 Atreca Inc. Class A 797,264 6,793
*,1 Taysha Gene Therapies Inc. 318,269 6,747
* Clearside Biomedical Inc. 1,382,559 6,733
* Outlook Therapeutics Inc. 2,674,274 6,659
*,1 Co-Diagnostics Inc. 800,052 6,600
* NGM Biopharmaceuticals Inc. 333,294 6,573
* Celcuity Inc. 273,446 6,563
* Kezar Life Sciences Inc. 1,193,164 6,479
* Fortress Biotech Inc. 1,807,324 6,452
*,1 Corbus Pharmaceuticals Holdings Inc. 3,518,888 6,440
* CTI BioPharma Corp. 2,571,037 6,428
* iTeos Therapeutics Inc. 249,545 6,401
1 Forian Inc. 507,400 6,378
* 4D Molecular Therapeutics Inc. 264,640 6,373
*,1 Harrow Health Inc. 683,104 6,346
*,1 Bolt Biotherapeutics Inc. 410,263 6,343
* Codiak Biosciences Inc. 341,978 6,337
* EyePoint Pharmaceuticals Inc. 702,533 6,316
*,1 MyMD Pharmaceuticals Inc. 985,700 6,210
*,1 Oyster Point Pharma Inc. 360,685 6,200
* Oncorus Inc. 443,031 6,114
*,1 Zynerba Pharmaceuticals Inc. 1,128,579 5,970
*,1 Ovid therapeutics Inc. 1,515,603 5,926
*,1 Oncternal Therapeutics Inc. 1,242,314 5,901
*,1 Conformis Inc. 5,121,178 5,889
* Adamas Pharmaceuticals Inc. 1,105,504 5,837
* IntriCon Corp. 259,342 5,830
*,1 Inhibrx Inc. 211,473 5,820
* Jounce Therapeutics Inc. 839,398 5,708
*,2 PDL BioPharma Inc. 2,258,201 5,578
*,1 Jaguar Health Inc. 3,489,800 5,514
* Fulcrum Therapeutics Inc. 523,526 5,487
* Summit Therapeutics Inc. 731,303 5,456
* Day One Biopharmaceuticals Inc. 238,764 5,437
* TFF Pharmaceuticals Inc. 562,212 5,403
*,1 Novan Inc. 533,644 5,368
*,1 Surface Oncology Inc. 715,945 5,341
*,1 Retractable Technologies Inc. 457,444 5,288
*,1 ADMA Biologics Inc. 3,268,214 5,229
*,1 VYNE Therapeutics Inc. 1,478,090 5,188
* Solid Biosciences Inc. 1,368,665 5,009
* Bioventus Inc. Class A 283,387 4,988
* Immunic Inc. 405,880 4,976
*,1 Checkpoint Therapeutics Inc. 1,681,481 4,960
*,1 Foghorn Therapeutics Inc. 463,882 4,950
*,1 Evofem Biosciences Inc. 4,331,794 4,895
* Savara Inc. 2,872,465 4,883
*,1 MediciNova Inc. 1,145,202 4,867
*,1 T2 Biosystems Inc. 4,088,642 4,865
*,1 Vor BioPharma Inc. 259,324 4,836
*,1 Verrica Pharmaceuticals Inc. 425,923 4,813
*,1 Heat Biologics Inc. 704,976 4,744
*,1 ContraFect Corp. 1,070,281 4,709
37

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Marker Therapeutics Inc. 1,667,393 4,652
*,1 SELLAS Life Sciences Group Inc. 418,731 4,648
*,1 Adamis Pharmaceuticals Corp. 4,092,849 4,502
* Exagen Inc. 299,858 4,495
* NeuBase Therapeutics Inc. 935,722 4,482
* Larimar Therapeutics Inc. 451,952 4,438
*,1 AcelRx Pharmaceuticals Inc. 3,196,620 4,411
* Cerecor Inc. 1,342,726 4,391
*,1 Actinium Pharmaceuticals Inc. 551,795 4,365
* 89bio Inc. 232,893 4,355
*,1 Inmune Bio Inc. 246,850 4,337
*,1 PhaseBio Pharmaceuticals Inc. 1,155,803 4,300
*,1 Cabaletta Bio Inc. 497,596 4,279
*,1 Applied Genetic Technologies Corp. 1,083,450 4,236
*,1 Second Sight Medical Products Inc. 855,961 4,228
* Hookipa Pharma Inc. 455,921 4,176
*,1 Lannett Co. Inc. 889,477 4,154
* Strongbridge Biopharma plc 1,398,325 4,153
*,1 UNITY Biotechnology Inc. 885,401 4,108
* Hepion Pharmaceuticals Inc. 2,069,200 4,097
*,1 Tyme Technologies Inc. 3,249,658 4,095
*,1 Surgalign Holdings Inc. 2,936,696 4,082
*,1 X4 Pharmaceuticals Inc. 625,831 4,068
* Voyager Therapeutics Inc. 975,770 4,030
* Enzo Biochem Inc. 1,264,541 4,009
*,1 Matinas BioPharma Holdings Inc. 5,173,894 4,009
*,1 SCYNEXIS Inc. 543,194 3,998
* Synlogic Inc. 1,025,995 3,991
* Immunome Inc. 229,937 3,978
* NeuroPace Inc. 163,860 3,898
* Akoya Biosciences Inc. 201,479 3,897
*,1 Kaleido Biosciences Inc. 523,722 3,896
* Repro-Med Systems Inc. 841,496 3,896
*,1 Calithera Biosciences Inc. 1,856,770 3,881
*,1 Abeona Therapeutics Inc. 2,476,342 3,863
*,1 Vincerx Pharma Inc. 296,121 3,847
* Viridian Therapeutics Inc. 209,454 3,831
*,1 Genprex Inc. 1,143,300 3,830
* CASI Pharmaceuticals Inc. 2,464,586 3,820
*,1 Galectin Therapeutics Inc. 1,188,478 3,803
* Apollo Endosurgery Inc. 461,395 3,737
* FONAR Corp. 210,441 3,721
*,1 Palatin Technologies Inc. 6,080,943 3,709
* Assembly Biosciences Inc. 952,579 3,696
* F-star Therapeutics Inc. 427,472 3,672
*,1 Avinger Inc. 2,981,057 3,667
*,1 Agile Therapeutics Inc. 2,743,071 3,648
* NexImmune Inc. 222,050 3,624
*,1 BrainStorm Cell Therapeutics Inc. 950,724 3,613
*,1 Tricida Inc. 835,778 3,611
*,1 Satsuma Pharmaceuticals Inc. 511,415 3,605
* Anixa Biosciences Inc. 927,178 3,597
* Catalyst Biosciences Inc. 825,860 3,576
*,1 Milestone Scientific Inc. 1,446,896 3,545
*,1 Eton Pharmaceuticals Inc. 574,850 3,541
* Sio Gene Therapies Inc. 1,283,882 3,505
* Bright Health Group Inc. 203,739 3,496
*,1 Aptinyx Inc. Class A 1,226,336 3,471
*,1 Cyclerion Therapeutics Inc. 886,273 3,456
*,1 Eloxx Pharmaceuticals Inc. 1,724,180 3,431
*,1 Rain Therapeutics Inc. 219,169 3,406
38

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Tela Bio Inc. 209,935 3,382
* Otonomy Inc. 1,512,369 3,373
* Concert Pharmaceuticals Inc. 796,804 3,363
*,1 Equillium Inc. 570,433 3,360
*,1 Lipocine Inc. 2,396,307 3,355
*,1 Greenwich Lifesciences Inc. 73,678 3,311
* Talaris Therapeutics Inc. 219,851 3,230
*,1 Galera Therapeutics Inc. 328,171 3,226
*,1 GlycoMimetics Inc. 1,368,882 3,176
*,1 Biodesix Inc. 240,315 3,175
* Talis Biomedical Corp. 285,242 3,146
* Terns Pharmaceuticals Inc. 252,256 3,093
* Five Star Senior Living Inc. 536,668 3,091
*,1 Celsion Corp. 2,427,040 3,082
* Biolase Inc. 4,387,500 3,063
*,1 Optinose Inc. 983,421 3,058
*,1 Inozyme Pharma Inc. 179,321 3,056
*,1 Alpine Immune Sciences Inc. 337,705 3,039
*,1 Capricor Therapeutics Inc. 587,200 3,012
*,1 Aytu BioPharma Inc. 595,106 2,981
*,1 Yumanity Therapeutics Inc. 253,324 2,951
*,1 Beyond Air Inc. 453,052 2,936
*,1 Liquidia Corp. 1,019,845 2,917
* NextCure Inc. 362,502 2,911
* scPharmaceuticals Inc. 473,719 2,894
*,1 IsoRay Inc. 3,606,059 2,877
*,1 Orgenesis Inc. 566,209 2,871
*,1 Cocrystal Pharma Inc. 2,294,391 2,868
*,1 Caladrius Biosciences Inc. 1,773,846 2,856
*,1 Genocea Biosciences Inc. 1,214,060 2,841
*,1 Onconova Therapeutics Inc. 408,218 2,829
* AIM ImmunoTech Inc. 1,310,600 2,818
* Aileron Therapeutics Inc. 2,230,166 2,788
* Protara Therapeutics Inc. 284,100 2,767
* Cidara Therapeutics Inc. 1,335,562 2,698
* Pro-Dex Inc. 87,833 2,684
*,1 Minerva Neurosciences Inc. 1,155,739 2,681
*,1 Aquestive Therapeutics Inc. 667,978 2,652
* cbdMD Inc. 909,198 2,637
* Tracon Pharmaceuticals Inc. 406,000 2,635
* Recro Pharma Inc. 1,129,353 2,609
* Dare Bioscience Inc. 1,364,910 2,580
*,1 Dyadic International Inc. 715,163 2,567
* Champions Oncology Inc. 247,970 2,549
* Venus Concept Inc. 809,282 2,517
*,1 Oragenics Inc. 3,554,201 2,507
*,1 Sensei Biotherapeutics Inc. 253,646 2,476
*,1 ENDRA Life Sciences Inc. 1,134,800 2,474
* Spruce Biosciences Inc. 219,615 2,462
* Exicure Inc. 1,638,717 2,458
* Processa Pharmaceuticals Inc. 299,444 2,452
*,1 Zosano Pharma Corp. 2,566,514 2,438
* Biomea Fusion Inc. 155,292 2,424
* Sigilon Therapeutics Inc. 225,702 2,422
* Axcella Health Inc. 600,493 2,408
*,1 BioSig Technologies Inc. 622,975 2,405
*,1 Precipio Inc. 661,559 2,401
* Merrimack Pharmaceuticals Inc. 369,747 2,363
*,1 Aprea Therapeutics Inc. 482,121 2,353
* Verve Therapeutics Inc. 38,965 2,348
*,1 Leap Therapeutics Inc. 1,409,450 2,311
39

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Capital Senior Living Corp. 46,445 2,299
*,1 La Jolla Pharmaceutical Co. 536,501 2,296
*,1 Ikena Oncology Inc. 163,253 2,292
* Lantern Pharma Inc. 156,268 2,282
*,1 Sanara Medtech Inc. 61,693 2,280
* IRIDEX Corp. 322,702 2,278
* DiaMedica Therapeutics Inc. 505,866 2,251
* Vyant Bio Inc. 600,062 2,244
* CareCloud Inc. 266,086 2,240
*,1 Organovo Holdings Inc. 237,777 2,235
* LENSAR Inc. 254,867 2,207
*,1 OpGen Inc. 967,700 2,197
* Diffusion Pharmaceuticals Inc. 3,006,200 2,195
* Decibel Therapeutics Inc. 244,836 2,106
* aTyr Pharma Inc. 431,225 2,104
* Electromed Inc. 185,664 2,096
*,1 Aravive Inc. 350,035 2,093
* Eyenovia Inc. 418,511 2,076
* Reviva Pharmaceuticals Holdings Inc. 423,854 2,060
*,1 Moleculin Biotech Inc. 560,907 2,059
*,1 Aerpio Pharmaceuticals Inc. 1,201,352 2,030
*,1 Progenity Inc. 564,743 2,016
* ElectroCore Inc. 1,691,976 2,013
* NantHealth Inc. 866,370 2,010
*,1 Myomo Inc. 180,294 1,947
*,1 Rockwell Medical Inc. 2,136,964 1,945
*,1 Assertio Holdings Inc. 1,243,029 1,939
*,1 Corvus Pharmaceuticals Inc. 724,661 1,935
*,1 Cohbar Inc. 1,380,100 1,932
*,1 Landos Biopharma Inc. 166,889 1,928
*,1 PolarityTE Inc. 1,864,464 1,902
*,1 Advaxis Inc. 4,099,343 1,901
* Allena Pharmaceuticals Inc. 1,431,198 1,861
*,1 Lumos Pharma Inc. 187,202 1,861
*,1 Lucira Health Inc. 278,942 1,852
*,1 Biocept Inc. 432,307 1,811
*,1 LogicBio Therapeutics Inc. 404,354 1,795
*,1 Delcath Systems Inc. 141,500 1,784
*,1 Graybug Vision Inc. 328,235 1,782
*,2 Alder Biopharmaceuticals Inc. CVR Exp. 12/31/2024 2,021,007 1,778
*,1 Baudax Bio Inc. 2,335,417 1,777
*,1 Reneo Pharmaceuticals Inc. 189,721 1,770
*,1 Brickell Biotech Inc. 1,852,199 1,762
*,1 AzurRx BioPharma Inc. 2,104,129 1,725
* Angion Biomedica Corp. 131,267 1,709
*,1 Checkmate Pharmaceuticals Inc. 285,311 1,700
  ProPhase Labs Inc. 271,463 1,683
*,1 Aethlon Medical Inc. 341,666 1,681
* Predictive Oncology Inc. 1,279,885 1,677
*,1 180 Life Sciences Corp. 166,906 1,669
* Kintara Therapeutics Inc. 734,300 1,667
*,1 Biomerica Inc. 405,988 1,628
*,1 Chembio Diagnostics Inc. 546,834 1,624
* Odonate Therapeutics Inc. 448,887 1,567
* Vivos Therapeutics Inc. 305,692 1,513
*,1 Regulus Therapeutics Inc. 1,846,356 1,501
* Aptevo Therapeutics Inc. 66,078 1,482
*,1 Pulmatrix Inc. 1,417,015 1,474
* Cellectar Biosciences Inc. 1,203,237 1,432
*,1 vTv Therapeutics Inc. Class A 624,512 1,424
* Plus Therapeutics Inc. 553,422 1,417
40

