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: 811-07043
| Name of Registrant: | Vanguard Admiral Funds |
| Address of Registrant: | P.O. Box 2600 |
| Valley Forge, PA 19482 |
| Name and address of agent for service: | John E. Schadl, Esquire |
| P.O. Box 876 | |
| Valley Forge, PA 19482 |
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: August 31
Date of reporting period: September 1, 2024—August 31, 2025
| Item 1: | Reports to Shareholders. |
Vanguard S&P 500 Value Index Fund
ETF Shares (VOOV)
Annual Shareholder Report | August 31, 2025
This annual shareholder report contains important information about Vanguard S&P 500 Value Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| ETF Shares | $8 | 0.08% |
How did the Fund perform during the reporting period?
-
For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.
-
Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.
-
Large-capitalization stocks outperformed their small- and mid-cap counterparts for the period. Value and growth stocks both posted positive returns, but growth generally outperformed value.
-
Ten of the benchmark’s 11 industry sectors posted positive returns for the 12-month period. Financials, communication services, and industrials posted double-digit gains. Health care was the top detractor.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: August 31, 2015, Through August 31, 2025
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| ETF Shares Net Asset Value | 6.01% | 14.26% | 11.40% |
| ETF Shares Market Price | 5.97% | 14.24% | 11.39% |
| S&P 500 Value Index | 6.08% | 14.37% | 11.53% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |
| Fund Statistics (as of August 31, 2025) |
|
| Fund Net Assets (in millions) |
$5,848 |
| Number of Portfolio Holdings | 400 |
| Portfolio Turnover Rate | 32% |
| Total Investment Advisory Fees (in thousands) |
$117 |
| Portfolio Composition % of Net Assets (as of August 31, 2025) |
|
| Communication Services | 3.9% |
| Consumer Discretionary | 8.7% |
| Consumer Staples | 7.5% |
| Energy | 6.1% |
| Financials | 16.7% |
| Health Care | 13.8% |
| Industrials | 8.5% |
| Information Technology | 24.3% |
| Materials | 3.5% |
| Real Estate | 3.0% |
| Utilities | 3.8% |
| Other Assets and Liabilities—Net | 0.2% |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
How has the Fund changed?
The Fund's principal investment strategy disclosure was modified to add that the Fund may become nondiversified, as defined under the Investment Company Act of 1940, solely as a result of an index rebalance or market movement. The Fund added nondiversification risk and index concentration risk as principal risks. During the reporting period, the expense ratio for the ETF Share class was reduced.
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2025, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR3340
Vanguard S&P 500 Value Index Fund
Institutional Shares (VSPVX)
Annual Shareholder Report | August 31, 2025
This annual shareholder report contains important information about Vanguard S&P 500 Value Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $6 | 0.06% |
How did the Fund perform during the reporting period?
-
For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.
-
Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.
-
Large-capitalization stocks outperformed their small- and mid-cap counterparts for the period. Value and growth stocks both posted positive returns, but growth generally outperformed value.
-
Ten of the benchmark’s 11 industry sectors posted positive returns for the 12-month period. Financials, communication services, and industrials posted double-digit gains. Health care was the top detractor.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: August 31, 2015, Through August 31, 2025
Initial Investment of $5,000,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Institutional Shares | 6.03% | 14.29% | 11.45% |
| S&P 500 Value Index | 6.08% | 14.37% | 11.53% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |
| Fund Statistics (as of August 31, 2025) |
|
| Fund Net Assets (in millions) |
$5,848 |
| Number of Portfolio Holdings | 400 |
| Portfolio Turnover Rate | 32% |
| Total Investment Advisory Fees (in thousands) |
$117 |
| Portfolio Composition % of Net Assets (as of August 31, 2025) |
|
| Communication Services | 3.9% |
| Consumer Discretionary | 8.7% |
| Consumer Staples | 7.5% |
| Energy | 6.1% |
| Financials | 16.7% |
| Health Care | 13.8% |
| Industrials | 8.5% |
| Information Technology | 24.3% |
| Materials | 3.5% |
| Real Estate | 3.0% |
| Utilities | 3.8% |
| Other Assets and Liabilities—Net | 0.2% |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
How has the Fund changed?
The Fund's principal investment strategy disclosure was modified to add that the Fund may become nondiversified, as defined under the Investment Company Act of 1940, solely as a result of an index rebalance or market movement. The Fund added nondiversification risk and index concentration risk as principal risks. During the reporting period, the expense ratio for the Institutional Share class was reduced.
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2025, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Institutional Investor Services • 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR1840
Vanguard S&P 500 Growth Index Fund
ETF Shares (VOOG)
Annual Shareholder Report | August 31, 2025
This annual shareholder report contains important information about Vanguard S&P 500 Growth Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| ETF Shares | $9 | 0.08% |
How did the Fund perform during the reporting period?
-
For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.
-
Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.
-
Large-capitalization stocks outperformed their small- and mid-cap counterparts for the period. Value and growth stocks both posted positive returns, but growth outperformed value significantly.
-
For the Fund’s benchmark, eight of the 11 industry sectors posted positive results for the 12-month period. Information technology contributed by far the most to performance. Communication services and consumer discretionary were also top performers. Health care, energy, and materials stocks detracted.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: August 31, 2015, Through August 31, 2025
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| ETF Shares Net Asset Value | 23.84% | 14.46% | 16.62% |
| ETF Shares Market Price | 23.92% | 14.45% | 16.61% |
| S&P 500 Growth Index | 23.95% | 14.58% | 16.76% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |
| Fund Statistics (as of August 31, 2025) |
|
| Fund Net Assets (in millions) |
$19,382 |
| Number of Portfolio Holdings | 217 |
| Portfolio Turnover Rate | 20% |
| Total Investment Advisory Fees (in thousands) |
$336 |
| Portfolio Composition % of Net Assets (as of August 31, 2025) |
|
| Communication Services | 15.4% |
| Consumer Discretionary | 12.1% |
| Consumer Staples | 3.2% |
| Energy | 0.4% |
| Financials | 11.5% |
| Health Care | 4.9% |
| Industrials | 8.3% |
| Information Technology | 41.4% |
| Materials | 0.5% |
| Real Estate | 1.1% |
| Utilities | 1.1% |
| Other Assets and Liabilities—Net | 0.1% |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
How has the Fund changed?
During the reporting period, the expense ratio for the ETF Share class was reduced.
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2025, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR3341
Vanguard S&P 500 Growth Index Fund
Institutional Shares (VSPGX)
Annual Shareholder Report | August 31, 2025
This annual shareholder report contains important information about Vanguard S&P 500 Growth Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $7 | 0.06% |
How did the Fund perform during the reporting period?
-
For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.
-
Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.
-
Large-capitalization stocks outperformed their small- and mid-cap counterparts for the period. Value and growth stocks both posted positive returns, but growth outperformed value significantly.
-
For the Fund’s benchmark, eight of the 11 industry sectors posted positive results for the 12-month period. Information technology contributed by far the most to performance. Communication services and consumer discretionary were also top performers. Health care, energy, and materials stocks detracted.
How did the Fund perform since inception?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: April 5, 2019, Through August 31, 2025
Initial Investment of $5,000,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | Since Inception (4/5/2019) |
|
| Institutional Shares | 23.86% | 14.49% | 17.36% |
| S&P 500 Growth Index | 23.95% | 14.58% | 17.46% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 14.41% |
| Fund Statistics (as of August 31, 2025) |
|
| Fund Net Assets (in millions) |
$19,382 |
| Number of Portfolio Holdings | 217 |
| Portfolio Turnover Rate | 20% |
| Total Investment Advisory Fees (in thousands) |
$336 |
| Portfolio Composition % of Net Assets (as of August 31, 2025) |
|
| Communication Services | 15.4% |
| Consumer Discretionary | 12.1% |
| Consumer Staples | 3.2% |
| Energy | 0.4% |
| Financials | 11.5% |
| Health Care | 4.9% |
| Industrials | 8.3% |
| Information Technology | 41.4% |
| Materials | 0.5% |
| Real Estate | 1.1% |
| Utilities | 1.1% |
| Other Assets and Liabilities—Net | 0.1% |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
How has the Fund changed?
During the reporting period, the expense ratio for the Institutional Share class was reduced.
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2025, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Institutional Investor Services • 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR1841
Vanguard S&P Mid-Cap 400 Index Fund
ETF Shares (IVOO)
Annual Shareholder Report | August 31, 2025
This annual shareholder report contains important information about Vanguard S&P Mid-Cap 400 Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| ETF Shares | $8 | 0.08% |
How did the Fund perform during the reporting period?
-
For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.
-
Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.
-
Growth stocks generally outpaced value stocks. The performance of mid-capitalization stocks, however, lagged that of large-cap stocks significantly.
-
Eight of the benchmark’s 11 industry sectors contributed positively to results for the 12-month period. Industrials and financials contributed the most to performance. Health care was the biggest detractor.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: August 31, 2015, Through August 31, 2025
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| ETF Shares Net Asset Value | 6.79% | 12.66% | 10.30% |
| ETF Shares Market Price | 6.80% | 12.66% | 10.30% |
| S&P MidCap 400 Index | 6.86% | 12.76% | 10.41% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |
| Fund Statistics (as of August 31, 2025) |
|
| Fund Net Assets (in millions) |
$4,546 |
| Number of Portfolio Holdings | 405 |
| Portfolio Turnover Rate | 15% |
| Total Investment Advisory Fees (in thousands) |
$80 |
| Portfolio Composition % of Net Assets (as of August 31, 2025) |
|
| Communication Services | 1.4% |
| Consumer Discretionary | 13.1% |
| Consumer Staples | 5.0% |
| Energy | 3.5% |
| Financials | 17.4% |
| Health Care | 8.5% |
| Industrials | 23.4% |
| Information Technology | 12.1% |
| Materials | 5.3% |
| Real Estate | 6.8% |
| Utilities | 3.4% |
| Other Assets and Liabilities—Net | 0.1% |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
How has the Fund changed?
During the reporting period, the expense ratio for the ETF Share class was reduced.
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2025, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR3342
Vanguard S&P Mid-Cap 400 Index Fund
Institutional Shares (VSPMX)
Annual Shareholder Report | August 31, 2025
This annual shareholder report contains important information about Vanguard S&P Mid-Cap 400 Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $5 | 0.05% |
How did the Fund perform during the reporting period?
-
For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.
-
Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.
-
Growth stocks generally outpaced value stocks. The performance of mid-capitalization stocks, however, lagged that of large-cap stocks significantly.
-
Eight of the benchmark’s 11 industry sectors contributed positively to results for the 12-month period. Industrials and financials contributed the most to performance. Health care was the biggest detractor.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: August 31, 2015, Through August 31, 2025
Initial Investment of $5,000,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Institutional Shares | 6.82% | 12.70% | 10.35% |
| S&P MidCap 400 Index | 6.86% | 12.76% | 10.41% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |
| Fund Statistics (as of August 31, 2025) |
|
| Fund Net Assets (in millions) |
$4,546 |
| Number of Portfolio Holdings | 405 |
| Portfolio Turnover Rate | 15% |
| Total Investment Advisory Fees (in thousands) |
$80 |
| Portfolio Composition % of Net Assets (as of August 31, 2025) |
|
| Communication Services | 1.4% |
| Consumer Discretionary | 13.1% |
| Consumer Staples | 5.0% |
| Energy | 3.5% |
| Financials | 17.4% |
| Health Care | 8.5% |
| Industrials | 23.4% |
| Information Technology | 12.1% |
| Materials | 5.3% |
| Real Estate | 6.8% |
| Utilities | 3.4% |
| Other Assets and Liabilities—Net | 0.1% |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
How has the Fund changed?
During the reporting period, the expense ratio for the Institutional Share class was reduced.
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2025, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Institutional Investor Services • 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR1842
Vanguard S&P Mid-Cap 400 Value Index Fund
ETF Shares (IVOV)
Annual Shareholder Report | August 31, 2025
This annual shareholder report contains important information about Vanguard S&P Mid-Cap 400 Value Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| ETF Shares | $12 | 0.12% |
How did the Fund perform during the reporting period?
-
For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.
-
Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.
-
Growth stocks generally outpaced value stocks. The performance of mid-capitalization stocks, however, lagged that of large-cap stocks significantly.
-
Ten of the benchmark’s 11 industry sectors contributed positively to results for the 12-month period. Financials, industrials, and information technology contributed the most to performance. Health care detracted.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: August 31, 2015, Through August 31, 2025
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| ETF Shares Net Asset Value | 8.31% | 15.14% | 10.15% |
| ETF Shares Market Price | 8.36% | 15.12% | 10.15% |
| S&P MidCap 400 Value Index | 8.43% | 15.28% | 10.30% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |
| Fund Statistics (as of August 31, 2025) |
|
| Fund Net Assets (in millions) |
$1,176 |
| Number of Portfolio Holdings | 298 |
| Portfolio Turnover Rate | 39% |
| Total Investment Advisory Fees (in thousands) |
$21 |
| Portfolio Composition % of Net Assets (as of August 31, 2025) |
|
| Communication Services | 2.0% |
| Consumer Discretionary | 11.9% |
| Consumer Staples | 5.7% |
| Energy | 4.1% |
| Financials | 20.9% |
| Health Care | 6.6% |
| Industrials | 17.2% |
| Information Technology | 8.6% |
| Materials | 6.8% |
| Real Estate | 9.4% |
| Utilities | 6.7% |
| Other Assets and Liabilities—Net | 0.1% |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
How has the Fund changed?
During the reporting period, the expense ratio for the ETF Share class was reduced.
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2025, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR3344
Vanguard S&P Mid-Cap 400 Value Index Fund
Institutional Shares (VMFVX)
Annual Shareholder Report | August 31, 2025
This annual shareholder report contains important information about Vanguard S&P Mid-Cap 400 Value Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $5 | 0.05% |
How did the Fund perform during the reporting period?
-
For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.
-
Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.
-
Growth stocks generally outpaced value stocks. The performance of mid-capitalization stocks, however, lagged that of large-cap stocks significantly.
-
Ten of the benchmark’s 11 industry sectors contributed positively to results for the 12-month period. Financials, industrials, and information technology contributed the most to performance. Health care detracted.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: August 31, 2015, Through August 31, 2025
Initial Investment of $5,000,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Institutional Shares | 8.38% | 15.23% | 10.25% |
| S&P MidCap 400 Value Index | 8.43% | 15.28% | 10.30% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |
| Fund Statistics (as of August 31, 2025) |
|
| Fund Net Assets (in millions) |
$1,176 |
| Number of Portfolio Holdings | 298 |
| Portfolio Turnover Rate | 39% |
| Total Investment Advisory Fees (in thousands) |
$21 |
| Portfolio Composition % of Net Assets (as of August 31, 2025) |
|
| Communication Services | 2.0% |
| Consumer Discretionary | 11.9% |
| Consumer Staples | 5.7% |
| Energy | 4.1% |
| Financials | 20.9% |
| Health Care | 6.6% |
| Industrials | 17.2% |
| Information Technology | 8.6% |
| Materials | 6.8% |
| Real Estate | 9.4% |
| Utilities | 6.7% |
| Other Assets and Liabilities—Net | 0.1% |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
How has the Fund changed?
During the reporting period, the expense ratio for the Institutional Share class was reduced.
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2025, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Institutional Investor Services • 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR1844
Vanguard S&P Mid-Cap 400 Growth Index Fund
ETF Shares (IVOG)
Annual Shareholder Report | August 31, 2025
This annual shareholder report contains important information about Vanguard S&P Mid-Cap 400 Growth Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| ETF Shares | $12 | 0.12% |
How did the Fund perform during the reporting period?
-
For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.
-
Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.
-
Growth stocks generally outpaced value stocks. The performance of mid-capitalization stocks, however, lagged that of large-cap stocks significantly.
-
Eight of the benchmark's 11 industry sectors posted positive results for the 12-month period. Industrials and financials contributed the most to performance. Health care, real estate, and consumer discretionary stocks detracted.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: August 31, 2015, Through August 31, 2025
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| ETF Shares Net Asset Value | 5.30% | 10.12% | 10.04% |
| ETF Shares Market Price | 5.07% | 10.08% | 10.02% |
| S&P MidCap 400 Growth Index | 5.41% | 10.26% | 10.20% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |
| Fund Statistics (as of August 31, 2025) |
|
| Fund Net Assets (in millions) |
$1,308 |
| Number of Portfolio Holdings | 247 |
| Portfolio Turnover Rate | 38% |
| Total Investment Advisory Fees (in thousands) |
$26 |
| Portfolio Composition % of Net Assets (as of August 31, 2025) |
|
| Communication Services | 0.8% |
| Consumer Discretionary | 14.1% |
| Consumer Staples | 4.3% |
| Energy | 2.9% |
| Financials | 14.2% |
| Health Care | 10.2% |
| Industrials | 29.1% |
| Information Technology | 15.5% |
| Materials | 3.9% |
| Real Estate | 4.4% |
| Utilities | 0.3% |
| Other Assets and Liabilities—Net | 0.3% |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
How has the Fund changed?
During the reporting period, the expense ratio for the ETF Share class was reduced.
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2025, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR3343
Vanguard S&P Mid-Cap 400 Growth Index Fund
Institutional Shares (VMFGX)
Annual Shareholder Report | August 31, 2025
This annual shareholder report contains important information about Vanguard S&P Mid-Cap 400 Growth Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $5 | 0.05% |
How did the Fund perform during the reporting period?
-
For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.
-
Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.
-
Growth stocks generally outpaced value stocks. The performance of mid-capitalization stocks, however, lagged that of large-cap stocks significantly.
-
Eight of the benchmark's 11 industry sectors posted positive results for the 12-month period. Industrials and financials contributed the most to performance. Health care, real estate, and consumer discretionary stocks detracted.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: August 31, 2015, Through August 31, 2025
Initial Investment of $5,000,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Institutional Shares | 5.37% | 10.20% | 10.13% |
| S&P MidCap 400 Growth Index | 5.41% | 10.26% | 10.20% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |
| Fund Statistics (as of August 31, 2025) |
|
| Fund Net Assets (in millions) |
$1,308 |
| Number of Portfolio Holdings | 247 |
| Portfolio Turnover Rate | 38% |
| Total Investment Advisory Fees (in thousands) |
$26 |
| Portfolio Composition % of Net Assets (as of August 31, 2025) |
|
| Communication Services | 0.8% |
| Consumer Discretionary | 14.1% |
| Consumer Staples | 4.3% |
| Energy | 2.9% |
| Financials | 14.2% |
| Health Care | 10.2% |
| Industrials | 29.1% |
| Information Technology | 15.5% |
| Materials | 3.9% |
| Real Estate | 4.4% |
| Utilities | 0.3% |
| Other Assets and Liabilities—Net | 0.3% |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
How has the Fund changed?
During the reporting period, the expense ratio for the Institutional Share class was reduced.
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2025, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Institutional Investor Services • 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR1843
Vanguard S&P Small-Cap 600 Index Fund
ETF Shares (VIOO)
Annual Shareholder Report | August 31, 2025
This annual shareholder report contains important information about Vanguard S&P Small-Cap 600 Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| ETF Shares | $8 | 0.08% |
How did the Fund perform during the reporting period?
-
For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.
-
Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.
-
For the broad stock market, growth stocks generally outpaced value stocks. The performance of small-capitalization stocks lagged that of large- and mid-caps.
-
Six of the benchmark’s 11 industry sectors contributed positively to results; industrials and financials contributed the most. Health care and energy were the biggest detractors.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: August 31, 2015, Through August 31, 2025
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| ETF Shares Net Asset Value | 3.46% | 11.55% | 9.48% |
| ETF Shares Market Price | 3.45% | 11.54% | 9.48% |
| S&P SmallCap 600 Index | 3.51% | 11.64% | 9.53% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |
| Fund Statistics (as of August 31, 2025) |
|
| Fund Net Assets (in millions) |
$4,697 |
| Number of Portfolio Holdings | 608 |
| Portfolio Turnover Rate | 22% |
| Total Investment Advisory Fees (in thousands) |
$89 |
| Portfolio Composition % of Net Assets (as of August 31, 2025) |
|
| Communication Services | 2.9% |
| Consumer Discretionary | 13.6% |
| Consumer Staples | 2.9% |
| Energy | 4.1% |
| Financials | 19.5% |
| Health Care | 10.3% |
| Industrials | 19.0% |
| Information Technology | 12.7% |
| Materials | 5.2% |
| Real Estate | 7.6% |
| Utilities | 2.1% |
| Other Assets and Liabilities—Net | 0.1% |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
How has the Fund changed?
During the reporting period, the expense ratio for the ETF Share class was reduced.
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2025, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR3345
Vanguard S&P Small-Cap 600 Index Fund
Institutional Shares (VSMSX)
Annual Shareholder Report | August 31, 2025
This annual shareholder report contains important information about Vanguard S&P Small-Cap 600 Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $5 | 0.05% |
How did the Fund perform during the reporting period?
-
For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.
-
Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.
-
For the broad stock market, growth stocks generally outpaced value stocks. The performance of small-capitalization stocks lagged that of large- and mid-caps.
-
Six of the benchmark’s 11 industry sectors contributed positively to results; industrials and financials contributed the most. Health care and energy were the biggest detractors.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: August 31, 2015, Through August 31, 2025
Initial Investment of $5,000,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Institutional Shares | 3.49% | 11.58% | 9.52% |
| S&P SmallCap 600 Index | 3.51% | 11.64% | 9.53% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |
| Fund Statistics (as of August 31, 2025) |
|
| Fund Net Assets (in millions) |
$4,697 |
| Number of Portfolio Holdings | 608 |
| Portfolio Turnover Rate | 22% |
| Total Investment Advisory Fees (in thousands) |
$89 |
| Portfolio Composition % of Net Assets (as of August 31, 2025) |
|
| Communication Services | 2.9% |
| Consumer Discretionary | 13.6% |
| Consumer Staples | 2.9% |
| Energy | 4.1% |
| Financials | 19.5% |
| Health Care | 10.3% |
| Industrials | 19.0% |
| Information Technology | 12.7% |
| Materials | 5.2% |
| Real Estate | 7.6% |
| Utilities | 2.1% |
| Other Assets and Liabilities—Net | 0.1% |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
How has the Fund changed?
During the reporting period, the expense ratio for the Institutional Share class was reduced.
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2025, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Institutional Investor Services • 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR1845
Vanguard S&P Small-Cap 600 Value Index Fund
ETF Shares (VIOV)
Annual Shareholder Report | August 31, 2025
This annual shareholder report contains important information about Vanguard S&P Small-Cap 600 Value Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| ETF Shares | $12 | 0.12% |
How did the Fund perform during the reporting period?
-
For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.
-
Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.
-
For the broad stock market, growth stocks generally outpaced value stocks. The performance of small-capitalization stocks lagged that of large- and mid-caps.
-
Eight of the benchmark’s 11 industry sectors contributed positively to results; financials and industrials contributed the most. Health care and energy detracted the most.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: August 31, 2015, Through August 31, 2025
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| ETF Shares Net Asset Value | 4.07% | 12.90% | 8.99% |
| ETF Shares Market Price | 3.94% | 12.88% | 8.99% |
| S&P SmallCap 600 Value Index | 4.14% | 13.03% | 9.09% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |
| Fund Statistics (as of August 31, 2025) |
|
| Fund Net Assets (in millions) |
$1,428 |
| Number of Portfolio Holdings | 464 |
| Portfolio Turnover Rate | 47% |
| Total Investment Advisory Fees (in thousands) |
$28 |
| Portfolio Composition % of Net Assets (as of August 31, 2025) |
|
| Communication Services | 3.1% |
| Consumer Discretionary | 14.9% |
| Consumer Staples | 3.2% |
| Energy | 3.9% |
| Financials | 23.4% |
| Health Care | 6.9% |
| Industrials | 15.5% |
| Information Technology | 11.5% |
| Materials | 6.6% |
| Real Estate | 7.1% |
| Utilities | 3.2% |
| Other Assets and Liabilities—Net | 0.7% |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
How has the Fund changed?
During the reporting period, the expense ratio for the ETF Share class was reduced.
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2025, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR3346
Vanguard S&P Small-Cap 600 Value Index Fund
Institutional Shares (VSMVX)
Annual Shareholder Report | August 31, 2025
This annual shareholder report contains important information about Vanguard S&P Small-Cap 600 Value Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $5 | 0.05% |
How did the Fund perform during the reporting period?
-
For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.
-
Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.
-
For the broad stock market, growth stocks generally outpaced value stocks. The performance of small-capitalization stocks lagged that of large- and mid-caps.
-
Eight of the benchmark’s 11 industry sectors contributed positively to results; financials and industrials contributed the most. Health care and energy detracted the most.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: August 31, 2015, Through August 31, 2025
Initial Investment of $5,000,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Institutional Shares | 4.14% | 12.99% | 9.10% |
| S&P SmallCap 600 Value Index | 4.14% | 13.03% | 9.09% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |
| Fund Statistics (as of August 31, 2025) |
|
| Fund Net Assets (in millions) |
$1,428 |
| Number of Portfolio Holdings | 464 |
| Portfolio Turnover Rate | 47% |
| Total Investment Advisory Fees (in thousands) |
$28 |
| Portfolio Composition % of Net Assets (as of August 31, 2025) |
|
| Communication Services | 3.1% |
| Consumer Discretionary | 14.9% |
| Consumer Staples | 3.2% |
| Energy | 3.9% |
| Financials | 23.4% |
| Health Care | 6.9% |
| Industrials | 15.5% |
| Information Technology | 11.5% |
| Materials | 6.6% |
| Real Estate | 7.1% |
| Utilities | 3.2% |
| Other Assets and Liabilities—Net | 0.7% |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
How has the Fund changed?
During the reporting period, the expense ratio for the Institutional Share class was reduced.
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2025, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Institutional Investor Services • 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR1846
Vanguard S&P Small-Cap 600 Growth Index Fund
ETF Shares (VIOG)
Annual Shareholder Report | August 31, 2025
This annual shareholder report contains important information about Vanguard S&P Small-Cap 600 Growth Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| ETF Shares | $12 | 0.12% |
How did the Fund perform during the reporting period?
-
For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.
-
Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.
-
For the broad stock market, growth stocks generally outpaced value stocks. The performance of small-capitalization stocks lagged that of large- and mid-caps.
-
Only five of the benchmark’s 11 industry sectors contributed positively to results; industrials, financials, and consumer discretionary contributed the most. Energy, health care, and communication services were the biggest detractors.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: August 31, 2015, Through August 31, 2025
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| ETF Shares Net Asset Value | 2.66% | 9.94% | 9.64% |
| ETF Shares Market Price | 2.81% | 9.91% | 9.63% |
| S&P SmallCap 600 Growth Index | 2.77% | 10.10% | 9.80% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.91% |
| Fund Statistics (as of August 31, 2025) |
|
| Fund Net Assets (in millions) |
$868 |
| Number of Portfolio Holdings | 348 |
| Portfolio Turnover Rate | 48% |
| Total Investment Advisory Fees (in thousands) |
$19 |
| Portfolio Composition % of Net Assets (as of August 31, 2025) |
|
| Communication Services | 2.7% |
| Consumer Discretionary | 12.1% |
| Consumer Staples | 2.6% |
| Energy | 4.3% |
| Financials | 15.4% |
| Health Care | 13.6% |
| Industrials | 22.2% |
| Information Technology | 13.7% |
| Materials | 4.0% |
| Real Estate | 8.1% |
| Utilities | 1.0% |
| Other Assets and Liabilities—Net | 0.3% |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
How has the Fund changed?
During the reporting period, the expense ratio for the ETF Share class was reduced.
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2025, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR3347
Item 2: Code of Ethics.
The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.
Item 3: Audit Committee Financial Expert.
All members of the Audit and Risk Committee have been determined by the Registrant’s Board of Trustees to be Audit and Risk Committee Financial Experts and to be independent: Sarah Bloom Raskin, Peter F. Volanakis, Tara Bunch, and Mark Loughridge.
Item 4: Principal Accountant Fees and Services.
Includes fees billed in connection with services to the Registrant only.
| Fiscal Year Ended August 31, 2025 | Fiscal Year Ended August 31, 2024 | |||||||
| (a) Audit Fees. | $ | 242,000 | $ | 278,000 | ||||
| (b) Audit-Related Fees. | 0 | 0 | ||||||
| (c) Tax Fees. | 0 | 0 | ||||||
| (d) All Other Fees. | 0 | 0 | ||||||
| Total. | $ | 242,000 | $ | 278,000 | ||||
(e) (1) Pre-Approval Policies. The audit committee is responsible for pre-approving all audit and non-audit services provided by PwC to: (i) the Vanguard funds; and (ii) Vanguard, or any entity controlled by Vanguard that provides ongoing services to the Vanguard funds. All services provided to Vanguard entities by the independent auditor, whether or not they are subject to preapproval, must be disclosed to the audit committee. The audit committee chair may preapprove any permissible audit and non-audit services as long as any preapproval is brought to the attention of the full audit committee at the next scheduled meeting.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
| Fiscal Year Ended August 31, 2025 | Fiscal Year Ended August 31, 2024 | |||||||
| Non-audit fees to the Registrant only, listed as (b) through (d) above. | $ | 0 | $ | 0 | ||||
| Non-audit Fees to other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation. | ||||||||
| Audit-Related Fees. | $ | 3,710,837 | $ | 3,508,505 | ||||
| Tax Fees. | $ | 1,775,524 | $ | 1,912,843 | ||||
| All Other Fees. | $ | 50,000 | $ | 268,000 | ||||
| Total. | $ | 5,536,360 | $ | 5,689,348 | ||||
(h) For the most recent fiscal year, the Audit and Risk Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.
Item 5: Audit Committee of Listed Registrants.
The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: Sarah Bloom Raskin, Peter F. Volanakis, Tara Bunch, and Mark Loughridge.
Item 6: Investments.
Not applicable. The complete schedule of investments is included in the financial statements filed under Item 7 of this Form.