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Metacrine Inc. 368,053 1,399
* Guardion Health Sciences Inc. 787,301 1,386
* Achieve Life Sciences Inc. 153,000 1,374
* Soleno Therapeutics Inc. 1,199,839 1,368
* Monte Rosa Therapeutics Inc. 60,232 1,367
*,1 NeuroBo Pharmaceuticals Inc. 409,272 1,363
*,1 Convey Holding Parent Inc. 119,765 1,363
*,1 Soligenix Inc. 1,217,073 1,351
* Longboard Pharmaceuticals Inc. 147,707 1,347
*,1 Vaccinex Inc. 480,397 1,345
*,1 Lyra Therapeutics Inc. 167,320 1,344
*,1 Cyclacel Pharmaceuticals Inc. 220,159 1,303
* Qualigen Therapeutics Inc. 636,545 1,267
*,1 OncoSec Medical Inc. 435,110 1,223
* Microbot Medical Inc. 152,613 1,212
*,1 Inhibikase Therapeutics Inc. 423,920 1,187
*,1 Windtree Therapeutics Inc. 515,929 1,181
* Opiant Pharmaceuticals Inc. 83,570 1,157
*,1 Ekso Bionics Holdings Inc. 210,238 1,156
* BioCardia Inc. 290,085 1,152
* Psychemedics Corp. 165,302 1,150
*,1 Salarius Pharmaceuticals Inc. 1,084,223 1,149
* Sensus Healthcare Inc. 297,376 1,145
*,1 Impel Neuropharma Inc. 129,000 1,142
*,1 SiNtx Technologies Inc. 594,280 1,141
*,1 Catabasis Pharmaceuticals Inc. 531,751 1,122
*,1 Timber Pharmaceuticals Inc. 901,500 1,100
*,1 Bellicum Pharmaceuticals Inc. 330,239 1,090
* BioVie Inc. Class A 64,252 1,089
* Bellerophon Therapeutics Inc. 219,355 1,062
*,1 Adial Pharmaceuticals Inc. 413,103 1,053
* Hancock Jaffe Laboratories Inc. 151,150 1,038
*,1 Evoke Pharma Inc. 738,992 1,012
* Imac Holdings Inc. 507,548 1,005
* Cyclo Therapeutics Inc. 96,926 992
* HTG Molecular Diagnostics Inc. 170,198 989
*,1 Sonnet BioTherapeutics Holdings Inc. 604,763 956
*,1 Idera Pharmaceuticals Inc. 777,895 933
*,1 IMARA Inc. 117,914 932
*,1,2 Tobira Therapeutics Inc. CVR Exp. 12/31/2028 201,001 911
*,1 Helius Medical Technologies Inc. 53,113 901
* Cyteir Therapeutics Inc. 41,899 897
* NanoViricides Inc. 190,396 883
*,1 Hoth Therapeutics Inc. 550,032 880
* ARCA biopharma Inc. 250,780 875
*,1 Acorda Therapeutics Inc. 183,278 874
* Movano Inc. 171,100 871
* Alpha Teknova Inc. 36,172 858
* CVRx Inc. 30,192 845
* Longeveron Inc. Class A 103,000 837
* CNS Pharmaceuticals Inc. 421,600 826
*,1 GeoVax Labs Inc. 164,944 825
*,1 Navidea Biopharmaceuticals Inc. 449,841 823
* Strata Skin Sciences Inc. 525,713 810
*,1 Bio-Path Holdings Inc. 120,948 807
* Artelo Biosciences Inc. 678,172 807
*,1 INVO BioScience Inc. 173,200 805
* Cumberland Pharmaceuticals Inc. 280,820 799
* Palisade Bio Inc. 196,196 799
* Virios Therapeutics Inc. 126,900 798
*,1 Avenue Therapeutics Inc. 314,396 789
41

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
*,1 Histogen Inc. 698,612 761
* Alimera Sciences Inc. 83,422 759
* Entasis Therapeutics Holdings Inc. 282,759 755
*,1 Jupiter Wellness Inc. 167,629 751
* ImmuCell Corp. 78,914 750
* Nuwellis Inc. 170,600 717
*,1 AgeX Therapeutics Inc. 426,190 661
* Codex DNA Inc. 29,963 659
*,1 Novo Integrated Sciences Inc. 255,940 642
* Aridis Pharmaceuticals Inc. 82,032 607
* TRxADE HEALTH Inc. 128,731 568
* Armata Pharmaceuticals Inc. 142,866 567
* Panbela Therapeutics Inc. 196,349 556
*,1 Graphite Bio Inc. 18,092 556
* Nephros Inc. 51,866 538
* Century Therapeutics Inc. 17,974 527
*,1 Kiromic BioPharma Inc. 108,890 524
* Daxor Corp. 47,328 502
* Elevation Oncology Inc. 36,128 490
* ThermoGenesis Holdings Inc. 182,545 484
*,1 Tempest Therapeutics Inc. 43,052 481
*,1 Janux Therapeutics Inc. 17,376 434
* Rezolute Inc. 29,390 419
*,1 Aziyo Biologics Inc. Class A 42,872 412
* Vera Therapeutics Inc. Class A 29,590 392
* Tenax Therapeutics Inc. 178,455 387
*,1 Titan Pharmaceuticals Inc. 131,533 342
* Phio Pharmaceuticals Corp. 141,370 319
* Acer Therapeutics Inc. 108,384 310
*,1 RA Medical Systems Inc. 70,816 309
* Monopar Therapeutics Inc. 52,392 309
* EyeGate Pharmaceuticals Inc. 84,227 307
* Finch Therapeutics Group Inc. 21,299 300
*,2 Aduro Biotech Inc. CVR 415,255 249
*,1 Werewolf Therapeutics Inc. 12,078 211
*,1 Aditx Therapeutics Inc. 78,535 203
*,2 Ocera Therapeutics Inc. CVR 653,477 176
  Petros Pharmaceuticals Inc. 43,424 137
* American Shared Hospital Services 36,338 106
* Aerovate Therapeutics Inc. 4,611 105
* Lixte Biotechnology Holdings Inc. 25,995 79
* NovaBay Pharmaceuticals Inc. 111,492 75
* Trevi Therapeutics Inc. 32,341 73
*,2 OncoMed Pharmaceuticals Inc. CVR 255,777 67
* Geron Corp. Warrants Exp. 12/31/2025 1,202,419 66
* Kadmon Holdings Inc. Warrants Exp. 09/28/2022 169,257 35
*,1 Miragen Therapeutics Inc. CVR 1,753,041 35
* PRA Health Sciences Inc. 155 26
*,2 Elanco Animal Health Inc. CVR 575,457 15
*,1,2 Oncternal Therapeutics Inc. CVR 8,933 9
*,2 F-star Therapeutics Inc. CVR 61,021 4
* Sonoma Pharmaceuticals Inc. 384 3
*,2 Ambit Biosciences Corp. CVR 201,330
*,2 Biosante Pharmaceutical Inc. CVR 253,823
*,1,2 Synergy Pharmaceuticals LLC 5,148,145
* Advaxis Inc. Warrants Exp. 09/11/2024 157,660
*,2 Lantheus Holdings Inc. CVR 2,319,511
            163,657,567
Industrials (13.82%)
  Visa Inc. Class A 47,563,683 11,121,340
* PayPal Holdings Inc. 33,182,311 9,671,980
42

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Mastercard Inc. Class A 24,988,092 9,122,903
  Accenture plc Class A 17,954,321 5,292,754
  Honeywell International Inc. 19,616,921 4,302,972
  United Parcel Service Inc. Class B 20,431,986 4,249,240
  Union Pacific Corp. 18,762,596 4,126,458
* Boeing Co. 16,518,567 3,957,188
  Raytheon Technologies Corp. 42,790,507 3,650,458
  Caterpillar Inc. 15,473,038 3,367,397
  General Electric Co. 247,979,822 3,337,808
  3M Co. 16,373,850 3,252,338
  American Express Co. 17,016,422 2,811,623
  Deere & Co. 7,968,405 2,810,536
* Square Inc. Class A 11,073,790 2,699,790
  Lockheed Martin Corp. 6,671,978 2,524,343
  Fidelity National Information Services Inc. 17,516,770 2,481,601
  Automatic Data Processing Inc. 12,009,650 2,385,357
  CSX Corp. 64,175,345 2,058,745
  FedEx Corp. 6,746,940 2,012,815
  Capital One Financial Corp. 12,754,012 1,972,918
  Norfolk Southern Corp. 7,067,916 1,875,896
  Sherwin-Williams Co. 6,760,351 1,841,858
* Fiserv Inc. 16,932,490 1,809,914
  Illinois Tool Works Inc. 8,026,407 1,794,384
  Eaton Corp. plc 11,255,276 1,667,807
  Emerson Electric Co. 16,938,261 1,630,138
  Global Payments Inc. 8,339,869 1,564,059
  Northrop Grumman Corp. 4,092,096 1,487,190
  Johnson Controls International plc 20,247,671 1,389,598
  General Dynamics Corp. 6,783,641 1,277,088
  L3Harris Technologies Inc. 5,791,026 1,251,730
  Trane Technologies plc 6,755,288 1,243,919
  Carrier Global Corp. 24,548,120 1,193,039
  DuPont de Nemours Inc. 15,030,242 1,163,491
  IHS Markit Ltd. 10,132,533 1,141,531
  PPG Industries Inc. 6,696,999 1,136,950
  Parker-Hannifin Corp. 3,645,358 1,119,526
  Cummins Inc. 4,130,692 1,007,104
  Otis Worldwide Corp. 12,122,970 991,295
  Paychex Inc. 9,165,001 983,405
  Cintas Corp. 2,523,139 963,839
* TransDigm Group Inc. 1,473,398 953,716
  Rockwell Automation Inc. 3,279,273 937,938
  Stanley Black & Decker Inc. 4,561,669 935,097
* Mettler-Toledo International Inc. 657,390 910,709
  PACCAR Inc. 9,806,546 875,234
  AMETEK Inc. 6,522,046 870,693
  Equifax Inc. 3,438,338 823,516
* Keysight Technologies Inc. 5,213,581 805,029
* Zebra Technologies Corp. Class A 1,511,894 800,533
  Verisk Analytics Inc. 4,579,041 800,050
  Synchrony Financial 16,374,337 794,483
  Ball Corp. 9,276,525 751,584
  Old Dominion Freight Line Inc. 2,949,199 748,507
* Generac Holdings Inc. 1,778,998 738,551
  Kansas City Southern 2,569,387 728,087
  Vulcan Materials Co. 3,748,374 652,479
* United Rentals Inc. 2,045,251 652,456
  Fortive Corp. 9,084,422 633,548
  Martin Marietta Materials Inc. 1,762,158 619,945
  Dover Corp. 4,065,211 612,221
  Xylem Inc. 5,086,915 610,226
43