Financial Statements
For the year ended August 31,
2025
Vanguard S&P 500 Value and Growth
Index Funds
Index Funds
| Vanguard S&P 500 Value Index Fund |
| Vanguard S&P 500 Growth Index Fund |
Contents
S&P 500 Value Index Fund | 1 |
S&P 500 Growth Index Fund | 17 |
Report of Independent Registered Public Accounting Firm | 31 |
Tax information | 32 |
S&P 500 Value Index Fund
Financial Statements
Schedule of Investments
As of August 31, 2025
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%) | ||||||
| Communication Services (3.9%) | ||||||
| Walt Disney Co. | 412,450 | 48,826 | ||||
| AT&T Inc. | 1,650,922 | 48,355 | ||||
| Verizon Communications Inc. | 967,482 | 42,792 | ||||
| Comcast Corp. Class A | 854,697 | 29,034 | ||||
| T-Mobile US Inc. | 51,371 | 12,945 | ||||
| * | Take-Two Interactive Software Inc. | 38,811 | 9,053 | |||
| * | Warner Bros Discovery Inc. | 516,906 | 6,017 | |||
| * | Charter Communications Inc. Class A | 21,832 | 5,798 | |||
| Electronic Arts Inc. | 31,424 | 5,403 | ||||
| Omnicom Group Inc. | 44,842 | 3,512 | ||||
| Fox Corp. Class A | 49,410 | 2,950 | ||||
| News Corp. Class A | 86,092 | 2,532 | ||||
| Interpublic Group of Cos. Inc. | 84,939 | 2,280 | ||||
| Match Group Inc. | 56,352 | 2,104 | ||||
| Fox Corp. Class B | 29,988 | 1,636 | ||||
| * | Paramount Skydance Corp. Class B | 70,994 | 1,044 | |||
| News Corp. Class B | 25,835 | 875 | ||||
| 225,156 | ||||||
| Consumer Discretionary (8.7%) | ||||||
| * | Amazon.com Inc. | 910,465 | 208,497 | |||
| Home Depot Inc. | 127,704 | 51,946 | ||||
| McDonald's Corp. | 164,054 | 51,437 | ||||
| Lowe's Cos. Inc. | 128,437 | 33,144 | ||||
| Starbucks Corp. | 260,541 | 22,977 | ||||
| NIKE Inc. Class B | 270,113 | 20,899 | ||||
| TJX Cos. Inc. | 105,083 | 14,355 | ||||
| General Motors Co. | 220,433 | 12,915 | ||||
| Ross Stores Inc. | 75,360 | 11,090 | ||||
| DR Horton Inc. | 63,519 | 10,765 | ||||
| Ford Motor Co. | 895,682 | 10,542 | ||||
| Lennar Corp. Class A | 53,181 | 7,081 | ||||
| Yum! Brands Inc. | 37,633 | 5,531 | ||||
| * | Ulta Beauty Inc. | 10,360 | 5,105 | |||
| Genuine Parts Co. | 31,816 | 4,433 | ||||
| * | Aptiv plc | 49,964 | 3,974 | |||
| Tractor Supply Co. | 56,041 | 3,461 | ||||
| Best Buy Co. Inc. | 44,265 | 3,260 | ||||
| Darden Restaurants Inc. | 15,337 | 3,174 | ||||
| eBay Inc. | 34,986 | 3,170 | ||||
| * | Lululemon Athletica Inc. | 13,721 | 2,774 | |||
| Pool Corp. | 8,635 | 2,683 | ||||
| Hasbro Inc. | 30,316 | 2,461 | ||||
| * | CarMax Inc. | 35,002 | 2,147 | |||
| Domino's Pizza Inc. | 4,565 | 2,092 | ||||
| * | NVR Inc. | 252 | 2,046 | |||
| LKQ Corp. | 59,321 | 1,935 | ||||
| * | MGM Resorts International | 47,536 | 1,887 | |||
| * | Mohawk Industries Inc. | 11,856 | 1,573 | |||
| * | Caesars Entertainment Inc. | 47,800 | 1,280 | |||
| 508,634 | ||||||
| Consumer Staples (7.5%) | ||||||
| Procter & Gamble Co. | 537,929 | 84,476 | ||||
| Coca-Cola Co. | 888,715 | 61,312 | ||||
| PepsiCo Inc. | 314,616 | 46,768 | ||||
| Walmart Inc. | 327,133 | 31,725 | ||||
| Philip Morris International Inc. | 164,321 | 27,463 | ||||
| Mondelez International Inc. Class A | 296,994 | 18,247 | ||||
| Altria Group Inc. | 208,474 | 14,012 | ||||
| Target Corp. | 104,086 | 9,990 | ||||
1
S&P 500 Value Index Fund
| Shares | Market Value• ($000) | |||||
| Kimberly-Clark Corp. | 76,031 | 9,819 | ||||
| Kroger Co. | 140,451 | 9,528 | ||||
| Kenvue Inc. | 440,906 | 9,131 | ||||
| Keurig Dr Pepper Inc. | 311,193 | 9,053 | ||||
| Sysco Corp. | 111,176 | 8,946 | ||||
| Colgate-Palmolive Co. | 104,115 | 8,753 | ||||
| Archer-Daniels-Midland Co. | 110,346 | 6,912 | ||||
| Hershey Co. | 34,002 | 6,248 | ||||
| General Mills Inc. | 125,669 | 6,199 | ||||
| Constellation Brands Inc. Class A | 35,183 | 5,698 | ||||
| * | Monster Beverage Corp. | 90,240 | 5,632 | |||
| Kraft Heinz Co. | 198,299 | 5,546 | ||||
| Dollar General Corp. | 50,482 | 5,490 | ||||
| Church & Dwight Co. Inc. | 56,536 | 5,267 | ||||
| * | Dollar Tree Inc. | 45,300 | 4,945 | |||
| Estee Lauder Cos. Inc. Class A | 53,684 | 4,924 | ||||
| Kellanova | 61,835 | 4,916 | ||||
| McCormick & Co. Inc. (Non-Voting) | 57,700 | 4,060 | ||||
| Tyson Foods Inc. Class A | 65,708 | 3,731 | ||||
| Clorox Co. | 28,372 | 3,354 | ||||
| J M Smucker Co. | 24,436 | 2,700 | ||||
| Bunge Global SA | 30,889 | 2,602 | ||||
| Conagra Brands Inc. | 109,584 | 2,096 | ||||
| Molson Coors Beverage Co. Class B | 39,268 | 1,983 | ||||
| Lamb Weston Holdings Inc. | 32,428 | 1,866 | ||||
| Hormel Foods Corp. | 66,807 | 1,700 | ||||
| Campbell's Co. | 45,179 | 1,443 | ||||
| Brown-Forman Corp. Class B | 41,816 | 1,252 | ||||
| 437,787 | ||||||
| Energy (6.1%) | ||||||
| Exxon Mobil Corp. | 988,862 | 113,017 | ||||
| Chevron Corp. | 440,007 | 70,665 | ||||
| ConocoPhillips | 289,762 | 28,678 | ||||
| EOG Resources Inc. | 125,182 | 15,625 | ||||
| Schlumberger NV | 344,513 | 12,692 | ||||
| Marathon Petroleum Corp. | 70,457 | 12,662 | ||||
| Phillips 66 | 93,426 | 12,480 | ||||
| Kinder Morgan Inc. | 443,326 | 11,961 | ||||
| Valero Energy Corp. | 71,764 | 10,909 | ||||
| Baker Hughes Co. | 227,465 | 10,327 | ||||
| Williams Cos. Inc. | 134,203 | 7,768 | ||||
| Occidental Petroleum Corp. | 162,756 | 7,749 | ||||
| EQT Corp. | 137,527 | 7,129 | ||||
| Diamondback Energy Inc. | 42,964 | 6,391 | ||||
| Devon Energy Corp. | 147,391 | 5,321 | ||||
| ONEOK Inc. | 63,115 | 4,821 | ||||
| Expand Energy Corp. | 49,533 | 4,794 | ||||
| Halliburton Co. | 197,227 | 4,483 | ||||
| Coterra Energy Inc. | 175,165 | 4,281 | ||||
| APA Corp. | 82,929 | 1,925 | ||||
| 353,678 | ||||||
| Financials (16.7%) | ||||||
| * | Berkshire Hathaway Inc. Class B | 214,574 | 107,926 | |||
| JPMorgan Chase & Co. | 274,191 | 82,647 | ||||
| Bank of America Corp. | 1,503,672 | 76,296 | ||||
| Wells Fargo & Co. | 746,710 | 61,365 | ||||
| Goldman Sachs Group Inc. | 70,409 | 52,472 | ||||
| Citigroup Inc. | 428,599 | 41,390 | ||||
| Blackrock Inc. | 33,417 | 37,666 | ||||
| Charles Schwab Corp. | 391,858 | 37,556 | ||||
| Capital One Financial Corp. | 146,771 | 33,349 | ||||
| Blackstone Inc. | 167,441 | 28,699 | ||||
| Chubb Ltd. | 85,548 | 23,532 | ||||
| Morgan Stanley | 155,818 | 23,448 | ||||
| CME Group Inc. | 82,733 | 22,049 | ||||
| S&P Global Inc. | 38,151 | 20,924 | ||||
| PNC Financial Services Group Inc. | 90,684 | 18,812 | ||||
| US Bancorp | 358,105 | 17,486 | ||||
| Travelers Cos. Inc. | 51,937 | 14,101 | ||||
2
S&P 500 Value Index Fund
| Shares | Market Value• ($000) | |||||
| Truist Financial Corp. | 300,307 | 14,060 | ||||
| Marsh & McLennan Cos. Inc. | 63,246 | 13,017 | ||||
| Allstate Corp. | 60,706 | 12,351 | ||||
| KKR & Co. Inc. | 86,897 | 12,121 | ||||
| Aflac Inc. | 111,558 | 11,921 | ||||
| Intercontinental Exchange Inc. | 63,135 | 11,150 | ||||
| American International Group Inc. | 132,145 | 10,746 | ||||
| MetLife Inc. | 129,361 | 10,525 | ||||
| Arthur J Gallagher & Co. | 32,302 | 9,779 | ||||
| Prudential Financial Inc. | 81,222 | 8,907 | ||||
| Aon plc Class A | 24,241 | 8,897 | ||||
| Moody's Corp. | 17,063 | 8,698 | ||||
| Fidelity National Information Services Inc. | 120,369 | 8,403 | ||||
| Bank of New York Mellon Corp. | 75,512 | 7,974 | ||||
| * | Coinbase Global Inc. Class A | 24,737 | 7,533 | |||
| State Street Corp. | 65,507 | 7,531 | ||||
| M&T Bank Corp. | 36,767 | 7,414 | ||||
| Fifth Third Bancorp | 152,783 | 6,993 | ||||
| * | Block Inc. Class A | 80,454 | 6,407 | |||
| Huntington Bancshares Inc. | 334,300 | 5,954 | ||||
| Northern Trust Corp. | 44,516 | 5,844 | ||||
| Cboe Global Markets Inc. | 24,040 | 5,672 | ||||
| Regions Financial Corp. | 206,300 | 5,651 | ||||
| T. Rowe Price Group Inc. | 50,670 | 5,453 | ||||
| Nasdaq Inc. | 55,913 | 5,297 | ||||
| Citizens Financial Group Inc. | 99,502 | 5,202 | ||||
| * | PayPal Holdings Inc. | 73,685 | 5,172 | |||
| Global Payments Inc. | 55,967 | 4,971 | ||||
| KeyCorp | 225,104 | 4,358 | ||||
| Hartford Insurance Group Inc. | 29,369 | 3,886 | ||||
| Loews Corp. | 40,010 | 3,873 | ||||
| Willis Towers Watson plc | 11,831 | 3,866 | ||||
| Principal Financial Group Inc. | 47,521 | 3,826 | ||||
| Everest Group Ltd. | 9,753 | 3,334 | ||||
| Raymond James Financial Inc. | 15,848 | 2,685 | ||||
| Globe Life Inc. | 18,963 | 2,654 | ||||
| Cincinnati Financial Corp. | 16,881 | 2,593 | ||||
| Assurant Inc. | 11,650 | 2,512 | ||||
| Invesco Ltd. | 102,861 | 2,252 | ||||
| W R Berkley Corp. | 31,017 | 2,224 | ||||
| Franklin Resources Inc. | 71,167 | 1,826 | ||||
| FactSet Research Systems Inc. | 4,806 | 1,794 | ||||
| Jack Henry & Associates Inc. | 10,038 | 1,639 | ||||
| MarketAxess Holdings Inc. | 8,591 | 1,579 | ||||
| 978,262 | ||||||
| Health Care (13.8%) | ||||||
| Johnson & Johnson | 552,033 | 97,804 | ||||
| UnitedHealth Group Inc. | 208,136 | 64,495 | ||||
| Abbott Laboratories | 399,156 | 52,952 | ||||
| AbbVie Inc. | 235,064 | 49,457 | ||||
| Merck & Co. Inc. | 576,186 | 48,469 | ||||
| Thermo Fisher Scientific Inc. | 86,646 | 42,692 | ||||
| Pfizer Inc. | 1,304,847 | 32,308 | ||||
| Gilead Sciences Inc. | 285,435 | 32,246 | ||||
| Danaher Corp. | 146,226 | 30,096 | ||||
| Medtronic plc | 294,374 | 27,321 | ||||
| Bristol-Myers Squibb Co. | 466,613 | 22,015 | ||||
| CVS Health Corp. | 290,138 | 21,224 | ||||
| Amgen Inc. | 70,276 | 20,219 | ||||
| McKesson Corp. | 28,702 | 19,708 | ||||
| Cigna Group | 61,305 | 18,445 | ||||
| Elevance Health Inc. | 51,824 | 16,514 | ||||
| Zoetis Inc. | 102,108 | 15,970 | ||||
| Stryker Corp. | 37,124 | 14,531 | ||||
| Regeneron Pharmaceuticals Inc. | 23,835 | 13,841 | ||||
| Becton Dickinson & Co. | 65,684 | 12,676 | ||||
| * | IDEXX Laboratories Inc. | 18,442 | 11,934 | |||
| Cencora Inc. | 39,540 | 11,530 | ||||
| * | Edwards Lifesciences Corp. | 134,501 | 10,940 | |||
3
S&P 500 Value Index Fund
| Shares | Market Value• ($000) | |||||
| Humana Inc. | 27,685 | 8,407 | ||||
| Agilent Technologies Inc. | 65,246 | 8,199 | ||||
| Cardinal Health Inc. | 54,863 | 8,162 | ||||
| GE HealthCare Technologies Inc. | 105,056 | 7,746 | ||||
| * | IQVIA Holdings Inc. | 37,697 | 7,193 | |||
| HCA Healthcare Inc. | 16,330 | 6,597 | ||||
| STERIS plc | 22,480 | 5,509 | ||||
| Labcorp Holdings Inc. | 19,200 | 5,337 | ||||
| Zimmer Biomet Holdings Inc. | 45,381 | 4,815 | ||||
| Quest Diagnostics Inc. | 25,620 | 4,654 | ||||
| * | Biogen Inc. | 33,604 | 4,443 | |||
| West Pharmaceutical Services Inc. | 16,469 | 4,067 | ||||
| * | Dexcom Inc. | 51,308 | 3,865 | |||
| * | Mettler-Toledo International Inc. | 2,808 | 3,653 | |||
| * | Hologic Inc. | 51,209 | 3,437 | |||
| * | Centene Corp. | 113,813 | 3,305 | |||
| * | Cooper Cos. Inc. | 45,955 | 3,097 | |||
| Baxter International Inc. | 117,929 | 2,912 | ||||
| Viatris Inc. | 269,731 | 2,846 | ||||
| * | Solventum Corp. | 33,678 | 2,461 | |||
| Revvity Inc. | 27,084 | 2,440 | ||||
| Universal Health Services Inc. Class B | 13,137 | 2,385 | ||||
| * | Molina Healthcare Inc. | 12,459 | 2,253 | |||
| * | Align Technology Inc. | 15,648 | 2,221 | |||
| * | Waters Corp. | 7,321 | 2,209 | |||
| Bio-Techne Corp. | 36,020 | 1,968 | ||||
| * | Henry Schein Inc. | 27,962 | 1,946 | |||
| * | Moderna Inc. | 78,262 | 1,885 | |||
| * | Charles River Laboratories International Inc. | 11,278 | 1,842 | |||
| * | Incyte Corp. | 14,762 | 1,249 | |||
| 808,490 | ||||||
| Industrials (8.5%) | ||||||
| * | Boeing Co. | 173,000 | 40,600 | |||
| GE Aerospace | 144,352 | 39,726 | ||||
| Honeywell International Inc. | 147,498 | 32,376 | ||||
| Union Pacific Corp. | 137,137 | 30,660 | ||||
| Lockheed Martin Corp. | 47,856 | 21,805 | ||||
| RTX Corp. | 131,843 | 20,910 | ||||
| 3M Co. | 123,381 | 19,189 | ||||
| General Dynamics Corp. | 57,770 | 18,750 | ||||
| Northrop Grumman Corp. | 31,053 | 18,322 | ||||
| Johnson Controls International plc | 150,874 | 16,127 | ||||
| Deere & Co. | 32,455 | 15,534 | ||||
| United Parcel Service Inc. Class B | 168,214 | 14,709 | ||||
| Norfolk Southern Corp. | 51,678 | 14,469 | ||||
| Automatic Data Processing Inc. | 39,993 | 12,160 | ||||
| L3Harris Technologies Inc. | 42,874 | 11,903 | ||||
| FedEx Corp. | 50,555 | 11,682 | ||||
| Illinois Tool Works Inc. | 36,027 | 9,534 | ||||
| Waste Management Inc. | 39,418 | 8,924 | ||||
| Rockwell Automation Inc. | 25,824 | 8,869 | ||||
| Xylem Inc. | 55,849 | 7,906 | ||||
| Otis Worldwide Corp. | 90,582 | 7,824 | ||||
| CSX Corp. | 233,088 | 7,578 | ||||
| Equifax Inc. | 28,543 | 7,030 | ||||
| Carrier Global Corp. | 94,869 | 6,185 | ||||
| Fastenal Co. | 113,291 | 5,626 | ||||
| Paychex Inc. | 39,016 | 5,441 | ||||
| PACCAR Inc. | 54,198 | 5,419 | ||||
| AMETEK Inc. | 28,069 | 5,187 | ||||
| Verisk Analytics Inc. | 17,993 | 4,824 | ||||
| Southwest Airlines Co. | 130,800 | 4,303 | ||||
| Jacobs Solutions Inc. | 27,544 | 4,028 | ||||
| Snap-on Inc. | 11,997 | 3,902 | ||||
| Broadridge Financial Solutions Inc. | 15,113 | 3,863 | ||||
| Expeditors International of Washington Inc. | 31,416 | 3,787 | ||||
| Fortive Corp. | 77,761 | 3,722 | ||||
| CH Robinson Worldwide Inc. | 27,260 | 3,508 | ||||
| Old Dominion Freight Line Inc. | 23,047 | 3,479 | ||||
4
S&P 500 Value Index Fund
| Shares | Market Value• ($000) | |||||
| Textron Inc. | 41,431 | 3,321 | ||||
| Veralto Corp. | 29,597 | 3,143 | ||||
| Dover Corp. | 17,324 | 3,099 | ||||
| IDEX Corp. | 17,222 | 2,833 | ||||
| Nordson Corp. | 12,324 | 2,774 | ||||
| Stanley Black & Decker Inc. | 35,604 | 2,645 | ||||
| JB Hunt Transport Services Inc. | 18,015 | 2,612 | ||||
| Leidos Holdings Inc. | 14,187 | 2,567 | ||||
| Huntington Ingalls Industries Inc. | 9,010 | 2,440 | ||||
| Masco Corp. | 28,504 | 2,092 | ||||
| A O Smith Corp. | 26,698 | 1,903 | ||||
| * | Builders FirstSource Inc. | 12,190 | 1,690 | |||
| Allegion plc | 9,288 | 1,577 | ||||
| Rollins Inc. | 27,086 | 1,531 | ||||
| Pentair plc | 13,220 | 1,422 | ||||
| * | Generac Holdings Inc. | 5,193 | 962 | |||
| Emerson Electric Co. | 5,262 | 695 | ||||
| 497,167 | ||||||
| Information Technology (24.3%) | ||||||
| Apple Inc. | 1,850,442 | 429,562 | ||||
| Microsoft Corp. | 818,520 | 414,736 | ||||
| Cisco Systems Inc. | 912,699 | 63,058 | ||||
| * | Advanced Micro Devices Inc. | 372,016 | 60,501 | |||
| Texas Instruments Inc. | 208,452 | 42,207 | ||||
| QUALCOMM Inc. | 251,757 | 40,465 | ||||
| Accenture plc Class A | 143,647 | 37,344 | ||||
| Micron Technology Inc. | 256,442 | 30,519 | ||||
| Lam Research Corp. | 293,515 | 29,395 | ||||
| Analog Devices Inc. | 113,820 | 28,604 | ||||
| * | Intel Corp. | 1,000,278 | 24,357 | |||
| * | Adobe Inc. | 56,676 | 20,216 | |||
| Applied Materials Inc. | 108,146 | 17,386 | ||||
| TE Connectivity plc | 68,070 | 14,056 | ||||
| Roper Technologies Inc. | 24,645 | 12,971 | ||||
| * | Synopsys Inc. | 20,385 | 12,303 | |||
| Corning Inc. | 176,824 | 11,852 | ||||
| * | Cadence Design Systems Inc. | 28,183 | 9,876 | |||
| Cognizant Technology Solutions Corp. Class A | 113,188 | 8,178 | ||||
| Seagate Technology Holdings plc | 48,707 | 8,154 | ||||
| NXP Semiconductors NV | 34,694 | 8,148 | ||||
| Microchip Technology Inc. | 123,423 | 8,022 | ||||
| Hewlett Packard Enterprise Co. | 301,774 | 6,811 | ||||
| * | Keysight Technologies Inc. | 39,530 | 6,460 | |||
| Western Digital Corp. | 80,047 | 6,431 | ||||
| HP Inc. | 216,358 | 6,175 | ||||
| * | Workday Inc. Class A | 26,351 | 6,082 | |||
| * | Teledyne Technologies Inc. | 10,762 | 5,792 | |||
| VeriSign Inc. | 19,238 | 5,259 | ||||
| Jabil Inc. | 24,688 | 5,057 | ||||
| CDW Corp. | 30,106 | 4,960 | ||||
| * | ON Semiconductor Corp. | 95,964 | 4,759 | |||
| Dell Technologies Inc. Class C | 36,427 | 4,450 | ||||
| Teradyne Inc. | 36,780 | 4,349 | ||||
| * | PTC Inc. | 14,600 | 3,117 | |||
| NetApp Inc. | 24,733 | 2,790 | ||||
| * | Akamai Technologies Inc. | 33,585 | 2,658 | |||
| Skyworks Solutions Inc. | 34,516 | 2,587 | ||||
| * | Trimble Inc. | 30,688 | 2,480 | |||
| * | EPAM Systems Inc. | 13,019 | 2,296 | |||
| * | First Solar Inc. | 11,548 | 2,254 | |||
| * | F5 Inc. | 7,120 | 2,230 | |||
| * | Zebra Technologies Corp. Class A | 6,433 | 2,040 | |||
| Gen Digital Inc. | 52,762 | 1,593 | ||||
| * | Enphase Energy Inc. | 30,119 | 1,135 | |||
| 1,423,675 | ||||||
| Materials (3.5%) | ||||||
| Linde plc | 108,038 | 51,673 | ||||
| Newmont Corp. | 255,479 | 19,008 | ||||
| Air Products and Chemicals Inc. | 51,125 | 15,036 | ||||
5
S&P 500 Value Index Fund
| Shares | Market Value• ($000) | |||||
| Freeport-McMoRan Inc. | 329,281 | 14,620 | ||||
| Corteva Inc. | 156,294 | 11,595 | ||||
| Sherwin-Williams Co. | 22,722 | 8,312 | ||||
| Ecolab Inc. | 29,574 | 8,193 | ||||
| Nucor Corp. | 52,959 | 7,877 | ||||
| DuPont de Nemours Inc. | 96,074 | 7,390 | ||||
| International Paper Co. | 121,314 | 6,027 | ||||
| PPG Industries Inc. | 51,912 | 5,774 | ||||
| Smurfit WestRock plc | 113,784 | 5,389 | ||||
| Amcor plc | 527,156 | 4,549 | ||||
| Steel Dynamics Inc. | 31,701 | 4,150 | ||||
| Martin Marietta Materials Inc. | 6,607 | 4,073 | ||||
| Dow Inc. | 161,438 | 3,976 | ||||
| International Flavors & Fragrances Inc. | 58,427 | 3,944 | ||||
| Vulcan Materials Co. | 11,518 | 3,354 | ||||
| Ball Corp. | 63,678 | 3,352 | ||||
| LyondellBasell Industries NV Class A | 59,071 | 3,329 | ||||
| CF Industries Holdings Inc. | 37,189 | 3,222 | ||||
| Avery Dennison Corp. | 17,970 | 3,085 | ||||
| Mosaic Co. | 72,930 | 2,436 | ||||
| Albemarle Corp. | 26,998 | 2,293 | ||||
| Packaging Corp. of America | 10,235 | 2,231 | ||||
| Eastman Chemical Co. | 26,434 | 1,859 | ||||
| 206,747 | ||||||
| Real Estate (3.0%) | ||||||
| Prologis Inc. | 213,045 | 24,240 | ||||
| American Tower Corp. | 107,475 | 21,909 | ||||
| Digital Realty Trust Inc. | 72,571 | 12,166 | ||||
| Realty Income Corp. | 207,012 | 12,164 | ||||
| Welltower Inc. | 65,593 | 11,038 | ||||
| Crown Castle Inc. | 99,808 | 9,895 | ||||
| Equinix Inc. | 11,893 | 9,350 | ||||
| * | CoStar Group Inc. | 96,778 | 8,661 | |||
| VICI Properties Inc. Class A | 242,861 | 8,204 | ||||
| Ventas Inc. | 103,600 | 7,053 | ||||
| Equity Residential | 78,524 | 5,192 | ||||
| SBA Communications Corp. | 24,594 | 5,038 | ||||
| Weyerhaeuser Co. | 165,864 | 4,291 | ||||
| Invitation Homes Inc. | 131,214 | 4,106 | ||||
| Extra Space Storage Inc. | 26,673 | 3,830 | ||||
| AvalonBay Communities Inc. | 18,275 | 3,579 | ||||
| Kimco Realty Corp. | 155,279 | 3,492 | ||||
| Alexandria Real Estate Equities Inc. | 35,369 | 2,916 | ||||
| Healthpeak Properties Inc. | 159,485 | 2,861 | ||||
| Regency Centers Corp. | 37,493 | 2,718 | ||||
| BXP Inc. | 33,406 | 2,422 | ||||
| Mid-America Apartment Communities Inc. | 15,834 | 2,309 | ||||
| Essex Property Trust Inc. | 7,678 | 2,075 | ||||
| Federal Realty Investment Trust | 17,857 | 1,795 | ||||
| UDR Inc. | 38,036 | 1,505 | ||||
| Camden Property Trust | 11,998 | 1,343 | ||||
| Host Hotels & Resorts Inc. | 58,559 | 1,008 | ||||
| 175,160 | ||||||
| Utilities (3.8%) | ||||||
| Southern Co. | 252,126 | 23,271 | ||||
| Duke Energy Corp. | 178,321 | 21,843 | ||||
| American Electric Power Co. Inc. | 122,685 | 13,620 | ||||
| Sempra | 149,549 | 12,347 | ||||
| Dominion Energy Inc. | 195,444 | 11,707 | ||||
| NextEra Energy Inc. | 155,767 | 11,223 | ||||
| Exelon Corp. | 231,326 | 10,104 | ||||
| Xcel Energy Inc. | 132,120 | 9,564 | ||||
| Entergy Corp. | 102,545 | 9,033 | ||||
| Consolidated Edison Inc. | 82,667 | 8,120 | ||||
| WEC Energy Group Inc. | 73,051 | 7,781 | ||||
| PG&E Corp. | 504,813 | 7,714 | ||||
| DTE Energy Co. | 47,640 | 6,510 | ||||
| American Water Works Co. Inc. | 44,779 | 6,426 | ||||
| Ameren Corp. | 62,160 | 6,202 | ||||
6
S&P 500 Value Index Fund
| Shares | Market Value• ($000) | |||||
| Atmos Energy Corp. | 36,483 | 6,061 | ||||
| CenterPoint Energy Inc. | 149,851 | 5,651 | ||||
| Eversource Energy | 84,340 | 5,404 | ||||
| FirstEnergy Corp. | 117,915 | 5,143 | ||||
| Public Service Enterprise Group Inc. | 60,741 | 5,001 | ||||
| Edison International | 88,287 | 4,956 | ||||
| CMS Energy Corp. | 68,661 | 4,914 | ||||
| NiSource Inc. | 107,551 | 4,546 | ||||
| Alliant Energy Corp. | 58,960 | 3,837 | ||||
| Evergy Inc. | 52,790 | 3,762 | ||||
| PPL Corp. | 81,362 | 2,967 | ||||
| Pinnacle West Capital Corp. | 27,458 | 2,454 | ||||
| AES Corp. | 163,206 | 2,210 | ||||
| 222,371 | ||||||
| Total Common Stocks (Cost $5,110,637) | 5,837,127 | |||||
| Temporary Cash Investments (0.1%) | ||||||
| Money Market Fund (0.1%) | ||||||
| 1 | Vanguard Market Liquidity Fund, 4.362% (Cost $5,185) | 51,856 | 5,185 | |||
| Total Investments (99.9%) (Cost $5,115,822) | 5,842,312 | |||||
| Other Assets and Liabilities—Net (0.1%) | 5,871 | |||||
| Net Assets (100%) | 5,848,183 | |||||
| Cost is in $000. |
| • | See Note A in Notes to Financial Statements. |
| * | Non-income-producing security. |
| 1 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
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 2025 | 20 | 6,473 | (2) |
| 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) |
| Emerson Electric Co. | 8/31/2026 | BANA | 4,752 | (4.337) | — | — |
| 1 | Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. |
| BANA—Bank of America, N.A. |
See accompanying Notes,
which are an integral part of the Financial Statements.
7
S&P 500 Value Index Fund
Statement of Assets and Liabilities
As of August 31, 2025
| ($000s, except shares and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value | |
| Unaffiliated Issuers (Cost $5,110,637) | 5,837,127 |
| Affiliated Issuers (Cost $5,185) | 5,185 |
| Total Investments in Securities | 5,842,312 |
| Investment in Vanguard | 146 |
| Cash Collateral Pledged—Futures Contracts | 580 |
| Cash Collateral Pledged—Over-the-Counter Swap Contracts | 520 |
| Receivables for Accrued Income | 9,556 |
| Receivables for Capital Shares Issued | 180 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | — |
| Total Assets | 5,853,294 |
| Liabilities | |
| Payables for Investment Securities Purchased | 4,809 |
| Payables for Capital Shares Redeemed | 63 |
| Payables to Vanguard | 177 |
| Variation Margin Payable—Futures Contracts | 62 |
| Total Liabilities | 5,111 |
| Net Assets | 5,848,183 |
At August 31, 2025, net assets consisted of: | |
| Paid-in Capital | 5,577,942 |
| Total Distributable Earnings (Loss) | 270,241 |
| Net Assets | 5,848,183 |
| ETF Shares—Net Assets | |
| Applicable to 28,640,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 5,639,944 |
| Net Asset Value Per Share—ETF Shares | $196.93 |
| Institutional Shares—Net Assets | |
| Applicable to 482,143 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 208,239 |
| Net Asset Value Per Share—Institutional Shares | $431.90 |
See accompanying Notes, which are an integral
part of the Financial Statements.
8
S&P 500 Value Index Fund
Statement of Operations
| Year Ended August 31, 2025 | |
| ($000) | |
| Investment Income | |
| Income | |
| Dividends1 | 113,630 |
| Interest2 | 324 |
| Securities Lending—Net | — |
| Total Income | 113,954 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 117 |
| Management and Administrative—ETF Shares | 3,577 |
| Management and Administrative—Institutional Shares | 153 |
| Marketing and Distribution—ETF Shares | 257 |
| Marketing and Distribution—Institutional Shares | 9 |
| Custodian Fees | 40 |
| Auditing Fees | 27 |
| Shareholders’ Reports and Proxy Fees—ETF Shares | 350 |
| Shareholders’ Reports and Proxy Fees—Institutional Shares | 3 |
| Trustees’ Fees and Expenses | 3 |
| Other Expenses | 30 |
| Total Expenses | 4,566 |
| Net Investment Income | 109,388 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold2,3 | 387,408 |
| Futures Contracts | 266 |
| Swap Contracts | 1,559 |
| Realized Net Gain (Loss) | 389,233 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities2 | (156,748) |
| Futures Contracts | (74) |
| Swap Contracts | — |
| Change in Unrealized Appreciation (Depreciation) | (156,822) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 341,799 |
| 1 | Dividends are net of foreign withholding taxes of $16. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $297, ($2), and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $490,681 of net gain (loss) resulting from in-kind redemptions. |
See accompanying Notes,
which are an integral part of the Financial Statements.
9
S&P 500 Value Index Fund
Statement of Changes in Net Assets
| Year Ended August 31, | ||
| 2025 ($000) | 2024 ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 109,388 | 95,462 |
| Realized Net Gain (Loss) | 389,233 | 334,396 |
| Change in Unrealized Appreciation (Depreciation) | (156,822) | 552,989 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 341,799 | 982,847 |
| Distributions | ||
| ETF Shares | (107,769) | (83,826) |
| Institutional Shares | (5,733) | (4,329) |
| Total Distributions | (113,502) | (88,155) |
| Capital Share Transactions | ||
| ETF Shares | 218,175 | 783,801 |
| Institutional Shares | (71,394) | 56,951 |
| Net Increase (Decrease) from Capital Share Transactions | 146,781 | 840,752 |
| Total Increase (Decrease) | 375,078 | 1,735,444 |
| Net Assets | ||
| Beginning of Period | 5,473,105 | 3,737,661 |
| End of Period | 5,848,183 | 5,473,105 |
See accompanying Notes, which are an integral
part of the Financial Statements.