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Expeditors International of Washington Inc. 4,773,222 604,290
* FleetCor Technologies Inc. 2,355,055 603,035
* Waters Corp. 1,742,995 602,397
  TransUnion 5,404,201 593,435
* Trimble Inc. 7,092,646 580,391
* Teledyne Technologies Inc. 1,314,786 550,672
  WW Grainger Inc. 1,251,333 548,084
* Ingersoll Rand Inc. 10,668,891 520,749
  Jacobs Engineering Group Inc. 3,678,126 490,736
  IDEX Corp. 2,143,438 471,664
  Textron Inc. 6,375,963 438,475
  Masco Corp. 7,167,555 422,241
  Westinghouse Air Brake Technologies Corp. 5,071,566 417,390
* Bill.com Holdings Inc. 2,231,640 408,792
  Westrock Co. 7,526,687 400,570
  Cognex Corp. 4,740,731 398,458
  Fortune Brands Home & Security Inc. 3,916,268 390,099
  Crown Holdings Inc. 3,812,536 389,679
  JB Hunt Transport Services Inc. 2,388,250 389,165
* Fair Isaac Corp. 772,656 388,399
* XPO Logistics Inc. 2,742,003 383,579
* Howmet Aerospace Inc. 11,044,048 380,688
  Packaging Corp. of America 2,683,939 363,459
  Graco Inc. 4,783,082 362,079
  Quanta Services Inc. 3,939,686 356,817
  Allegion plc 2,541,368 354,013
  CH Robinson Worldwide Inc. 3,758,175 352,028
  HEICO Corp. Class A 2,770,992 344,102
  Jack Henry & Associates Inc. 2,099,808 343,340
  Snap-on Inc. 1,527,677 341,329
  Lennox International Inc. 960,329 336,883
  Toro Co. 3,039,460 333,976
* Trex Co. Inc. 3,259,852 333,189
  Booz Allen Hamilton Holding Corp. Class A 3,824,828 325,799
  RPM International Inc. 3,655,595 324,178
  Nordson Corp. 1,476,196 324,040
* Axon Enterprise Inc. 1,825,164 322,689
  Pentair plc 4,693,236 316,746
* Mohawk Industries Inc. 1,575,547 302,804
  Owens Corning 2,951,815 288,983
  Hubbell Inc. Class B 1,534,221 286,654
  Carlisle Cos. Inc. 1,474,949 282,276
  MKS Instruments Inc. 1,565,433 278,569
  A O Smith Corp. 3,800,725 273,880
* Middleby Corp. 1,571,746 272,321
  Robert Half International Inc. 3,026,843 269,298
  Watsco Inc. 929,661 266,478
  Western Union Co. 11,570,592 265,777
* AECOM 4,137,905 262,012
  AptarGroup Inc. 1,851,138 260,714
* Sensata Technologies Holding plc 4,467,353 258,972
  Sealed Air Corp. 4,298,285 254,673
* Builders FirstSource Inc. 5,848,127 249,481
* Berry Global Group Inc. 3,811,566 248,590
* WEX Inc. 1,258,414 244,006
  Oshkosh Corp. 1,939,675 241,761
  Genpact Ltd. 5,295,517 240,575
  Huntington Ingalls Industries Inc. 1,128,359 237,802
  Donaldson Co. Inc. 3,560,582 226,204
  ITT Inc. 2,432,043 222,751
  AGCO Corp. 1,703,393 222,088
44

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Lincoln Electric Holdings Inc. 1,682,114 221,551
  Brunswick Corp. 2,203,524 219,515
  Woodward Inc. 1,707,328 209,796
* Paylocity Holding Corp. 1,080,079 206,079
*,1 Virgin Galactic Holdings Inc. 4,418,746 203,262
* Euronet Worldwide Inc. 1,418,439 191,986
  Knight-Swift Transportation Holdings Inc. Class A 4,210,178 191,395
  Sonoco Products Co. 2,850,290 190,684
  EMCOR Group Inc. 1,543,142 190,100
* Axalta Coating Systems Ltd. 6,192,451 188,808
  Acuity Brands Inc. 1,009,224 188,755
  Tetra Tech Inc. 1,531,251 186,874
* TopBuild Corp. 934,828 184,890
* Coherent Inc. 693,295 183,266
  ManpowerGroup Inc. 1,540,928 183,232
  MDU Resources Group Inc. 5,703,576 178,750
* WillScot Mobile Mini Holdings Corp. 6,386,720 177,998
  Littelfuse Inc. 694,676 176,996
  Advanced Drainage Systems Inc. 1,511,609 176,208
  Louisiana-Pacific Corp. 2,893,357 174,440
  Landstar System Inc. 1,084,332 171,346
  Eagle Materials Inc. 1,197,441 170,168
* MasTec Inc. 1,576,391 167,255
  MSA Safety Inc. 997,006 165,084
  Rexnord Corp. 3,215,497 160,903
  BWX Technologies Inc. 2,691,148 156,410
* Saia Inc. 745,042 156,079
  Vontier Corp. 4,771,848 155,467
  Regal Beloit Corp. 1,148,887 153,388
  Maximus Inc. 1,737,007 152,805
  KBR Inc. 3,991,554 152,278
* Chart Industries Inc. 1,026,568 150,207
* Colfax Corp. 3,244,363 148,624
  Flowserve Corp. 3,685,125 148,584
  nVent Electric plc 4,737,988 148,015
* WESCO International Inc. 1,418,487 145,849
  Armstrong World Industries Inc. 1,354,431 145,276
  Graphic Packaging Holding Co. 7,930,558 143,860
  Valmont Industries Inc. 601,250 141,925
  Spirit AeroSystems Holdings Inc. Class A 2,980,826 140,665
  Alliance Data Systems Corp. 1,336,119 139,210
* ASGN Inc. 1,425,788 138,202
  Curtiss-Wright Corp. 1,160,719 137,847
  Simpson Manufacturing Co. Inc. 1,227,399 135,554
* FTI Consulting Inc. 965,939 131,957
  Exponent Inc. 1,461,343 130,366
* AZEK Co. Inc. Class A 3,064,412 130,115
* AMN Healthcare Services Inc. 1,338,860 129,843
  Crane Co. 1,402,441 129,543
  John Bean Technologies Corp. 896,903 127,916
  Air Lease Corp. Class A 3,063,079 127,853
* Itron Inc. 1,271,073 127,082
  Allison Transmission Holdings Inc. 3,097,890 123,110
* Resideo Technologies Inc. 4,069,709 122,091
  Altra Industrial Motion Corp. 1,834,566 119,283
  EnerSys 1,211,608 118,410
* ACI Worldwide Inc. 3,152,743 117,093
* Summit Materials Inc. Class A 3,279,362 114,286
  Watts Water Technologies Inc. Class A 777,804 113,489
  MSC Industrial Direct Co. Inc. Class A 1,261,169 113,165
  Korn Ferry 1,525,317 110,662
45

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Shift4 Payments Inc. Class A 1,157,289 108,461
  Brink's Co. 1,405,988 108,036
  Ryder System Inc. 1,449,513 107,742
* Mercury Systems Inc. 1,592,941 105,580
* Kirby Corp. 1,704,462 103,359
  Aerojet Rocketdyne Holdings Inc. 2,123,352 102,537
  UniFirst Corp. 432,060 101,379
  Applied Industrial Technologies Inc. 1,100,097 100,175
  Triton International Ltd. 1,912,601 100,106
* Kratos Defense & Security Solutions Inc. 3,487,975 99,372
*,1 Bloom Energy Corp. Class A 3,679,729 98,874
*,1 Affirm Holdings Inc. Class A 1,457,983 98,195
* ExlService Holdings Inc. 904,496 96,112
  Silgan Holdings Inc. 2,302,199 95,541
* Atkore Inc. 1,324,942 94,071
  HB Fuller Co. 1,471,960 93,631
  Insperity Inc. 1,028,582 92,953
*,1 Nikola Corp. 5,004,355 90,379
  Terex Corp. 1,877,909 89,426
  Franklin Electric Co. Inc. 1,105,558 89,130
  EVERTEC Inc. 2,041,213 89,099
  GATX Corp. 994,750 88,006
  HEICO Corp. 618,783 86,271
  Kennametal Inc. 2,367,703 85,048
  ABM Industries Inc. 1,904,315 84,456
  Hillenbrand Inc. 1,907,969 84,103
* Beacon Roofing Supply Inc. 1,577,921 84,024
*,1 Marathon Digital Holdings Inc. 2,669,530 83,743
* Welbilt Inc. 3,611,112 83,597
  Installed Building Products Inc. 676,475 82,773
*,5 API Group Corp. 3,956,166 82,644
  Badger Meter Inc. 829,632 81,403
* TriNet Group Inc. 1,122,305 81,345
  Macquarie Infrastructure Corp. 2,115,980 80,979
* Herc Holdings Inc. 703,314 78,820
  SPX FLOW Inc. 1,198,239 78,173
  Matson Inc. 1,219,635 78,057
  Albany International Corp. Class A 872,145 77,848
* Masonite International Corp. 696,365 77,847
* CryoPort Inc. 1,225,033 77,300
  Maxar Technologies Inc. 1,935,469 77,264
  Comfort Systems USA Inc. 979,386 77,166
* Allegheny Technologies Inc. 3,614,490 75,362
* SPX Corp. 1,220,407 74,542
  AAON Inc. 1,187,959 74,355
* O-I Glass Inc. 4,480,723 73,170
  Brady Corp. Class A 1,303,372 73,041
  Werner Enterprises Inc. 1,633,887 72,741
* Proto Labs Inc. 787,296 72,274
* Fluor Corp. 4,018,692 71,131
* Gibraltar Industries Inc. 926,920 70,733
  Forward Air Corp. 781,801 70,167
  Barnes Group Inc. 1,366,620 70,039
  Trinity Industries Inc. 2,602,278 69,975
  Moog Inc. Class A 831,967 69,935
* Green Dot Corp. Class A 1,464,342 68,604
  Federal Signal Corp. 1,701,356 68,446
  ManTech International Corp. Class A 771,869 66,798
* AeroVironment Inc. 659,217 66,021
  ESCO Technologies Inc. 702,359 65,888
  Helios Technologies Inc. 825,724 64,448
46

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Mueller Water Products Inc. Class A 4,447,966 64,140
  Belden Inc. 1,260,674 63,752
* JELD-WEN Holding Inc. 2,399,751 63,017
* Navistar International Corp. 1,404,936 62,520
* Dycom Industries Inc. 828,344 61,736
* Vicor Corp. 580,673 61,400
* Hub Group Inc. Class A 895,581 59,090
* Sykes Enterprises Inc. 1,099,506 59,043
  Raven Industries Inc. 1,012,442 58,570
  Otter Tail Corp. 1,180,926 57,641
  Deluxe Corp. 1,200,069 57,327
  EnPro Industries Inc. 585,765 56,907
* Verra Mobility Corp. Class A 3,695,452 56,799
  Kadant Inc. 321,510 56,615
*,1 TuSimple Holdings Inc. Class A 784,135 55,862
  McGrath RentCorp 680,925 55,543
* Atlas Air Worldwide Holdings Inc. 813,690 55,420
* GMS Inc. 1,139,732 54,867
  TTEC Holdings Inc. 523,185 53,935
  Granite Construction Inc. 1,289,078 53,535
*,1 PureCycle Technologies Inc. 2,261,758 53,491
  Greif Inc. Class A 859,026 52,014
*,1 Workhorse Group Inc. 3,130,526 51,935
  CSW Industrials Inc. 436,220 51,675
* Ferro Corp. 2,343,313 50,545
  Lindsay Corp. 303,302 50,130
* Repay Holdings Corp. Class A 2,044,432 49,148
* Cimpress plc 444,558 48,195
* Meritor Inc. 2,046,937 47,939
* OSI Systems Inc. 468,930 47,662
  Alamo Group Inc. 309,750 47,293
  ADT Inc. 4,325,758 46,675
* CBIZ Inc. 1,410,307 46,216
  Patrick Industries Inc. 632,355 46,162
*,1 Desktop Metal Inc. Class A 3,963,475 45,580
  Enerpac Tool Group Corp. Class A 1,711,339 45,556
*,1 Danimer Scientific Inc. 1,818,203 45,546
  ICF International Inc. 502,017 44,107
*,1 BTRS Holdings Inc. 3,364,490 42,460
  Primoris Services Corp. 1,433,456 42,187
  Encore Wire Corp. 548,232 41,551
  Tennant Co. 507,398 40,516
* MYR Group Inc. 444,072 40,375
  ArcBest Corp. 678,974 39,509
* American Woodmark Corp. 478,785 39,112
* FARO Technologies Inc. 501,671 39,015
  Astec Industries Inc. 612,999 38,582
  Kaman Corp. 765,384 38,575
* Air Transport Services Group Inc. 1,659,450 38,549
  Griffon Corp. 1,498,370 38,403
*,1 Marqeta Inc. Class A 1,362,693 38,251
* TriMas Corp. 1,230,863 37,332
  Mesa Laboratories Inc. 136,330 36,969
  AZZ Inc. 713,725 36,957
* ZipRecruiter Inc. Class A 1,467,046 36,647
* PGT Innovations Inc. 1,572,750 36,535
* Evo Payments Inc. Class A 1,314,545 36,465
* AAR Corp. 935,454 36,249
  Columbus McKinnon Corp. 743,622 35,872
* Triumph Group Inc. 1,716,691 35,621
  Shyft Group Inc. 950,474 35,557
47