10
S&P 500 Value Index Fund
Financial Highlights
| ETF Shares | |||||
| For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Net Asset Value, Beginning of Period | $189.59 | $156.61 | $136.61 | $146.23 | $112.29 |
| Investment Operations | |||||
| Net Investment Income1 | 3.662 | 3.612 | 2.984 | 3.029 | 2.897 |
| Net Realized and Unrealized Gain (Loss) on Investments | 7.499 | 32.730 | 20.032 | (9.703) | 33.786 |
| Total from Investment Operations | 11.161 | 36.342 | 23.016 | (6.674) | 36.683 |
| Distributions | |||||
| Dividends from Net Investment Income | (3.821) | (3.362) | (3.016) | (2.946) | (2.743) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (3.821) | (3.362) | (3.016) | (2.946) | (2.743) |
| Net Asset Value, End of Period | $196.93 | $189.59 | $156.61 | $136.61 | $146.23 |
| Total Return | 6.01% | 23.51% | 17.15% | -4.63% | 33.10% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $5,640 | $5,195 | $3,559 | $2,801 | $2,351 |
| Ratio of Total Expenses to Average Net Assets | 0.08% | 0.10% | 0.10%2 | 0.10% | 0.10% |
| Ratio of Net Investment Income to Average Net Assets | 1.95% | 2.13% | 2.05% | 2.10% | 2.19% |
| Portfolio Turnover Rate3 | 32% | 30% | 27% | 16% | 18% |
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%. |
| 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.
11
S&P 500 Value Index Fund
Financial Highlights
| Institutional Shares | |||||
| For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Net Asset Value, Beginning of Period | $415.81 | $343.49 | $299.63 | $320.71 | $246.27 |
| Investment Operations | |||||
| Net Investment Income1 | 8.083 | 7.949 | 6.624 | 6.731 | 6.402 |
| Net Realized and Unrealized Gain (Loss) on Investments | 16.466 | 71.826 | 43.912 | (21.295) | 74.102 |
| Total from Investment Operations | 24.549 | 79.775 | 50.536 | (14.564) | 80.504 |
| Distributions | |||||
| Dividends from Net Investment Income | (8.459) | (7.455) | (6.676) | (6.516) | (6.064) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (8.459) | (7.455) | (6.676) | (6.516) | (6.064) |
| Net Asset Value, End of Period | $431.90 | $415.81 | $343.49 | $299.63 | $320.71 |
| Total Return | 6.03% | 23.53% | 17.19% | -4.60% | 33.14% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $208 | $278 | $179 | $168 | $175 |
| Ratio of Total Expenses to Average Net Assets | 0.06% | 0.08% | 0.08%2 | 0.08% | 0.08% |
| Ratio of Net Investment Income to Average Net Assets | 1.97% | 2.13% | 2.08% | 2.12% | 2.22% |
| Portfolio Turnover Rate3 | 32% | 30% | 27% | 16% | 18% |
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.08%. |
| 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.
12
S&P 500 Value Index Fund
Notes to Financial Statements
Vanguard S&P 500 Value
Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.
The fund offers two classes of shares: ETF
Shares and 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.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its
financial statements.
1. Security Valuation:
Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official
closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which
market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued by methods
deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.
Investments in Vanguard Market Liquidity Fund
are valued at that fund's net asset value.
2. 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 year ended August
31, 2025, 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 or indexes 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 year ended August
31, 2025, 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 virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until
expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state
income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
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.
13
S&P 500 Value Index Fund
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 and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged
administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and included
in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate,
the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based
upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an
exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each
other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment
objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to
be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended August 31,
2025, 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. 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),
shareholder reporting, and proxy fees. 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 August 31, 2025, the fund had contributed to Vanguard capital in the amount of $146,000, representing less than 0.01% of the fund’s
net assets and 0.06% 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.
14
S&P 500 Value Index Fund
The following table summarizes
the market value of the fund's investments and derivatives as of August 31, 2025, based on the inputs used to value them:
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks | 5,837,127 | — | — | 5,837,127 |
| Temporary Cash Investments | 5,185 | — | — | 5,185 |
| Total | 5,842,312 | — | — | 5,842,312 |
| Derivative Financial Instruments | ||||
| Assets | ||||
| Swap Contracts | — | — | — | — |
| Liabilities | ||||
| Futures Contracts1 | (2) | — | — | (2) |
| 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. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These
reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind
redemptions, swap agreements, and distributions in connection with fund share redemptions.
Permanent differences were
reclassified between the following accounts:
| Amount ($000) | |
| Paid-in Capital | 491,707 |
| Total Distributable Earnings (Loss) | (491,707) |
Temporary differences between
book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these
differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized
gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss)
are detailed in the table as follows:
| Amount ($000) | |
| Undistributed Ordinary Income | 17,989 |
| Undistributed Long-Term Gains | — |
| Net Unrealized Gains (Losses) | 722,319 |
| Capital Loss Carryforwards | (470,067) |
| Qualified Late-Year Losses | — |
| Other Temporary Differences | — |
| Total | 270,241 |
The tax character of
distributions paid was as follows:
| Year Ended August 31, | ||
| 2025 Amount ($000) | 2024 Amount ($000) | |
| Ordinary Income* | 113,502 | 88,155 |
| Long-Term Capital Gains | — | — |
| Total | 113,502 | 88,155 |
| * | Includes short-term capital gains, if any. |
15
S&P 500 Value Index Fund
As of August 31, 2025, 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 | 5,119,993 |
| Gross Unrealized Appreciation | 992,720 |
| Gross Unrealized Depreciation | (270,401) |
| Net Unrealized Appreciation (Depreciation) | 722,319 |
E. During the year ended August 31, 2025, the fund purchased $1,791,711,000 of investment securities and sold $1,843,751,000 of investment securities, other than temporary cash investments. In
addition, the fund purchased and sold investment securities of $1,551,163,000 and $1,350,738,000, 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 year ended August 31, 2025, such purchases were $1,333,076,000 and sales were $543,673,000, resulting in net realized gain of $9,839,000; these amounts, other than temporary cash
investments, are included in the purchases and sales of investment securities noted above.
F. Capital share transactions for each class of shares were:
| Year Ended August 31, | |||||
| 2025 | 2024 | ||||
| Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
| ETF Shares | |||||
| Issued | 1,566,929 | 8,480 | 1,977,161 | 11,825 | |
| Issued in Lieu of Cash Distributions | — | — | — | — | |
| Redeemed | (1,348,754) | (7,240) | (1,193,360) | (7,150) | |
| Net Increase (Decrease)—ETF Shares | 218,175 | 1,240 | 783,801 | 4,675 | |
| Institutional Shares | |||||
| Issued | 68,843 | 168 | 90,912 | 237 | |
| Issued in Lieu of Cash Distributions | 5,247 | 13 | 3,948 | 11 | |
| Redeemed | (145,484) | (369) | (37,909) | (98) | |
| Net Increase (Decrease)—Institutional Shares | (71,394) | (188) | 56,951 | 150 | |
G. Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other
events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.
To the extent the fund’s
investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to
increased price volatility and other risks.
The use of derivatives may
expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A
relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding
the fund’s use of derivative(s) and the specific risks associated is described under significant accounting policies.
H. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a
chief operating decision maker (“CODM”). The fund is considered a single segment. Vanguard’s chief executive officer, chief investment officer, and chief financial officer, who are also officers of
the fund, as well as the fund’s chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund’s daily
operations. Through these committees, the CODM manages the fund’s operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund’s investment
strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund’s portfolio composition, total returns, expense ratios and changes in net assets which are
consistent with the information contained in the fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.
I. Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these
financial statements.
16
S&P 500 Growth Index Fund
Financial Statements
Schedule of Investments
As of August 31, 2025
The fund files its complete
schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports
are available on the SEC’s website at www.sec.gov.
| Shares | Market Value• ($000) | |||||
| Common Stocks (99.9%) | ||||||
| Communication Services (15.4%) | ||||||
| Meta Platforms Inc. Class A | 1,433,685 | 1,059,063 | ||||
| Alphabet Inc. Class A | 3,843,109 | 818,236 | ||||
| Alphabet Inc. Class C | 3,100,087 | 661,962 | ||||
| * | Netflix Inc. | 281,005 | 339,524 | |||
| T-Mobile US Inc. | 166,899 | 42,057 | ||||
| *,1 | Live Nation Entertainment Inc. | 104,023 | 17,319 | |||
| * | Trade Desk Inc. Class A | 295,946 | 16,176 | |||
| Electronic Arts Inc. | 60,428 | 10,391 | ||||
| TKO Group Holdings Inc. Class A | 44,364 | 8,410 | ||||
| 2,973,138 | ||||||
| Consumer Discretionary (12.1%) | ||||||
| * | Amazon.com Inc. | 3,618,751 | 828,694 | |||
| * | Tesla Inc. | 1,850,393 | 617,791 | |||
| Booking Holdings Inc. | 21,479 | 120,262 | ||||
| Home Depot Inc. | 288,775 | 117,465 | ||||
| Royal Caribbean Cruises Ltd. | 165,001 | 59,932 | ||||
| TJX Cos. Inc. | 434,944 | 59,418 | ||||
| * | O'Reilly Automotive Inc. | 564,462 | 58,523 | |||
| * | DoorDash Inc. Class A | 226,421 | 55,530 | |||
| * | AutoZone Inc. | 11,063 | 46,448 | |||
| Hilton Worldwide Holdings Inc. | 157,010 | 43,344 | ||||
| Marriott International Inc. Class A | 150,154 | 40,220 | ||||
| * | Chipotle Mexican Grill Inc. | 889,762 | 37,495 | |||
| * | Airbnb Inc. Class A | 285,025 | 37,204 | |||
| Garmin Ltd. | 101,681 | 24,588 | ||||
| * | Carnival Corp. | 693,331 | 22,110 | |||
| eBay Inc. | 203,791 | 18,465 | ||||
| PulteGroup Inc. | 131,970 | 17,423 | ||||
| Expedia Group Inc. | 80,214 | 17,230 | ||||
| Williams-Sonoma Inc. | 81,224 | 15,286 | ||||
| Tapestry Inc. | 136,966 | 13,946 | ||||
| Las Vegas Sands Corp. | 223,557 | 12,884 | ||||
| * | Deckers Outdoor Corp. | 100,095 | 11,974 | |||
| Tractor Supply Co. | 189,345 | 11,694 | ||||
| Yum! Brands Inc. | 75,122 | 11,041 | ||||
| * | NVR Inc. | 1,239 | 10,058 | |||
| Ralph Lauren Corp. | 26,270 | 7,800 | ||||
| Wynn Resorts Ltd. | 58,259 | 7,384 | ||||
| * | Norwegian Cruise Line Holdings Ltd. | 295,717 | 7,346 | |||
| Darden Restaurants Inc. | 33,188 | 6,868 | ||||
| * | Lululemon Athletica Inc. | 33,608 | 6,795 | |||
| Domino's Pizza Inc. | 9,487 | 4,348 | ||||
| 2,349,566 | ||||||
| Consumer Staples (3.2%) | ||||||
| Costco Wholesale Corp. | 292,969 | 276,363 | ||||
| Walmart Inc. | 1,911,446 | 185,372 | ||||
| Philip Morris International Inc. | 555,045 | 92,765 | ||||
| Altria Group Inc. | 511,247 | 34,361 | ||||
| Colgate-Palmolive Co. | 235,633 | 19,810 | ||||
| * | Monster Beverage Corp. | 203,702 | 12,713 | |||
| 621,384 | ||||||
| Energy (0.4%) | ||||||
| Williams Cos. Inc. | 419,078 | 24,256 | ||||
| Targa Resources Corp. | 143,326 | 24,044 | ||||
| ONEOK Inc. | 230,800 | 17,629 | ||||
| Texas Pacific Land Corp. | 12,440 | 11,613 | ||||
| 77,542 | ||||||
17
S&P 500 Growth Index Fund
| Shares | Market Value• ($000) | |||||
| Financials (11.5%) | ||||||
| Visa Inc. Class A | 1,129,825 | 397,450 | ||||
| Mastercard Inc. Class A | 535,616 | 318,847 | ||||
| JPMorgan Chase & Co. | 1,046,049 | 315,300 | ||||
| * | Berkshire Hathaway Inc. Class B | 593,346 | 298,441 | |||
| American Express Co. | 365,489 | 121,079 | ||||
| Progressive Corp. | 387,090 | 95,634 | ||||
| Morgan Stanley | 367,175 | 55,252 | ||||
| S&P Global Inc. | 97,449 | 53,445 | ||||
| * | Fiserv Inc. | 366,169 | 50,597 | |||
| Apollo Global Management Inc. | 299,773 | 40,838 | ||||
| Intercontinental Exchange Inc. | 196,983 | 34,787 | ||||
| Ameriprise Financial Inc. | 62,854 | 32,358 | ||||
| * | PayPal Holdings Inc. | 430,027 | 30,184 | |||
| Marsh & McLennan Cos. Inc. | 143,242 | 29,481 | ||||
| MSCI Inc. | 51,062 | 28,989 | ||||
| KKR & Co. Inc. | 196,695 | 27,437 | ||||
| Moody's Corp. | 53,155 | 27,096 | ||||
| Bank of New York Mellon Corp. | 255,251 | 26,955 | ||||
| Aon plc Class A | 72,682 | 26,674 | ||||
| Arthur J Gallagher & Co. | 76,075 | 23,032 | ||||
| Arch Capital Group Ltd. | 246,495 | 22,562 | ||||
| * | Coinbase Global Inc. Class A | 68,381 | 20,825 | |||
| Synchrony Financial | 251,261 | 19,181 | ||||
| Brown & Brown Inc. | 184,917 | 17,928 | ||||
| Interactive Brokers Group Inc. Class A | 287,500 | 17,894 | ||||
| * | Corpay Inc. | 46,523 | 15,151 | |||
| Hartford Insurance Group Inc. | 102,925 | 13,618 | ||||
| Raymond James Financial Inc. | 74,224 | 12,577 | ||||
| * | Block Inc. Class A | 135,448 | 10,787 | |||
| Nasdaq Inc. | 111,856 | 10,597 | ||||
| Willis Towers Watson plc | 31,451 | 10,278 | ||||
| Cincinnati Financial Corp. | 54,762 | 8,411 | ||||
| W R Berkley Corp. | 109,193 | 7,828 | ||||
| Erie Indemnity Co. Class A | 16,503 | 5,848 | ||||
| FactSet Research Systems Inc. | 11,292 | 4,216 | ||||
| Jack Henry & Associates Inc. | 19,162 | 3,128 | ||||
| 2,234,705 | ||||||
| Health Care (4.9%) | ||||||
| Eli Lilly & Co. | 519,411 | 380,510 | ||||
| * | Intuitive Surgical Inc. | 236,663 | 112,011 | |||
| AbbVie Inc. | 489,878 | 103,070 | ||||
| * | Boston Scientific Corp. | 976,931 | 103,066 | |||
| * | Vertex Pharmaceuticals Inc. | 169,566 | 66,304 | |||
| Stryker Corp. | 120,361 | 47,111 | ||||
| Amgen Inc. | 152,650 | 43,919 | ||||
| HCA Healthcare Inc. | 67,533 | 27,281 | ||||
| ResMed Inc. | 96,795 | 26,571 | ||||
| * | Insulet Corp. | 46,434 | 15,782 | |||
| * | Dexcom Inc. | 111,073 | 8,368 | |||
| * | Mettler-Toledo International Inc. | 5,619 | 7,311 | |||
| * | Waters Corp. | 18,056 | 5,449 | |||
| * | Incyte Corp. | 63,799 | 5,398 | |||
| * | DaVita Inc. | 27,512 | 3,790 | |||
| 955,941 | ||||||
| Industrials (8.3%) | ||||||
| Caterpillar Inc. | 310,583 | 130,147 | ||||
| * | Uber Technologies Inc. | 1,380,896 | 129,459 | |||
| GE Vernova Inc. | 180,226 | 110,473 | ||||
| Eaton Corp. plc | 258,419 | 90,224 | ||||
| RTX Corp. | 502,827 | 79,748 | ||||
| GE Aerospace | 288,728 | 79,458 | ||||
| Parker-Hannifin Corp. | 84,383 | 64,076 | ||||
| Trane Technologies plc | 147,257 | 61,200 | ||||
| TransDigm Group Inc. | 37,094 | 51,890 | ||||
| Cintas Corp. | 226,614 | 47,596 | ||||
| Automatic Data Processing Inc. | 152,778 | 46,452 | ||||
| Howmet Aerospace Inc. | 266,561 | 46,408 | ||||
| United Rentals Inc. | 42,908 | 41,035 | ||||
18
S&P 500 Growth Index Fund
| Shares | Market Value• ($000) | |||||
| Quanta Services Inc. | 97,870 | 36,991 | ||||
| * | Axon Enterprise Inc. | 48,842 | 36,499 | |||
| Cummins Inc. | 90,895 | 36,216 | ||||
| Deere & Co. | 73,275 | 35,072 | ||||
| Emerson Electric Co. | 252,614 | 33,345 | ||||
| Republic Services Inc. | 134,211 | 31,401 | ||||
| WW Grainger Inc. | 28,853 | 29,243 | ||||
| Waste Management Inc. | 128,269 | 29,039 | ||||
| * | Copart Inc. | 580,468 | 28,333 | |||
| Delta Air Lines Inc. | 431,392 | 26,651 | ||||
| * | United Airlines Holdings Inc. | 215,574 | 22,635 | |||
| Westinghouse Air Brake Technologies Corp. | 112,946 | 21,855 | ||||
| Fastenal Co. | 431,569 | 21,432 | ||||
| Ingersoll Rand Inc. | 266,364 | 21,157 | ||||
| Illinois Tool Works Inc. | 72,228 | 19,115 | ||||
| PACCAR Inc. | 190,716 | 19,068 | ||||
| CSX Corp. | 570,574 | 18,549 | ||||
| Carrier Global Corp. | 252,565 | 16,467 | ||||
| Hubbell Inc. Class B | 35,193 | 15,168 | ||||
| Paychex Inc. | 99,427 | 13,866 | ||||
| AMETEK Inc. | 71,725 | 13,255 | ||||
| Lennox International Inc. | 21,115 | 11,779 | ||||
| Verisk Analytics Inc. | 40,557 | 10,874 | ||||
| Broadridge Financial Solutions Inc. | 34,049 | 8,704 | ||||
| Old Dominion Freight Line Inc. | 56,328 | 8,504 | ||||
| Veralto Corp. | 78,294 | 8,314 | ||||
| Leidos Holdings Inc. | 44,304 | 8,016 | ||||
| Pentair plc | 70,665 | 7,599 | ||||
| * | Dayforce Inc. | 105,787 | 7,381 | |||
| Paycom Software Inc. | 32,268 | 7,330 | ||||
| Dover Corp. | 40,793 | 7,296 | ||||
| Rollins Inc. | 107,787 | 6,094 | ||||
| * | Builders FirstSource Inc. | 38,019 | 5,272 | |||
| Allegion plc | 30,142 | 5,118 | ||||
| * | Generac Holdings Inc. | 24,010 | 4,448 | |||
| Masco Corp. | 57,226 | 4,200 | ||||
| 1,614,452 | ||||||
| Information Technology (41.4%) | ||||||
| NVIDIA Corp. | 16,103,797 | 2,804,961 | ||||
| Microsoft Corp. | 2,552,100 | 1,293,124 | ||||
| Apple Inc. | 4,536,781 | 1,053,168 | ||||
| Broadcom Inc. | 3,104,833 | 923,346 | ||||
| Oracle Corp. | 1,074,008 | 242,865 | ||||
| * | Palantir Technologies Inc. Class A | 1,404,614 | 220,117 | |||
| Salesforce Inc. | 633,554 | 162,348 | ||||
| International Business Machines Corp. | 613,721 | 149,435 | ||||
| * | ServiceNow Inc. | 136,687 | 125,405 | |||
| Intuit Inc. | 184,600 | 123,128 | ||||
| * | Arista Networks Inc. | 680,044 | 92,860 | |||
| Amphenol Corp. Class A | 798,751 | 86,952 | ||||
| * | Palo Alto Networks Inc. | 437,191 | 83,294 | |||
| KLA Corp. | 87,302 | 76,127 | ||||
| * | Crowdstrike Holdings Inc. Class A | 164,471 | 69,686 | |||
| Motorola Solutions Inc. | 110,208 | 52,069 | ||||
| * | Autodesk Inc. | 141,262 | 44,455 | |||
| * | Adobe Inc. | 118,217 | 42,168 | |||
| * | Synopsys Inc. | 63,498 | 38,322 | |||
| Applied Materials Inc. | 225,285 | 36,217 | ||||
| * | Cadence Design Systems Inc. | 99,190 | 34,759 | |||
| * | Fortinet Inc. | 419,516 | 33,045 | |||
| * | Datadog Inc. Class A | 210,986 | 28,838 | |||
| Monolithic Power Systems Inc. | 31,663 | 26,463 | ||||
| * | Fair Isaac Corp. | 16,072 | 24,456 | |||
| * | Tyler Technologies Inc. | 28,443 | 16,010 | |||
| NXP Semiconductors NV | 66,711 | 15,667 | ||||
| * | Workday Inc. Class A | 67,207 | 15,513 | |||
| * | Super Micro Computer Inc. | 338,658 | 14,068 | |||
| * | GoDaddy Inc. Class A | 94,016 | 13,943 | |||
| * | Gartner Inc. | 50,852 | 12,773 | |||
19
S&P 500 Growth Index Fund
| Shares | Market Value• ($000) | |||||
| Dell Technologies Inc. Class C | 93,178 | 11,382 | ||||
| * | PTC Inc. | 37,236 | 7,950 | |||
| * | First Solar Inc. | 37,633 | 7,346 | |||
| NetApp Inc. | 63,050 | 7,111 | ||||
| Gen Digital Inc. | 209,489 | 6,327 | ||||
| * | Trimble Inc. | 69,524 | 5,619 | |||
| * | F5 Inc. | 17,415 | 5,453 | |||
| * | Zebra Technologies Corp. Class A | 15,062 | 4,776 | |||
| 8,011,546 | ||||||
| Materials (0.5%) | ||||||
| Sherwin-Williams Co. | 86,814 | 31,759 | ||||
| Ecolab Inc. | 81,624 | 22,613 | ||||
| Vulcan Materials Co. | 54,023 | 15,729 | ||||
| Martin Marietta Materials Inc. | 20,682 | 12,749 | ||||
| Packaging Corp. of America | 29,474 | 6,424 | ||||
| 89,274 | ||||||
| Real Estate (1.1%) | ||||||
| Welltower Inc. | 221,428 | 37,262 | ||||
| Simon Property Group Inc. | 202,612 | 36,604 | ||||
| * | CBRE Group Inc. Class A | 193,961 | 31,445 | |||
| Public Storage | 104,182 | 30,691 | ||||
| Equinix Inc. | 30,357 | 23,866 | ||||
| Iron Mountain Inc. | 194,765 | 17,983 | ||||
| Extra Space Storage Inc. | 63,198 | 9,074 | ||||
| AvalonBay Communities Inc. | 41,263 | 8,081 | ||||
| Essex Property Trust Inc. | 20,420 | 5,518 | ||||
| Host Hotels & Resorts Inc. | 289,163 | 4,976 | ||||
| Mid-America Apartment Communities Inc. | 31,703 | 4,623 | ||||
| Camden Property Trust | 36,112 | 4,044 | ||||
| UDR Inc. | 90,039 | 3,563 | ||||
| 217,730 | ||||||
| Utilities (1.1%) | ||||||
| NextEra Energy Inc. | 910,762 | 65,620 | ||||
| Constellation Energy Corp. | 206,977 | 63,745 | ||||
| Vistra Corp. | 224,086 | 42,377 | ||||
| NRG Energy Inc. | 129,086 | 18,790 | ||||
| Public Service Enterprise Group Inc. | 154,638 | 12,731 | ||||
| PPL Corp. | 254,431 | 9,279 | ||||
| 212,542 | ||||||
| Total Common Stocks (Cost $12,919,440) | 19,357,820 | |||||
| Rights (0.0%) | ||||||
| *,2 | ABIOMED Inc. CVR (Cost $—) | 56 | — | |||
| Temporary Cash Investments (0.1%) | ||||||
| Money Market Fund (0.1%) | ||||||
| 3,4 | Vanguard Market Liquidity Fund, 4.362% (Cost $16,456) | 164,583 | 16,457 | |||
| Total Investments (100.0%) (Cost $12,935,896) | 19,374,277 | |||||
| Other Assets and Liabilities—Net (0.0%) | 7,645 | |||||
| Net Assets (100%) | 19,381,922 | |||||
| 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 $1,598. |
| 2 | Security value determined using significant unobservable inputs. |
| 3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 4 | Collateral of $1,632 was received for securities on loan. |
| CVR—Contingent Value Rights. |
20
S&P 500 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 NASDAQ 100 Index | September 2025 | 43 | 20,177 | (33) |
| E-mini S&P 500 Index | September 2025 | 10 | 3,236 | 21 |
| (12) | ||||
See accompanying Notes, which are an integral
part of the Financial Statements.
21
S&P 500 Growth Index Fund
Statement of Assets and Liabilities
As of August 31, 2025
| ($000s, except shares and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value1 | |
| Unaffiliated Issuers (Cost $12,919,440) | 19,357,820 |
| Affiliated Issuers (Cost $16,456) | 16,457 |
| Total Investments in Securities | 19,374,277 |
| Investment in Vanguard | 487 |
| Cash Collateral Pledged—Futures Contracts | 1,510 |
| Receivables for Accrued Income | 8,448 |
| Total Assets | 19,384,722 |
| Liabilities | |
| Payables for Investment Securities Purchased | 288 |
| Collateral for Securities on Loan | 1,632 |
| Payables to Vanguard | 593 |
| Variation Margin Payable—Futures Contracts | 287 |
| Total Liabilities | 2,800 |
| Net Assets | 19,381,922 |
| 1 Includes $1,598 of securities on loan. | |
At August 31, 2025, net assets consisted of: | |
| Paid-in Capital | 14,136,605 |
| Total Distributable Earnings (Loss) | 5,245,317 |
| Net Assets | 19,381,922 |
| ETF Shares—Net Assets | |
| Applicable to 46,730,972 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 19,352,631 |
| Net Asset Value Per Share—ETF Shares | $414.13 |
| Institutional Shares—Net Assets | |
| Applicable to 31,092 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 29,291 |
| Net Asset Value Per Share—Institutional Shares | $942.09 |
See accompanying Notes, which are an integral
part of the Financial Statements.
22
S&P 500 Growth Index Fund
Statement of Operations
| Year Ended August 31, 2025 | |
| ($000) | |
| Investment Income | |
| Income | |
| Dividends1 | 103,717 |
| Interest2 | 597 |
| Securities Lending—Net | 3 |
| Total Income | 104,317 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 336 |
| Management and Administrative—ETF Shares | 10,801 |
| Management and Administrative—Institutional Shares | 4 |
| Marketing and Distribution—ETF Shares | 679 |
| Marketing and Distribution—Institutional Shares | — |
| Custodian Fees | — |
| Auditing Fees | 30 |
| Shareholders’ Reports and Proxy Fees—ETF Shares | 741 |
| Shareholders’ Reports and Proxy Fees—Institutional Shares | 2 |
| Trustees’ Fees and Expenses | 9 |
| Other Expenses | 61 |
| Total Expenses | 12,663 |
| Net Investment Income | 91,654 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold2,3 | 1,544,008 |
| Futures Contracts | 3,438 |
| Swap Contracts | 19 |
| Realized Net Gain (Loss) | 1,547,465 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities2 | 1,781,430 |
| Futures Contracts | (72) |
| Change in Unrealized Appreciation (Depreciation) | 1,781,358 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 3,420,477 |
| 1 | Dividends are net of foreign withholding taxes of $48. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $551, ($1), and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $1,614,823 of net gain (loss) resulting from in-kind redemptions. |
See accompanying Notes,
which are an integral part of the Financial Statements.
23
S&P 500 Growth Index Fund
Statement of Changes in Net Assets
| Year Ended August 31, | ||
| 2025 ($000) | 2024 ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 91,654 | 72,873 |
| Realized Net Gain (Loss) | 1,547,465 | 185,813 |
| Change in Unrealized Appreciation (Depreciation) | 1,781,358 | 2,385,765 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 3,420,477 | 2,644,451 |
| Distributions | ||
| ETF Shares | (86,932) | (78,794) |
| Institutional Shares | (58) | (68) |
| Total Distributions | (86,990) | (78,862) |
| Capital Share Transactions | ||
| ETF Shares | 3,478,879 | 1,809,150 |
| Institutional Shares | 18,070 | (146) |
| Net Increase (Decrease) from Capital Share Transactions | 3,496,949 | 1,809,004 |
| Total Increase (Decrease) | 6,830,436 | 4,374,593 |
| Net Assets | ||
| Beginning of Period | 12,551,486 | 8,176,893 |
| End of Period | 19,381,922 | 12,551,486 |
See accompanying Notes, which are an integral
part of the Financial Statements.
24
S&P 500 Growth Index Fund
Financial Highlights
| ETF Shares | |||||
| For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Net Asset Value, Beginning of Period | $336.34 | $260.21 | $232.26 | $283.53 | $219.32 |
| Investment Operations | |||||
| Net Investment Income1 | 2.162 | 2.168 | 2.678 | 1.923 | 1.751 |
| Net Realized and Unrealized Gain (Loss) on Investments | 77.722 | 76.359 | 27.743 | (51.406) | 64.190 |
| Total from Investment Operations | 79.884 | 78.527 | 30.421 | (49.483) | 65.941 |
| Distributions | |||||
| Dividends from Net Investment Income | (2.094) | (2.397) | (2.471) | (1.787) | (1.731) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (2.094) | (2.397) | (2.471) | (1.787) | (1.731) |
| Net Asset Value, End of Period | $414.13 | $336.34 | $260.21 | $232.26 | $283.53 |
| Total Return | 23.84% | 30.39% | 13.26% | -17.52% | 30.26% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $19,353 | $12,542 | $8,170 | $6,839 | $6,776 |
| Ratio of Total Expenses to Average Net Assets | 0.08% | 0.10% | 0.10%2 | 0.10%2 | 0.10% |
| Ratio of Net Investment Income to Average Net Assets | 0.59% | 0.74% | 1.16% | 0.73% | 0.73% |
| Portfolio Turnover Rate3 | 20% | 27% | 33% | 13% | 12% |
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%. |
| 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.
25
S&P 500 Growth Index Fund
Financial Highlights
| Institutional Shares | |||||
| For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Net Asset Value, Beginning of Period | $765.10 | $591.92 | $528.34 | $644.91 | $498.89 |
| Investment Operations | |||||
| Net Investment Income1 | 5.104 | 5.104 | 6.185 | 4.203 | 3.959 |
| Net Realized and Unrealized Gain (Loss) on Investments | 176.798 | 173.644 | 63.118 | (116.631) | 146.133 |
| Total from Investment Operations | 181.902 | 178.748 | 69.303 | (112.428) | 150.092 |
| Distributions | |||||
| Dividends from Net Investment Income | (4.912) | (5.568) | (5.723) | (4.142) | (4.072) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (4.912) | (5.568) | (5.723) | (4.142) | (4.072) |
| Net Asset Value, End of Period | $942.09 | $765.10 | $591.92 | $528.34 | $644.91 |
| Total Return | 23.86% | 30.41% | 13.29% | -17.50% | 30.29% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $29 | $9 | $7 | $6 | $28 |
| Ratio of Total Expenses to Average Net Assets | 0.06% | 0.08% | 0.08%2 | 0.08%2 | 0.08% |
| Ratio of Net Investment Income to Average Net Assets | 0.61% | 0.77% | 1.18% | 0.68% | 0.71% |
| Portfolio Turnover Rate3 | 20% | 27% | 33% | 13% | 12% |
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.08%. |
| 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.
26
S&P 500 Growth Index Fund
Notes to Financial Statements
Vanguard S&P 500 Growth
Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.
The fund offers two classes of shares: ETF
Shares and 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.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its
financial statements.
1. Security Valuation:
Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official
closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which
market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued by methods
deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.
Investments in Vanguard Market Liquidity Fund
are valued at that fund's net asset value.
2. 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 year ended August
31, 2025, 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 or indexes 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 year ended August
31, 2025, 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. The fund had no
open total return swap contracts at August 31, 2025.
4. Federal Income Taxes:
The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until
expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state
income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
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.