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Greenbrier Cos. Inc. 791,655 34,500
*,1 Hyliion Holdings Corp. 2,922,727 34,050
  Kforce Inc. 539,109 33,926
* NV5 Global Inc. 358,828 33,913
* Hayward Holdings Inc. 1,298,042 33,775
* Conduent Inc. 4,494,729 33,710
* US Concrete Inc. 454,253 33,524
  Standex International Corp. 351,795 33,389
  Schneider National Inc. Class B 1,478,601 32,189
* Huron Consulting Group Inc. 647,949 31,847
* Montrose Environmental Group Inc. 586,968 31,497
* Energy Recovery Inc. 1,359,324 30,965
* Ranpak Holdings Corp. Class A 1,209,273 30,268
* Lydall Inc. 487,783 29,521
* Cornerstone Building Brands Inc. 1,603,906 29,159
  H&E Equipment Services Inc. 873,993 29,078
* Construction Partners Inc. Class A 914,839 28,726
* TrueBlue Inc. 1,019,369 28,654
*,1 Velodyne Lidar Inc. 2,672,435 28,435
  Apogee Enterprises Inc. 689,634 28,089
  Marten Transport Ltd. 1,601,345 26,406
* Veritiv Corp. 426,929 26,222
* Donnelley Financial Solutions Inc. 791,544 26,121
  CAI International Inc. 453,998 25,424
  Douglas Dynamics Inc. 623,414 25,367
* Great Lakes Dredge & Dock Corp. 1,710,436 24,989
  Heidrick & Struggles International Inc. 557,731 24,847
* Advantage Solutions Inc. 2,236,634 24,133
* Kelly Services Inc. Class A 976,018 23,395
  Quanex Building Products Corp. 941,246 23,381
*,1 View Inc. 2,745,486 23,282
* Manitowoc Co. Inc. 939,338 23,014
  Heartland Express Inc. 1,338,215 22,924
* Echo Global Logistics Inc. 742,014 22,810
* Aspen Aerogels Inc. 747,248 22,358
* Gates Industrial Corp. plc 1,233,403 22,288
  Chase Corp. 215,808 22,144
* Modine Manufacturing Co. 1,333,612 22,125
  Wabash National Corp. 1,376,776 22,028
  Myers Industries Inc. 1,048,249 22,013
* Paya Holdings Inc. Class A 1,970,068 21,710
  Hyster-Yale Materials Handling Inc. 285,978 20,871
  Gorman-Rupp Co. 593,242 20,431
  Argan Inc. 425,721 20,345
* SP Plus Corp. 661,461 20,234
* Forterra Inc. 836,601 19,668
* Cantaloupe Inc. 1,593,057 18,894
* BrightView Holdings Inc. 1,162,020 18,732
* CIRCOR International Inc. 566,549 18,469
* Sterling Construction Co. Inc. 749,317 18,081
*,1 Blade Air Mobility Inc. 1,650,136 17,326
  CRA International Inc. 201,915 17,284
  Cass Information Systems Inc. 422,382 17,212
* Titan Machinery Inc. 550,640 17,037
*,1 Eos Energy Enterprises Inc. 938,428 16,854
* Cross Country Healthcare Inc. 1,019,510 16,832
* Ducommun Inc. 303,947 16,583
  Insteel Industries Inc. 513,330 16,504
* Thermon Group Holdings Inc. 952,869 16,237
* DXP Enterprises Inc. 482,596 16,070
  Ennis Inc. 728,002 15,667
48

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Tutor Perini Corp. 1,130,076 15,652
* Vivint Smart Home Inc. 1,176,400 15,528
  National Presto Industries Inc. 150,214 15,269
* Napco Security Technologies Inc. 418,132 15,207
* PAE Inc. 1,704,528 15,170
  Barrett Business Services Inc. 206,890 15,022
  Pactiv Evergreen Inc. 994,777 14,991
* Transcat Inc. 265,087 14,980
* Vectrus Inc. 313,147 14,903
* Forrester Research Inc. 324,708 14,872
  REV Group Inc. 920,654 14,445
  VSE Corp. 291,463 14,430
* International Money Express Inc. 910,441 13,520
*,1 Eagle Bulk Shipping Inc. 281,146 13,304
* Franklin Covey Co. 410,164 13,269
  International Seaways Inc. 691,489 13,263
* BlueLinx Holdings Inc. 261,693 13,158
  Resources Connection Inc. 901,901 12,951
* First Advantage Corp. 643,845 12,819
  Miller Industries Inc. 315,992 12,463
* RR Donnelley & Sons Co. 1,931,905 12,132
* Vishay Precision Group Inc. 355,802 12,112
* Titan International Inc. 1,427,504 12,105
  Allied Motion Technologies Inc. 349,796 12,078
*,1 TaskUS Inc. Class A 350,090 11,987
* Willdan Group Inc. 317,582 11,954
* Babcock & Wilcox Enterprises Inc. 1,473,372 11,610
* IES Holdings Inc. 224,702 11,541
* ShotSpotter Inc. 236,401 11,529
* Astronics Corp. 650,821 11,396
* Blue Bird Corp. 455,720 11,329
  Information Services Group Inc. 1,907,076 11,156
* GreenSky Inc. Class A 1,983,362 11,008
* I3 Verticals Inc. Class A 359,663 10,869
*,1 ExOne Co. 500,558 10,832
*,1 Latch Inc. 877,131 10,762
*,1 Paymentus Holdings Inc. Class A 283,893 10,078
* Flywire Corp. 271,261 9,966
  Kronos Worldwide Inc. 689,516 9,874
* Commercial Vehicle Group Inc. 924,539 9,828
*,1 Custom Truck One Source Inc. 1,027,653 9,783
*,1 Lightning eMotors Inc. 1,102,423 9,161
* Daseke Inc. 1,402,247 9,087
* Yellow Corp. 1,394,417 9,078
* Acacia Research Corp. 1,298,563 8,778
* Rekor Systems Inc. 843,957 8,575
* Luna Innovations Inc. 773,993 8,382
* Iteris Inc. 1,233,168 8,201
*,1 AgEagle Aerial Systems Inc. 1,556,200 8,201
  Park Aerospace Corp. 538,726 8,027
  Powell Industries Inc. 257,189 7,960
* Diamond S Shipping Inc. 784,300 7,812
* Atlanticus Holdings Corp. 192,515 7,643
* Infrastructure & Energy Alternatives Inc. 593,965 7,638
  Park-Ohio Holdings Corp. 236,158 7,590
* Radiant Logistics Inc. 1,069,177 7,409
* Atlas Technical Consultants Inc. Class A 751,540 7,275
* Covenant Logistics Group Inc. Class A 347,048 7,177
*,1 Byrna Technologies Inc. 312,800 7,107
  United States Lime & Minerals Inc. 50,504 7,025
* Lawson Products Inc. 127,381 6,816
49

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* GP Strategies Corp. 416,719 6,551
* Concrete Pumping Holdings Inc. 736,435 6,238
  Preformed Line Products Co. 83,618 6,204
* CECO Environmental Corp. 842,345 6,031
  Hurco Cos. Inc. 168,174 5,886
  LSI Industries Inc. 727,944 5,831
* US Xpress Enterprises Inc. Class A 673,204 5,790
* Team Inc. 847,021 5,675
  Universal Logistics Holdings Inc. 238,095 5,548
*,1 HC2 Holdings Inc. 1,370,804 5,456
*,1 Agrify Corp. 446,577 5,314
* Horizon Global Corp. 626,103 5,309
*,1 MICT Inc. 2,232,531 5,224
* Mistras Group Inc. 523,821 5,149
*,1 Wrap Technologies Inc. 640,156 5,025
* L B Foster Co. Class A 265,312 4,945
* Mayville Engineering Co. Inc. 239,410 4,815
* PFSweb Inc. 650,605 4,801
*,1 Orion Energy Systems Inc. 831,757 4,766
*,1 Energous Corp. 1,659,791 4,764
* Gencor Industries Inc. 387,190 4,708
* Twin Disc Inc. 326,599 4,648
* Orion Group Holdings Inc. 803,116 4,618
* DHI Group Inc. 1,365,869 4,617
* StarTek Inc. 630,353 4,494
* Overseas Shipholding Group Inc. Class A 2,148,404 4,490
*,1 IZEA Worldwide Inc. 1,750,763 4,464
  Graham Corp. 318,330 4,380
* Select Interior Concepts Inc. Class A 445,023 4,183
* ServiceSource International Inc. 2,899,331 4,088
* EVI Industries Inc. 135,461 3,847
* Quad/Graphics Inc. 926,955 3,847
* Karat Packaging Inc. 188,473 3,839
  BGSF Inc. 308,654 3,809
* Performant Financial Corp. 1,014,589 3,805
*,1 Ault Global Holdings Inc. 1,336,600 3,769
  HireQuest Inc. 203,311 3,763
* Manitex International Inc. 508,183 3,705
* Armstrong Flooring Inc. 588,289 3,642
* Paysign Inc. 1,117,186 3,553
* Huttig Building Products Inc. 593,725 3,432
* Hill International Inc. 1,356,592 3,378
* Usio Inc. 525,299 3,362
* Target Hospitality Corp. 877,423 3,255
* Core Molding Technologies Inc. 209,320 3,230
*,1 AerSale Corp. 258,600 3,222
* USA Truck Inc. 196,807 3,163
* Hudson Technologies Inc. 884,344 3,007
* PAM Transportation Services Inc. 54,959 2,899
*,1 GreenBox POS 238,100 2,841
*,1 Alpha Pro Tech Ltd. 331,283 2,839
* ClearSign Technologies Corp. 587,850 2,822
* Williams Industrial Services Group Inc. 468,192 2,730
* Ultralife Corp. 320,629 2,687
* Research Solutions Inc. 907,625 2,596
* AIkido Pharma Inc. 2,683,200 2,568
* Document Security Systems Inc. 1,372,800 2,457
*,1 Digital Ally Inc. 1,259,808 2,268
* DLH Holdings Corp. 193,212 2,257
* Frequency Electronics Inc. 222,635 2,182
* Limbach Holdings Inc. 229,935 2,129
50

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Volt Information Sciences Inc. 458,545 2,096
*,1 Broadwind Inc. 453,193 2,053
*,1 FreightCar America Inc. 344,996 2,046
*,1 ENGlobal Corp. 638,962 1,936
* VirTra Inc. 262,651 1,936
*,1 Toughbuilt Industries Inc. 2,314,700 1,926
  Innovative Solutions & Support Inc. 297,609 1,866
* RF Industries Ltd. 248,889 1,857
  Greif Inc. Class B 28,662 1,691
*,1 Astrotech Corp. 1,251,592 1,665
* Mechanical Technology Inc. 214,352 1,608
*,1 Coda Octopus Group Inc. 183,468 1,596
* CPI Aerostructures Inc. 436,504 1,550
*,1 Polar Power Inc. 161,302 1,511
*,1 LightPath Technologies Inc. Class A 591,849 1,503
* GEE Group Inc. 2,528,303 1,449
* Willis Lease Finance Corp. 31,755 1,361
* Smith-Midland Corp. 54,828 1,294
* Legalzoom.com Inc. 33,951 1,285
* Wireless Telecom Group Inc. 305,882 1,245
*,1 Odyssey Marine Exploration Inc. 195,210 1,242
*,1 Applied DNA Sciences Inc. 178,298 1,211
* Hudson Global Inc. 66,260 1,162
* Ballantyne Strong Inc. 226,711 1,086
* LS Starrett Co. Class A 110,773 1,035
*,1 Lightbridge Corp. 137,491 1,013
* Bowman Consulting Group Ltd. 70,500 976
* Air Industries Group 747,231 971
* Sypris Solutions Inc. 259,975 967
* Air T Inc. 32,804 812
* Where Food Comes From Inc. 42,385 672
  Taitron Components Inc. Class A 126,100 628
* AmpliTech Group Inc. 132,700 614
* OLB Group Inc. 109,700 599
* Cemtrex Inc. 375,600 567
  Espey Manufacturing & Electronics Corp. 36,520 541
  Image Sensing Systems Inc. 79,211 539
* Bio-key International Inc. 138,019 524
*,1 ALJ Regional Holdings Inc. 281,448 509
  Pioneer Power Solutions Inc. 107,157 500
* Jewett-Cameron Trading Co. Ltd. 32,900 320
*,1 Staffing 360 Solutions Inc. 535,078 307
*,1 SG Blocks Inc. 55,609 306
*,1 ShiftPixy Inc. 114,467 270
*,1 Energy Focus Inc. 48,431 193
* TOMI Environmental Solutions Inc. 58,422 168
* P&F Industries Inc. Class A 19,462 130
* LGL Group Inc. 8,954 93
* Servotronics Inc. 5,014 43
* Schmitt Industries Inc. 5,191 29
* Air T Funding Warrants Exp. 08/30/2021 90,675 12
* LGL Group Inc. Warrants Exp. 12/16/2025 2,391 1
*,2 Patriot National Inc. 129,819
* Eagle Bulk Shipping Inc. Warrants Exp. 10/15/2021 1
            173,796,716
Other (0.00%)6
*,2 New York REIT Liquidating LLC 19,100 227
*,2 Proteostasis Therapeutics Inc. CVR 1,195,732 129
*,2 Contra A/S CVR 780,631 70
*,2 First Eagle Private Credit LLC CVR 551,185 50
*,2 Ominto Inc. 101,171 42
51

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
*,2 Alexza Pharmaceuticals Inc. CVR 327,391 11
*,1,2 Contra Costa County Public Financing Authority CVR 400,874
*,2 Contra Costa County Board of Education CVR 70,194
            529
Real Estate (3.46%)
  American Tower Corp. 12,810,101 3,460,521
  Prologis Inc. 20,900,243 2,498,206
  Crown Castle International Corp. 12,212,087 2,382,578
  Equinix Inc. 2,531,089 2,031,452
  Public Storage 4,204,480 1,264,245
  Simon Property Group Inc. 9,283,605 1,211,325
  Digital Realty Trust Inc. 7,958,025 1,197,364
  SBA Communications Corp. 3,091,244 985,179
  Welltower Inc. 11,801,233 980,682
* CoStar Group Inc. 11,158,068 924,111
  AvalonBay Communities Inc. 3,947,928 823,893
  Equity Residential 10,044,426 773,421
* CBRE Group Inc. Class A 9,013,659 772,741
  Alexandria Real Estate Equities Inc. 4,148,449 754,769
  Weyerhaeuser Co. 21,177,143 728,917
  Realty Income Corp. 10,569,891 705,435
  Extra Space Storage Inc. 3,766,037 616,952
  Ventas Inc. 10,607,509 605,689
  Invitation Homes Inc. 16,061,562 598,936
  Essex Property Trust Inc. 1,838,419 551,544
  Mid-America Apartment Communities Inc. 3,238,873 545,491
  Sun Communities Inc. 3,161,878 541,946
  Healthpeak Properties Inc. 15,236,521 507,224
  Duke Realty Corp. 10,608,060 502,292
  VICI Properties Inc. 15,184,263 471,016
  Boston Properties Inc. 3,971,290 455,070
  UDR Inc. 8,394,473 411,161
* Zillow Group Inc. Class C 3,064,180 374,504
  WP Carey Inc. 5,012,164 374,008
  Camden Property Trust 2,765,696 366,925
  Iron Mountain Inc. 8,165,211 345,552
  Equity LifeStyle Properties Inc. 4,643,077 345,027
* Host Hotels & Resorts Inc. 19,962,064 341,152
* Zillow Group Inc. Class A 2,711,548 332,246
  Medical Properties Trust Inc. 16,528,329 332,219
  Regency Centers Corp. 4,807,900 308,042
  American Homes 4 Rent Class A 7,741,537 300,759
  VEREIT Inc. 6,482,849 297,757
  Gaming & Leisure Properties Inc. 6,256,179 289,849
* Jones Lang LaSalle Inc. 1,450,498 283,514
  Americold Realty Trust 7,150,464 270,645
  CubeSmart 5,651,811 261,792
  Federal Realty Investment Trust 2,196,395 257,352
  Lamar Advertising Co. Class A 2,452,290 256,068
  CyrusOne Inc. 3,450,361 246,770
  Kimco Realty Corp. 11,655,315 243,013
  Omega Healthcare Investors Inc. 6,629,302 240,577
  Vornado Realty Trust 5,146,453 240,185
  STORE Capital Corp. 6,829,092 235,672
  National Retail Properties Inc. 4,971,879 233,082
  Life Storage Inc. 2,152,690 231,091
  Kilroy Realty Corp. 3,296,268 229,552
  Rexford Industrial Realty Inc. 4,011,135 228,434
  Apartment Income REIT Corp. 4,407,806 209,062
  Brixmor Property Group Inc. 8,413,668 192,589
  First Industrial Realty Trust Inc. 3,663,913 191,366
52

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  EastGroup Properties Inc. 1,124,790 184,972
  American Campus Communities Inc. 3,903,999 182,395
* Redfin Corp. 2,790,739 176,961
  STAG Industrial Inc. 4,504,184 168,592
  Healthcare Trust of America Inc. Class A 6,200,387 165,550
  CoreSite Realty Corp. 1,217,979 163,940
  Douglas Emmett Inc. 4,722,358 158,766
  SL Green Realty Corp. 1,963,288 157,063
  Spirit Realty Capital Inc. 3,256,441 155,788
  Cousins Properties Inc. 4,211,919 154,914
  QTS Realty Trust Inc. Class A 1,933,675 149,473
  Rayonier Inc. 3,922,312 140,929
  Agree Realty Corp. 1,943,611 137,005
  Highwoods Properties Inc. 2,951,873 133,336
* Park Hotels & Resorts Inc. 6,360,590 131,092
  Innovative Industrial Properties Inc. 678,171 129,544
  Terreno Realty Corp. 1,942,414 125,325
  Hannon Armstrong Sustainable Infrastructure Capital Inc. 2,215,942 124,425
  Healthcare Realty Trust Inc. 3,964,625 119,732
  Hudson Pacific Properties Inc. 4,277,174 118,991
* Howard Hughes Corp. 1,171,561 114,180
  JBG SMITH Properties 3,538,527 111,499
* EPR Properties 2,113,008 111,313
  Physicians Realty Trust 6,001,913 110,855
* Ryman Hospitality Properties Inc. 1,403,166 110,794
  Weingarten Realty Investors 3,448,146 110,582
  Sabra Health Care REIT Inc. 6,043,959 110,000
* DigitalBridge Group Inc. 13,759,779 108,702
1 Broadstone Net Lease Inc. Class A 4,401,411 103,037
1 Macerich Co. 5,539,557 101,097
* Outfront Media Inc. 4,114,774 98,878
  Lexington Realty Trust 8,159,103 97,501
  PotlatchDeltic Corp. 1,804,242 95,895
  Apple Hospitality REIT Inc. 6,035,445 92,101
  Essential Properties Realty Trust Inc. 3,310,130 89,506
  Corporate Office Properties Trust 3,182,851 89,088
  Pebblebrook Hotel Trust 3,713,354 87,450
  National Storage Affiliates Trust 1,715,621 86,742
  PS Business Parks Inc. 580,725 85,994
  Equity Commonwealth 3,258,097 85,362
  National Health Investors Inc. 1,213,072 81,337
* Sunstone Hotel Investors Inc. 6,156,764 76,467
  SITE Centers Corp. 5,026,905 75,705
* eXp World Holdings Inc. 1,839,623 71,322
  RLJ Lodging Trust 4,673,445 71,177
  Uniti Group Inc. 6,661,707 70,548
  Retail Properties of America Inc. Class A 6,129,548 70,183
  Kennedy-Wilson Holdings Inc. 3,390,424 67,368
  Brandywine Realty Trust 4,881,219 66,922
  Piedmont Office Realty Trust Inc. Class A 3,458,661 63,882
  CareTrust REIT Inc. 2,728,983 63,394
* Cushman & Wakefield plc 3,501,607 61,173
* Xenia Hotels & Resorts Inc. 3,251,643 60,903
  Urban Edge Properties 3,169,631 60,540
* Realogy Holdings Corp. 3,292,063 59,981
  Four Corners Property Trust Inc. 2,148,424 59,318
  Service Properties Trust 4,660,246 58,719
* DiamondRock Hospitality Co. 6,001,178 58,211
  Empire State Realty Trust Inc. Class A 4,814,089 57,769
  Columbia Property Trust Inc. 3,258,956 56,673
  Retail Opportunity Investments Corp. 3,177,193 56,109
53

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Washington REIT 2,372,453 54,566
  Acadia Realty Trust 2,465,673 54,146
  Kite Realty Group Trust 2,416,449 53,186
  Paramount Group Inc. 5,271,889 53,088
  Independence Realty Trust Inc. 2,895,707 52,789
  Newmark Group Inc. Class A 4,350,322 52,247
1 Tanger Factory Outlet Centers Inc. 2,699,186 50,880
  Industrial Logistics Properties Trust 1,879,910 49,141
  Easterly Government Properties Inc. 2,303,661 48,561
  Monmouth Real Estate Investment Corp. 2,593,323 48,547
  Global Net Lease Inc. 2,622,796 48,522
  American Assets Trust Inc. 1,212,333 45,208
  St. Joe Co. 992,364 44,269
  LTC Properties Inc. 1,114,937 42,802
  Office Properties Income Trust 1,350,502 39,583
  Mack-Cali Realty Corp. 2,278,044 39,068
  Alexander & Baldwin Inc. 1,985,389 36,372
1 Safehold Inc. 453,788 35,622
* CoreCivic Inc. 3,378,790 35,376
  NexPoint Residential Trust Inc. 639,928 35,183
  Getty Realty Corp. 1,051,850 32,765
  Community Healthcare Trust Inc. 640,035 30,376
  Centerspace 379,277 29,925
  RPT Realty 2,246,772 29,163
  Diversified Healthcare Trust 6,607,207 27,618
  Apartment Investment & Management Co. Class A 4,070,052 27,310
* Marcus & Millichap Inc. 701,849 27,281
* Summit Hotel Properties Inc. 2,878,842 26,860
  American Finance Trust Inc. Class A 3,104,298 26,324
  UMH Properties Inc. 1,131,282 24,685
  Global Medical REIT Inc. 1,605,635 23,699
1 GEO Group Inc. 3,288,345 23,413
  Gladstone Commercial Corp. 1,037,601 23,408
  NETSTREIT Corp. 994,183 22,926
* Rafael Holdings Inc. Class B 447,369 22,838
  Armada Hoffler Properties Inc. 1,654,180 21,984
  Universal Health Realty Income Trust 354,589 21,825
  Brookfield Property REIT Inc. Class A 996,534 18,825
  Ares Commercial Real Estate Corp. 1,269,255 18,645
  New Senior Investment Group Inc. 2,097,511 18,416
  Gladstone Land Corp. 740,020 17,805
*,1 Ashford Hospitality Trust Inc. 3,898,517 17,777
* Chatham Lodging Trust 1,342,641 17,280
* CorePoint Lodging Inc. 1,543,908 16,520
  RE/MAX Holdings Inc. Class A 492,522 16,416
  CatchMark Timber Trust Inc. Class A 1,402,499 16,409
  Urstadt Biddle Properties Inc. Class A 846,342 16,402
  RMR Group Inc. Class A 420,615 16,253
  Alexander's Inc. 58,454 15,663
  Saul Centers Inc. 339,088 15,412
  Plymouth Industrial REIT Inc. 767,187 15,359
*,1 Seritage Growth Properties Class A 794,755 14,624
  Franklin Street Properties Corp. 2,756,300 14,498
  City Office REIT Inc. 1,122,941 13,958
* Tejon Ranch Co. 845,370 12,858
  Preferred Apartment Communities Inc. Class A 1,314,513 12,817
  One Liberty Properties Inc. 419,461 11,909
* Hersha Hospitality Trust Class A 1,060,866 11,415
  Retail Value Inc. 492,728 10,717
* Forestar Group Inc. 470,486 9,838
  Whitestone REIT 1,117,150 9,217
54

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  CTO Realty Growth Inc. 164,258 8,791
* FRP Holdings Inc. 155,246 8,644
  Farmland Partners Inc. 711,528 8,574
*,1 Braemar Hotels & Resorts Inc. 1,278,090 7,937
1 Postal Realty Trust Inc. Class A 430,146 7,846
  Bluerock Residential Growth REIT Inc. Class A 745,737 7,584
* Vidler Water Resouces Inc. 506,162 6,732
  BRT Apartments Corp. 351,558 6,096
* Stratus Properties Inc. 226,798 5,595
  Alpine Income Property Trust Inc. 274,370 5,219
*,1 Fathom Holdings Inc. 153,685 5,039
  Cedar Realty Trust Inc. 285,487 4,808
  Indus Realty Trust Inc. 72,441 4,756
*,1 Pennsylvania REIT 1,592,109 3,964
* Power REIT 94,775 3,807
1 New York City REIT Inc. Class A 265,600 3,479
1 CIM Commercial Trust Corp. 360,617 3,228
  Clipper Realty Inc. 405,006 2,977
  CorEnergy Infrastructure Trust Inc. 402,903 2,667
* Maui Land & Pineapple Co. Inc. 202,110 2,169
  Global Self Storage Inc. 358,172 1,866
  Urstadt Biddle Properties Inc. 113,846 1,828
* Condor Hospitality Trust Inc. 211,609 1,284
* Altisource Portfolio Solutions SA 144,467 1,284
*,1 Alset EHome International Inc. Class A 216,800 1,231
* Sotherly Hotels Inc. 337,518 1,013
*,1 Comstock Holding Cos. Inc. Class A 164,051 981
*,1 Harbor Custom Development Inc. 238,051 771
*,2 Spirit MTA REIT 2,854,330 764
* Trinity Place Holdings Inc. 327,367 691
* Wheeler REIT Inc. 130,830 662
*,1 Avalon GloboCare Corp. 503,243 494
*,1 Compass Inc. Class A 34,811 457
* JW Mays Inc. 2,985 92
* AMREP Corp. 3,400 40
* Transcontinental Realty Investors Inc. 706 24
*,1 CIM Commercial Trust Corp. Rights 274,863
            43,552,017
Technology (26.97%)
  Apple Inc. 447,774,417 61,327,183
  Microsoft Corp. 212,736,932 57,630,435
* Facebook Inc. Class A 67,679,030 23,532,676
* Alphabet Inc. Class A 8,484,554 20,717,499
* Alphabet Inc. Class C 7,778,705 19,495,924
  NVIDIA Corp. 16,717,635 13,375,780
* Adobe Inc. 13,502,096 7,907,367
  Intel Corp. 114,059,454 6,403,298
* salesforce.com Inc. 24,747,719 6,045,125
  Broadcom Inc. 10,956,982 5,224,727
  Texas Instruments Inc. 26,086,761 5,016,484
  QUALCOMM Inc. 31,862,594 4,554,121
  Oracle Corp. 48,870,718 3,804,097
  International Business Machines Corp. 25,239,316 3,699,831
  Applied Materials Inc. 25,923,521 3,691,509
  Intuit Inc. 7,333,298 3,594,563
* Advanced Micro Devices Inc. 34,322,492 3,223,912
* ServiceNow Inc. 5,578,108 3,065,449
* Micron Technology Inc. 31,679,475 2,692,122
  Lam Research Corp. 4,029,137 2,621,759
* Snap Inc. Class A 32,238,697 2,196,745
* Zoom Video Communications Inc. Class A 5,672,153 2,195,293
55