27
S&P 500 Growth Index Fund
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 and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged
administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and included
in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate,
the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based
upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an
exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each
other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment
objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to
be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended August 31,
2025, 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. 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),
shareholder reporting, and proxy fees. 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 August 31, 2025, the fund had contributed to Vanguard capital in the amount of $487,000, representing less than 0.01% of the fund’s
net assets and 0.19% 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.
28
S&P 500 Growth Index Fund
The following table summarizes
the market value of the fund's investments and derivatives as of August 31, 2025, based on the inputs used to value them:
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks | 19,357,820 | — | — | 19,357,820 |
| Rights | — | — | — | — |
| Temporary Cash Investments | 16,457 | — | — | 16,457 |
| Total | 19,374,277 | — | — | 19,374,277 |
| Derivative Financial Instruments | ||||
| Assets | ||||
| Futures Contracts1 | 21 | — | — | 21 |
| Liabilities | ||||
| Futures Contracts1 | (33) | — | — | (33) |
| 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. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These
reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind
redemptions, swap agreements, and distributions in connection with fund share redemptions.
Permanent differences were
reclassified between the following accounts:
| Amount ($000) | |
| Paid-in Capital | 1,614,575 |
| Total Distributable Earnings (Loss) | (1,614,575) |
Temporary differences between
book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these
differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized
gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss)
are detailed in the table as follows:
| Amount ($000) | |
| Undistributed Ordinary Income | 17,177 |
| Undistributed Long-Term Gains | — |
| Net Unrealized Gains (Losses) | 6,436,475 |
| Capital Loss Carryforwards | (1,208,335) |
| Qualified Late-Year Losses | — |
| Other Temporary Differences | — |
| Total | 5,245,317 |
The tax character of
distributions paid was as follows:
| Year Ended August 31, | ||
| 2025 Amount ($000) | 2024 Amount ($000) | |
| Ordinary Income* | 86,990 | 78,862 |
| Long-Term Capital Gains | — | — |
| Total | 86,990 | 78,862 |
| * | Includes short-term capital gains, if any. |
29
S&P 500 Growth Index Fund
As of August 31, 2025, 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 | 12,937,802 |
| Gross Unrealized Appreciation | 6,640,831 |
| Gross Unrealized Depreciation | (204,356) |
| Net Unrealized Appreciation (Depreciation) | 6,436,475 |
E. During the year ended August 31, 2025, the fund purchased $3,154,302,000 of investment securities and sold $3,129,060,000 of investment securities, other than temporary cash investments. In
addition, the fund purchased and sold investment securities of $6,495,146,000 and $3,026,643,000, 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 year ended August 31, 2025, such purchases were $548,872,000 and sales were $1,392,574,000, resulting in net realized loss of $31,913,000; these amounts, other than temporary cash
investments, are included in the purchases and sales of investment securities noted above.
F. Capital share transactions for each class of shares were:
| Year Ended August 31, | |||||
| 2025 | 2024 | ||||
| Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
| ETF Shares | |||||
| Issued | 6,532,704 | 17,760 | 2,692,391 | 8,975 | |
| Issued in Lieu of Cash Distributions | — | — | — | — | |
| Redeemed | (3,053,825) | (8,320) | (883,241) | (3,080) | |
| Net Increase (Decrease)—ETF Shares | 3,478,879 | 9,440 | 1,809,150 | 5,895 | |
| Institutional Shares | |||||
| Issued | 18,647 | 20 | 115 | — | |
| Issued in Lieu of Cash Distributions | 58 | — | 68 | — | |
| Redeemed | (635) | (1) | (329) | — | |
| Net Increase (Decrease)—Institutional Shares | 18,070 | 19 | (146) | — | |
G. Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other
events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.
To the extent the fund’s
investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to
increased price volatility and other risks.
The use of derivatives may
expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A
relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding
the fund’s use of derivative(s) and the specific risks associated is described under significant accounting policies.
H. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a
chief operating decision maker (“CODM”). The fund is considered a single segment. Vanguard’s chief executive officer, chief investment officer, and chief financial officer, who are also officers of
the fund, as well as the fund’s chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund’s daily
operations. Through these committees, the CODM manages the fund’s operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund’s investment
strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund’s portfolio composition, total returns, expense ratios and changes in net assets which are
consistent with the information contained in the fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.
I. Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these
financial statements.
30
Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Vanguard Admiral
Funds and Shareholders of Vanguard S&P 500 Value Index Fund and Vanguard S&P 500 Growth Index Fund
Opinions on the Financial
Statements
We have audited the
accompanying statements of assets and liabilities, including the schedules of investments, of Vanguard S&P 500 Value Index Fund and Vanguard S&P 500 Growth Index Fund (two of the funds constituting Vanguard
Admiral Funds, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations for the year ended August 31, 2025, the statements of changes in net assets for each of the
two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial
statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, the results of each of their operations for the year
then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025 and each of the financial highlights for each of the five years in the period ended August 31, 2025 in
conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are
the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company
Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and the PCAOB.
We conducted our audits of
these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement, whether due to error or fraud.
Our audits included performing
procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test
basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were
not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers
LLP
Philadelphia, Pennsylvania
October 21, 2025
Philadelphia, Pennsylvania
October 21, 2025
We have served as the auditor
of one or more investment companies in The Vanguard Group of Funds since 1975.
31
Tax information (unaudited)
The following percentages, or
if subsequently determined to be different, the maximum percentages allowable by law, of ordinary income (dividend income plus short-term gains, if any) for the fiscal year qualified for the dividends-received
deduction for corporate shareholders.
| Fund | Percentage |
| S&P 500 Value Index Fund | 90.9% |
| S&P 500 Growth Index Fund | 100.0 |
The following amounts, or if
subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as qualified dividend income for purposes of the maximum rate under section 1(h)(11) for calendar year 2024.
Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.
| Fund | ($000) |
| S&P 500 Value Index Fund | 106,282 |
| S&P 500 Growth Index Fund | 67,259 |
The following amounts for the
fiscal year, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as interest earned from obligations of the U.S. government which is generally exempt from state
income tax.
| Fund | ($000) |
| S&P 500 Value Index Fund | 166 |
| S&P 500 Growth Index Fund | 282 |
The following amounts, or if
subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as qualified business income under section 199A for calendar year 2024. Shareholders will be notified in January
2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.
| Fund | ($000) |
| S&P 500 Value Index Fund | 4,014 |
| S&P 500 Growth Index Fund | — |
Q18400 102025
32
Financial Statements
For the year ended August 31,
2025
Vanguard S&P Mid-Cap 400 Index Funds
| Vanguard S&P Mid-Cap 400 Index Fund |
| Vanguard S&P Mid-Cap 400 Value Index Fund |
| Vanguard S&P Mid-Cap 400 Growth Index Fund |
Contents
S&P Mid-Cap 400 Index Fund | 1 |
S&P Mid-Cap 400 Value Index Fund | 17 |
S&P Mid-Cap 400 Growth Index Fund | 32 |
Report of Independent Registered Public Accounting Firm | 46 |
Tax information | 47 |
S&P Mid-Cap 400 Index Fund
Financial Statements
Schedule of Investments
As of August 31, 2025
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.
1
S&P Mid-Cap 400 Index Fund
| Shares | Market Value• ($000) | |||||
| Visteon Corp. | 40,338 | 5,000 | ||||
| Harley-Davidson Inc. | 161,506 | 4,703 | ||||
| * | Hilton Grand Vacations Inc. | 93,814 | 4,458 | |||
| Polaris Inc. | 78,129 | 4,421 | ||||
| * | YETI Holdings Inc. | 122,876 | 4,320 | |||
| 1 | Choice Hotels International Inc. | 32,834 | 3,926 | |||
| Marriott Vacations Worldwide Corp. | 47,041 | 3,676 | ||||
| * | Capri Holdings Ltd. | 174,598 | 3,595 | |||
| * | Goodyear Tire & Rubber Co. | 423,057 | 3,588 | |||
| Wendy's Co. | 239,703 | 2,543 | ||||
| Columbia Sportswear Co. | 45,550 | 2,538 | ||||
| * | Under Armour Inc. Class A | 272,460 | 1,362 | |||
| * | Under Armour Inc. Class C | 194,813 | 958 | |||
| 595,232 | ||||||
| Consumer Staples (5.0%) | ||||||
| Casey's General Stores Inc. | 54,965 | 27,181 | ||||
| * | US Foods Holding Corp. | 342,579 | 26,584 | |||
| * | Performance Food Group Co. | 231,137 | 23,437 | |||
| * | Sprouts Farmers Market Inc. | 144,905 | 20,365 | |||
| * | BJ's Wholesale Club Holdings Inc. | 195,535 | 19,100 | |||
| * | Celsius Holdings Inc. | 232,799 | 14,638 | |||
| Ingredion Inc. | 95,239 | 12,337 | ||||
| Albertsons Cos. Inc. Class A | 596,767 | 11,613 | ||||
| * | Maplebear Inc. | 243,232 | 10,549 | |||
| * | elf Beauty Inc. | 83,511 | 10,439 | |||
| Coca-Cola Consolidated Inc. | 86,794 | 10,176 | ||||
| * | Darling Ingredients Inc. | 234,198 | 7,953 | |||
| * | BellRing Brands Inc. | 188,036 | 7,719 | |||
| * | Post Holdings Inc. | 66,842 | 7,563 | |||
| Marzetti Co. | 28,563 | 5,216 | ||||
| Flowers Foods Inc. | 290,339 | 4,367 | ||||
| * | Boston Beer Co. Inc. Class A | 12,240 | 2,706 | |||
| Pilgrim's Pride Corp. | 59,503 | 2,645 | ||||
| * | Coty Inc. Class A | 543,353 | 2,326 | |||
| 226,914 | ||||||
| Energy (3.5%) | ||||||
| Ovintiv Inc. | 384,709 | 16,204 | ||||
| DT Midstream Inc. | 150,428 | 15,672 | ||||
| * | Antero Resources Corp. | 432,217 | 13,796 | |||
| Permian Resources Corp. | 944,287 | 13,494 | ||||
| Range Resources Corp. | 353,851 | 12,127 | ||||
| HF Sinclair Corp. | 237,136 | 12,066 | ||||
| Viper Energy Inc. Class A | 249,819 | 9,954 | ||||
| Chord Energy Corp. | 85,518 | 9,398 | ||||
| Antero Midstream Corp. | 496,706 | 8,836 | ||||
| Matador Resources Co. | 172,407 | 8,682 | ||||
| NOV Inc. | 556,420 | 7,395 | ||||
| Weatherford International plc | 107,438 | 6,844 | ||||
| * | CNX Resources Corp. | 214,293 | 6,257 | |||
| Murphy Oil Corp. | 198,387 | 4,932 | ||||
| * | Valaris Ltd. | 96,741 | 4,805 | |||
| Civitas Resources Inc. | 126,333 | 4,647 | ||||
| PBF Energy Inc. Class A | 145,732 | 3,981 | ||||
| 159,090 | ||||||
| Financials (17.4%) | ||||||
| Equitable Holdings Inc. | 449,965 | 23,965 | ||||
| Fidelity National Financial Inc. | 386,327 | 23,129 | ||||
| East West Bancorp Inc. | 204,083 | 21,457 | ||||
| Carlyle Group Inc. | 315,500 | 20,369 | ||||
| Reinsurance Group of America Inc. | 97,856 | 19,061 | ||||
| Annaly Capital Management Inc. | 895,867 | 18,983 | ||||
| Stifel Financial Corp. | 152,113 | 17,537 | ||||
| RenaissanceRe Holdings Ltd. | 72,035 | 17,504 | ||||
| Evercore Inc. Class A | 53,237 | 17,118 | ||||
| First Horizon Corp. | 751,061 | 16,974 | ||||
| Ally Financial Inc. | 409,371 | 16,805 | ||||
| Unum Group | 237,520 | 16,593 | ||||
| Houlihan Lokey Inc. Class A | 79,652 | 15,871 | ||||
2
S&P Mid-Cap 400 Index Fund
| Shares | Market Value• ($000) | |||||
| Jefferies Financial Group Inc. | 241,273 | 15,647 | ||||
| Webster Financial Corp. | 249,103 | 15,499 | ||||
| Kinsale Capital Group Inc. | 32,791 | 15,000 | ||||
| SouthState Corp. | 145,774 | 14,878 | ||||
| Western Alliance Bancorp | 161,405 | 14,454 | ||||
| American Financial Group Inc. | 106,351 | 14,449 | ||||
| Comerica Inc. | 194,580 | 13,733 | ||||
| Wintrust Financial Corp. | 99,110 | 13,607 | ||||
| Old Republic International Corp. | 336,682 | 13,457 | ||||
| Primerica Inc. | 48,654 | 13,104 | ||||
| UMB Financial Corp. | 105,673 | 12,882 | ||||
| Zions Bancorp NA | 218,505 | 12,675 | ||||
| SEI Investments Co. | 140,095 | 12,368 | ||||
| Cullen/Frost Bankers Inc. | 95,193 | 12,283 | ||||
| Columbia Banking System Inc. | 442,599 | 11,848 | ||||
| Commerce Bancshares Inc. | 179,797 | 11,137 | ||||
| Pinnacle Financial Partners Inc. | 113,829 | 11,066 | ||||
| Old National Bancorp | 482,039 | 11,034 | ||||
| Voya Financial Inc. | 142,578 | 10,706 | ||||
| Synovus Financial Corp. | 205,832 | 10,623 | ||||
| Starwood Property Trust Inc. | 513,379 | 10,406 | ||||
| Cadence Bank | 275,974 | 10,388 | ||||
| Morningstar Inc. | 39,412 | 10,343 | ||||
| First American Financial Corp. | 152,361 | 10,056 | ||||
| Hamilton Lane Inc. Class A | 64,169 | 9,904 | ||||
| MGIC Investment Corp. | 351,552 | 9,784 | ||||
| Prosperity Bancshares Inc. | 141,088 | 9,753 | ||||
| SLM Corp. | 310,748 | 9,720 | ||||
| Affiliated Managers Group Inc. | 42,098 | 9,464 | ||||
| Essent Group Ltd. | 150,140 | 9,420 | ||||
| Hanover Insurance Group Inc. | 53,180 | 9,226 | ||||
| *,1 | Shift4 Payments Inc. Class A | 99,903 | 9,034 | |||
| Ryan Specialty Holdings Inc. Class A | 159,392 | 9,010 | ||||
| FNB Corp. | 532,741 | 8,891 | ||||
| *,1 | WEX Inc. | 50,706 | 8,688 | |||
| Glacier Bancorp Inc. | 175,292 | 8,616 | ||||
| FirstCash Holdings Inc. | 57,154 | 8,417 | ||||
| RLI Corp. | 123,657 | 8,375 | ||||
| Janus Henderson Group plc | 186,643 | 8,272 | ||||
| Bank OZK | 156,438 | 8,208 | ||||
| Home BancShares Inc. | 271,944 | 8,093 | ||||
| United Bankshares Inc. | 209,859 | 8,046 | ||||
| Hancock Whitney Corp. | 126,815 | 7,979 | ||||
| Valley National Bancorp | 705,198 | 7,376 | ||||
| First Financial Bankshares Inc. | 190,656 | 7,087 | ||||
| Selective Insurance Group Inc. | 89,985 | 7,040 | ||||
| Associated Banc-Corp | 241,879 | 6,524 | ||||
| Federated Hermes Inc. Class B | 111,727 | 5,933 | ||||
| * | Texas Capital Bancshares Inc. | 67,976 | 5,885 | |||
| CNO Financial Group Inc. | 146,794 | 5,794 | ||||
| Flagstar Financial Inc. | 448,660 | 5,752 | ||||
| International Bancshares Corp. | 79,140 | 5,662 | ||||
| * | Euronet Worldwide Inc. | 60,185 | 5,609 | |||
| Kemper Corp. | 89,006 | 4,775 | ||||
| Western Union Co. | 490,616 | 4,254 | ||||
| * | Brighthouse Financial Inc. | 85,171 | 4,025 | |||
| 791,625 | ||||||
| Health Care (8.5%) | ||||||
| * | Tenet Healthcare Corp. | 137,539 | 25,353 | |||
| * | Illumina Inc. | 234,392 | 23,430 | |||
| * | Neurocrine Biosciences Inc. | 146,543 | 20,457 | |||
| * | United Therapeutics Corp. | 66,792 | 20,355 | |||
| Encompass Health Corp. | 149,263 | 18,174 | ||||
| * | Medpace Holdings Inc. | 34,897 | 16,594 | |||
| * | BioMarin Pharmaceutical Inc. | 283,972 | 16,547 | |||
| * | Penumbra Inc. | 57,343 | 15,634 | |||
| * | Exelixis Inc. | 403,810 | 15,111 | |||
| Ensign Group Inc. | 84,511 | 14,517 | ||||
| * | Avantor Inc. | 1,008,968 | 13,591 | |||
3
S&P Mid-Cap 400 Index Fund
| Shares | Market Value• ($000) | |||||
| * | Elanco Animal Health Inc. | 734,690 | 13,482 | |||
| * | Doximity Inc. Class A | 197,683 | 13,431 | |||
| * | Halozyme Therapeutics Inc. | 182,456 | 13,347 | |||
| * | Hims & Hers Health Inc. | 290,317 | 12,295 | |||
| * | Jazz Pharmaceuticals plc | 91,262 | 11,659 | |||
| * | HealthEquity Inc. | 128,284 | 11,460 | |||
| * | Globus Medical Inc. Class A | 167,250 | 10,247 | |||
| Chemed Corp. | 21,664 | 9,921 | ||||
| * | Repligen Corp. | 77,367 | 9,463 | |||
| * | Masimo Corp. | 66,636 | 9,310 | |||
| * | Bio-Rad Laboratories Inc. Class A | 27,538 | 8,203 | |||
| * | Roivant Sciences Ltd. | 623,433 | 7,438 | |||
| * | Option Care Health Inc. | 242,484 | 6,954 | |||
| * | Cytokinetics Inc. | 176,838 | 6,248 | |||
| * | Lantheus Holdings Inc. | 102,445 | 5,624 | |||
| Bruker Corp. | 163,778 | 5,565 | ||||
| * | Envista Holdings Corp. | 250,916 | 5,314 | |||
| Perrigo Co. plc | 203,404 | 4,829 | ||||
| * | LivaNova plc | 80,649 | 4,546 | |||
| DENTSPLY SIRONA Inc. | 294,470 | 4,211 | ||||
| * | Haemonetics Corp. | 74,577 | 4,067 | |||
| * | Sotera Health Co. | 227,369 | 3,722 | |||
| * | Acadia Healthcare Co. Inc. | 136,103 | 3,125 | |||
| * | Sarepta Therapeutics Inc. | 71 | 1 | |||
| 384,225 | ||||||
| Industrials (23.4%) | ||||||
| EMCOR Group Inc. | 66,275 | 41,091 | ||||
| Comfort Systems USA Inc. | 52,115 | 36,657 | ||||
| RB Global Inc. | 274,228 | 31,410 | ||||
| Curtiss-Wright Corp. | 55,808 | 26,685 | ||||
| Carlisle Cos. Inc. | 63,899 | 24,658 | ||||
| AECOM | 195,903 | 24,466 | ||||
| * | XPO Inc. | 174,438 | 22,625 | |||
| nVent Electric plc | 243,784 | 22,036 | ||||
| BWX Technologies Inc. | 135,282 | 21,921 | ||||
| Woodward Inc. | 88,107 | 21,747 | ||||
| Graco Inc. | 247,489 | 21,133 | ||||
| Watsco Inc. | 51,655 | 20,785 | ||||
| Lincoln Electric Holdings Inc. | 82,663 | 20,057 | ||||
| ITT Inc. | 116,537 | 19,840 | ||||
| * | API Group Corp. | 541,108 | 19,307 | |||
| Owens Corning | 125,938 | 18,912 | ||||
| * | Core & Main Inc. Class A | 280,465 | 18,152 | |||
| * | RBC Bearings Inc. | 46,415 | 18,100 | |||
| * | Clean Harbors Inc. | 74,581 | 18,064 | |||
| * | MasTec Inc. | 90,783 | 16,494 | |||
| * | ATI Inc. | 208,884 | 16,197 | |||
| Mueller Industries Inc. | 163,843 | 15,719 | ||||
| * | CACI International Inc. Class A | 32,562 | 15,621 | |||
| Advanced Drainage Systems Inc. | 104,543 | 15,051 | ||||
| Applied Industrial Technologies Inc. | 56,395 | 14,865 | ||||
| CNH Industrial NV | 1,295,007 | 14,828 | ||||
| Acuity Inc. | 45,318 | 14,795 | ||||
| Regal Rexnord Corp. | 98,227 | 14,668 | ||||
| WESCO International Inc. | 65,763 | 14,457 | ||||
| * | NEXTracker Inc. Class A | 212,796 | 14,313 | |||
| Tetra Tech Inc. | 390,187 | 14,211 | ||||
| Donaldson Co. Inc. | 176,978 | 14,100 | ||||
| Crane Co. | 72,370 | 13,410 | ||||
| Oshkosh Corp. | 95,318 | 13,284 | ||||
| * | Chart Industries Inc. | 66,536 | 13,265 | |||
| * | American Airlines Group Inc. | 976,516 | 13,056 | |||
| Toro Co. | 147,805 | 11,981 | ||||
| Simpson Manufacturing Co. Inc. | 61,937 | 11,837 | ||||
| * | Saia Inc. | 39,436 | 11,691 | |||
| Ryder System Inc. | 61,211 | 11,478 | ||||
| * | Paylocity Holding Corp. | 63,791 | 11,433 | |||
| * | AeroVironment Inc. | 47,133 | 11,376 | |||
| * | Alaska Air Group Inc. | 179,754 | 11,285 | |||
4
S&P Mid-Cap 400 Index Fund
| Shares | Market Value• ($000) | |||||
| Watts Water Technologies Inc. Class A | 40,606 | 11,244 | ||||
| Valmont Industries Inc. | 29,719 | 10,910 | ||||
| * | Middleby Corp. | 79,191 | 10,837 | |||
| Genpact Ltd. | 238,229 | 10,801 | ||||
| * | ExlService Holdings Inc. | 240,912 | 10,547 | |||
| Knight-Swift Transportation Holdings Inc. Class A | 239,934 | 10,533 | ||||
| Fortune Brands Innovations Inc. | 178,068 | 10,421 | ||||
| Flowserve Corp. | 193,569 | 10,387 | ||||
| * | Fluor Corp. | 243,818 | 10,001 | |||
| MSA Safety Inc. | 58,207 | 9,930 | ||||
| AGCO Corp. | 91,662 | 9,917 | ||||
| * | Trex Co. Inc. | 158,773 | 9,785 | |||
| Esab Corp. | 84,381 | 9,735 | ||||
| KBR Inc. | 192,107 | 9,694 | ||||
| UFP Industries Inc. | 89,431 | 9,030 | ||||
| * | GXO Logistics Inc. | 169,419 | 8,920 | |||
| GATX Corp. | 52,865 | 8,898 | ||||
| * | FTI Consulting Inc. | 49,866 | 8,409 | |||
| AAON Inc. | 100,000 | 8,295 | ||||
| Science Applications International Corp. | 69,841 | 8,220 | ||||
| * | Kirby Corp. | 83,066 | 8,074 | |||
| Hexcel Corp. | 119,069 | 7,519 | ||||
| Maximus Inc. | 83,439 | 7,336 | ||||
| Timken Co. | 94,271 | 7,281 | ||||
| Sensata Technologies Holding plc | 216,619 | 7,049 | ||||
| Brink's Co. | 62,191 | 6,968 | ||||
| Landstar System Inc. | 51,738 | 6,846 | ||||
| EnerSys | 58,381 | 5,993 | ||||
| MSC Industrial Direct Co. Inc. Class A | 66,010 | 5,956 | ||||
| * | Parsons Corp. | 69,617 | 5,576 | |||
| Exponent Inc. | 75,125 | 5,362 | ||||
| Terex Corp. | 97,091 | 4,849 | ||||
| * | Avis Budget Group Inc. | 25,054 | 3,964 | |||
| Concentrix Corp. | 68,107 | 3,593 | ||||
| ManpowerGroup Inc. | 68,800 | 2,917 | ||||
| Insperity Inc. | 52,721 | 2,911 | ||||
| 1,065,769 | ||||||
| Information Technology (12.1%) | ||||||
| * | Pure Storage Inc. Class A | 460,190 | 35,715 | |||
| * | Flex Ltd. | 567,285 | 30,418 | |||
| * | Guidewire Software Inc. | 124,205 | 26,955 | |||
| * | Twilio Inc. Class A | 226,068 | 23,875 | |||
| * | Docusign Inc. | 299,848 | 22,986 | |||
| * | Okta Inc. | 247,519 | 22,962 | |||
| * | Dynatrace Inc. | 443,936 | 22,463 | |||
| * | Coherent Corp. | 230,168 | 20,823 | |||
| * | Ciena Corp. | 210,482 | 19,779 | |||
| * | Manhattan Associates Inc. | 89,903 | 19,369 | |||
| Entegris Inc. | 224,176 | 18,772 | ||||
| * | Fabrinet | 53,057 | 17,577 | |||
| TD SYNNEX Corp. | 93,102 | 13,786 | ||||
| * | Lumentum Holdings Inc. | 102,762 | 13,648 | |||
| * | Lattice Semiconductor Corp. | 203,609 | 13,516 | |||
| * | Commvault Systems Inc. | 65,337 | 12,195 | |||
| * | Rambus Inc. | 159,048 | 11,733 | |||
| * | MACOM Technology Solutions Holdings Inc. | 88,121 | 11,293 | |||
| * | Kyndryl Holdings Inc. | 344,557 | 10,953 | |||
| Cognex Corp. | 248,574 | 10,922 | ||||
| MKS Inc. | 99,310 | 10,263 | ||||
| * | Arrow Electronics Inc. | 76,819 | 9,705 | |||
| Littelfuse Inc. | 36,599 | 9,510 | ||||
| * | Appfolio Inc. Class A | 34,127 | 9,466 | |||
| Vontier Corp. | 219,025 | 9,398 | ||||
| Universal Display Corp. | 65,445 | 9,070 | ||||
| * | Cirrus Logic Inc. | 78,690 | 8,986 | |||
| * | Dropbox Inc. Class A | 290,509 | 8,442 | |||
| * | Onto Innovation Inc. | 72,366 | 7,671 | |||
| Belden Inc. | 58,493 | 7,616 | ||||
| * | Qualys Inc. | 53,787 | 7,305 | |||
5
S&P Mid-Cap 400 Index Fund
| Shares | Market Value• ($000) | |||||
| Pegasystems Inc. | 131,791 | 7,144 | ||||
| Avnet Inc. | 124,189 | 6,777 | ||||
| Dolby Laboratories Inc. Class A | 90,924 | 6,517 | ||||
| * | BILL Holdings Inc. | 140,347 | 6,515 | |||
| * | Silicon Laboratories Inc. | 48,230 | 6,480 | |||
| * | Novanta Inc. | 53,269 | 6,201 | |||
| * | Allegro MicroSystems Inc. | 193,569 | 5,972 | |||
| Crane NXT Co. | 72,915 | 4,355 | ||||
| Amkor Technology Inc. | 167,913 | 4,062 | ||||
| * | Synaptics Inc. | 57,174 | 3,994 | |||
| Power Integrations Inc. | 83,546 | 3,768 | ||||
| * | Blackbaud Inc. | 55,859 | 3,726 | |||
| * | ASGN Inc. | 64,823 | 3,517 | |||
| * | IPG Photonics Corp. | 38,938 | 3,186 | |||
| 549,386 | ||||||
| Materials (5.3%) | ||||||
| RPM International Inc. | 190,153 | 23,828 | ||||
| Reliance Inc. | 77,868 | 23,023 | ||||
| Carpenter Technology Corp. | 73,709 | 17,755 | ||||
| Royal Gold Inc. | 97,453 | 17,501 | ||||
| Crown Holdings Inc. | 170,359 | 16,930 | ||||
| AptarGroup Inc. | 97,783 | 13,618 | ||||
| Alcoa Corp. | 383,328 | 12,339 | ||||
| Eagle Materials Inc. | 49,290 | 11,381 | ||||
| * | Axalta Coating Systems Ltd. | 323,594 | 10,116 | |||
| Graphic Packaging Holding Co. | 446,754 | 9,949 | ||||
| Commercial Metals Co. | 167,325 | 9,650 | ||||
| NewMarket Corp. | 11,175 | 9,241 | ||||
| Louisiana-Pacific Corp. | 91,706 | 8,722 | ||||
| * | Cleveland-Cliffs Inc. | 717,805 | 7,716 | |||
| Sonoco Products Co. | 146,009 | 6,899 | ||||
| * | Knife River Corp. | 83,888 | 6,795 | |||
| Cabot Corp. | 79,540 | 6,487 | ||||
| Silgan Holdings Inc. | 120,378 | 5,648 | ||||
| Avient Corp. | 135,477 | 5,067 | ||||
| Westlake Corp. | 49,301 | 4,330 | ||||
| Olin Corp. | 170,684 | 4,038 | ||||
| Scotts Miracle-Gro Co. | 64,225 | 3,932 | ||||
| Ashland Inc. | 67,660 | 3,799 | ||||
| Greif Inc. Class A | 38,815 | 2,535 | ||||
| 241,299 | ||||||
| Real Estate (6.8%) | ||||||
| WP Carey Inc. | 324,262 | 21,758 | ||||
| * | Jones Lang LaSalle Inc. | 70,300 | 21,482 | |||
| Gaming & Leisure Properties Inc. | 406,968 | 19,539 | ||||
| Omega Healthcare Investors Inc. | 428,526 | 18,242 | ||||
| Equity LifeStyle Properties Inc. | 283,113 | 17,069 | ||||
| American Homes 4 Rent Class A | 470,609 | 16,857 | ||||
| Lamar Advertising Co. Class A | 130,262 | 16,576 | ||||
| Rexford Industrial Realty Inc. | 349,653 | 14,479 | ||||
| CubeSmart | 337,551 | 13,813 | ||||
| EastGroup Properties Inc. | 77,660 | 13,168 | ||||
| Brixmor Property Group Inc. | 453,223 | 12,686 | ||||
| NNN REIT Inc. | 278,323 | 11,943 | ||||
| Agree Realty Corp. | 162,608 | 11,828 | ||||
| First Industrial Realty Trust Inc. | 196,067 | 10,313 | ||||
| STAG Industrial Inc. | 276,363 | 10,184 | ||||
| Vornado Realty Trust | 247,288 | 9,404 | ||||
| Healthcare Realty Trust Inc. Class A | 520,391 | 9,044 | ||||
| Kite Realty Group Trust | 325,543 | 7,429 | ||||
| Cousins Properties Inc. | 248,677 | 7,333 | ||||
| Sabra Health Care REIT Inc. | 352,333 | 6,733 | ||||
| Kilroy Realty Corp. | 157,640 | 6,556 | ||||
| Independence Realty Trust Inc. | 345,668 | 6,260 | ||||
| EPR Properties | 112,644 | 6,111 | ||||
| Rayonier Inc. | 207,561 | 5,455 | ||||
| COPT Defense Properties | 166,603 | 4,795 | ||||
| PotlatchDeltic Corp. | 105,710 | 4,443 | ||||
| Park Hotels & Resorts Inc. | 295,840 | 3,479 | ||||
6
S&P Mid-Cap 400 Index Fund
| Shares | Market Value• ($000) | |||||
| National Storage Affiliates Trust | 104,087 | 3,355 | ||||
| 310,334 | ||||||
| Utilities (3.4%) | ||||||
| * | Talen Energy Corp. | 67,388 | 25,535 | |||
| Essential Utilities Inc. | 381,911 | 15,089 | ||||
| OGE Energy Corp. | 298,120 | 13,314 | ||||
| National Fuel Gas Co. | 133,793 | 11,605 | ||||
| UGI Corp. | 317,533 | 10,999 | ||||
| IDACORP Inc. | 79,990 | 10,007 | ||||
| Ormat Technologies Inc. | 85,335 | 7,841 | ||||
| TXNM Energy Inc. | 137,202 | 7,771 | ||||
| Southwest Gas Holdings Inc. | 89,454 | 7,146 | ||||
| New Jersey Resources Corp. | 148,629 | 7,029 | ||||
| Portland General Electric Co. | 162,144 | 6,937 | ||||
| ONE Gas Inc. | 88,746 | 6,789 | ||||
| Spire Inc. | 87,393 | 6,694 | ||||
| Black Hills Corp. | 107,360 | 6,421 | ||||
| ALLETE Inc. | 85,719 | 5,499 | ||||
| Northwestern Energy Group Inc. | 90,857 | 5,225 | ||||
| 153,901 | ||||||
| Total Common Stocks (Cost $3,494,196) | 4,540,639 | |||||
| Temporary Cash Investments (0.1%) | ||||||
| Money Market Fund (0.1%) | ||||||
| 2,3 | Vanguard Market Liquidity Fund, 4.362% (Cost $5,813) | 58,139 | 5,813 | |||
| Total Investments (100.0%) (Cost $3,500,009) | 4,546,452 | |||||
| Other Assets and Liabilities—Net (0.0%) | (332) | |||||
| Net Assets (100%) | 4,546,120 | |||||
| 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 $5,573. |
| 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 $5,802 was received for securities on loan. |
| REIT—Real Estate Investment Trust. |
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 Mid-Cap 400 Index | September 2025 | 9 | 2,933 | — |
| 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) |
| TD SYNNEX Corp. | 8/31/2026 | BANA | 2,591 | (4.337) | — | — |
| 1 | Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. |
| BANA—Bank of America, N.A. |
See accompanying Notes, which
are an integral part of the Financial Statements.
7
S&P Mid-Cap 400 Index Fund
Statement of Assets and Liabilities
As of August 31, 2025
| ($000s, except shares and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value1 | |
| Unaffiliated Issuers (Cost $3,494,196) | 4,540,639 |
| Affiliated Issuers (Cost $5,813) | 5,813 |
| Total Investments in Securities | 4,546,452 |
| Investment in Vanguard | 112 |
| Receivables for Investment Securities Sold | 20,568 |
| Receivables for Accrued Income | 2,954 |
| Receivables for Capital Shares Issued | 269 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | — |
| Total Assets | 4,570,355 |
| Liabilities | |
| Due to Custodian | 686 |
| Payables for Investment Securities Purchased | 17,085 |
| Collateral for Securities on Loan | 5,802 |
| Payables for Capital Shares Redeemed | 553 |
| Payables to Vanguard | 109 |
| Variation Margin Payable—Futures Contracts | — |
| Total Liabilities | 24,235 |
| Net Assets | 4,546,120 |
| 1 Includes $5,573 of securities on loan. | |
At August 31, 2025, net assets consisted of: | |
| Paid-in Capital | 4,039,831 |
| Total Distributable Earnings (Loss) | 506,289 |
| Net Assets | 4,546,120 |
| ETF Shares—Net Assets | |
| Applicable to 25,617,315 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,825,392 |
| Net Asset Value Per Share—ETF Shares | $110.29 |
| Institutional Shares—Net Assets | |
| Applicable to 3,910,760 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,720,728 |
| Net Asset Value Per Share—Institutional Shares | $440.00 |
See accompanying Notes, which are an integral
part of the Financial Statements.
8
S&P Mid-Cap 400 Index Fund
Statement of Operations
| Year Ended August 31, 2025 | |
| ($000) | |
| Investment Income | |
| Income | |
| Dividends1 | 60,196 |
| Interest2 | 293 |
| Securities Lending—Net | 74 |
| Total Income | 60,563 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 80 |
| Management and Administrative—ETF Shares | 1,670 |
| Management and Administrative—Institutional Shares | 670 |
| Marketing and Distribution—ETF Shares | 116 |
| Marketing and Distribution—Institutional Shares | 48 |
| Custodian Fees | 63 |
| Auditing Fees | 27 |
| Shareholders’ Reports and Proxy Fees—ETF Shares | 132 |
| Shareholders’ Reports and Proxy Fees—Institutional Shares | 23 |
| Trustees’ Fees and Expenses | 2 |
| Other Expenses | 17 |
| Total Expenses | 2,848 |
| Net Investment Income | 57,715 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold2,3 | 123,580 |
| Futures Contracts | 1,085 |
| Swap Contracts | 370 |
| Realized Net Gain (Loss) | 125,035 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities2 | 118,110 |
| Futures Contracts | (288) |
| Swap Contracts | — |
| Change in Unrealized Appreciation (Depreciation) | 117,822 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 300,572 |
| 1 | Dividends are net of foreign withholding taxes of $69. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $262, $1, and ($1), respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $188,763 of net gain (loss) resulting from in-kind redemptions. |
See accompanying Notes,
which are an integral part of the Financial Statements.
9
S&P Mid-Cap 400 Index Fund
Statement of Changes in Net Assets
| Year Ended August 31, | ||
| 2025 ($000) | 2024 ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 57,715 | 47,810 |
| Realized Net Gain (Loss) | 125,035 | 75,337 |
| Change in Unrealized Appreciation (Depreciation) | 117,822 | 447,884 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 300,572 | 571,031 |
| Distributions | ||
| ETF Shares | (34,194) | (25,118) |
| Institutional Shares | (22,537) | (20,024) |
| Total Distributions | (56,731) | (45,142) |
| Capital Share Transactions | ||
| ETF Shares | 455,229 | 262,912 |
| Institutional Shares | 153,471 | (233,458) |
| Net Increase (Decrease) from Capital Share Transactions | 608,700 | 29,454 |
| Total Increase (Decrease) | 852,541 | 555,343 |
| Net Assets | ||
| Beginning of Period | 3,693,579 | 3,138,236 |
| End of Period | 4,546,120 | 3,693,579 |
See accompanying Notes, which are an integral
part of the Financial Statements.
10
S&P Mid-Cap 400 Index Fund
Financial Highlights
| ETF Shares | |||||
| For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
| 2025 | 2024 | 20231 | 20221 | 20211 | |
| Net Asset Value, Beginning of Period | $104.74 | $89.50 | $82.25 | $93.08 | $65.16 |
| Investment Operations | |||||
| Net Investment Income2 | 1.470 | 1.377 | 1.267 | 1.247 | .998 |
| Net Realized and Unrealized Gain (Loss) on Investments | 5.547 | 15.159 | 7.301 | (10.928) | 27.898 |
| Total from Investment Operations | 7.017 | 16.536 | 8.568 | (9.681) | 28.896 |
| Distributions | |||||
| Dividends from Net Investment Income | (1.467) | (1.296) | (1.318) | (1.149) | (.976) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (1.467) | (1.296) | (1.318) | (1.149) | (.976) |
| Net Asset Value, End of Period | $110.29 | $104.74 | $89.50 | $82.25 | $93.08 |
| Total Return | 6.79% | 18.65% | 10.60% | -10.47% | 44.65% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $2,825 | $2,214 | $1,647 | $1,411 | $1,476 |
| Ratio of Total Expenses to Average Net Assets | 0.08% | 0.10% | 0.10%3 | 0.10%3 | 0.10% |
| Ratio of Net Investment Income to Average Net Assets | 1.40% | 1.45% | 1.50% | 1.41% | 1.21% |
| Portfolio Turnover Rate4 | 15% | 19% | 14% | 11% | 16% |
| 1 | Adjusted to reflect a 2-for-1 share split effective March 13, 2023. |
| 2 | Calculated based on average shares outstanding. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%. |
| 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.
11
S&P Mid-Cap 400 Index Fund
Financial Highlights
| Institutional Shares | |||||
| For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Net Asset Value, Beginning of Period | $417.85 | $357.01 | $328.11 | $371.30 | $259.90 |
| Investment Operations | |||||
| Net Investment Income1 | 6.005 | 5.573 | 5.108 | 5.037 | 4.038 |
| Net Realized and Unrealized Gain (Loss) on Investments | 22.108 | 60.504 | 29.113 | (43.574) | 111.307 |
| Total from Investment Operations | 28.113 | 66.077 | 34.221 | (38.537) | 115.345 |
| Distributions | |||||
| Dividends from Net Investment Income | (5.963) | (5.237) | (5.321) | (4.653) | (3.945) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (5.963) | (5.237) | (5.321) | (4.653) | (3.945) |
| Net Asset Value, End of Period | $440.00 | $417.85 | $357.01 | $328.11 | $371.30 |
| Total Return | 6.82% | 18.68% | 10.64% | -10.43% | 44.69% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $1,721 | $1,480 | $1,491 | $1,325 | $1,396 |
| Ratio of Total Expenses to Average Net Assets | 0.05% | 0.08% | 0.08%2 | 0.08%2 | 0.08% |
| Ratio of Net Investment Income to Average Net Assets | 1.44% | 1.48% | 1.51% | 1.43% | 1.24% |
| Portfolio Turnover Rate3 | 15% | 19% | 14% | 11% | 16% |
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.08%. |
| 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.
12
S&P Mid-Cap 400 Index Fund
Notes to Financial Statements
Vanguard S&P Mid-Cap 400
Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.
The fund offers two classes of shares: ETF
Shares and 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.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its
financial statements.
1. Security Valuation:
Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official
closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which
market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued by methods
deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.
Investments in Vanguard Market Liquidity Fund
are valued at that fund's net asset value.
2. 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 year ended August
31, 2025, 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 or indexes 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 year ended August
31, 2025, 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 virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until
expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state
income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
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.
13
S&P Mid-Cap 400 Index Fund
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 and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged
administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and included
in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate,
the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based
upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an
exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each
other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment
objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to
be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended August 31,
2025, 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. 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),
shareholder reporting, and proxy fees. 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 August 31, 2025, the fund had contributed to Vanguard capital in the amount of $112,000, representing less than 0.01% of the fund’s
net assets and 0.04% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
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.
14
S&P Mid-Cap 400 Index Fund
The following table summarizes
the market value of the fund's investments and derivatives as of August 31, 2025, based on the inputs used to value them:
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks | 4,540,639 | — | — | 4,540,639 |
| Temporary Cash Investments | 5,813 | — | — | 5,813 |
| Total | 4,546,452 | — | — | 4,546,452 |
| Derivative Financial Instruments | ||||
| Assets | ||||
| Swap Contracts | — | — | — | — |
| Liabilities | ||||
| Futures Contracts1 | — | — | — | — |
| 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. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These
reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind
redemptions, swap agreements, and distributions in connection with fund share redemptions.
Permanent differences were
reclassified between the following accounts:
| Amount ($000) | |
| Paid-in Capital | 188,659 |
| Total Distributable Earnings (Loss) | (188,659) |
Temporary differences between
book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these
differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized
gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss)
are detailed in the table as follows:
| Amount ($000) | |
| Undistributed Ordinary Income | 8,773 |
| Undistributed Long-Term Gains | — |
| Net Unrealized Gains (Losses) | 1,037,053 |
| Capital Loss Carryforwards | (539,537) |
| Qualified Late-Year Losses | — |
| Other Temporary Differences | — |
| Total | 506,289 |
The tax character of
distributions paid was as follows:
| Year Ended August 31, | ||
| 2025 Amount ($000) | 2024 Amount ($000) | |
| Ordinary Income* | 56,731 | 45,142 |
| Long-Term Capital Gains | — | — |
| Total | 56,731 | 45,142 |
| * | Includes short-term capital gains, if any. |
15
S&P Mid-Cap 400 Index Fund
As of August 31, 2025, gross
unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
| Amount ($000) | |
| Tax Cost | 3,509,399 |
| Gross Unrealized Appreciation | 1,264,553 |
| Gross Unrealized Depreciation | (227,500) |
| Net Unrealized Appreciation (Depreciation) | 1,037,053 |
E. During the year ended August 31, 2025, the fund purchased $807,038,000 of investment securities and sold $610,505,000 of investment securities, other than temporary cash investments. In
addition, the fund purchased and sold investment securities of $849,649,000 and $420,017,000, 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 year ended August 31, 2025, such purchases were $132,937,000 and sales were $83,892,000, resulting in net realized loss of $41,892,000; these amounts, other than temporary cash
investments, are included in the purchases and sales of investment securities noted above.
F. Capital share transactions for each class of shares were:
| Year Ended August 31, | |||||
| 2025 | 2024 | ||||
| Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
| ETF Shares | |||||
| Issued | 881,718 | 8,600 | 614,699 | 6,460 | |
| Issued in Lieu of Cash Distributions | — | — | — | — | |
| Redeemed | (426,489) | (4,120) | (351,787) | (3,725) | |
| Net Increase (Decrease)—ETF Shares | 455,229 | 4,480 | 262,912 | 2,735 | |
| Institutional Shares | |||||
| Issued | 361,397 | 864 | 200,638 | 514 | |
| Issued in Lieu of Cash Distributions | 18,924 | 45 | 18,304 | 49 | |
| Redeemed | (226,850) | (539) | (452,400) | (1,199) | |
| Net Increase (Decrease)—Institutional Shares | 153,471 | 370 | (233,458) | (636) | |
G. Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other
events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.
To the extent the fund’s
investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to
increased price volatility and other risks.
The use of derivatives may
expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A
relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding
the fund’s use of derivative(s) and the specific risks associated is described under significant accounting policies.
H. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a
chief operating decision maker (“CODM”). The fund is considered a single segment. Vanguard’s chief executive officer, chief investment officer, and chief financial officer, who are also officers of
the fund, as well as the fund’s chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund’s daily
operations. Through these committees, the CODM manages the fund’s operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund’s investment
strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund’s portfolio composition, total returns, expense ratios and changes in net assets which are
consistent with the information contained in the fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.
I. Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these
financial statements.
16
S&P Mid-Cap 400 Value Index Fund
Financial Statements
Schedule of Investments
As of August 31, 2025
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.
17
S&P Mid-Cap 400 Value Index Fund
| Shares | Market Value• ($000) | |||||
| Ingredion Inc. | 29,199 | 3,782 | ||||
| * | Maplebear Inc. | 70,654 | 3,064 | |||
| * | Celsius Holdings Inc. | 45,084 | 2,835 | |||
| Flowers Foods Inc. | 156,406 | 2,352 | ||||
| * | BellRing Brands Inc. | 54,625 | 2,242 | |||
| * | Post Holdings Inc. | 15,818 | 1,790 | |||
| * | Boston Beer Co. Inc. Class A | 6,557 | 1,450 | |||
| Marzetti Co. | 7,840 | 1,432 | ||||
| * | Coty Inc. Class A | 291,820 | 1,249 | |||
| 67,607 | ||||||
| Energy (4.1%) | ||||||
| Ovintiv Inc. | 206,952 | 8,717 | ||||
| * | Antero Resources Corp. | 232,505 | 7,422 | |||
| HF Sinclair Corp. | 127,564 | 6,490 | ||||
| Chord Energy Corp. | 46,004 | 5,055 | ||||
| NOV Inc. | 299,289 | 3,978 | ||||
| Range Resources Corp. | 102,790 | 3,523 | ||||
| Murphy Oil Corp. | 106,858 | 2,656 | ||||
| Civitas Resources Inc. | 67,844 | 2,495 | ||||
| Antero Midstream Corp. | 133,600 | 2,377 | ||||
| PBF Energy Inc. Class A | 78,299 | 2,139 | ||||
| Weatherford International plc | 30,053 | 1,915 | ||||
| Matador Resources Co. | 33,389 | 1,681 | ||||
| 48,448 | ||||||
| Financials (20.9%) | ||||||
| Fidelity National Financial Inc. | 207,822 | 12,442 | ||||
| Reinsurance Group of America Inc. | 52,640 | 10,254 | ||||
| Annaly Capital Management Inc. | 481,975 | 10,213 | ||||
| First Horizon Corp. | 404,029 | 9,131 | ||||
| Ally Financial Inc. | 220,208 | 9,040 | ||||
| Unum Group | 127,775 | 8,926 | ||||
| Webster Financial Corp. | 134,000 | 8,337 | ||||
| SouthState Corp. | 78,417 | 8,003 | ||||
| Comerica Inc. | 104,675 | 7,388 | ||||
| Old Republic International Corp. | 181,125 | 7,240 | ||||
| Carlyle Group Inc. | 106,922 | 6,903 | ||||
| Columbia Banking System Inc. | 238,172 | 6,376 | ||||
| Old National Bancorp | 259,302 | 5,935 | ||||
| Starwood Property Trust Inc. | 276,165 | 5,598 | ||||
| Cadence Bank | 148,457 | 5,588 | ||||
| First American Financial Corp. | 81,963 | 5,410 | ||||
| Prosperity Bancshares Inc. | 75,896 | 5,247 | ||||
| Essent Group Ltd. | 80,770 | 5,067 | ||||
| Hanover Insurance Group Inc. | 28,608 | 4,963 | ||||
| FNB Corp. | 286,598 | 4,783 | ||||
| Bank OZK | 84,155 | 4,416 | ||||
| American Financial Group Inc. | 32,038 | 4,353 | ||||
| United Bankshares Inc. | 112,886 | 4,328 | ||||
| Hancock Whitney Corp. | 68,218 | 4,292 | ||||
| Zions Bancorp NA | 70,527 | 4,091 | ||||
| Valley National Bancorp | 379,382 | 3,968 | ||||
| Jefferies Financial Group Inc. | 61,001 | 3,956 | ||||
| Selective Insurance Group Inc. | 48,409 | 3,787 | ||||
| Wintrust Financial Corp. | 25,590 | 3,513 | ||||
| Associated Banc-Corp | 130,105 | 3,509 | ||||
| * | Texas Capital Bancshares Inc. | 36,563 | 3,165 | |||
| CNO Financial Group Inc. | 78,969 | 3,117 | ||||
| Flagstar Financial Inc. | 241,357 | 3,094 | ||||
| Affiliated Managers Group Inc. | 13,360 | 3,004 | ||||
| Synovus Financial Corp. | 56,472 | 2,914 | ||||
| UMB Financial Corp. | 23,874 | 2,910 | ||||
| Voya Financial Inc. | 36,817 | 2,765 | ||||
| MGIC Investment Corp. | 98,346 | 2,737 | ||||
| Stifel Financial Corp. | 23,729 | 2,736 | ||||
| Home BancShares Inc. | 90,692 | 2,699 | ||||
| Janus Henderson Group plc | 60,240 | 2,670 | ||||
| SEI Investments Co. | 29,391 | 2,595 | ||||
| Commerce Bancshares Inc. | 41,587 | 2,576 | ||||
| Kemper Corp. | 47,916 | 2,571 | ||||
18
S&P Mid-Cap 400 Value Index Fund
| Shares | Market Value• ($000) | |||||
| Glacier Bancorp Inc. | 51,862 | 2,549 | ||||
| Western Union Co. | 263,275 | 2,283 | ||||
| * | Brighthouse Financial Inc. | 45,728 | 2,161 | |||
| Pinnacle Financial Partners Inc. | 22,044 | 2,143 | ||||
| Cullen/Frost Bankers Inc. | 15,362 | 1,982 | ||||
| First Financial Bankshares Inc. | 45,122 | 1,677 | ||||
| FirstCash Holdings Inc. | 11,068 | 1,630 | ||||
| *,1 | WEX Inc. | 8,183 | 1,402 | |||
| Federated Hermes Inc. Class B | 23,441 | 1,245 | ||||
| * | Euronet Worldwide Inc. | 13,276 | 1,237 | |||
| International Bancshares Corp. | 12,345 | 883 | ||||
| 245,802 | ||||||
| Health Care (6.6%) | ||||||
| * | BioMarin Pharmaceutical Inc. | 152,756 | 8,901 | |||
| * | Avantor Inc. | 542,783 | 7,311 | |||
| * | Elanco Animal Health Inc. | 395,597 | 7,259 | |||
| * | Jazz Pharmaceuticals plc | 49,093 | 6,272 | |||
| * | Illumina Inc. | 60,524 | 6,050 | |||
| * | Tenet Healthcare Corp. | 28,855 | 5,319 | |||
| * | Bio-Rad Laboratories Inc. Class A | 14,815 | 4,413 | |||
| * | Option Care Health Inc. | 130,430 | 3,741 | |||
| * | Repligen Corp. | 24,139 | 2,953 | |||
| * | Penumbra Inc. | 10,796 | 2,943 | |||
| Chemed Corp. | 6,292 | 2,881 | ||||
| * | Envista Holdings Corp. | 135,002 | 2,859 | |||
| Encompass Health Corp. | 23,284 | 2,835 | ||||
| Perrigo Co. plc | 109,505 | 2,600 | ||||
| DENTSPLY SIRONA Inc. | 158,744 | 2,270 | ||||
| * | Acadia Healthcare Co. Inc. | 73,378 | 1,685 | |||
| * | Cytokinetics Inc. | 47,564 | 1,680 | |||
| Bruker Corp. | 47,580 | 1,617 | ||||
| * | LivaNova plc | 25,625 | 1,445 | |||
| * | Sotera Health Co. | 65,931 | 1,079 | |||
| * | Haemonetics Corp. | 16,807 | 917 | |||
| 77,030 | ||||||
| Industrials (17.2%) | ||||||
| CNH Industrial NV | 696,652 | 7,977 | ||||
| Regal Rexnord Corp. | 52,839 | 7,890 | ||||
| WESCO International Inc. | 35,375 | 7,777 | ||||
| * | NEXTracker Inc. Class A | 114,470 | 7,699 | |||
| Oshkosh Corp. | 51,275 | 7,146 | ||||
| * | XPO Inc. | 47,857 | 6,207 | |||
| AECOM | 49,530 | 6,186 | ||||
| * | Middleby Corp. | 42,600 | 5,830 | |||
| Graco Inc. | 67,895 | 5,798 | ||||
| Knight-Swift Transportation Holdings Inc. Class A | 129,079 | 5,667 | ||||
| Fortune Brands Innovations Inc. | 95,792 | 5,606 | ||||
| * | Fluor Corp. | 131,161 | 5,380 | |||
| AGCO Corp. | 49,308 | 5,335 | ||||
| UFP Industries Inc. | 48,107 | 4,857 | ||||
| * | GXO Logistics Inc. | 91,139 | 4,798 | |||
| Lincoln Electric Holdings Inc. | 19,121 | 4,639 | ||||
| * | FTI Consulting Inc. | 26,824 | 4,524 | |||
| Science Applications International Corp. | 37,570 | 4,422 | ||||
| * | API Group Corp. | 119,342 | 4,258 | |||
| Watsco Inc. | 10,559 | 4,249 | ||||
| Advanced Drainage Systems Inc. | 29,243 | 4,210 | ||||
| Maximus Inc. | 44,884 | 3,946 | ||||
| Timken Co. | 50,712 | 3,916 | ||||
| Sensata Technologies Holding plc | 116,525 | 3,792 | ||||
| Toro Co. | 46,116 | 3,738 | ||||
| * | Core & Main Inc. Class A | 57,330 | 3,710 | |||
| Landstar System Inc. | 27,836 | 3,684 | ||||
| Crane Co. | 18,297 | 3,390 | ||||
| * | CACI International Inc. Class A | 7,006 | 3,361 | |||
| Donaldson Co. Inc. | 40,936 | 3,261 | ||||
| EnerSys | 31,406 | 3,224 | ||||
| MSC Industrial Direct Co. Inc. Class A | 35,508 | 3,204 | ||||
| ITT Inc. | 18,179 | 3,095 | ||||
19
S&P Mid-Cap 400 Value Index Fund
| Shares | Market Value• ($000) | |||||
| KBR Inc. | 59,937 | 3,024 | ||||
| Watts Water Technologies Inc. Class A | 10,703 | 2,964 | ||||
| Ryder System Inc. | 15,477 | 2,902 | ||||
| Genpact Ltd. | 60,230 | 2,731 | ||||
| * | Trex Co. Inc. | 43,559 | 2,685 | |||
| MSA Safety Inc. | 15,654 | 2,671 | ||||
| Terex Corp. | 52,253 | 2,610 | ||||
| Simpson Manufacturing Co. Inc. | 11,328 | 2,165 | ||||
| * | Avis Budget Group Inc. | 13,455 | 2,129 | |||
| Hexcel Corp. | 32,025 | 2,022 | ||||
| Concentrix Corp. | 36,637 | 1,933 | ||||
| Brink's Co. | 16,727 | 1,874 | ||||
| GATX Corp. | 10,806 | 1,819 | ||||
| Flowserve Corp. | 31,239 | 1,676 | ||||
| Valmont Industries Inc. | 4,317 | 1,585 | ||||
| Insperity Inc. | 28,473 | 1,572 | ||||
| ManpowerGroup Inc. | 36,865 | 1,563 | ||||
| Exponent Inc. | 16,170 | 1,154 | ||||
| 201,855 | ||||||
| Information Technology (8.6%) | ||||||
| * | Flex Ltd. | 305,155 | 16,362 | |||
| TD SYNNEX Corp. | 59,493 | 8,809 | ||||
| * | Arrow Electronics Inc. | 41,319 | 5,220 | |||
| Littelfuse Inc. | 19,686 | 5,115 | ||||
| Entegris Inc. | 57,886 | 4,847 | ||||
| * | Ciena Corp. | 45,290 | 4,256 | |||
| * | Lattice Semiconductor Corp. | 55,860 | 3,708 | |||
| Avnet Inc. | 66,795 | 3,645 | ||||
| Cognex Corp. | 80,226 | 3,525 | ||||
| Dolby Laboratories Inc. Class A | 48,912 | 3,506 | ||||
| * | BILL Holdings Inc. | 75,499 | 3,505 | |||
| MKS Inc. | 31,521 | 3,257 | ||||
| Vontier Corp. | 68,328 | 2,932 | ||||
| * | Lumentum Holdings Inc. | 20,453 | 2,716 | |||
| Universal Display Corp. | 19,011 | 2,635 | ||||
| * | Kyndryl Holdings Inc. | 81,554 | 2,593 | |||
| Amkor Technology Inc. | 90,523 | 2,190 | ||||
| * | Synaptics Inc. | 30,702 | 2,145 | |||
| * | Allegro MicroSystems Inc. | 64,561 | 1,992 | |||
| * | Silicon Laboratories Inc. | 14,789 | 1,987 | |||
| * | ASGN Inc. | 34,888 | 1,893 | |||
| * | Cirrus Logic Inc. | 16,509 | 1,885 | |||
| * | Onto Innovation Inc. | 17,129 | 1,816 | |||
| * | Dropbox Inc. Class A | 60,954 | 1,771 | |||
| * | IPG Photonics Corp. | 21,006 | 1,719 | |||
| * | Qualys Inc. | 12,153 | 1,650 | |||
| Crane NXT Co. | 23,578 | 1,408 | ||||
| Power Integrations Inc. | 29,592 | 1,335 | ||||
| * | Novanta Inc. | 11,174 | 1,301 | |||
| * | Blackbaud Inc. | 15,309 | 1,021 | |||
| 100,744 | ||||||
| Materials (6.8%) | ||||||
| Reliance Inc. | 41,888 | 12,385 | ||||
| Crown Holdings Inc. | 91,651 | 9,108 | ||||
| Alcoa Corp. | 206,211 | 6,638 | ||||
| RPM International Inc. | 43,986 | 5,512 | ||||
| Commercial Metals Co. | 90,009 | 5,191 | ||||
| Royal Gold Inc. | 28,834 | 5,178 | ||||
| * | Cleveland-Cliffs Inc. | 386,131 | 4,151 | |||
| Sonoco Products Co. | 78,561 | 3,712 | ||||
| AptarGroup Inc. | 24,724 | 3,443 | ||||
| Graphic Packaging Holding Co. | 146,618 | 3,265 | ||||
| Silgan Holdings Inc. | 64,770 | 3,039 | ||||
| NewMarket Corp. | 3,367 | 2,784 | ||||
| Avient Corp. | 72,909 | 2,727 | ||||
| * | Axalta Coating Systems Ltd. | 80,081 | 2,503 | |||
| Westlake Corp. | 26,558 | 2,332 | ||||
| Olin Corp. | 91,710 | 2,170 | ||||
| Ashland Inc. | 36,398 | 2,044 | ||||
20
S&P Mid-Cap 400 Value Index Fund
| Shares | Market Value• ($000) | |||||
| Cabot Corp. | 18,829 | 1,536 | ||||
| Greif Inc. Class A | 20,794 | 1,358 | ||||
| Scotts Miracle-Gro Co. | 21,722 | 1,330 | ||||
| 80,406 | ||||||
| Real Estate (9.4%) | ||||||
| WP Carey Inc. | 174,422 | 11,704 | ||||
| Rexford Industrial Realty Inc. | 188,082 | 7,788 | ||||
| NNN REIT Inc. | 149,710 | 6,424 | ||||
| Gaming & Leisure Properties Inc. | 124,781 | 5,991 | ||||
| Omega Healthcare Investors Inc. | 138,308 | 5,888 | ||||
| American Homes 4 Rent Class A | 156,942 | 5,621 | ||||
| STAG Industrial Inc. | 148,648 | 5,478 | ||||
| * | Jones Lang LaSalle Inc. | 17,773 | 5,431 | |||
| Healthcare Realty Trust Inc. Class A | 279,921 | 4,865 | ||||
| Equity LifeStyle Properties Inc. | 76,145 | 4,591 | ||||
| Cousins Properties Inc. | 133,748 | 3,944 | ||||
| EastGroup Properties Inc. | 22,139 | 3,754 | ||||
| Agree Realty Corp. | 51,604 | 3,754 | ||||
| Sabra Health Care REIT Inc. | 189,524 | 3,622 | ||||
| Kilroy Realty Corp. | 84,793 | 3,526 | ||||
| CubeSmart | 83,524 | 3,418 | ||||
| Lamar Advertising Co. Class A | 25,926 | 3,299 | ||||
| EPR Properties | 60,592 | 3,287 | ||||
| Brixmor Property Group Inc. | 112,142 | 3,139 | ||||
| Rayonier Inc. | 111,674 | 2,935 | ||||
| First Industrial Realty Trust Inc. | 48,511 | 2,552 | ||||
| PotlatchDeltic Corp. | 56,970 | 2,394 | ||||
| Kite Realty Group Trust | 99,800 | 2,277 | ||||
| Vornado Realty Trust | 35,915 | 1,366 | ||||
| Independence Realty Trust Inc. | 74,361 | 1,347 | ||||
| COPT Defense Properties | 43,069 | 1,239 | ||||
| Park Hotels & Resorts Inc. | 81,203 | 955 | ||||
| 110,589 | ||||||
| Utilities (6.7%) | ||||||
| * | Talen Energy Corp. | 36,250 | 13,736 | |||
| Essential Utilities Inc. | 205,435 | 8,117 | ||||
| OGE Energy Corp. | 160,366 | 7,162 | ||||
| National Fuel Gas Co. | 71,969 | 6,242 | ||||
| UGI Corp. | 170,810 | 5,917 | ||||
| TXNM Energy Inc. | 73,806 | 4,180 | ||||
| Southwest Gas Holdings Inc. | 48,116 | 3,843 | ||||
| New Jersey Resources Corp. | 79,950 | 3,781 | ||||
| Portland General Electric Co. | 87,232 | 3,732 | ||||
| ONE Gas Inc. | 47,737 | 3,652 | ||||
| Spire Inc. | 47,009 | 3,601 | ||||
| Black Hills Corp. | 57,756 | 3,454 | ||||
| IDACORP Inc. | 25,387 | 3,176 | ||||
| ALLETE Inc. | 46,120 | 2,959 | ||||
| Northwestern Energy Group Inc. | 48,891 | 2,812 | ||||
| Ormat Technologies Inc. | 25,247 | 2,320 | ||||
| 78,684 | ||||||
| Total Common Stocks (Cost $1,050,062) | 1,174,897 | |||||
| Temporary Cash Investments (0.1%) | ||||||
| Money Market Fund (0.1%) | ||||||
| 2,3 | Vanguard Market Liquidity Fund, 4.362% (Cost $1,266) | 12,660 | 1,266 | |||
| Total Investments (100.0%) (Cost $1,051,328) | 1,176,163 | |||||
| Other Assets and Liabilities—Net (0.0%) | 168 | |||||
| Net Assets (100%) | 1,176,331 | |||||
| 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 $864. |
| 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 $891 was received for securities on loan. |
| REIT—Real Estate Investment Trust. |
21
S&P Mid-Cap 400 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 S&P Mid-Cap 400 Index | September 2025 | 4 | 1,303 | 51 |
See accompanying Notes,
which are an integral part of the Financial Statements.