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Autodesk Inc. 6,217,639 1,814,929
* Twilio Inc. Class A 4,585,428 1,807,392
  Analog Devices Inc. 10,421,560 1,794,176
* Snowflake Inc. Class A 7,107,185 1,718,517
* Twitter Inc. 21,420,213 1,473,925
* DocuSign Inc. 5,219,151 1,459,118
* Crowdstrike Holdings Inc. Class A 5,624,032 1,413,375
  KLA Corp. 4,331,192 1,404,216
  Roper Technologies Inc. 2,972,978 1,397,894
  Marvell Technology Inc. 22,612,688 1,318,998
* Workday Inc. Class A 5,334,816 1,273,634
  TE Connectivity Ltd. 9,328,364 1,261,288
* Pinterest Inc. Class A 15,454,626 1,220,143
*,1 Palantir Technologies Inc. Class A 45,878,662 1,209,362
* Synopsys Inc. 4,311,711 1,189,127
* Match Group Inc. 7,249,012 1,168,903
  Amphenol Corp. Class A 16,883,132 1,154,975
  Microchip Technology Inc. 7,712,324 1,154,843
* Cadence Design Systems Inc. 7,863,524 1,075,887
  HP Inc. 35,230,807 1,063,618
  Cognizant Technology Solutions Corp. Class A 14,900,567 1,032,013
  Xilinx Inc. 6,946,761 1,004,780
* Okta Inc. Class A 4,050,247 991,014
* Palo Alto Networks Inc. 2,614,543 970,126
* Fortinet Inc. 3,922,835 934,380
  Skyworks Solutions Inc. 4,664,952 894,505
  Corning Inc. 21,645,901 885,317
* ANSYS Inc. 2,462,999 854,808
  Maxim Integrated Products Inc. 7,586,451 799,308
* EPAM Systems Inc. 1,514,286 773,740
* Dell Technologies Inc. Class C 7,437,481 741,294
* HubSpot Inc. 1,253,833 730,634
  CDW Corp. 3,961,432 691,864
* Cloudflare Inc. Class A 6,512,659 689,300
* Splunk Inc. 4,623,802 668,509
* Datadog Inc. Class A 6,275,064 653,109
* RingCentral Inc. Class A 2,166,899 629,658
  Teradyne Inc. 4,699,688 629,570
* Qorvo Inc. 3,182,826 622,720
* VeriSign Inc. 2,705,749 616,072
* MongoDB Inc. Class A 1,665,755 602,204
* Slack Technologies Inc. Class A 13,487,615 597,501
* Western Digital Corp. 8,228,043 585,590
* Gartner Inc. 2,310,609 559,629
* Coupa Software Inc. 2,071,808 543,042
* Akamai Technologies Inc. 4,605,185 536,965
  Hewlett Packard Enterprise Co. 36,796,463 536,492
* Paycom Software Inc. 1,446,236 525,663
* Tyler Technologies Inc. 1,151,156 520,748
*,1 DoorDash Inc. Class A 2,910,621 519,051
  NetApp Inc. 6,292,303 514,836
  Seagate Technology Holdings plc 5,822,957 512,013
* Zendesk Inc. 3,352,775 483,940
  Entegris Inc. 3,830,931 471,090
* ON Semiconductor Corp. 12,029,499 460,489
  Monolithic Power Systems Inc. 1,224,897 457,438
* Zscaler Inc. 2,109,484 455,775
  SS&C Technologies Holdings Inc. 6,144,217 442,752
* Nuance Communications Inc. 8,085,086 440,152
* Unity Software Inc. 3,944,726 433,249
  NortonLifeLock Inc. 15,568,820 423,783
56

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* PTC Inc. 2,972,891 419,951
* GoDaddy Inc. Class A 4,741,599 412,329
  Citrix Systems Inc. 3,507,598 411,336
  Leidos Holdings Inc. 3,994,271 403,821
* Avalara Inc. 2,302,711 372,579
* Ceridian HCM Holding Inc. 3,797,442 364,251
*,1 VMware Inc. Class A 2,215,945 354,485
* Five9 Inc. 1,890,942 346,780
* IAC/InterActiveCorp 2,237,791 345,000
* Black Knight Inc. 4,205,804 327,969
* Dynatrace Inc. 5,602,062 327,272
* Cree Inc. 3,263,747 319,619
* F5 Networks Inc. 1,684,720 314,470
1 Bentley Systems Inc. Class B 4,488,497 290,765
* Proofpoint Inc. 1,620,976 281,661
* DXC Technology Co. 7,194,566 280,156
* Guidewire Software Inc. 2,367,327 266,845
  Universal Display Corp. 1,199,379 266,658
* Aspen Technology Inc. 1,922,326 264,397
* Manhattan Associates Inc. 1,798,187 260,449
* Dropbox Inc. Class A 8,545,869 259,025
* Elastic NV 1,776,585 258,955
* Smartsheet Inc. Class A 3,336,807 241,318
* Arrow Electronics Inc. 2,095,167 238,493
  Jabil Inc. 3,786,073 220,047
* Lattice Semiconductor Corp. 3,862,485 216,994
  Vertiv Holdings Co. Class A 7,933,094 216,573
* II-VI Inc. 2,965,345 215,254
* Nutanix Inc. Class A 5,457,091 208,570
* IPG Photonics Corp. 984,655 207,536
  Brooks Automation Inc. 2,101,297 200,212
* Anaplan Inc. 3,670,753 195,651
* Silicon Laboratories Inc. 1,254,731 192,288
* Concentrix Corp. 1,177,551 189,350
* Upwork Inc. 3,203,491 186,731
  Dolby Laboratories Inc. Class A 1,844,549 181,301
* Vimeo Inc. 3,681,134 180,376
* Digital Turbine Inc. 2,274,808 172,954
  CDK Global Inc. 3,443,174 171,091
* CACI International Inc. Class A 665,367 169,748
* NCR Corp. 3,688,929 168,252
* J2 Global Inc. 1,212,606 166,794
* Blackline Inc. 1,479,295 164,601
* Varonis Systems Inc. Class B 2,839,213 163,595
*,1 Fastly Inc. Class A 2,691,358 160,405
  Pegasystems Inc. 1,149,793 160,040
* Change Healthcare Inc. 6,895,751 158,878
* Synaptics Inc. 991,825 154,308
* Q2 Holdings Inc. 1,502,410 154,117
*,1 Appian Corp. 1,114,253 153,488
* Pure Storage Inc. Class A 7,581,579 148,068
* Teradata Corp. 2,936,333 146,729
* Everbridge Inc. 1,061,848 144,496
* Alteryx Inc. Class A 1,679,248 144,449
* ZoomInfo Technologies Inc. Class A 2,765,916 144,298
  Science Applications International Corp. 1,638,926 143,783
  SYNNEX Corp. 1,172,205 142,728
  National Instruments Corp. 3,346,401 141,486
* Rapid7 Inc. 1,474,580 139,540
* Cirrus Logic Inc. 1,627,897 138,567
* 3D Systems Corp. 3,355,214 134,108
57

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Power Integrations Inc. 1,611,956 132,277
* FireEye Inc. 6,387,916 129,164
*,1 Vroom Inc. 3,080,293 128,941
* Novanta Inc. 948,936 127,879
* Semtech Corp. 1,845,774 126,989
* Sailpoint Technologies Holdings Inc. 2,470,143 126,150
  CMC Materials Inc. 828,670 124,914
  Advanced Energy Industries Inc. 1,088,455 122,680
* Asana Inc. Class A 1,948,258 120,850
* Workiva Inc. Class A 1,069,055 119,018
* Magnite Inc. 3,457,389 116,998
* Cerence Inc. 1,068,380 114,007
  Avnet Inc. 2,809,276 112,596
* Schrodinger Inc. 1,471,665 111,273
* LivePerson Inc. 1,749,732 110,653
* Envestnet Inc. 1,452,851 110,213
*,1 MicroStrategy Inc. Class A 164,781 109,497
* New Relic Inc. 1,611,649 107,932
* Alarm.com Holdings Inc. 1,265,722 107,207
* Rogers Corp. 531,651 106,756
*,1 Box Inc. Class A 4,120,640 105,282
* Blackbaud Inc. 1,373,326 105,156
* Dun & Bradstreet Holdings Inc. 4,884,121 104,374
* Ambarella Inc. 970,573 103,492
  Xerox Holdings Corp. 4,365,744 102,551
* Fabrinet 1,047,450 100,419
* SPS Commerce Inc. 1,002,448 100,094
* Insight Enterprises Inc. 995,031 99,513
* CommVault Systems Inc. 1,242,070 97,093
* Onto Innovation Inc. 1,313,941 95,970
* nCino Inc. 1,595,625 95,610
* Diodes Inc. 1,196,442 95,440
* Qualys Inc. 939,003 94,548
* Cloudera Inc. 5,830,727 92,475
* Cornerstone OnDemand Inc. 1,767,821 91,184
* Duck Creek Technologies Inc. 2,053,076 89,329
*,1 Altair Engineering Inc. Class A 1,282,116 88,428
*,1 Bumble Inc. Class A 1,524,732 87,825
* MACOM Technology Solutions Holdings Inc. 1,350,831 86,561
* Tenable Holdings Inc. 2,081,993 86,090
  Vishay Intertechnology Inc. 3,774,551 85,116
* Sprout Social Inc. Class A 942,059 84,239
* LiveRamp Holdings Inc. 1,791,465 83,930
* Medallia Inc. 2,446,241 82,561
* MaxLinear Inc. Class A 1,903,920 80,898
* FormFactor Inc. 2,205,819 80,424
*,1 PagerDuty Inc. 1,884,569 80,245
* Yelp Inc. Class A 1,992,740 79,630
* Covetrus Inc. 2,888,639 77,993
* Rambus Inc. 3,211,244 76,139
* Verint Systems Inc. 1,663,783 74,987
* Perficient Inc. 931,223 74,889
*,1 MicroVision Inc. 4,461,711 74,734
* Plexus Corp. 815,265 74,523
* Momentive Global Inc. 3,494,738 73,634
* Calix Inc. 1,511,882 71,814
* Allscripts Healthcare Solutions Inc. 3,810,146 70,526
* BigCommerce Holdings Inc. 1,072,785 69,645
*,1 AppLovin Corp. Class A 915,121 68,790
* Sanmina Corp. 1,742,230 67,877
* Cargurus Inc. Class A 2,521,836 66,148
58

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  Xperi Holding Corp. 2,960,437 65,840
  Shutterstock Inc. 669,260 65,701
* Appfolio Inc. Class A 453,029 63,968
* Ultra Clean Holdings Inc. 1,173,838 63,059
  Switch Inc. Class A 2,930,902 61,871
* Domo Inc. Class B 757,961 61,266
* Avaya Holdings Corp. 2,274,323 61,179
*,1 Skillz Inc. Class A 2,776,082 60,296
*,1 JFrog Ltd. 1,317,742 59,984
  Progress Software Corp. 1,240,529 57,374
* NetScout Systems Inc. 1,968,073 56,169
* TechTarget Inc. 710,164 55,031
* PROS Holdings Inc. 1,124,715 51,253
* Zuora Inc. Class A 2,969,677 51,227
*,1 C3.ai Inc. Class A 818,696 51,193
* Jamf Holding Corp. 1,506,490 50,573
  Methode Electronics Inc. 1,019,595 50,174
* Sumo Logic Inc. 2,395,290 49,463
* PAR Technology Corp. 694,942 48,604
* Cohu Inc. 1,294,764 47,634
* Bottomline Technologies DE Inc. 1,273,748 47,231
* Bandwidth Inc. Class A 341,654 47,121
  McAfee Corp. Class A 1,629,137 45,648
* Unisys Corp. 1,789,046 45,281
* Allegro MicroSystems Inc. 1,595,198 44,187
* Yext Inc. 3,013,825 43,068
* Super Micro Computer Inc. 1,216,725 42,804
* Ichor Holdings Ltd. 791,067 42,559
* Porch Group Inc. 2,169,250 41,953
* nLight Inc. 1,142,282 41,442
  Pitney Bowes Inc. 4,714,393 41,345
  CSG Systems International Inc. 872,359 41,158
  Amkor Technology Inc. 1,729,958 40,948
* TTM Technologies Inc. 2,846,038 40,698
* Eventbrite Inc. Class A 2,106,039 40,015
* SiTime Corp. 315,748 39,971
*,1 E2open Parent Holdings Inc. 3,418,769 39,042
* Avid Technology Inc. 954,875 37,383
* SolarWinds Corp. 2,192,419 37,030
* Axcelis Technologies Inc. 897,611 36,281
*,1 Squarespace Inc. Class A 599,689 35,628
* ACM Research Inc. Class A 337,471 34,496
*,1 Ouster Inc. 2,750,113 34,349
* ePlus Inc. 373,799 32,405
* Ping Identity Holding Corp. 1,403,252 32,134
* Model N Inc. 936,752 32,102
* Veeco Instruments Inc. 1,331,241 32,003
* Telos Corp. 940,285 31,979
*,1 Aeva Technologies Inc. 2,970,405 31,397
  CTS Corp. 839,081 31,180
* Agilysys Inc. 543,003 30,881
* Upland Software Inc. 719,180 29,609
* Qualtrics International Inc. Class A 763,427 29,201
* Olo Inc. Class A 772,525 28,885
* Groupon Inc. Class A 664,728 28,690
* CEVA Inc. 606,098 28,668
* Confluent Inc. Class A 599,760 28,489
* Parsons Corp. 712,042 28,026
  Benchmark Electronics Inc. 972,002 27,663
* Diebold Nixdorf Inc. 2,099,260 26,954
  QAD Inc. Class A 304,433 26,492
59

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Impinj Inc. 507,505 26,182
* MediaAlpha Inc. Class A 598,207 25,185
* DigitalOcean Holdings Inc. 445,307 24,755
* OneSpan Inc. 952,512 24,327
  Ebix Inc. 701,777 23,790
* Rackspace Technology Inc. 1,181,522 23,170
  Simulations Plus Inc. 417,485 22,924
* Mitek Systems Inc. 1,169,207 22,519
* Photronics Inc. 1,699,445 22,450
* SMART Global Holdings Inc. 466,081 22,223
*,1 Tucows Inc. Class A 258,384 20,753
* ScanSource Inc. 723,722 20,358
  American Software Inc. Class A 914,539 20,083
* ChannelAdvisor Corp. 805,574 19,745
* Datto Holding Corp. 667,614 18,586
*,1 Kopin Corp. 2,189,355 17,909
* Alpha & Omega Semiconductor Ltd. 577,335 17,545
* A10 Networks Inc. 1,543,666 17,382
* PDF Solutions Inc. 900,467 16,370
* DSP Group Inc. 1,036,040 15,333
*,1 Cleanspark Inc. 909,635 15,136
*,1 Digimarc Corp. 451,101 15,112
* Brightcove Inc. 1,042,619 14,962
* Kimball Electronics Inc. 672,634 14,623
* Veritone Inc. 738,719 14,560
* EverQuote Inc. Class A 438,012 14,314
  PC Connection Inc. 305,710 14,145
* NeoPhotonics Corp. 1,382,329 14,114
*,1 ON24 Inc. 390,718 13,863
* TrueCar Inc. 2,392,334 13,517
* Zix Corp. 1,806,899 12,739
  Hackett Group Inc. 697,821 12,575
* AXT Inc. 1,143,587 12,557
  NVE Corp. 166,706 12,345
*,1 Atomera Inc. 552,359 11,843
*,1 Limelight Networks Inc. 3,637,574 11,458
* Benefitfocus Inc. 812,292 11,453
* Sciplay Corp. Class A 651,538 11,044
* Quantum Corp. 1,583,746 10,912
* Grid Dynamics Holdings Inc. 699,374 10,512
* Identiv Inc. 610,174 10,373
*,1 Sprinklr Inc. Class A 469,473 9,666
* comScore Inc. 1,924,741 9,624
* GTY Technology Holdings Inc. 1,348,521 9,588
* Vertex Inc. Class A 433,630 9,514
* Viant Technology Inc. Class A 303,752 9,046
* EMCORE Corp. 977,425 9,012
*,1 Intelligent Systems Corp. 284,013 8,935
* Smith Micro Software Inc. 1,693,261 8,839
* CyberOptics Corp. 213,711 8,754
*,1 VirnetX Holding Corp. 1,884,231 8,046
*,1 KnowBe4 Inc. Class A 238,915 7,471
* eGain Corp. 632,016 7,256
* Daktronics Inc. 1,075,036 7,084
*,1 SEMrush Holdings Inc. Class A 300,070 6,908
* Synchronoss Technologies Inc. 1,883,353 6,761
*,1 Immersion Corp. 734,828 6,444
*,1 eMagin Corp. 1,839,285 6,401
* SkyWater Technology Inc. 217,255 6,224
* SharpSpring Inc. 359,795 6,077
* Zedge Inc. Class B 321,932 5,927
60

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
*,1 PubMatic Inc. Class A 151,639 5,925
  QAD Inc. Class B 65,999 5,690
* Rimini Street Inc. 899,454 5,541
*,1 Nuvve Holding Corp. 393,100 5,433
*,1 Zeta Global Holdings Corp. Class A 634,339 5,328
* Asure Software Inc. 598,459 5,308
* inTEST Corp. 298,801 5,011
*,1 Red Violet Inc. 209,306 4,923
*,1 Waitr Holdings Inc. 2,726,520 4,853
*,1 UiPath Inc. Class A 70,500 4,789
*,1 Remark Holdings Inc. 2,572,778 4,785
* Innodata Inc. 680,970 4,767
* Pixelworks Inc. 1,359,763 4,637
* Intevac Inc. 684,708 4,615
*,1 Cinedigm Corp. Class A 3,539,726 4,566
*,1 XpresSpa Group Inc. 2,889,048 4,449
* Computer Task Group Inc. 451,316 4,364
*,1 Intellicheck Inc. 492,902 4,126
* Issuer Direct Corp. 136,279 3,696
* AstroNova Inc. 263,668 3,670
* SecureWorks Corp. Class A 196,945 3,649
*,1 Intrusion Inc. 234,463 3,613
*,1 Flux Power Holdings Inc. 305,717 3,555
*,1 Super League Gaming Inc. 623,033 3,358
*,1 Verb Technology Co. Inc. 1,623,673 3,329
* TransAct Technologies Inc. 233,313 3,203
* IEC Electronics Corp. 304,152 3,197
*,1 Inpixon 2,720,300 3,183
* Everspin Technologies Inc. 486,438 3,128
* Amtech Systems Inc. 316,298 3,049
*,1 Boxlight Corp. Class A 1,247,688 3,007
* Park City Group Inc. 516,204 2,844
*,1 AudioEye Inc. 162,265 2,724
* GSI Technology Inc. 478,006 2,686
*,1 Exela Technologies Inc. 1,122,448 2,683
*,1 Alfi Inc. 173,060 2,547
  Richardson Electronics Ltd. 298,391 2,480
*,1 Inuvo Inc. 2,561,715 2,472
* Steel Connect Inc. 1,194,100 2,388
*,1 Support.com Inc. 596,136 2,301
* QuickLogic Corp. 305,090 2,206
*,1 Akerna Corp. 546,588 2,203
  ARC Document Solutions Inc. 1,009,239 2,170
*,1 Kubient Inc. 377,300 2,154
*,1 Research Frontiers Inc. 819,079 1,941
* Aehr Test Systems 680,666 1,879
*,1 Phunware Inc. 1,312,927 1,825
* WidePoint Corp. 231,279 1,679
* Qumu Corp. 572,726 1,649
*,1 One Stop Systems Inc. 284,266 1,646
* Key Tronic Corp. 243,876 1,590
* RealNetworks Inc. 674,521 1,572
* Mastech Digital Inc. 104,493 1,562
* NetSol Technologies Inc. 324,689 1,529
*,1 Net Element Inc. 117,351 1,516
* Aware Inc. 391,427 1,452
* SentinelOne Inc. Class A 33,945 1,443
* SeaChange International Inc. 1,081,301 1,395
* CSP Inc. 129,730 1,388
* Clear Secure Inc. Class A 33,944 1,358
* Data I/O Corp. 180,694 1,231
61

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  SilverSun Technologies Inc. 99,500 1,211
* Oblong Inc. 343,997 1,170
*,1 NXT-ID Inc. 1,249,652 1,112
* Summit Wireless Technologies Inc. 242,544 973
* GSE Systems Inc. 541,861 970
* Streamline Health Solutions Inc. 531,889 941
* RCM Technologies Inc. 227,498 937
* Rubicon Technology Inc. 96,189 920
* BSQUARE Corp. 183,538 875
*,1 Bridgeline Digital Inc. 200,570 862
* Intapp Inc. 30,190 845
* 1stdibs.com Inc. 23,986 835
*,1 Creatd Inc. 216,567 812
* CVD Equipment Corp. 165,351 744
*,1 American Virtual Cloud Technologies Inc. 96,107 579
* DoubleVerify Holdings Inc. 13,548 574
* Crown ElectroKinetics Corp. 114,945 486
* AutoWeb Inc. 111,035 346
* CynergisTek Inc. 158,445 322
* Xometry Inc. Class A 3,415 298
* Evolving Systems Inc. 72,375 177
* Creative Realities Inc. 66,218 144
* Procore Technologies Inc. 1,363 129
* VerifyMe Inc. 28,813 122
* Alkami Technology Inc. 3,426 122
*,2 Media General Inc. CVR 2,351,648 91
* Trio-Tech International 15,180 76
* Duos Technologies Group Inc. 3,933 40
            339,305,053
Telecommunications (2.99%)
  Comcast Corp. Class A 129,505,594 7,384,409
  Verizon Communications Inc. 111,089,097 6,224,322
  AT&T Inc. 201,673,800 5,804,172
  Cisco Systems Inc. 107,124,995 5,677,625
* Charter Communications Inc. Class A 3,464,242 2,499,277
* T-Mobile US Inc. 15,850,249 2,295,592
* Roku Inc. Class A 3,253,524 1,494,181
  Motorola Solutions Inc. 4,793,617 1,039,496
* Liberty Broadband Corp. Class C 4,599,294 798,713
* Arista Networks Inc. 1,617,462 586,023
  Lumen Technologies Inc. 31,226,607 424,370
  Cable One Inc. 153,534 293,681
* DISH Network Corp. Class A 6,941,060 290,136
  Juniper Networks Inc. 9,261,287 253,296
* Ciena Corp. 4,379,810 249,167
* Altice USA Inc. Class A 6,199,273 211,643
* Lumentum Holdings Inc. 2,145,792 176,019
* Iridium Communications Inc. 3,399,316 135,939
* CommScope Holding Co. Inc. 5,750,269 122,538
* Viavi Solutions Inc. 6,492,177 114,652
*,1 fuboTV Inc. 3,373,373 108,319
* Vonage Holdings Corp. 6,729,941 96,978
* Viasat Inc. 1,943,195 96,849
  Cogent Communications Holdings Inc. 1,210,123 93,046
* 8x8 Inc. 2,941,731 81,662
  Shenandoah Telecommunications Co. 1,342,730 65,136
  Telephone & Data Systems Inc. 2,841,633 64,391
  InterDigital Inc. 873,175 63,768
* Liberty Broadband Corp. Class A 371,387 62,456
  Ubiquiti Inc. 177,561 55,433
* Infinera Corp. 4,904,229 50,023
62

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
* Plantronics Inc. 1,065,094 44,446
* Extreme Networks Inc. 3,537,557 39,479
* Vocera Communications Inc. 918,676 36,609
*,1 Globalstar Inc. 20,230,213 36,010
* NETGEAR Inc. 814,358 31,206
* WideOpenWest Inc. 1,467,617 30,394
  ADTRAN Inc. 1,373,007 28,353
* EchoStar Corp. Class A 1,163,348 28,258
*,1 Inseego Corp. 2,604,798 26,282
* IDT Corp. Class B 647,863 23,945
* ORBCOMM Inc. 2,122,194 23,853
*,1 Harmonic Inc. 2,746,462 23,400
* Cincinnati Bell Inc. 1,412,873 21,787
* Anterix Inc. 321,151 19,266
* Consolidated Communications Holdings Inc. 2,143,130 18,838
*,1 Radius Global Infrastructure Inc. 1,245,957 18,066
* Digi International Inc. 890,569 17,909
  Comtech Telecommunications Corp. 688,350 16,631
* United States Cellular Corp. 439,353 15,953
* Cambium Networks Corp. 299,060 14,460
*,1 Akoustis Technologies Inc. 1,345,818 14,414
*,1 Gogo Inc. 1,244,916 14,167
*,1 AST SpaceMobile Inc. 1,092,700 14,140
* Ribbon Communications Inc. 1,856,481 14,128
  Loral Space & Communications Inc. 349,707 13,586
  ATN International Inc. 297,693 13,542
* Ooma Inc. 681,601 12,855
* CalAmp Corp. 979,092 12,454
* Clearfield Inc. 329,341 12,334
* DZS Inc. 504,286 10,464
* Aviat Networks Inc. 292,181 9,575
* Casa Systems Inc. 833,016 7,389
* Powerfleet Inc. 958,085 6,898
* Airgain Inc. 291,217 6,005
* KVH Industries Inc. 468,681 5,765
* Hemisphere Media Group Inc. Class A 478,202 5,643
*,1 Applied Optoelectronics Inc. 664,328 5,627
* Genasys Inc. 938,828 5,145
  Spok Holdings Inc. 533,126 5,129
* Alaska Communications Systems Group Inc. 1,458,496 4,857
  Bel Fuse Inc. Class B 298,534 4,299
*,1 Resonant Inc. 1,296,092 4,160
* Lantronix Inc. 748,150 3,860
* PCTEL Inc. 544,910 3,569
*,1 Vislink Technologies Inc. 1,154,500 3,290
* Crexendo Inc. 452,233 2,763
* Franklin Wireless Corp. 244,000 2,238
* Communications Systems Inc. 278,376 1,999
*,1 GTT Communications Inc. 808,106 1,964
* TESSCO Technologies Inc. 206,522 1,270
*,1 Sonim Technologies Inc. 1,572,056 877
  Network-1 Technologies Inc. 223,490 729
* ClearOne Inc. 231,050 633
* ComSovereign Holding Corp. 262,440 609
* Reliance Global Group Inc. 159,588 563
* Optical Cable Corp. 62,844 240
* ADDvantage Technologies Group Inc. 47,738 126
*,1,2 FTE Networks Inc. 84,180 126
  Bel Fuse Inc. Class A 2,976 43
            37,655,932
63