22
S&P Mid-Cap 400 Value Index Fund
Statement of Assets and Liabilities
As of August 31, 2025
| ($000s, except shares and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value1 | |
| Unaffiliated Issuers (Cost $1,050,062) | 1,174,897 |
| Affiliated Issuers (Cost $1,266) | 1,266 |
| Total Investments in Securities | 1,176,163 |
| Investment in Vanguard | 26 |
| Cash | 13 |
| Cash Collateral Pledged—Futures Contracts | 90 |
| Receivables for Investment Securities Sold | 9,032 |
| Receivables for Accrued Income | 1,058 |
| Receivables for Capital Shares Issued | 128 |
| Total Assets | 1,186,510 |
| Liabilities | |
| Payables for Investment Securities Purchased | 9,233 |
| Collateral for Securities on Loan | 891 |
| Payables to Vanguard | 47 |
| Variation Margin Payable—Futures Contracts | 8 |
| Total Liabilities | 10,179 |
| Net Assets | 1,176,331 |
| 1 Includes $864 of securities on loan. | |
At August 31, 2025, net assets consisted of: | |
| Paid-in Capital | 1,345,740 |
| Total Distributable Earnings (Loss) | (169,409) |
| Net Assets | 1,176,331 |
| ETF Shares—Net Assets | |
| Applicable to 10,605,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,069,313 |
| Net Asset Value Per Share—ETF Shares | $100.83 |
| Institutional Shares—Net Assets | |
| Applicable to 264,488 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 107,018 |
| Net Asset Value Per Share—Institutional Shares | $404.62 |
See accompanying Notes, which are an integral
part of the Financial Statements.
23
S&P Mid-Cap 400 Value Index Fund
Statement of Operations
| Year Ended August 31, 2025 | |
| ($000) | |
| Investment Income | |
| Income | |
| Dividends | 21,432 |
| Interest1 | 71 |
| Securities Lending—Net | 18 |
| Total Income | 21,521 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 21 |
| Management and Administrative—ETF Shares | 931 |
| Management and Administrative—Institutional Shares | 44 |
| Marketing and Distribution—ETF Shares | 44 |
| Marketing and Distribution—Institutional Shares | 4 |
| Custodian Fees | 28 |
| Auditing Fees | 27 |
| Shareholders’ Reports and Proxy Fees—ETF Shares | 67 |
| Shareholders’ Reports and Proxy Fees—Institutional Shares | 2 |
| Trustees’ Fees and Expenses | 1 |
| Other Expenses | 14 |
| Total Expenses | 1,183 |
| Net Investment Income | 20,338 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold1,2 | 94,106 |
| Futures Contracts | (10) |
| Swap Contracts | 473 |
| Realized Net Gain (Loss) | 94,569 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities1 | (24,765) |
| Futures Contracts | (8) |
| Swap Contracts | (157) |
| Change in Unrealized Appreciation (Depreciation) | (24,930) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 89,977 |
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $63, ($1), and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 2 | Includes $109,185 of net gain (loss) resulting from in-kind redemptions. |
See accompanying Notes,
which are an integral part of the Financial Statements.
24
S&P Mid-Cap 400 Value Index Fund
Statement of Changes in Net Assets
| Year Ended August 31, | ||
| 2025 ($000) | 2024 ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 20,338 | 17,567 |
| Realized Net Gain (Loss) | 94,569 | 20,796 |
| Change in Unrealized Appreciation (Depreciation) | (24,930) | 113,479 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 89,977 | 151,842 |
| Distributions | ||
| ETF Shares | (15,858) | (13,008) |
| Institutional Shares | (2,134) | (1,689) |
| Total Distributions | (17,992) | (14,697) |
| Capital Share Transactions | ||
| ETF Shares | 84,825 | (14,499) |
| Institutional Shares | (23,160) | 8,975 |
| Net Increase (Decrease) from Capital Share Transactions | 61,665 | (5,524) |
| Total Increase (Decrease) | 133,650 | 131,621 |
| Net Assets | ||
| Beginning of Period | 1,042,681 | 911,060 |
| End of Period | 1,176,331 | 1,042,681 |
See accompanying Notes, which are an integral
part of the Financial Statements.
25
S&P Mid-Cap 400 Value Index Fund
Financial Highlights
| ETF Shares | |||||
| For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
| 2025 | 2024 | 20231 | 20221 | 20211 | |
| Net Asset Value, Beginning of Period | $94.72 | $82.68 | $76.82 | $82.65 | $54.80 |
| Investment Operations | |||||
| Net Investment Income2 | 1.861 | 1.575 | 1.383 | 1.442 | 1.244 |
| Net Realized and Unrealized Gain (Loss) on Investments | 5.914 | 11.794 | 5.987 | (5.769) | 28.198 |
| Total from Investment Operations | 7.775 | 13.369 | 7.370 | (4.327) | 29.442 |
| Distributions | |||||
| Dividends from Net Investment Income | (1.665) | (1.329) | (1.510) | (1.503) | (1.592) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (1.665) | (1.329) | (1.510) | (1.503) | (1.592) |
| Net Asset Value, End of Period | $100.83 | $94.72 | $82.68 | $76.82 | $82.65 |
| Total Return | 8.31% | 16.34% | 9.79% | -5.34% | 54.51% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $1,069 | $919 | $812 | $807 | $822 |
| Ratio of Total Expenses to Average Net Assets | 0.12% | 0.15% | 0.15% | 0.15% | 0.15% |
| Ratio of Net Investment Income to Average Net Assets | 1.95% | 1.85% | 1.75% | 1.79% | 1.72% |
| Portfolio Turnover Rate3 | 39% | 41% | 43% | 33% | 36% |
| 1 | Adjusted to reflect a 2-for-1 share split effective March 13, 2023. |
| 2 | Calculated based on average shares outstanding. |
| 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.
26
S&P Mid-Cap 400 Value Index Fund
Financial Highlights
| Institutional Shares | |||||
| For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Net Asset Value, Beginning of Period | $380.08 | $331.78 | $308.23 | $331.49 | $219.78 |
| Investment Operations | |||||
| Net Investment Income1 | 7.779 | 6.508 | 5.762 | 6.147 | 5.090 |
| Net Realized and Unrealized Gain (Loss) on Investments | 23.696 | 47.369 | 24.063 | (23.292) | 113.153 |
| Total from Investment Operations | 31.475 | 53.877 | 29.825 | (17.145) | 118.243 |
| Distributions | |||||
| Dividends from Net Investment Income | (6.935) | (5.577) | (6.275) | (6.115) | (6.533) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (6.935) | (5.577) | (6.275) | (6.115) | (6.533) |
| Net Asset Value, End of Period | $404.62 | $380.08 | $331.78 | $308.23 | $331.49 |
| Total Return | 8.38% | 16.39% | 9.88% | -5.23% | 54.62% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $107 | $123 | $99 | $79 | $162 |
| Ratio of Total Expenses to Average Net Assets | 0.05% | 0.08% | 0.08% | 0.08% | 0.08% |
| Ratio of Net Investment Income to Average Net Assets | 2.03% | 1.90% | 1.81% | 1.90% | 1.79% |
| Portfolio Turnover Rate2 | 39% | 41% | 43% | 33% | 36% |
| 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.
27
S&P Mid-Cap 400 Value Index Fund
Notes to Financial Statements
Vanguard S&P Mid-Cap 400
Value Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and 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.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its
financial statements.
1. Security Valuation:
Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official
closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which
market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued by methods
deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.
Investments in Vanguard Market Liquidity Fund
are valued at that fund's net asset value.
2. 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 year ended August
31, 2025, 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 or indexes 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 year ended August
31, 2025, 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. The fund had no
open total return swap contracts at August 31, 2025.
4. Federal Income Taxes:
The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until
expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state
income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
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.
28
S&P Mid-Cap 400 Value Index Fund
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 and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged
administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and included
in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate,
the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based
upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an
exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each
other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment
objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to
be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended August 31,
2025, 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. 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),
shareholder reporting, and proxy fees. 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 August 31, 2025, the fund had contributed to Vanguard capital in the amount of $26,000, representing less than 0.01% of the fund’s net
assets and 0.01% 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.
At August 31, 2025, 100% of
the market value of the fund's investments and derivatives was determined based on Level 1 inputs.
D. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These
reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind
redemptions, swap agreements, and distributions in connection with fund share redemptions.
29
S&P Mid-Cap 400 Value Index Fund
Permanent differences were
reclassified between the following accounts:
| Amount ($000) | |
| Paid-in Capital | 109,241 |
| Total Distributable Earnings (Loss) | (109,241) |
Temporary differences between
book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these
differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized
gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss)
are detailed in the table as follows:
| Amount ($000) | |
| Undistributed Ordinary Income | 12,279 |
| Undistributed Long-Term Gains | — |
| Net Unrealized Gains (Losses) | 123,332 |
| Capital Loss Carryforwards | (305,020) |
| Qualified Late-Year Losses | — |
| Other Temporary Differences | — |
| Total | (169,409) |
The tax character of
distributions paid was as follows:
| Year Ended August 31, | ||
| 2025 Amount ($000) | 2024 Amount ($000) | |
| Ordinary Income* | 17,992 | 14,697 |
| Long-Term Capital Gains | — | — |
| Total | 17,992 | 14,697 |
| * | Includes short-term capital gains, if any. |
As of August 31, 2025, 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 | 1,052,831 |
| Gross Unrealized Appreciation | 195,898 |
| Gross Unrealized Depreciation | (72,566) |
| Net Unrealized Appreciation (Depreciation) | 123,332 |
E. During the year ended August 31, 2025, the fund purchased $401,813,000 of investment securities and sold $405,096,000 of investment securities, other than temporary cash investments. In
addition, the fund purchased and sold investment securities of $376,960,000 and $304,770,000, 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 year ended August 31, 2025, such purchases were $263,018,000 and sales were $146,327,000, resulting in net realized loss of $4,654,000; these amounts, other than temporary cash
investments, are included in the purchases and sales of investment securities noted above.
30
S&P Mid-Cap 400 Value Index Fund
F. Capital share transactions for each class of shares were:
| Year Ended August 31, | |||||
| 2025 | 2024 | ||||
| Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
| ETF Shares | |||||
| Issued | 390,519 | 4,060 | 230,105 | 2,705 | |
| Issued in Lieu of Cash Distributions | — | — | — | — | |
| Redeemed | (305,694) | (3,160) | (244,604) | (2,825) | |
| Net Increase (Decrease)—ETF Shares | 84,825 | 900 | (14,499) | (120) | |
| Institutional Shares | |||||
| Issued | 12,202 | 31 | 22,338 | 67 | |
| Issued in Lieu of Cash Distributions | 1,834 | 5 | 1,530 | 4 | |
| Redeemed | (37,196) | (97) | (14,893) | (43) | |
| Net Increase (Decrease)—Institutional Shares | (23,160) | (61) | 8,975 | 28 | |
G. Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other
events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.
To the extent the fund’s
investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to
increased price volatility and other risks.
The use of derivatives may
expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A
relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding
the fund’s use of derivative(s) and the specific risks associated is described under significant accounting policies.
H. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a
chief operating decision maker (“CODM”). The fund is considered a single segment. Vanguard’s chief executive officer, chief investment officer, and chief financial officer, who are also officers of
the fund, as well as the fund’s chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund’s daily
operations. Through these committees, the CODM manages the fund’s operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund’s investment
strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund’s portfolio composition, total returns, expense ratios and changes in net assets which are
consistent with the information contained in the fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.
I. Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these
financial statements.
31
S&P Mid-Cap 400 Growth Index Fund
Financial Statements
Schedule of Investments
As of August 31, 2025
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 (99.7%) | ||||||
| Communication Services (0.8%) | ||||||
| New York Times Co. Class A | 71,884 | 4,301 | ||||
| * | EchoStar Corp. Class A | 53,942 | 3,333 | |||
| Warner Music Group Corp. Class A | 57,443 | 1,916 | ||||
| Iridium Communications Inc. | 43,473 | 1,082 | ||||
| 10,632 | ||||||
| Consumer Discretionary (14.1%) | ||||||
| * | Burlington Stores Inc. | 51,674 | 15,021 | |||
| Toll Brothers Inc. | 81,573 | 11,339 | ||||
| * | TopBuild Corp. | 23,312 | 9,809 | |||
| * | Duolingo Inc. Class A | 32,208 | 9,593 | |||
| Texas Roadhouse Inc. Class A | 54,423 | 9,391 | ||||
| Somnigroup International Inc. | 99,947 | 8,391 | ||||
| Wingstop Inc. | 22,890 | 7,511 | ||||
| * | Chewy Inc. Class A | 180,036 | 7,374 | |||
| * | Planet Fitness Inc. Class A | 68,787 | 7,209 | |||
| * | Light & Wonder Inc. | 69,220 | 6,401 | |||
| Churchill Downs Inc. | 59,255 | 6,146 | ||||
| Dick's Sporting Goods Inc. | 27,802 | 5,916 | ||||
| Service Corp. International | 71,237 | 5,645 | ||||
| Murphy USA Inc. | 14,752 | 5,554 | ||||
| H&R Block Inc. | 109,827 | 5,530 | ||||
| Wyndham Hotels & Resorts Inc. | 63,165 | 5,471 | ||||
| Hyatt Hotels Corp. Class A | 34,408 | 4,964 | ||||
| * | Grand Canyon Education Inc. | 22,947 | 4,625 | |||
| * | Floor & Decor Holdings Inc. Class A | 49,433 | 4,050 | |||
| * | Valvoline Inc. | 104,278 | 4,044 | |||
| * | Ollie's Bargain Outlet Holdings Inc. | 29,721 | 3,770 | |||
| * | Abercrombie & Fitch Co. Class A | 39,084 | 3,655 | |||
| * | Cava Group Inc. | 52,549 | 3,550 | |||
| Travel + Leisure Co. | 54,485 | 3,444 | ||||
| * | GameStop Corp. Class A | 146,926 | 3,293 | |||
| * | Crocs Inc. | 36,002 | 3,139 | |||
| Vail Resorts Inc. | 16,234 | 2,659 | ||||
| Boyd Gaming Corp. | 30,551 | 2,623 | ||||
| Bath & Body Works Inc. | 89,132 | 2,604 | ||||
| * | Hilton Grand Vacations Inc. | 52,105 | 2,476 | |||
| Choice Hotels International Inc. | 18,133 | 2,168 | ||||
| Gentex Corp. | 75,617 | 2,118 | ||||
| KB Home | 30,596 | 1,944 | ||||
| * | RH | 6,221 | 1,404 | |||
| * | YETI Holdings Inc. | 28,536 | 1,003 | |||
| Wendy's Co. | 59,546 | 632 | ||||
| 184,466 | ||||||
| Consumer Staples (4.3%) | ||||||
| * | Sprouts Farmers Market Inc. | 80,278 | 11,282 | |||
| Casey's General Stores Inc. | 21,011 | 10,390 | ||||
| * | elf Beauty Inc. | 46,267 | 5,783 | |||
| Coca-Cola Consolidated Inc. | 48,088 | 5,638 | ||||
| * | Celsius Holdings Inc. | 82,545 | 5,191 | |||
| * | BJ's Wholesale Club Holdings Inc. | 50,914 | 4,973 | |||
| Ingredion Inc. | 22,684 | 2,939 | ||||
| * | Maplebear Inc. | 61,986 | 2,688 | |||
| * | Post Holdings Inc. | 20,736 | 2,346 | |||
| * | BellRing Brands Inc. | 47,921 | 1,967 | |||
| Marzetti Co. | 7,759 | 1,417 | ||||
| Pilgrim's Pride Corp. | 26,070 | 1,159 | ||||
| 55,773 | ||||||
32
S&P Mid-Cap 400 Growth Index Fund
| Shares | Market Value• ($000) | |||||
| Energy (2.9%) | ||||||
| DT Midstream Inc. | 83,340 | 8,682 | ||||
| Permian Resources Corp. | 523,167 | 7,476 | ||||
| Viper Energy Inc. Class A | 138,407 | 5,515 | ||||
| * | CNX Resources Corp. | 118,722 | 3,467 | |||
| Range Resources Corp. | 90,181 | 3,090 | ||||
| Matador Resources Co. | 61,135 | 3,079 | ||||
| * | Valaris Ltd. | 53,636 | 2,664 | |||
| Antero Midstream Corp. | 137,594 | 2,448 | ||||
| Weatherford International plc | 28,572 | 1,820 | ||||
| 38,241 | ||||||
| Financials (14.2%) | ||||||
| Equitable Holdings Inc. | 249,300 | 13,278 | ||||
| East West Bancorp Inc. | 113,063 | 11,887 | ||||
| RenaissanceRe Holdings Ltd. | 39,910 | 9,698 | ||||
| Evercore Inc. Class A | 29,494 | 9,484 | ||||
| Houlihan Lokey Inc. Class A | 44,127 | 8,792 | ||||
| Kinsale Capital Group Inc. | 18,167 | 8,310 | ||||
| Western Alliance Bancorp | 89,420 | 8,008 | ||||
| Primerica Inc. | 26,956 | 7,260 | ||||
| Stifel Financial Corp. | 59,833 | 6,898 | ||||
| Morningstar Inc. | 21,835 | 5,730 | ||||
| Hamilton Lane Inc. Class A | 35,551 | 5,487 | ||||
| SLM Corp. | 172,155 | 5,385 | ||||
| *,1 | Shift4 Payments Inc. Class A | 55,350 | 5,005 | |||
| Ryan Specialty Holdings Inc. Class A | 88,308 | 4,992 | ||||
| Cullen/Frost Bankers Inc. | 36,921 | 4,764 | ||||
| RLI Corp. | 68,509 | 4,640 | ||||
| Jefferies Financial Group Inc. | 70,845 | 4,594 | ||||
| SEI Investments Co. | 47,344 | 4,180 | ||||
| Carlyle Group Inc. | 64,674 | 4,175 | ||||
| UMB Financial Corp. | 33,953 | 4,139 | ||||
| Pinnacle Financial Partners Inc. | 40,363 | 3,924 | ||||
| Wintrust Financial Corp. | 28,553 | 3,920 | ||||
| American Financial Group Inc. | 25,925 | 3,522 | ||||
| Commerce Bancshares Inc. | 56,776 | 3,517 | ||||
| *,1 | WEX Inc. | 19,665 | 3,370 | |||
| Voya Financial Inc. | 41,077 | 3,084 | ||||
| FirstCash Holdings Inc. | 20,264 | 2,984 | ||||
| Synovus Financial Corp. | 55,883 | 2,884 | ||||
| Zions Bancorp NA | 48,422 | 2,809 | ||||
| MGIC Investment Corp. | 93,493 | 2,602 | ||||
| International Bancshares Corp. | 31,124 | 2,227 | ||||
| First Financial Bankshares Inc. | 59,144 | 2,198 | ||||
| Affiliated Managers Group Inc. | 9,562 | 2,150 | ||||
| Glacier Bancorp Inc. | 43,703 | 2,148 | ||||
| Federated Hermes Inc. Class B | 37,758 | 2,005 | ||||
| * | Euronet Worldwide Inc. | 19,675 | 1,834 | |||
| Janus Henderson Group plc | 41,365 | 1,833 | ||||
| Home BancShares Inc. | 57,248 | 1,704 | ||||
| 185,421 | ||||||
| Health Care (10.2%) | ||||||
| * | Neurocrine Biosciences Inc. | 81,187 | 11,334 | |||
| * | United Therapeutics Corp. | 37,004 | 11,277 | |||
| * | Medpace Holdings Inc. | 19,334 | 9,194 | |||
| * | Tenet Healthcare Corp. | 46,481 | 8,568 | |||
| * | Exelixis Inc. | 223,717 | 8,371 | |||
| Ensign Group Inc. | 46,818 | 8,042 | ||||
| * | Doximity Inc. Class A | 109,518 | 7,441 | |||
| * | Halozyme Therapeutics Inc. | 101,084 | 7,394 | |||
| Encompass Health Corp. | 58,708 | 7,148 | ||||
| * | Hims & Hers Health Inc. | 160,841 | 6,812 | |||
| * | Illumina Inc. | 67,527 | 6,750 | |||
| * | HealthEquity Inc. | 71,067 | 6,348 | |||
| * | Globus Medical Inc. Class A | 92,656 | 5,677 | |||
| * | Penumbra Inc. | 20,650 | 5,630 | |||
| * | Masimo Corp. | 36,917 | 5,158 | |||
| * | Roivant Sciences Ltd. | 345,366 | 4,120 | |||
| * | Lantheus Holdings Inc. | 56,759 | 3,116 | |||
33
S&P Mid-Cap 400 Growth Index Fund
| Shares | Market Value• ($000) | |||||
| Chemed Corp. | 5,522 | 2,529 | ||||
| * | Repligen Corp. | 18,002 | 2,202 | |||
| * | Cytokinetics Inc. | 48,984 | 1,731 | |||
| Bruker Corp. | 41,740 | 1,418 | ||||
| * | Haemonetics Corp. | 23,907 | 1,304 | |||
| * | LivaNova plc | 18,343 | 1,034 | |||
| * | Sotera Health Co. | 57,843 | 947 | |||
| 133,545 | ||||||
| Industrials (29.1%) | ||||||
| EMCOR Group Inc. | 36,717 | 22,764 | ||||
| Comfort Systems USA Inc. | 28,873 | 20,309 | ||||
| RB Global Inc. | 151,922 | 17,401 | ||||
| Curtiss-Wright Corp. | 30,918 | 14,783 | ||||
| Carlisle Cos. Inc. | 35,401 | 13,661 | ||||
| nVent Electric plc | 135,059 | 12,208 | ||||
| BWX Technologies Inc. | 74,948 | 12,145 | ||||
| Woodward Inc. | 48,812 | 12,048 | ||||
| Owens Corning | 69,773 | 10,478 | ||||
| * | RBC Bearings Inc. | 25,714 | 10,027 | |||
| * | Clean Harbors Inc. | 41,316 | 10,007 | |||
| * | MasTec Inc. | 50,294 | 9,138 | |||
| * | ATI Inc. | 115,725 | 8,973 | |||
| Mueller Industries Inc. | 90,771 | 8,709 | ||||
| Applied Industrial Technologies Inc. | 31,243 | 8,235 | ||||
| Acuity Inc. | 25,107 | 8,197 | ||||
| Tetra Tech Inc. | 216,162 | 7,873 | ||||
| ITT Inc. | 45,838 | 7,804 | ||||
| * | Chart Industries Inc. | 36,863 | 7,349 | |||
| * | American Airlines Group Inc. | 541,029 | 7,234 | |||
| AECOM | 57,522 | 7,184 | ||||
| Watsco Inc. | 17,743 | 7,139 | ||||
| * | Saia Inc. | 21,849 | 6,477 | |||
| Lincoln Electric Holdings Inc. | 26,104 | 6,334 | ||||
| * | Paylocity Holding Corp. | 35,340 | 6,334 | |||
| * | API Group Corp. | 176,870 | 6,311 | |||
| * | AeroVironment Inc. | 26,113 | 6,302 | |||
| * | Core & Main Inc. Class A | 96,335 | 6,235 | |||
| * | XPO Inc. | 47,355 | 6,142 | |||
| * | ExlService Holdings Inc. | 133,463 | 5,843 | |||
| Graco Inc. | 67,181 | 5,737 | ||||
| Esab Corp. | 46,748 | 5,393 | ||||
| * | CACI International Inc. Class A | 10,824 | 5,192 | |||
| * | Alaska Air Group Inc. | 73,585 | 4,620 | |||
| AAON Inc. | 55,401 | 4,595 | ||||
| * | Kirby Corp. | 46,022 | 4,473 | |||
| Donaldson Co. Inc. | 55,884 | 4,452 | ||||
| Valmont Industries Inc. | 12,020 | 4,413 | ||||
| Simpson Manufacturing Co. Inc. | 22,647 | 4,328 | ||||
| Flowserve Corp. | 75,072 | 4,028 | ||||
| Advanced Drainage Systems Inc. | 27,801 | 4,002 | ||||
| Crane Co. | 21,251 | 3,938 | ||||
| Ryder System Inc. | 17,975 | 3,371 | ||||
| Watts Water Technologies Inc. Class A | 11,473 | 3,177 | ||||
| Genpact Ltd. | 69,956 | 3,172 | ||||
| * | Parsons Corp. | 38,581 | 3,090 | |||
| GATX Corp. | 18,157 | 3,056 | ||||
| Toro Co. | 34,391 | 2,788 | ||||
| MSA Safety Inc. | 16,125 | 2,751 | ||||
| * | Trex Co. Inc. | 43,106 | 2,657 | |||
| KBR Inc. | 44,706 | 2,256 | ||||
| Hexcel Corp. | 32,985 | 2,083 | ||||
| Brink's Co. | 17,232 | 1,931 | ||||
| Exponent Inc. | 24,976 | 1,783 | ||||
| 380,930 | ||||||
| Information Technology (15.5%) | ||||||
| * | Pure Storage Inc. Class A | 254,954 | 19,787 | |||
| * | Guidewire Software Inc. | 68,812 | 14,934 | |||
| * | Twilio Inc. Class A | 125,246 | 13,227 | |||
| * | Docusign Inc. | 166,123 | 12,735 | |||
34
S&P Mid-Cap 400 Growth Index Fund
| Shares | Market Value• ($000) | |||||
| * | Okta Inc. | 137,130 | 12,722 | |||
| * | Dynatrace Inc. | 245,951 | 12,445 | |||
| * | Coherent Corp. | 127,516 | 11,536 | |||
| * | Manhattan Associates Inc. | 49,807 | 10,731 | |||
| * | Fabrinet | 29,394 | 9,738 | |||
| * | Commvault Systems Inc. | 36,198 | 6,756 | |||
| * | Ciena Corp. | 69,966 | 6,575 | |||
| * | Rambus Inc. | 88,116 | 6,500 | |||
| * | MACOM Technology Solutions Holdings Inc. | 48,821 | 6,256 | |||
| Entegris Inc. | 64,584 | 5,408 | ||||
| * | Appfolio Inc. Class A | 18,906 | 5,244 | |||
| * | Lumentum Holdings Inc. | 35,867 | 4,764 | |||
| Belden Inc. | 32,403 | 4,219 | ||||
| Pegasystems Inc. | 73,015 | 3,958 | ||||
| * | Lattice Semiconductor Corp. | 55,274 | 3,669 | |||
| * | Kyndryl Holdings Inc. | 106,898 | 3,398 | |||
| * | Cirrus Logic Inc. | 26,594 | 3,037 | |||
| * | Dropbox Inc. Class A | 98,191 | 2,854 | |||
| Cognex Corp. | 55,084 | 2,420 | ||||
| * | Onto Innovation Inc. | 22,453 | 2,380 | |||
| * | Qualys Inc. | 17,286 | 2,348 | |||
| MKS Inc. | 22,559 | 2,331 | ||||
| Universal Display Corp. | 16,682 | 2,312 | ||||
| Vontier Corp. | 50,962 | 2,187 | ||||
| * | Novanta Inc. | 18,000 | 2,095 | |||
| * | Silicon Laboratories Inc. | 11,485 | 1,543 | |||
| * | Allegro MicroSystems Inc. | 40,757 | 1,257 | |||
| * | Blackbaud Inc. | 15,149 | 1,011 | |||
| Crane NXT Co. | 16,191 | 967 | ||||
| Power Integrations Inc. | 15,701 | 708 | ||||
| 202,052 | ||||||
| Materials (3.9%) | ||||||
| Carpenter Technology Corp. | 40,836 | 9,837 | ||||
| RPM International Inc. | 60,049 | 7,525 | ||||
| Eagle Materials Inc. | 27,307 | 6,305 | ||||
| Louisiana-Pacific Corp. | 50,807 | 4,832 | ||||
| Royal Gold Inc. | 24,296 | 4,363 | ||||
| AptarGroup Inc. | 28,713 | 3,999 | ||||
| * | Knife River Corp. | 46,478 | 3,765 | |||
| * | Axalta Coating Systems Ltd. | 96,819 | 3,027 | |||
| NewMarket Corp. | 2,726 | 2,254 | ||||
| Graphic Packaging Holding Co. | 96,546 | 2,150 | ||||
| Cabot Corp. | 24,681 | 2,013 | ||||
| Scotts Miracle-Gro Co. | 13,135 | 804 | ||||
| 50,874 | ||||||
| Real Estate (4.4%) | ||||||
| * | Jones Lang LaSalle Inc. | 20,641 | 6,307 | |||
| Lamar Advertising Co. Class A | 45,465 | 5,785 | ||||
| Equity LifeStyle Properties Inc. | 78,420 | 4,728 | ||||
| Gaming & Leisure Properties Inc. | 96,946 | 4,654 | ||||
| CubeSmart | 100,980 | 4,132 | ||||
| Omega Healthcare Investors Inc. | 94,963 | 4,043 | ||||
| Vornado Realty Trust | 100,006 | 3,803 | ||||
| Brixmor Property Group Inc. | 135,580 | 3,795 | ||||
| American Homes 4 Rent Class A | 99,065 | 3,549 | ||||
| EastGroup Properties Inc. | 20,220 | 3,429 | ||||
| First Industrial Realty Trust Inc. | 58,650 | 3,085 | ||||
| Agree Realty Corp. | 36,936 | 2,687 | ||||
| Independence Realty Trust Inc. | 114,881 | 2,080 | ||||
| National Storage Affiliates Trust | 57,717 | 1,860 | ||||
| Kite Realty Group Trust | 77,539 | 1,769 | ||||
| COPT Defense Properties | 48,048 | 1,383 | ||||
| Park Hotels & Resorts Inc. | 80,351 | 945 | ||||
| 58,034 | ||||||
| Utilities (0.3%) | ||||||
| IDACORP Inc. | 18,166 | 2,273 | ||||
35
S&P Mid-Cap 400 Growth Index Fund
| Shares | Market Value• ($000) | |||||
| Ormat Technologies Inc. | 21,276 | 1,955 | ||||
| 4,228 | ||||||
| Total Common Stocks (Cost $1,023,417) | 1,304,196 | |||||
| Temporary Cash Investments (0.3%) | ||||||
| Money Market Fund (0.3%) | ||||||
| 2,3 | Vanguard Market Liquidity Fund, 4.362% (Cost $3,900) | 39,002 | 3,900 | |||
| Total Investments (100.0%) (Cost $1,027,317) | 1,308,096 | |||||
| Other Assets and Liabilities—Net (0.0%) | (391) | |||||
| Net Assets (100%) | 1,307,705 | |||||
| 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 $902. |
| 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 $922 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 Mid-Cap 400 Index | September 2025 | 2 | 652 | (5) |
| 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) |
| Alaska Air Group Inc. | 8/31/2026 | BANA | 1,632 | (4.337) | — | — |
| Crocs Inc. | 8/31/2026 | BANA | 872 | (4.337) | — | — |
| Pilgrim's Pride Corp. | 8/31/2026 | BANA | 311 | (4.337) | — | — |
| — | — | |||||
| 1 | Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. |
| BANA—Bank of America, N.A. |
See accompanying Notes,
which are an integral part of the Financial Statements.
36
S&P Mid-Cap 400 Growth Index Fund
Statement of Assets and Liabilities
As of August 31, 2025
| ($000s, except shares and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value1 | |
| Unaffiliated Issuers (Cost $1,023,417) | 1,304,196 |
| Affiliated Issuers (Cost $3,900) | 3,900 |
| Total Investments in Securities | 1,308,096 |
| Investment in Vanguard | 33 |
| Cash | 121 |
| Cash Collateral Pledged—Futures Contracts | 50 |
| Receivables for Investment Securities Sold | 1,445 |
| Receivables for Accrued Income | 516 |
| Receivables for Capital Shares Issued | 28 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | — |
| Total Assets | 1,310,289 |
| Liabilities | |
| Payables for Investment Securities Purchased | 1,602 |
| Collateral for Securities on Loan | 922 |
| Payables for Capital Shares Redeemed | 4 |
| Payables to Vanguard | 52 |
| Variation Margin Payable—Futures Contracts | 4 |
| Total Liabilities | 2,584 |
| Net Assets | 1,307,705 |
| 1 Includes $902 of securities on loan. | |
At August 31, 2025, net assets consisted of: | |
| Paid-in Capital | 1,405,293 |
| Total Distributable Earnings (Loss) | (97,588) |
| Net Assets | 1,307,705 |
| ETF Shares—Net Assets | |
| Applicable to 9,700,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,148,434 |
| Net Asset Value Per Share—ETF Shares | $118.40 |
| Institutional Shares—Net Assets | |
| Applicable to 337,330 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 159,271 |
| Net Asset Value Per Share—Institutional Shares | $472.15 |
See accompanying Notes, which are an integral
part of the Financial Statements.