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
Utilities (2.62%)
  NextEra Energy Inc. 55,403,317 4,059,955
  Duke Energy Corp. 21,727,668 2,144,955
  Southern Co. 29,929,320 1,811,023
  Dominion Energy Inc. 22,794,254 1,676,973
  Waste Management Inc. 11,920,485 1,670,179
  Exelon Corp. 27,588,371 1,222,441
  American Electric Power Co. Inc. 14,121,727 1,194,557
  Sempra Energy 8,519,634 1,128,681
  Xcel Energy Inc. 15,211,763 1,002,151
  Waste Connections Inc. 7,392,578 882,896
  Public Service Enterprise Group Inc. 14,294,006 853,924
  WEC Energy Group Inc. 8,926,001 793,968
  American Water Works Co. Inc. 5,132,287 791,039
  Eversource Energy 9,707,264 778,911
  DTE Energy Co. 5,466,481 708,456
  Republic Services Inc. 5,858,669 644,512
  Edison International 10,724,597 620,096
  PPL Corp. 20,653,636 577,682
  Ameren Corp. 7,159,565 573,052
  FirstEnergy Corp. 15,370,568 571,939
  Entergy Corp. 5,672,754 565,574
  AES Corp. 18,824,969 490,767
  CMS Energy Corp. 8,190,302 483,883
  Consolidated Edison Inc. 6,699,557 480,492
* PG&E Corp. 42,077,242 427,926
  CenterPoint Energy Inc. 16,318,891 400,139
  Alliant Energy Corp. 7,071,171 394,289
  Evergy Inc. 6,416,220 387,732
  Atmos Energy Corp. 3,659,801 351,743
  Essential Utilities Inc. 6,949,596 317,597
* Sunrun Inc. 5,469,447 305,086
  NRG Energy Inc. 6,920,426 278,893
  UGI Corp. 5,918,399 274,081
  NiSource Inc. 11,101,789 271,994
  Pinnacle West Capital Corp. 3,187,356 261,268
  Vistra Corp. 12,540,681 232,630
  OGE Energy Corp. 5,658,459 190,407
* Stericycle Inc. 2,592,847 185,518
  IDACORP Inc. 1,430,674 139,491
  National Fuel Gas Co. 2,482,391 129,705
* Clean Harbors Inc. 1,388,721 129,345
  Hawaiian Electric Industries Inc. 2,936,962 124,175
  PNM Resources Inc. 2,417,396 117,896
  Portland General Electric Co. 2,546,760 117,355
  Black Hills Corp. 1,785,497 117,182
* Evoqua Water Technologies Corp. 3,401,317 114,896
  ONE Gas Inc. 1,501,912 111,322
  Avangrid Inc. 2,141,911 110,158
  New Jersey Resources Corp. 2,733,134 108,150
  ALLETE Inc. 1,476,721 103,341
  Southwest Gas Holdings Inc. 1,536,428 101,696
  Spire Inc. 1,385,143 100,104
* Casella Waste Systems Inc. Class A 1,420,520 90,104
* Sunnova Energy International Inc. 2,368,349 89,192
  Ormat Technologies Inc. 1,268,551 88,202
  NorthWestern Corp. 1,433,144 86,304
  Avista Corp. 1,966,125 83,895
1 South Jersey Industries Inc. 3,167,363 82,130
  American States Water Co. 1,031,749 82,086
  California Water Service Group 1,403,378 77,944
64

Vanguard® Total Stock Market Index Fund
Schedule of Investments (unaudited)
June 30, 2021
          Shares Market
Value
($000)
  MGE Energy Inc. 1,028,725 76,578
  Covanta Holding Corp. 3,390,911 59,714
  Clearway Energy Inc. Class C 2,122,516 56,204
  Chesapeake Utilities Corp. 461,802 55,569
  SJW Group 826,207 52,299
* Harsco Corp. 2,233,071 45,599
  Northwest Natural Holding Co. 867,135 45,542
  Middlesex Water Co. 466,350 38,115
* US Ecology Inc. 907,975 34,067
  Clearway Energy Inc. Class A 1,188,348 29,970
1 Unitil Corp. 428,232 22,683
  York Water Co. 379,243 17,180
*,1 Vertex Energy Inc. 1,072,137 14,184
* Heritage-Crystal Clean Inc. 462,835 13,737
* Pure Cycle Corp. 939,625 12,986
*,1 Cadiz Inc. 738,482 10,043
  Artesian Resources Corp. Class A 254,078 9,342
1 RGC Resources Inc. 293,244 7,393
  Global Water Resources Inc. 413,677 7,066
*,1 Aqua Metals Inc. 1,739,433 5,218
  Genie Energy Ltd. Class B 748,750 4,732
1 Spark Energy Inc. Class A 407,350 4,615
* Sharps Compliance Corp. 381,070 3,925
* Advanced Emissions Solutions Inc. 446,836 3,311
* Perma-Fix Environmental Services Inc. 289,060 2,067
*,1 Charah Solutions Inc. 288,382 1,456
* Quest Resource Holding Corp. 199,411 1,266
*,1 Fuel Tech Inc. 508,510 1,195
* BioHiTech Global Inc. 611,541 887
            32,949,025
Total Common Stocks (Cost $545,077,856) 1,252,016,681
Preferred Stock (0.00%)
  Air T Funding Pfd., 8.000%, 6/7/24 (Cost $36) 1,727 42
      Coupon      
Temporary Cash Investments (0.88%)
Money Market Fund (0.88%)
7,8 Vanguard Market Liquidity Fund
(Cost $11,135,205)
0.056%   111,359,670 11,135,968
Total Investments (100.40%) (Cost $556,213,097)   1,263,152,691
Other Assets and Liabilities—Net (-0.40%)   (5,078,185)
Net Assets (100%)   1,258,074,506
Cost is in $000.
* Non-income-producing security.
1 Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $6,159,744,000.
2 Security value determined using significant unobservable inputs.
3 Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities of such company.
4 Restricted securities totaling $1,377,000, representing 0.0% of net assets.
5 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2021, the aggregate value was $82,644,000, representing 0.0% of net assets.
6 “Other” represents securities that are not classified by the fund’s benchmark index.
7 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
8 Collateral of $6,537,053,000 was received for securities on loan, of which $6,352,245,000 is held in Vanguard Market Liquidity Fund and $184,808,000 is held in cash.
  CVR—Contingent Value Rights.
  REIT—Real Estate Investment Trust.
65

© 2021 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SNA852 082021

 

 

 

Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 8: Portfolio Managers of Closed-End Management Investment Companies.

 

Not applicable.

 

Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not applicable.

 

Item 10: Submission of Matters to a Vote of Security Holders.

 

Not applicable.

 

Item 11: Controls and Procedures.

 

(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

 

(b) Internal Control Over Financial Reporting. In 2020, a third-party service provider began performing certain administrative and accounting services for Vanguard 500 Index Fund, Vanguard Growth Index Fund, Vanguard Value Index Fund, and Vanguard Large-Cap Index Fund. There were no other significant changes in the Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

 

Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 13: Exhibits.

 

(a)(1)Not applicable.
(a)(2)Certifications filed herewith.
(b)Certifications field herewith.

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  VANGUARD INDEX FUNDS  
   
BY: /s/ MORTIMER J. BUCKLEY*  
     
  MORTIMER J. BUCKLEY  
  CHIEF EXECUTIVE OFFICER  

 

Date: August 19, 2021

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

  VANGUARD INDEX FUNDS  
   
BY: /s/ MORTIMER J. BUCKLEY*  
     
  MORTIMER J. BUCKLEY  
  CHIEF EXECUTIVE OFFICER  

 

Date: August 19, 2021

 

  VANGUARD INDEX FUNDS  
   
BY: /s/ JOHN BENDL*  
     
  JOHN BENDL  
  CHIEF FINANCIAL OFFICER  

 

Date: August 19, 2021

 

* By:/s/ Anne E. Robinson  

 

Anne E. Robinson, pursuant to a Power of Attorney, filed herewith.

 

 

 

POWER OF ATTORNEY

 

Each person whose signature appears below (the “Principals”) hereby constitutes and appoints Anne E. Robinson and Laura J. Merianos, and each of them, with full power to act without the other, as the true and lawful attorney-in-fact and agent, with full and several power of substitution and re-substitution, of such undersigned person with authority to take any appropriate action to execute in the name of and on behalf of such undersigned person, and to file with the U.S. Securities and Exchange Commission (“Commission”), any and all registration statements on Form N-1A (or any successors thereto), any and all amendments (including without limitation pre-effective and post-effective amendments) thereto, any and all applications for exemptive relief from state or federal regulations, and any and all amendments thereto, or any other forms of documents and to perform any and all such acts as such attorney-in-fact and agent may deem necessary or advisable to enable the following named persons that are registered with the Commission (the “Registrants”) to comply with the applicable laws of the United States, any individual state or similar jurisdiction of the United States, and in connection therewith to execute and file all requisite papers and documents, including but not limited to, applications, reports, notices, surety bonds, irrevocable consents and appointments of attorneys for service of process; and granting to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act requisite and necessary to be done in connection therewith, as fully as the relevant Registrant and undersigned person might or could do herself, himself or itself or in person, hereby ratifying and confirming all that such attorneys-in-fact and agents or any of them, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof:  

 

Vanguard Wellington Fund (2-11444) Vanguard New York Tax-Free Funds (33-2908)
   
Vanguard Windsor Funds (2-14336) Vanguard Pennsylvania Tax-Free Funds (33-2907)
   
Vanguard World Fund (2-17620) Vanguard New Jersey Tax-Free Funds (33-17351)
   
Vanguard Explorer Fund (2-27203) Vanguard Ohio Tax-Free Funds (33-34261)
   
Vanguard Morgan Growth Fund (2-29601) Vanguard Convertible Securities Fund (33-4424)
   
Vanguard Wellesley Income Fund (2-31333) Vanguard Quantitative Funds (33-8553)
   
Vanguard Fixed Income Securities Funds (2-47371) Vanguard Fenway Funds (33-19446)
   
Vanguard Money Market Reserves (2-52698) Vanguard Malvern Funds (33-23444)
   
Vanguard Index Funds (2-56846) Vanguard International Equity Index Funds (33-32548)
   
Vanguard Municipal Bond Funds (2-57689) Vanguard Variable Insurance Funds (33-32216)
   
Vanguard Trustees’ Equity Fund (2-65955-99) Vanguard STAR Funds (2-88373)
   
Vanguard Specialized Funds (2-88116) Vanguard Whitehall Funds (33-64845)
   
Vanguard Chester Funds (2-92948) Vanguard Tax-Managed Funds (33-53683)
   
Vanguard California Tax-Free Funds (33-1569) Vanguard Scottsdale Funds (333-11763)
   
Vanguard Massachusetts Tax-Exempt Funds (333-63579) Vanguard Horizon Funds (33-56443)
   
Vanguard Valley Forge Funds (33-48863) Vanguard Institutional Index Funds (33-34494)
   
Vanguard CMT Funds (333-111362) Vanguard Admiral Funds (33-49023)
   
Vanguard Montgomery Funds (333-145624) Vanguard Bond Index Funds (33-6001)
   
  Vanguard Charlotte Funds (333-177613)

 

 

 

This Power of Attorney shall be governed by and interpreted in accordance with the laws of the Commonwealth of Pennsylvania.

 

The Principals hereby revoke all powers of attorney which they may have heretofore granted regarding the subject matter hereof. All past acts of such attorneys-in-fact and agents in furtherance of the foregoing are hereby ratified and confirmed.

 

Each of the Principals has executed this Power of Attorney in the capacity and on the date indicated opposite their name. This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument. 

 

NAME   TITLE   DATE

 

/s/ Mortimer J. Buckley

 

 

Chairman, President and Chief Executive Officer

 

 

July 26, 2021

Mortimer J. Buckley        
         
/s/ Emerson U. Fullwood   Trustee   July 26, 2021
Emerson U. Fullwood        
         
/s/ Amy Gutmann   Trustee   July 28, 2021
Amy Gutmann        
         
/s/ F. Joseph Loughrey   Trustee   July 26, 2021
F. Joseph Loughrey        
         
/s/ Mark Loughridge   Trustee   July 26, 2021
Mark Loughridge        
         
/s/ Scott C. Malpass   Trustee   July 27, 2021
Scott C. Malpass        
         
/s/ Deanna Mulligan   Trustee   July 26, 2021
Deanna Mulligan        
         
/s/ André F. Perold   Trustee   July 26, 2021
André F. Perold        
         
/s/ Sarah Bloom Raskin   Trustee   July 29, 2021
Sarah Bloom Raskin        
         
/s/ David Thomas   Trustee   July 26, 2021
David Thomas        
         
/s/ Peter F. Volanakis   Trustee   July 28, 2021
Peter F. Volanakis        
         
/s/ John Bendl   Chief Financial Officer and Principal Accounting Officer   July 26, 2021
John Bendl        

 

 

  

PROPOSED RESOLUTION

 

APPROVAL OF A POWER OF ATTORNEY

  

RESOLVED, that the proposed Power of Attorney, in substantially the form presented, constituting and appointing Anne E. Robinson and Laura J. Merianos (each with full power to act alone) as attorneys-in-fact and agents for (i) each of the Directors, Trustees, principal executive officer and principal financial and accounting officer of the investment companies that are listed in the proposed Power of Attorney (each of such investment companies, a “Vanguard Company”); and (ii) each of the Vanguard Companies, for the purpose of executing and filing for and on behalf of the Vanguard Companies all requisite papers and documents (including registration statements and pre- and post-effective amendments thereto) with the U.S. Securities and Exchange Commission and the offices of the securities administrators of the states and similar jurisdictions of the United States to comply with the applicable laws of the United States, any individual state or similar jurisdiction of the United States, is hereby approved and may be executed by each designated Director/Trustee, officer and Vanguard Company.