37
S&P Mid-Cap 400 Growth Index Fund
Statement of Operations
| Year Ended August 31, 2025 | |
| ($000) | |
| Investment Income | |
| Income | |
| Dividends1 | 11,368 |
| Interest2 | 79 |
| Securities Lending—Net | 24 |
| Total Income | 11,471 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 26 |
| Management and Administrative—ETF Shares | 1,124 |
| Management and Administrative—Institutional Shares | 62 |
| Marketing and Distribution—ETF Shares | 47 |
| Marketing and Distribution—Institutional Shares | 4 |
| Custodian Fees | 19 |
| Auditing Fees | 27 |
| Shareholders’ Reports and Proxy Fees—ETF Shares | 84 |
| Shareholders’ Reports and Proxy Fees—Institutional Shares | 2 |
| Trustees’ Fees and Expenses | 1 |
| Other Expenses | 17 |
| Total Expenses | 1,413 |
| Net Investment Income | 10,058 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold2,3 | 32,630 |
| Futures Contracts | 6 |
| Swap Contracts | 340 |
| Realized Net Gain (Loss) | 32,976 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities2 | 21,812 |
| Futures Contracts | (56) |
| Swap Contracts | — |
| Change in Unrealized Appreciation (Depreciation) | 21,756 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 64,790 |
| 1 | Dividends are net of foreign withholding taxes of $42. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $74, ($1), and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $73,854 of net gain (loss) resulting from in-kind redemptions. |
See accompanying Notes,
which are an integral part of the Financial Statements.
38
S&P Mid-Cap 400 Growth Index Fund
Statement of Changes in Net Assets
| Year Ended August 31, | ||
| 2025 ($000) | 2024 ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 10,058 | 10,948 |
| Realized Net Gain (Loss) | 32,976 | 78,585 |
| Change in Unrealized Appreciation (Depreciation) | 21,756 | 112,177 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 64,790 | 201,710 |
| Distributions | ||
| ETF Shares | (8,641) | (9,419) |
| Institutional Shares | (1,218) | (2,206) |
| Total Distributions | (9,859) | (11,625) |
| Capital Share Transactions | ||
| ETF Shares | 40,160 | 119,111 |
| Institutional Shares | (18,546) | (40,646) |
| Net Increase (Decrease) from Capital Share Transactions | 21,614 | 78,465 |
| Total Increase (Decrease) | 76,545 | 268,550 |
| Net Assets | ||
| Beginning of Period | 1,231,160 | 962,610 |
| End of Period | 1,307,705 | 1,231,160 |
See accompanying Notes, which are an integral
part of the Financial Statements.
39
S&P Mid-Cap 400 Growth Index Fund
Financial Highlights
| ETF Shares | |||||
| For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
| 2025 | 2024 | 20231 | 20221 | 20211 | |
| Net Asset Value, Beginning of Period | $113.32 | $94.90 | $86.30 | $102.72 | $76.26 |
| Investment Operations | |||||
| Net Investment Income2 | .894 | 1.026 | .988 | .809 | .526 |
| Net Realized and Unrealized Gain (Loss) on Investments | 5.073 | 18.521 | 8.500 | (16.729) | 26.594 |
| Total from Investment Operations | 5.967 | 19.547 | 9.488 | (15.920) | 27.120 |
| Distributions | |||||
| Dividends from Net Investment Income | (.887) | (1.127) | (.888) | (.500) | (.660) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.887) | (1.127) | (.888) | (.500) | (.660) |
| Net Asset Value, End of Period | $118.40 | $113.32 | $94.90 | $86.30 | $102.72 |
| Total Return | 5.30% | 20.80% | 11.12% | -15.57% | 35.70% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $1,148 | $1,061 | $785 | $725 | $925 |
| Ratio of Total Expenses to Average Net Assets | 0.12% | 0.15% | 0.15% | 0.15% | 0.15% |
| Ratio of Net Investment Income to Average Net Assets | 0.79% | 1.00% | 1.12% | 0.85% | 0.57% |
| Portfolio Turnover Rate3 | 38% | 48% | 48% | 44% | 40% |
| 1 | Adjusted to reflect a 2-for-1 share split effective March 13, 2023. |
| 2 | Calculated based on average shares outstanding. |
| 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.
40
S&P Mid-Cap 400 Growth Index Fund
Financial Highlights
| Institutional Shares | |||||
| For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Net Asset Value, Beginning of Period | $451.83 | $378.38 | $344.11 | $409.55 | $303.97 |
| Investment Operations | |||||
| Net Investment Income1 | 3.886 | 4.381 | 4.208 | 3.533 | 2.347 |
| Net Realized and Unrealized Gain (Loss) on Investments | 20.200 | 73.820 | 33.855 | (66.731) | 106.033 |
| Total from Investment Operations | 24.086 | 78.201 | 38.063 | (63.198) | 108.380 |
| Distributions | |||||
| Dividends from Net Investment Income | (3.766) | (4.751) | (3.793) | (2.242) | (2.800) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (3.766) | (4.751) | (3.793) | (2.242) | (2.800) |
| Net Asset Value, End of Period | $472.15 | $451.83 | $378.38 | $344.11 | $409.55 |
| Total Return | 5.37% | 20.86% | 11.21% | -15.50% | 35.80% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $159 | $170 | $177 | $125 | $151 |
| Ratio of Total Expenses to Average Net Assets | 0.05% | 0.08% | 0.08% | 0.08% | 0.08% |
| Ratio of Net Investment Income to Average Net Assets | 0.87% | 1.08% | 1.19% | 0.94% | 0.65% |
| Portfolio Turnover Rate2 | 38% | 48% | 48% | 44% | 40% |
| 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.
41
S&P Mid-Cap 400 Growth Index Fund
Notes to Financial Statements
Vanguard S&P Mid-Cap 400
Growth Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and 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.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its
financial statements.
1. Security Valuation:
Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official
closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which
market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued by methods
deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.
Investments in Vanguard Market Liquidity Fund
are valued at that fund's net asset value.
2. 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 year ended August
31, 2025, 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 or indexes 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 year ended August
31, 2025, 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 virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until
expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state
income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
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.
42
S&P Mid-Cap 400 Growth Index Fund
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 and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged
administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and included
in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate,
the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based
upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an
exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each
other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment
objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to
be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended August 31,
2025, 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. 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),
shareholder reporting, and proxy fees. 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 August 31, 2025, the fund had contributed to Vanguard capital in the amount of $33,000, representing less than 0.01% of the fund’s net
assets and 0.01% 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.
43
S&P Mid-Cap 400 Growth Index Fund
The following table summarizes
the market value of the fund's investments and derivatives as of August 31, 2025, based on the inputs used to value them:
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks | 1,304,196 | — | — | 1,304,196 |
| Temporary Cash Investments | 3,900 | — | — | 3,900 |
| Total | 1,308,096 | — | — | 1,308,096 |
| Derivative Financial Instruments | ||||
| Assets | ||||
| Swap Contracts | — | — | — | — |
| Liabilities | ||||
| Futures Contracts1 | (5) | — | — | (5) |
| 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. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These
reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind
redemptions, swap agreements, and distributions in connection with fund share redemptions.
Permanent differences were
reclassified between the following accounts:
| Amount ($000) | |
| Paid-in Capital | 74,129 |
| Total Distributable Earnings (Loss) | (74,129) |
Temporary differences between
book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these
differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized
gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss)
are detailed in the table as follows:
| Amount ($000) | |
| Undistributed Ordinary Income | 5,952 |
| Undistributed Long-Term Gains | — |
| Net Unrealized Gains (Losses) | 279,780 |
| Capital Loss Carryforwards | (383,320) |
| Qualified Late-Year Losses | — |
| Other Temporary Differences | — |
| Total | (97,588) |
The tax character of
distributions paid was as follows:
| Year Ended August 31, | ||
| 2025 Amount ($000) | 2024 Amount ($000) | |
| Ordinary Income* | 9,859 | 11,625 |
| Long-Term Capital Gains | — | — |
| Total | 9,859 | 11,625 |
| * | Includes short-term capital gains, if any. |
44
S&P Mid-Cap 400 Growth Index Fund
As of August 31, 2025, 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 | 1,028,316 |
| Gross Unrealized Appreciation | 327,154 |
| Gross Unrealized Depreciation | (47,374) |
| Net Unrealized Appreciation (Depreciation) | 279,780 |
E. During the year ended August 31, 2025, the fund purchased $485,051,000 of investment securities and sold $471,730,000 of investment securities, other than temporary cash investments. In
addition, the fund purchased and sold investment securities of $191,242,000 and $183,509,000, 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 year ended August 31, 2025, such purchases were $135,905,000 and sales were $227,472,000, resulting in net realized loss of $26,932,000; these amounts, other than temporary cash
investments, are included in the purchases and sales of investment securities noted above.
F. Capital share transactions for each class of shares were:
| Year Ended August 31, | |||||
| 2025 | 2024 | ||||
| Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
| ETF Shares | |||||
| Issued | 232,018 | 2,040 | 283,173 | 2,645 | |
| Issued in Lieu of Cash Distributions | — | — | — | — | |
| Redeemed | (191,858) | (1,700) | (164,062) | (1,560) | |
| Net Increase (Decrease)—ETF Shares | 40,160 | 340 | 119,111 | 1,085 | |
| Institutional Shares | |||||
| Issued | 16,731 | 38 | 30,040 | 68 | |
| Issued in Lieu of Cash Distributions | 1,218 | 3 | 2,206 | 6 | |
| Redeemed | (36,495) | (81) | (72,892) | (166) | |
| Net Increase (Decrease)—Institutional Shares | (18,546) | (40) | (40,646) | (92) | |
G. Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other
events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.
To the extent the fund’s
investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to
increased price volatility and other risks.
The use of derivatives may
expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A
relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding
the fund’s use of derivative(s) and the specific risks associated is described under significant accounting policies.
At August 31, 2025, one
shareholder was the record or beneficial owner of 28% of the fund’s net assets. If this shareholder were to redeem its investment in the fund, the redemption might result in an increase in the fund’s
expense ratio, cause the fund to incur higher transaction costs, or lead to the realization of taxable capital gains.
H. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a
chief operating decision maker (“CODM”). The fund is considered a single segment. Vanguard’s chief executive officer, chief investment officer, and chief financial officer, who are also officers of
the fund, as well as the fund’s chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund’s daily
operations. Through these committees, the CODM manages the fund’s operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund’s investment
strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund’s portfolio composition, total returns, expense ratios and changes in net assets which are
consistent with the information contained in the fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.
I. Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these
financial statements.
45
Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Vanguard Admiral
Funds and Shareholders of Vanguard S&P Mid-Cap 400 Index Fund, Vanguard S&P Mid-Cap 400 Value Index Fund and Vanguard S&P Mid-Cap 400 Growth Index Fund
Opinions on the Financial
Statements
We have audited the
accompanying statements of assets and liabilities, including the schedules of investments, of Vanguard S&P Mid-Cap 400 Index Fund, Vanguard S&P Mid-Cap 400 Value Index Fund and Vanguard S&P Mid-Cap 400
Growth Index Fund (three of the funds constituting Vanguard Admiral Funds, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations for the year ended August 31,
2025, the statements of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended
August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31,
2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025 and each of the financial highlights for
each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are
the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company
Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and the PCAOB.
We conducted our audits of
these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement, whether due to error or fraud.
Our audits included performing
procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test
basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were
not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers
LLP
Philadelphia, Pennsylvania
October 21, 2025
Philadelphia, Pennsylvania
October 21, 2025
We have served as the auditor
of one or more investment companies in The Vanguard Group of Funds since 1975.
46
Tax information (unaudited)
The following percentages, or
if subsequently determined to be different, the maximum percentages allowable by law, of ordinary income (dividend income plus short-term gains, if any) for the fiscal year qualified for the dividends-received
deduction for corporate shareholders.
| Fund | Percentage |
| S&P Mid-Cap 400 Index Fund | 79.1% |
| S&P Mid-Cap 400 Value Index Fund | 87.2 |
| S&P Mid-Cap 400 Growth Index Fund | 90.4 |
The following amounts, or if
subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as qualified dividend income for purposes of the maximum rate under section 1(h)(11) for calendar year 2024.
Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.
| Fund | ($000) |
| S&P Mid-Cap 400 Index Fund | 40,938 |
| S&P Mid-Cap 400 Value Index Fund | 15,387 |
| S&P Mid-Cap 400 Growth Index Fund | 9,574 |
The following amounts for the
fiscal year, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as interest earned from obligations of the U.S. government which is generally exempt from state
income tax.
| Fund | ($000) |
| S&P Mid-Cap 400 Index Fund | 145 |
| S&P Mid-Cap 400 Value Index Fund | 35 |
| S&P Mid-Cap 400 Growth Index Fund | 38 |
The following amounts, or if
subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as qualified business income under section 199A for calendar year 2024. Shareholders will be notified in January
2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.
| Fund | ($000) |
| S&P Mid-Cap 400 Index Fund | 8,095 |
| S&P Mid-Cap 400 Value Index Fund | 2,605 |
| S&P Mid-Cap 400 Growth Index Fund | 285 |
Q18420 102025
47
Financial Statements
For the year ended August 31,
2025
Vanguard S&P Small-Cap 600 Index
Funds
| Vanguard S&P Small-Cap 600 Index Fund |
| Vanguard S&P Small-Cap 600 Value Index Fund |
| Vanguard S&P Small-Cap 600 Growth Index Fund |
Contents
S&P Small-Cap 600 Index Fund | 1 |
S&P Small-Cap 600 Value Index Fund | 20 |
S&P Small-Cap 600 Growth Index Fund | 37 |
Report of Independent Registered Public Accounting Firm | 52 |
Tax information | 53 |
S&P Small-Cap 600 Index Fund
Financial Statements
Schedule of Investments
As of August 31, 2025
The fund files its complete
schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports
are available on the SEC’s website at www.sec.gov.
| Shares | Market Value• ($000) | |||||
| Common Stocks (99.9%) | ||||||
| Communication Services (2.9%) | ||||||
| * | Lumen Technologies Inc. | 3,361,656 | 16,707 | |||
| Telephone & Data Systems Inc. | 323,473 | 12,968 | ||||
| TEGNA Inc. | 526,404 | 11,160 | ||||
| * | Madison Square Garden Sports Corp. | 54,890 | 10,860 | |||
| * | Cargurus Inc. Class A | 277,117 | 9,588 | |||
| 1 | Cinemark Holdings Inc. | 331,074 | 8,542 | |||
| * | IAC Inc. | 213,707 | 7,826 | |||
| * | DoubleVerify Holdings Inc. | 442,328 | 7,197 | |||
| * | TripAdvisor Inc. | 387,302 | 6,747 | |||
| * | Yelp Inc. Class A | 209,373 | 6,620 | |||
| John Wiley & Sons Inc. Class A | 133,978 | 5,437 | ||||
| Cogent Communications Holdings Inc. | 139,139 | 5,319 | ||||
| * | Ziff Davis Inc. | 138,024 | 5,274 | |||
| Uniti Group Inc. | 485,305 | 3,057 | ||||
| * | QuinStreet Inc. | 186,753 | 2,928 | |||
| * | Cars.com Inc. | 189,712 | 2,476 | |||
| * | Angi Inc. Class A | 138,669 | 2,457 | |||
| Cable One Inc. | 15,133 | 2,444 | ||||
| * | Gogo Inc. | 196,156 | 2,154 | |||
| Shenandoah Telecommunications Co. | 150,592 | 1,995 | ||||
| Scholastic Corp. | 77,160 | 1,980 | ||||
| * | Thryv Holdings Inc. | 134,936 | 1,735 | |||
| Shutterstock Inc. | 79,879 | 1,672 | ||||
| * | TechTarget Inc. | 89,431 | 528 | |||
| 137,671 | ||||||
| Consumer Discretionary (13.6%) | ||||||
| BorgWarner Inc. | 720,618 | 30,814 | ||||
| * | Stride Inc. | 140,678 | 22,957 | |||
| * | Brinker International Inc. | 145,687 | 22,724 | |||
| Installed Building Products Inc. | 74,667 | 19,549 | ||||
| Group 1 Automotive Inc. | 41,526 | 19,300 | ||||
| Meritage Homes Corp. | 235,329 | 18,283 | ||||
| * | Etsy Inc. | 341,687 | 18,113 | |||
| * | Boot Barn Holdings Inc. | 100,238 | 17,819 | |||
| * | Asbury Automotive Group Inc. | 64,396 | 16,198 | |||
| * | Adtalem Global Education Inc. | 117,718 | 15,415 | |||
| * | Frontdoor Inc. | 241,099 | 14,647 | |||
| * | Dorman Products Inc. | 88,963 | 14,393 | |||
| * | Shake Shack Inc. Class A | 131,777 | 13,968 | |||
| * | Cavco Industries Inc. | 26,253 | 13,927 | |||
| * | Champion Homes Inc. | 172,622 | 13,026 | |||
| * | M/I Homes Inc. | 87,733 | 12,920 | |||
| Kontoor Brands Inc. | 163,795 | 12,653 | ||||
| * | Urban Outfitters Inc. | 185,167 | 12,421 | |||
| Signet Jewelers Ltd. | 140,687 | 12,387 | ||||
| Patrick Industries Inc. | 109,469 | 12,244 | ||||
| Advance Auto Parts Inc. | 196,234 | 11,968 | ||||
| Academy Sports & Outdoors Inc. | 218,191 | 11,684 | ||||
| * | Tri Pointe Homes Inc. | 296,954 | 10,491 | |||
| * | Penn Entertainment Inc. | 477,174 | 9,653 | |||
| Cheesecake Factory Inc. | 149,442 | 9,185 | ||||
| LCI Industries | 82,590 | 8,707 | ||||
| Dana Inc. | 425,385 | 8,576 | ||||
| Wolverine World Wide Inc. | 265,799 | 8,490 | ||||
| Newell Brands Inc. | 1,369,901 | 8,110 | ||||
| Phinia Inc. | 130,533 | 7,634 | ||||
| * | Hanesbrands Inc. | 1,159,851 | 7,319 | |||
| * | Six Flags Entertainment Corp. | 308,356 | 6,997 | |||
| * | Green Brick Partners Inc. | 99,404 | 6,942 | |||
1
S&P Small-Cap 600 Index Fund
| Shares | Market Value• ($000) | |||||
| Steven Madden Ltd. | 238,184 | 6,917 | ||||
| * | Adient plc | 275,521 | 6,833 | |||
| * | Foot Locker Inc. | 272,668 | 6,735 | |||
| American Eagle Outfitters Inc. | 517,099 | 6,691 | ||||
| Acushnet Holdings Corp. | 86,726 | 6,648 | ||||
| Perdoceo Education Corp. | 202,034 | 6,615 | ||||
| Strategic Education Inc. | 78,439 | 6,381 | ||||
| * | Victoria's Secret & Co. | 261,844 | 6,028 | |||
| * | National Vision Holdings Inc. | 259,275 | 5,948 | |||
| Century Communities Inc. | 88,158 | 5,808 | ||||
| Buckle Inc. | 99,394 | 5,625 | ||||
| 1 | Kohl's Corp. | 365,087 | 5,498 | |||
| * | Sonos Inc. | 393,838 | 5,482 | |||
| Papa John's International Inc. | 107,371 | 5,230 | ||||
| La-Z-Boy Inc. | 135,409 | 5,006 | ||||
| * | Sally Beauty Holdings Inc. | 330,902 | 4,586 | |||
| * | Topgolf Callaway Brands Corp. | 463,996 | 4,436 | |||
| Cracker Barrel Old Country Store Inc. | 73,015 | 4,368 | ||||
| Monarch Casino & Resort Inc. | 41,786 | 4,360 | ||||
| Upbound Group Inc. | 168,767 | 4,288 | ||||
| Leggett & Platt Inc. | 443,225 | 4,259 | ||||
| * | LGI Homes Inc. | 67,544 | 4,182 | |||
| * | Fox Factory Holding Corp. | 136,776 | 3,957 | |||
| Sonic Automotive Inc. Class A | 47,473 | 3,902 | ||||
| * | Gentherm Inc. | 101,185 | 3,721 | |||
| Carter's Inc. | 119,505 | 3,413 | ||||
| * | G-III Apparel Group Ltd. | 124,944 | 3,373 | |||
| Winnebago Industries Inc. | 91,897 | 3,306 | ||||
| * | XPEL Inc. | 74,383 | 2,764 | |||
| Standard Motor Products Inc. | 68,192 | 2,647 | ||||
| * | Pursuit Attractions & Hospitality Inc. | 70,415 | 2,626 | |||
| * | Dream Finders Homes Inc. Class A | 93,642 | 2,602 | |||
| Matthews International Corp. Class A | 101,675 | 2,498 | ||||
| * | BJ's Restaurants Inc. | 72,529 | 2,434 | |||
| * | Dave & Buster's Entertainment Inc. | 90,670 | 2,327 | |||
| * | Sabre Corp. | 1,271,776 | 2,276 | |||
| * | American Axle & Manufacturing Holdings Inc. | 389,240 | 2,265 | |||
| Ethan Allen Interiors Inc. | 74,214 | 2,190 | ||||
| Oxford Industries Inc. | 45,851 | 2,020 | ||||
| Sturm Ruger & Co. Inc. | 54,344 | 1,884 | ||||
| * | Helen of Troy Ltd. | 75,229 | 1,847 | |||
| Bloomin' Brands Inc. | 248,254 | 1,825 | ||||
| * | Mister Car Wash Inc. | 309,207 | 1,766 | |||
| Caleres Inc. | 111,791 | 1,677 | ||||
| * | MarineMax Inc. | 62,139 | 1,637 | |||
| Monro Inc. | 98,196 | 1,628 | ||||
| Golden Entertainment Inc. | 64,660 | 1,608 | ||||
| Guess? Inc. | 89,954 | 1,512 | ||||
| Shoe Carnival Inc. | 57,881 | 1,210 | ||||
| Jack in the Box Inc. | 61,746 | 1,192 | ||||
| 637,545 | ||||||
| Consumer Staples (2.9%) | ||||||
| Cal-Maine Foods Inc. | 141,426 | 16,354 | ||||
| WD-40 Co. | 44,354 | 9,582 | ||||
| * | Freshpet Inc. | 159,975 | 8,930 | |||
| PriceSmart Inc. | 81,484 | 8,740 | ||||
| * | Simply Good Foods Co. | 300,980 | 8,617 | |||
| * | Chefs' Warehouse Inc. | 116,086 | 7,330 | |||
| Interparfums Inc. | 59,000 | 6,781 | ||||
| Energizer Holdings Inc. | 215,457 | 5,938 | ||||
| * | Grocery Outlet Holding Corp. | 321,527 | 5,823 | |||
| J & J Snack Foods Corp. | 51,046 | 5,695 | ||||
| * | United Natural Foods Inc. | 198,498 | 5,613 | |||
| * | Central Garden & Pet Co. Class A | 162,387 | 5,364 | |||
| WK Kellogg Co. | 217,854 | 4,993 | ||||
| Universal Corp. | 81,049 | 4,535 | ||||
| Andersons Inc. | 105,756 | 4,325 | ||||
| Fresh Del Monte Produce Inc. | 110,037 | 3,992 | ||||
| Edgewell Personal Care Co. | 154,238 | 3,705 | ||||
2
S&P Small-Cap 600 Index Fund
| Shares | Market Value• ($000) | |||||
| * | National Beverage Corp. | 76,760 | 3,228 | |||
| SpartanNash Co. | 111,004 | 2,975 | ||||
| * | TreeHouse Foods Inc. | 149,051 | 2,734 | |||
| Tootsie Roll Industries Inc. | 54,836 | 2,205 | ||||
| John B Sanfilippo & Son Inc. | 29,907 | 1,941 | ||||
| MGP Ingredients Inc. | 44,731 | 1,323 | ||||
| B&G Foods Inc. | 262,663 | 1,185 | ||||
| * | USANA Health Sciences Inc. | 35,512 | 1,133 | |||
| * | Central Garden & Pet Co. | 27,321 | 995 | |||
| 134,036 | ||||||
| Energy (4.1%) | ||||||
| Magnolia Oil & Gas Corp. Class A | 612,127 | 15,230 | ||||
| Archrock Inc. | 579,234 | 14,342 | ||||
| Core Natural Resources Inc. | 163,868 | 12,169 | ||||
| California Resources Corp. | 228,119 | 11,333 | ||||
| SM Energy Co. | 375,385 | 10,717 | ||||
| Cactus Inc. Class A | 224,498 | 9,418 | ||||
| * | Tidewater Inc. | 149,278 | 8,986 | |||
| Northern Oil & Gas Inc. | 322,151 | 8,427 | ||||
| * | Oceaneering International Inc. | 329,845 | 8,048 | |||
| Peabody Energy Corp. | 398,807 | 6,939 | ||||
| Helmerich & Payne Inc. | 325,991 | 6,810 | ||||
| Patterson-UTI Energy Inc. | 1,151,582 | 6,691 | ||||
| International Seaways Inc. | 132,682 | 6,026 | ||||
| Liberty Energy Inc. Class A | 531,074 | 5,975 | ||||
| * | Par Pacific Holdings Inc. | 169,159 | 5,860 | |||
| Crescent Energy Co. Class A | 602,612 | 5,749 | ||||
| Kinetik Holdings Inc. Class A | 125,823 | 5,263 | ||||
| World Kinect Corp. | 185,706 | 4,979 | ||||
| * | Comstock Resources Inc. | 297,812 | 4,804 | |||
| Kodiak Gas Services Inc. | 129,648 | 4,640 | ||||
| * | Talos Energy Inc. | 403,748 | 3,989 | |||
| Dorian LPG Ltd. | 119,320 | 3,816 | ||||
| * | CVR Energy Inc. | 112,092 | 3,418 | |||
| * | Bristow Group Inc. Class A | 81,131 | 3,124 | |||
| * | Helix Energy Solutions Group Inc. | 466,923 | 3,077 | |||
| * | REX American Resources Corp. | 48,003 | 3,003 | |||
| 1 | Atlas Energy Solutions Inc. | 239,073 | 2,799 | |||
| * | Innovex International Inc. | 126,928 | 2,191 | |||
| Core Laboratories Inc. | 153,306 | 1,765 | ||||
| * | Vital Energy Inc. | 88,692 | 1,580 | |||
| * | ProPetro Holding Corp. | 260,002 | 1,326 | |||
| RPC Inc. | 274,787 | 1,311 | ||||
| 193,805 | ||||||
| Financials (19.5%) | ||||||
| * | Mr. Cooper Group Inc. | 209,711 | 39,537 | |||
| Lincoln National Corp. | 559,474 | 24,018 | ||||
| Jackson Financial Inc. Class A | 234,095 | 23,129 | ||||
| Piper Sandler Cos. | 53,836 | 17,970 | ||||
| Moelis & Co. Class A | 243,080 | 17,528 | ||||
| Atlantic Union Bankshares Corp. | 466,582 | 16,671 | ||||
| * | Axos Financial Inc. | 175,482 | 16,006 | |||
| Ameris Bancorp | 211,406 | 15,492 | ||||
| Radian Group Inc. | 440,068 | 15,350 | ||||
| * | StoneX Group Inc. | 142,645 | 14,574 | |||
| ServisFirst Bancshares Inc. | 164,608 | 14,510 | ||||
| PJT Partners Inc. Class A | 80,049 | 14,329 | ||||
| StepStone Group Inc. Class A | 216,416 | 13,431 | ||||
| United Community Banks Inc. | 397,958 | 13,292 | ||||
| Assured Guaranty Ltd. | 151,100 | 12,420 | ||||
| BGC Group Inc. Class A | 1,240,619 | 12,170 | ||||
| Renasant Corp. | 301,867 | 11,812 | ||||
| Fulton Financial Corp. | 595,336 | 11,704 | ||||
| First Bancorp | 525,601 | 11,684 | ||||
| * | Bancorp Inc. | 153,199 | 11,680 | |||
| * | Genworth Financial Inc. Class A | 1,357,415 | 11,633 | |||
| Cathay General Bancorp | 229,644 | 11,461 | ||||
| Independent Bank Corp. | 158,869 | 11,361 | ||||
| HA Sustainable Infrastructure Capital Inc. | 396,089 | 11,186 | ||||
3
S&P Small-Cap 600 Index Fund
| Shares | Market Value• ($000) | |||||
| Virtu Financial Inc. Class A | 264,519 | 11,089 | ||||
| Victory Capital Holdings Inc. Class A | 154,151 | 10,988 | ||||
| Blackstone Mortgage Trust Inc. Class A | 554,177 | 10,840 | ||||
| WSFS Financial Corp. | 185,968 | 10,840 | ||||
| Artisan Partners Asset Management Inc. Class A | 230,992 | 10,808 | ||||
| * | Palomar Holdings Inc. | 87,707 | 10,790 | |||
| First Hawaiian Inc. | 411,757 | 10,685 | ||||
| Community Financial System Inc. | 173,093 | 10,367 | ||||
| * | Enova International Inc. | 83,193 | 10,091 | |||
| Bread Financial Holdings Inc. | 152,410 | 10,088 | ||||
| * | NMI Holdings Inc. Class A | 255,853 | 10,068 | |||
| Simmons First National Corp. Class A | 465,576 | 9,675 | ||||
| BankUnited Inc. | 246,682 | 9,667 | ||||
| * | NCR Atleos Corp. | 240,908 | 9,545 | |||
| Walker & Dunlop Inc. | 105,687 | 8,989 | ||||
| Bank of Hawaii Corp. | 130,102 | 8,863 | ||||
| BancFirst Corp. | 65,421 | 8,699 | ||||
| Seacoast Banking Corp. of Florida | 278,870 | 8,676 | ||||
| CVB Financial Corp. | 424,853 | 8,552 | ||||
| Provident Financial Services Inc. | 428,505 | 8,501 | ||||
| First Financial Bancorp | 313,974 | 8,314 | ||||
| WaFd Inc. | 262,901 | 8,268 | ||||
| Park National Corp. | 47,793 | 8,209 | ||||
| Trustmark Corp. | 197,990 | 7,973 | ||||
| Banner Corp. | 113,414 | 7,602 | ||||
| NBT Bancorp Inc. | 171,599 | 7,597 | ||||
| 1 | Arbor Realty Trust Inc. | 628,966 | 7,510 | |||
| EVERTEC Inc. | 208,638 | 7,444 | ||||
| First Bancorp (XNGS) | 135,853 | 7,416 | ||||
| FB Financial Corp. | 132,568 | 7,116 | ||||
| Banc of California Inc. | 419,831 | 7,104 | ||||
| Goosehead Insurance Inc. Class A | 82,183 | 6,962 | ||||
| * | Customers Bancorp Inc. | 96,350 | 6,907 | |||
| Mercury General Corp. | 87,201 | 6,743 | ||||
| Stewart Information Services Corp. | 91,567 | 6,670 | ||||
| OFG Bancorp | 147,311 | 6,592 | ||||
| Cohen & Steers Inc. | 88,618 | 6,545 | ||||
| Horace Mann Educators Corp. | 133,746 | 6,150 | ||||
| Pathward Financial Inc. | 77,277 | 6,141 | ||||
| Veritex Holdings Inc. | 178,002 | 6,114 | ||||
| City Holding Co. | 47,505 | 6,103 | ||||
| First Commonwealth Financial Corp. | 343,066 | 6,089 | ||||
| Northwest Bancshares Inc. | 473,750 | 5,993 | ||||
| * | Payoneer Global Inc. | 854,586 | 5,939 | |||
| Lakeland Financial Corp. | 83,821 | 5,738 | ||||
| * | SiriusPoint Ltd. | 302,080 | 5,655 | |||
| Hilltop Holdings Inc. | 149,418 | 5,242 | ||||
| WisdomTree Inc. | 380,077 | 5,173 | ||||
| * | Trupanion Inc. | 110,854 | 5,139 | |||
| HCI Group Inc. | 30,526 | 5,089 | ||||
| ARMOUR Residential REIT Inc. | 328,786 | 5,034 | ||||
| S&T Bancorp Inc. | 125,703 | 4,966 | ||||
| National Bank Holdings Corp. Class A | 124,929 | 4,900 | ||||
| * | Donnelley Financial Solutions Inc. | 83,399 | 4,735 | |||
| PROG Holdings Inc. | 132,346 | 4,664 | ||||
| Stellar Bancorp Inc. | 150,245 | 4,646 | ||||
| Hope Bancorp Inc. | 415,706 | 4,627 | ||||
| Acadian Asset Management Inc. | 88,058 | 4,488 | ||||
| * | Triumph Financial Inc. | 72,840 | 4,479 | |||
| Apollo Commercial Real Estate Finance Inc. | 419,244 | 4,440 | ||||
| Westamerica Bancorp | 85,867 | 4,294 | ||||
| Virtus Investment Partners Inc. | 21,304 | 4,291 | ||||
| Ellington Financial Inc. | 309,975 | 4,228 | ||||
| * | ProAssurance Corp. | 168,240 | 4,006 | |||
| Dime Community Bancshares Inc. | 129,322 | 3,978 | ||||
| Berkshire Hills Bancorp Inc. | 149,647 | 3,910 | ||||
| Safety Insurance Group Inc. | 48,844 | 3,615 | ||||
| Preferred Bank | 37,901 | 3,578 | ||||
| Enact Holdings Inc. | 93,531 | 3,521 | ||||
| PennyMac Mortgage Investment Trust | 285,345 | 3,513 | ||||
4
S&P Small-Cap 600 Index Fund
| Shares | Market Value• ($000) | |||||
| Employers Holdings Inc. | 78,840 | 3,411 | ||||
| Two Harbors Investment Corp. | 341,091 | 3,411 | ||||
| Navient Corp. | 238,783 | 3,274 | ||||
| * | Encore Capital Group Inc. | 76,562 | 3,203 | |||
| Brookline Bancorp Inc. | 292,174 | 3,199 | ||||
| Franklin BSP Realty Trust Inc. | 269,594 | 3,114 | ||||
| Southside Bancshares Inc. | 92,799 | 2,899 | ||||
| Tompkins Financial Corp. | 41,179 | 2,888 | ||||
| AMERISAFE Inc. | 62,435 | 2,883 | ||||
| * | EZCORP Inc. Class A | 170,673 | 2,845 | |||
| Central Pacific Financial Corp. | 88,188 | 2,762 | ||||
| Heritage Financial Corp. | 111,832 | 2,733 | ||||
| Redwood Trust Inc. | 436,414 | 2,671 | ||||
| Capitol Federal Financial Inc. | 400,644 | 2,596 | ||||
| TrustCo Bank Corp. | 62,360 | 2,481 | ||||
| Hanmi Financial Corp. | 98,215 | 2,471 | ||||
| Ready Capital Corp. | 558,911 | 2,381 | ||||
| * | PRA Group Inc. | 130,278 | 2,226 | |||
| United Fire Group Inc. | 70,111 | 2,155 | ||||
| New York Mortgage Trust Inc. | 296,082 | 2,138 | ||||
| Eagle Bancorp Inc. | 98,974 | 1,922 | ||||
| KKR Real Estate Finance Trust Inc. | 186,813 | 1,799 | ||||
| * | World Acceptance Corp. | 10,229 | 1,754 | |||
| 917,435 | ||||||
| Health Care (10.3%) | ||||||
| * | Corcept Therapeutics Inc. | 309,272 | 21,562 | |||
| Teleflex Inc. | 144,792 | 18,303 | ||||
| * | Glaukos Corp. | 187,222 | 17,940 | |||
| * | Merit Medical Systems Inc. | 193,670 | 17,535 | |||
| * | RadNet Inc. | 221,702 | 15,909 | |||
| * | ADMA Biologics Inc. | 782,117 | 13,499 | |||
| * | Alkermes plc | 464,191 | 13,448 | |||
| * | TG Therapeutics Inc. | 444,251 | 13,030 | |||
| * | TransMedics Group Inc. | 110,839 | 12,742 | |||
| * | Integer Holdings Corp. | 114,298 | 12,329 | |||
| * | Krystal Biotech Inc. | 83,408 | 12,319 | |||
| * | Protagonist Therapeutics Inc. | 203,285 | 12,004 | |||
| * | Prestige Consumer Healthcare Inc. | 161,829 | 11,011 | |||
| * | ACADIA Pharmaceuticals Inc. | 406,192 | 10,557 | |||
| * | ICU Medical Inc. | 80,722 | 10,305 | |||
| * | Ligand Pharmaceuticals Inc. | 63,278 | 10,233 | |||
| * | Arrowhead Pharmaceuticals Inc. | 412,158 | 9,080 | |||
| * | Inspire Medical Systems Inc. | 96,735 | 9,063 | |||
| Concentra Group Holdings Parent Inc. | 356,680 | 8,489 | ||||
| * | Supernus Pharmaceuticals Inc. | 183,632 | 8,285 | |||
| Organon & Co. | 852,595 | 8,031 | ||||
| * | CorVel Corp. | 89,109 | 7,935 | |||
| * | Privia Health Group Inc. | 343,881 | 7,923 | |||
| * | Veracyte Inc. | 256,849 | 7,793 | |||
| * | Catalyst Pharmaceuticals Inc. | 376,041 | 7,743 | |||
| Premier Inc. Class A | 269,491 | 6,980 | ||||
| * | Addus HomeCare Corp. | 59,543 | 6,858 | |||
| LeMaitre Vascular Inc. | 67,433 | 6,431 | ||||
| * | QuidelOrtho Corp. | 217,353 | 6,236 | |||
| * | Vericel Corp. | 165,107 | 6,003 | |||
| * | Sarepta Therapeutics Inc. | 322,505 | 5,870 | |||
| * | Progyny Inc. | 244,585 | 5,789 | |||
| * | Enovis Corp. | 187,334 | 5,789 | |||
| * | Artivion Inc. | 126,051 | 5,537 | |||
| CONMED Corp. | 101,478 | 5,516 | ||||
| * | ANI Pharmaceuticals Inc. | 55,804 | 5,218 | |||
| * | UFP Technologies Inc. | 24,014 | 5,047 | |||
| * | Omnicell Inc. | 153,638 | 5,007 | |||
| * | Pediatrix Medical Group Inc. | 276,177 | 4,753 | |||
| * | Harmony Biosciences Holdings Inc. | 126,184 | 4,655 | |||
| National HealthCare Corp. | 40,590 | 4,606 | ||||
| * | Azenta Inc. | 150,146 | 4,585 | |||
| * | STAAR Surgical Co. | 162,382 | 4,443 | |||
| Select Medical Holdings Corp. | 341,455 | 4,442 | ||||
5
S&P Small-Cap 600 Index Fund
6
S&P Small-Cap 600 Index Fund
| Shares | Market Value• ($000) | |||||
| ABM Industries Inc. | 203,805 | 10,021 | ||||
| Griffon Corp. | 127,822 | 9,735 | ||||
| * | MYR Group Inc. | 50,912 | 9,534 | |||
| * | GEO Group Inc. | 454,474 | 9,426 | |||
| * | AAR Corp. | 116,313 | 8,800 | |||
| UniFirst Corp. | 49,138 | 8,738 | ||||
| Powell Industries Inc. | 30,872 | 8,217 | ||||
| Standex International Corp. | 39,592 | 8,080 | ||||
| * | RXO Inc. | 467,705 | 7,638 | |||
| Trinity Industries Inc. | 267,662 | 7,607 | ||||
| * | Hayward Holdings Inc. | 468,201 | 7,529 | |||
| Enerpac Tool Group Corp. Class A | 177,382 | 7,510 | ||||
| Hub Group Inc. Class A | 198,928 | 7,444 | ||||
| * | CoreCivic Inc. | 358,021 | 7,261 | |||
| Alamo Group Inc. | 34,103 | 7,211 | ||||
| HNI Corp. | 152,694 | 6,862 | ||||
| Worthington Enterprises Inc. | 101,509 | 6,679 | ||||
| Albany International Corp. Class A | 99,047 | 6,290 | ||||
| Pitney Bowes Inc. | 517,211 | 6,269 | ||||
| * | Gibraltar Industries Inc. | 96,719 | 6,054 | |||
| Hillenbrand Inc. | 231,054 | 5,866 | ||||
| Werner Enterprises Inc. | 202,548 | 5,844 | ||||
| CSG Systems International Inc. | 90,594 | 5,813 | ||||
| ArcBest Corp. | 75,144 | 5,543 | ||||
| * | DNOW Inc. | 346,228 | 5,540 | |||
| Kennametal Inc. | 250,026 | 5,358 | ||||
| * | JetBlue Airways Corp. | 999,337 | 5,346 | |||
| * | Masterbrand Inc. | 415,654 | 5,283 | |||
| * | DXP Enterprises Inc. | 41,690 | 5,206 | |||
| Interface Inc. Class A | 192,238 | 5,137 | ||||
| Tennant Co. | 61,180 | 5,019 | ||||
| Lindsay Corp. | 35,642 | 4,891 | ||||
| Greenbrier Cos. Inc. | 102,945 | 4,800 | ||||
| MillerKnoll Inc. | 222,188 | 4,690 | ||||
| * | Proto Labs Inc. | 77,961 | 3,883 | |||
| * | Vicor Corp. | 75,739 | 3,871 | |||
| Schneider National Inc. Class B | 154,190 | 3,812 | ||||
| * | Healthcare Services Group Inc. | 239,171 | 3,733 | |||
| Astec Industries Inc. | 74,992 | 3,471 | ||||
| Heidrick & Struggles International Inc. | 67,632 | 3,436 | ||||
| Quanex Building Products Corp. | 154,049 | 3,277 | ||||
| * | American Woodmark Corp. | 48,651 | 3,141 | |||
| Apogee Enterprises Inc. | 70,748 | 3,111 | ||||
| * | Enviri Corp. | 263,983 | 2,983 | |||
| * | Allegiant Travel Co. | 47,443 | 2,973 | |||
| Deluxe Corp. | 146,723 | 2,885 | ||||
| Insteel Industries Inc. | 63,669 | 2,444 | ||||
| * | Hertz Global Holdings Inc. | 405,776 | 2,325 | |||
| Marten Transport Ltd. | 189,807 | 2,247 | ||||
| * | Forward Air Corp. | 68,940 | 2,070 | |||
| * | Liquidity Services Inc. | 74,810 | 1,989 | |||
| National Presto Industries Inc. | 16,814 | 1,762 | ||||
| Vestis Corp. | 374,228 | 1,751 | ||||
| * | Sun Country Airlines Holdings Inc. | 129,458 | 1,715 | |||
| * | Titan International Inc. | 157,577 | 1,390 | |||
| Heartland Express Inc. | 141,535 | 1,216 | ||||
| 891,786 | ||||||
| Information Technology (12.7%) | ||||||
| * | Qorvo Inc. | 306,095 | 27,763 | |||
| * | Sandisk Corp. | 442,840 | 23,236 | |||
| InterDigital Inc. | 85,012 | 23,099 | ||||
| * | Sanmina Corp. | 175,201 | 20,590 | |||
| Advanced Energy Industries Inc. | 123,378 | 18,467 | ||||
| *,1 | MARA Holdings Inc. | 1,153,266 | 18,429 | |||
| * | Itron Inc. | 149,398 | 18,367 | |||
| Badger Meter Inc. | 96,518 | 17,655 | ||||
| * | ACI Worldwide Inc. | 343,742 | 16,964 | |||
| * | SiTime Corp. | 68,441 | 16,540 | |||
| * | Semtech Corp. | 283,849 | 16,489 | |||
7
S&P Small-Cap 600 Index Fund
| Shares | Market Value• ($000) | |||||
| * | Ralliant Corp. | 371,190 | 15,519 | |||
| * | Box Inc. Class A | 474,520 | 15,484 | |||
| * | TTM Technologies Inc. | 332,999 | 14,842 | |||
| * | Impinj Inc. | 76,915 | 14,419 | |||
| * | SPS Commerce Inc. | 124,415 | 13,723 | |||
| * | Plexus Corp. | 88,737 | 12,158 | |||
| * | OSI Systems Inc. | 51,208 | 11,780 | |||
| * | Insight Enterprises Inc. | 89,938 | 11,706 | |||
| * | Calix Inc. | 189,207 | 11,248 | |||
| Clear Secure Inc. Class A | 302,612 | 10,988 | ||||
| * | Alarm.com Holdings Inc. | 163,142 | 9,565 | |||
| * | Extreme Networks Inc. | 436,736 | 9,337 | |||
| * | BlackLine Inc. | 169,371 | 9,209 | |||
| * | Viasat Inc. | 279,496 | 9,036 | |||
| * | Cleanspark Inc. | 912,208 | 8,639 | |||
| * | DXC Technology Co. | 593,494 | 8,576 | |||
| * | Axcelis Technologies Inc. | 105,369 | 8,434 | |||
| * | Diodes Inc. | 152,166 | 8,283 | |||
| * | Viavi Solutions Inc. | 730,852 | 8,244 | |||
| * | Agilysys Inc. | 73,625 | 8,034 | |||
| * | FormFactor Inc. | 252,756 | 7,378 | |||
| * | DigitalOcean Holdings Inc. | 206,018 | 6,720 | |||
| * | Teradata Corp. | 313,544 | 6,578 | |||
| *,1 | SolarEdge Technologies Inc. | 193,646 | 6,549 | |||
| * | Progress Software Corp. | 141,118 | 6,532 | |||
| Kulicke & Soffa Industries Inc. | 173,023 | 6,488 | ||||
| ePlus Inc. | 86,388 | 6,252 | ||||
| * | Knowles Corp. | 285,225 | 6,090 | |||
| * | LiveRamp Holdings Inc. | 215,673 | 6,022 | |||
| * | NCR Voyix Corp. | 451,772 | 5,954 | |||
| * | Arlo Technologies Inc. | 339,112 | 5,904 | |||
| * | NetScout Systems Inc. | 233,931 | 5,823 | |||
| Vishay Intertechnology Inc. | 368,425 | 5,696 | ||||
| Adeia Inc. | 355,845 | 5,352 | ||||
| * | Veeco Instruments Inc. | 196,513 | 4,819 | |||
| Benchmark Electronics Inc. | 118,356 | 4,804 | ||||
| * | Photronics Inc. | 208,404 | 4,725 | |||
| * | Rogers Corp. | 55,281 | 4,337 | |||
| * | Digi International Inc. | 121,554 | 4,220 | |||
| A10 Networks Inc. | 236,393 | 4,187 | ||||
| * | Penguin Solutions Inc. | 172,989 | 4,174 | |||
| CTS Corp. | 97,856 | 4,158 | ||||
| * | MaxLinear Inc. Class A | 257,761 | 4,052 | |||
| * | Harmonic Inc. | 370,892 | 3,568 | |||
| * | Ultra Clean Holdings Inc. | 148,032 | 3,556 | |||
| * | Sprinklr Inc. Class A | 376,443 | 3,252 | |||
| * | Cohu Inc. | 152,448 | 3,034 | |||
| * | ScanSource Inc. | 68,166 | 2,975 | |||
| PC Connection Inc. | 39,141 | 2,513 | ||||
| * | Alpha & Omega Semiconductor Ltd. | 79,743 | 2,294 | |||
| * | PDF Solutions Inc. | 102,340 | 2,093 | |||
| * | N-able Inc. | 234,562 | 1,891 | |||
| * | Ichor Holdings Ltd. | 111,890 | 1,885 | |||
| * | CEVA Inc. | 78,397 | 1,742 | |||
| * | Grid Dynamics Holdings Inc. | 203,974 | 1,691 | |||
| Xerox Holdings Corp. | 382,188 | 1,521 | ||||
| * | Corsair Gaming Inc. | 148,495 | 1,326 | |||
| 596,978 | ||||||
| Materials (5.2%) | ||||||
| *,1 | MP Materials Corp. | 436,579 | 31,058 | |||
| Element Solutions Inc. | 731,012 | 18,802 | ||||
| Balchem Corp. | 106,887 | 17,325 | ||||
| Celanese Corp. | 358,466 | 17,074 | ||||
| FMC Corp. | 409,253 | 16,002 | ||||
| Sensient Technologies Corp. | 139,127 | 15,785 | ||||
| Sealed Air Corp. | 481,746 | 15,642 | ||||
| HB Fuller Co. | 177,411 | 10,831 | ||||
| Warrior Met Coal Inc. | 172,379 | 10,539 | ||||
| Hawkins Inc. | 62,079 | 10,388 | ||||
8
S&P Small-Cap 600 Index Fund
| Shares | Market Value• ($000) | |||||
| Materion Corp. | 68,263 | 7,564 | ||||
| Chemours Co. | 490,863 | 7,559 | ||||
| Innospec Inc. | 81,856 | 7,170 | ||||
| * | Ingevity Corp. | 119,591 | 6,982 | |||
| Minerals Technologies Inc. | 104,063 | 6,811 | ||||
| * | O-I Glass Inc. | 507,306 | 6,590 | |||
| Quaker Chemical Corp. | 44,648 | 6,477 | ||||
| * | Alpha Metallurgical Resources Inc. | 35,959 | 5,365 | |||
| Sylvamo Corp. | 112,185 | 5,175 | ||||
| Kaiser Aluminum Corp. | 52,481 | 4,087 | ||||
| * | Century Aluminum Co. | 171,363 | 3,826 | |||
| Worthington Steel Inc. | 114,821 | 3,824 | ||||
| Stepan Co. | 69,587 | 3,481 | ||||
| SunCoke Energy Inc. | 277,568 | 2,143 | ||||
| * | Metallus Inc. | 121,260 | 1,992 | |||
| Koppers Holdings Inc. | 65,298 | 1,892 | ||||
| AdvanSix Inc. | 87,905 | 1,886 | ||||
| 246,270 | ||||||
| Real Estate (7.6%) | ||||||
| CareTrust REIT Inc. | 694,300 | 23,891 | ||||
| Essential Properties Realty Trust Inc. | 647,323 | 20,274 | ||||
| Terreno Realty Corp. | 338,595 | 19,561 | ||||
| Ryman Hospitality Properties Inc. | 196,634 | 19,425 | ||||
| Macerich Co. | 827,580 | 15,227 | ||||
| Phillips Edison & Co. Inc. | 410,836 | 14,457 | ||||
| Millrose Properties Inc. | 394,009 | 13,912 | ||||
| SL Green Realty Corp. | 232,596 | 13,232 | ||||
| Tanger Inc. | 370,728 | 12,672 | ||||
| * | Cushman & Wakefield plc | 757,614 | 11,948 | |||
| Highwoods Properties Inc. | 353,560 | 11,148 | ||||
| Apple Hospitality REIT Inc. | 725,577 | 9,476 | ||||
| Douglas Emmett Inc. | 549,118 | 8,901 | ||||
| 1 | Medical Properties Trust Inc. | 1,970,354 | 8,867 | |||
| LXP Industrial Trust | 969,942 | 8,807 | ||||
| Acadia Realty Trust | 429,476 | 8,594 | ||||
| Urban Edge Properties | 412,384 | 8,532 | ||||
| Four Corners Property Trust Inc. | 328,920 | 8,516 | ||||
| Outfront Media Inc. | 454,774 | 8,495 | ||||
| Curbline Properties Corp. | 310,552 | 6,997 | ||||
| St. Joe Co. | 124,118 | 6,263 | ||||
| Sunstone Hotel Investors Inc. | 652,111 | 6,182 | ||||
| DiamondRock Hospitality Co. | 676,544 | 5,791 | ||||
| LTC Properties Inc. | 150,628 | 5,498 | ||||
| Innovative Industrial Properties Inc. | 91,860 | 5,205 | ||||
| JBG SMITH Properties | 239,565 | 5,136 | ||||
| Global Net Lease Inc. | 628,511 | 4,946 | ||||
| Elme Communities | 289,082 | 4,938 | ||||
| Getty Realty Corp. | 167,256 | 4,782 | ||||
| Alexander & Baldwin Inc. | 238,436 | 4,611 | ||||
| Xenia Hotels & Resorts Inc. | 323,643 | 4,573 | ||||
| Pebblebrook Hotel Trust | 389,169 | 4,335 | ||||
| Veris Residential Inc. | 265,962 | 4,184 | ||||
| Kennedy-Wilson Holdings Inc. | 389,952 | 3,432 | ||||
| Centerspace | 54,861 | 3,264 | ||||
| American Assets Trust Inc. | 154,785 | 3,235 | ||||
| Easterly Government Properties Inc. Class A | 138,291 | 3,166 | ||||
| eXp World Holdings Inc. | 281,708 | 3,051 | ||||
| Marcus & Millichap Inc. | 79,221 | 2,582 | ||||
| NexPoint Residential Trust Inc. | 71,851 | 2,480 | ||||
| Safehold Inc. | 150,495 | 2,477 | ||||
| Brandywine Realty Trust | 566,834 | 2,415 | ||||
| Summit Hotel Properties Inc. | 356,658 | 1,955 | ||||
| Whitestone REIT | 146,535 | 1,928 | ||||
| Armada Hoffler Properties Inc. | 261,837 | 1,906 | ||||
| SITE Centers Corp. | 154,826 | 1,901 | ||||
| Universal Health Realty Income Trust | 41,779 | 1,696 | ||||
| Saul Centers Inc. | 39,666 | 1,355 | ||||
| 356,219 | ||||||
9
S&P Small-Cap 600 Index Fund
| Shares | Market Value• ($000) | |||||
| Utilities (2.1%) | ||||||
| Otter Tail Corp. | 137,258 | 11,528 | ||||
| MDU Resources Group Inc. | 670,148 | 10,917 | ||||
| MGE Energy Inc. | 119,840 | 10,204 | ||||
| Avista Corp. | 263,825 | 9,640 | ||||
| Chesapeake Utilities Corp. | 76,385 | 9,440 | ||||
| American States Water Co. | 126,111 | 9,399 | ||||
| California Water Service Group | 195,074 | 9,155 | ||||
| Clearway Energy Inc. Class C | 272,414 | 8,121 | ||||
| Northwest Natural Holding Co. | 132,194 | 5,490 | ||||
| H2O America | 102,022 | 5,139 | ||||
| Clearway Energy Inc. Class A | 114,220 | 3,220 | ||||
| Middlesex Water Co. | 58,779 | 3,147 | ||||
| Unitil Corp. | 53,285 | 2,502 | ||||
| 97,902 | ||||||
| Total Common Stocks (Cost $3,881,515) | 4,692,494 | |||||
| Temporary Cash Investments (0.8%) | ||||||
| Money Market Fund (0.8%) | ||||||
| 3,4 | Vanguard Market Liquidity Fund, 4.362% (Cost $39,995) | 400,032 | 39,999 | |||
| Total Investments (100.7%) (Cost $3,921,510) | 4,732,493 | |||||
| Other Assets and Liabilities—Net (-0.7%) | (35,064) | |||||
| Net Assets (100%) | 4,697,429 | |||||
| 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 $36,213. |
| 2 | Security value determined using significant unobservable inputs. |
| 3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 4 | Collateral of $38,290 was received for securities on loan. |
| REIT—Real Estate Investment Trust. |
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 2025 | 20 | 2,370 | 53 |
| 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) |
| Alkermes plc | 8/31/2026 | BANA | 2,202 | (4.337) | — | — |
| 1 | Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. |
| BANA—Bank of America, N.A. |
See accompanying Notes,
which are an integral part of the Financial Statements.
10
S&P Small-Cap 600 Index Fund
Statement of Assets and Liabilities
As of August 31, 2025
| ($000s, except shares and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value1 | |
| Unaffiliated Issuers (Cost $3,881,515) | 4,692,494 |
| Affiliated Issuers (Cost $39,995) | 39,999 |
| Total Investments in Securities | 4,732,493 |
| Investment in Vanguard | 111 |
| Cash Collateral Pledged—Futures Contracts | 190 |
| Receivables for Investment Securities Sold | 10,758 |
| Receivables for Accrued Income | 4,208 |
| Receivables for Capital Shares Issued | 244 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | — |
| Total Assets | 4,748,004 |
| Liabilities | |
| Due to Custodian | 316 |
| Payables for Investment Securities Purchased | 11,144 |
| Collateral for Securities on Loan | 38,290 |
| Payables for Capital Shares Redeemed | 700 |
| Payables to Vanguard | 113 |
| Variation Margin Payable—Futures Contracts | 12 |
| Total Liabilities | 50,575 |
| Net Assets | 4,697,429 |
| 1 Includes $36,213 of securities on loan. | |
At August 31, 2025, net assets consisted of: | |
| Paid-in Capital | 4,722,366 |
| Total Distributable Earnings (Loss) | (24,937) |
| Net Assets | 4,697,429 |
| ETF Shares—Net Assets | |
| Applicable to 27,600,429 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,021,056 |
| Net Asset Value Per Share—ETF Shares | $109.46 |
| Institutional Shares—Net Assets | |
| Applicable to 3,806,070 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,676,373 |
| Net Asset Value Per Share—Institutional Shares | $440.45 |
See accompanying Notes, which are an integral
part of the Financial Statements.
11
S&P Small-Cap 600 Index Fund
Statement of Operations
| Year Ended August 31, 2025 | |
| ($000) | |
| Investment Income | |
| Income | |
| Dividends1 | 60,860 |
| Non-Cash Dividends | 7,349 |
| Interest2 | 219 |
| Securities Lending—Net | 600 |
| Total Income | 69,028 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 89 |
| Management and Administrative—ETF Shares | 1,957 |
| Management and Administrative—Institutional Shares | 703 |
| Marketing and Distribution—ETF Shares | 139 |
| Marketing and Distribution—Institutional Shares | 47 |
| Custodian Fees | 108 |
| Auditing Fees | 27 |
| Shareholders’ Reports and Proxy Fees—ETF Shares | 184 |
| Shareholders’ Reports and Proxy Fees—Institutional Shares | 51 |
| Trustees’ Fees and Expenses | 3 |
| Other Expenses | 18 |
| Total Expenses | 3,326 |
| Net Investment Income | 65,702 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold2,3 | 96,783 |
| Futures Contracts | (1,116) |
| Swap Contracts | (1,923) |
| Realized Net Gain (Loss) | 93,744 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities2 | (5,149) |
| Futures Contracts | 45 |
| Swap Contracts | 685 |
| Change in Unrealized Appreciation (Depreciation) | (4,419) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 155,027 |
| 1 | Dividends are net of foreign withholding taxes of $83. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $186, ($5), and ($1), respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $222,526 of net gain (loss) resulting from in-kind redemptions. |
See accompanying Notes,
which are an integral part of the Financial Statements.
12
S&P Small-Cap 600 Index Fund
Statement of Changes in Net Assets
| Year Ended August 31, | ||
| 2025 ($000) | 2024 ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 65,702 | 74,598 |
| Realized Net Gain (Loss) | 93,744 | (55,903) |
| Change in Unrealized Appreciation (Depreciation) | (4,419) | 699,116 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 155,027 | 717,811 |
| Distributions | ||
| ETF Shares | (45,054) | (36,371) |
| Institutional Shares | (25,447) | (31,964) |
| Total Distributions | (70,501) | (68,335) |
| Capital Share Transactions | ||
| ETF Shares | 57,706 | 277,922 |
| Institutional Shares | (341,996) | (224,872) |
| Net Increase (Decrease) from Capital Share Transactions | (284,290) | 53,050 |
| Total Increase (Decrease) | (199,764) | 702,526 |
| Net Assets | ||
| Beginning of Period | 4,897,193 | 4,194,667 |
| End of Period | 4,697,429 | 4,897,193 |
See accompanying Notes, which are an integral
part of the Financial Statements.
13
S&P Small-Cap 600 Index Fund
Financial Highlights
| ETF Shares | |||||
| For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
| 2025 | 2024 | 20231 | 20221 | 20211 | |
| Net Asset Value, Beginning of Period | $107.36 | $92.94 | $89.49 | $103.20 | $67.80 |
| Investment Operations | |||||
| Net Investment Income2 | 1.456 | 1.613 | 1.495 | 1.273 | 1.143 |
| Net Realized and Unrealized Gain (Loss) on Investments | 2.218 | 14.266 | 3.266 | (13.765) | 35.170 |
| Total from Investment Operations | 3.674 | 15.879 | 4.761 | (12.492) | 36.313 |
| Distributions | |||||
| Dividends from Net Investment Income | (1.574) | (1.459) | (1.311) | (1.218) | (.913) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (1.574) | (1.459) | (1.311) | (1.218) | (.913) |
| Net Asset Value, End of Period | $109.46 | $107.36 | $92.94 | $89.49 | $103.20 |
| Total Return | 3.46% | 17.25% | 5.44% | -12.26% | 53.88% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $3,021 | $2,915 | $2,265 | $2,027 | $1,806 |
| Ratio of Total Expenses to Average Net Assets | 0.08% | 0.10% | 0.10% | 0.10%3 | 0.10% |
| Ratio of Net Investment Income to Average Net Assets | 1.40% | 1.68% | 1.67% | 1.31% | 1.25% |
| Portfolio Turnover Rate4 | 22% | 26% | 19% | 12% | 18% |
| 1 | Adjusted to reflect a 2-for-1 share split effective March 13, 2023. |
| 2 | Calculated based on average shares outstanding. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%. |
| 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.
14
S&P Small-Cap 600 Index Fund
Financial Highlights
| Institutional Shares | |||||
| For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Net Asset Value, Beginning of Period | $431.91 | $373.91 | $360.00 | $415.16 | $272.71 |
| Investment Operations | |||||
| Net Investment Income1 | 6.169 | 6.551 | 6.087 | 5.226 | 4.566 |
| Net Realized and Unrealized Gain (Loss) on Investments | 8.738 | 57.388 | 13.135 | (55.426) | 141.589 |
| Total from Investment Operations | 14.907 | 63.939 | 19.222 | (50.200) | 146.155 |
| Distributions | |||||
| Dividends from Net Investment Income | (6.367) | (5.939) | (5.312) | (4.960) | (3.705) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (6.367) | (5.939) | (5.312) | (4.960) | (3.705) |
| Net Asset Value, End of Period | $440.45 | $431.91 | $373.91 | $360.00 | $415.16 |
| Total Return | 3.49% | 17.24% | 5.46% | -12.21% | 53.93% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $1,676 | $1,982 | $1,929 | $1,996 | $1,852 |
| Ratio of Total Expenses to Average Net Assets | 0.05% | 0.08% | 0.08% | 0.08%2 | 0.08% |
| Ratio of Net Investment Income to Average Net Assets | 1.47% | 1.70% | 1.69% | 1.34% | 1.26% |
| Portfolio Turnover Rate3 | 22% | 26% | 19% | 12% | 18% |
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.08%. |
| 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
S&P Small-Cap 600 Index Fund
Notes to Financial Statements
Vanguard S&P Small-Cap 600
Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and 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.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its
financial statements.
1. Security Valuation:
Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official
closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which
market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued by methods
deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.
Investments in Vanguard Market Liquidity Fund
are valued at that fund's net asset value.
2. 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 year ended August
31, 2025, 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 or indexes 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 year ended August
31, 2025, 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 virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until
expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state
income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
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.
16
S&P Small-Cap 600 Index Fund
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 and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged
administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and included
in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate,
the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based
upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an
exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each
other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment
objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to
be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended August 31,
2025, 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. 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),
shareholder reporting, and proxy fees. 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 August 31, 2025, the fund had contributed to Vanguard capital in the amount of $111,000, representing less than 0.01% of the fund’s
net assets and 0.04% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
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.
17
S&P Small-Cap 600 Index Fund
The following table summarizes
the market value of the fund's investments and derivatives as of August 31, 2025, based on the inputs used to value them:
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks | 4,692,494 | — | — | 4,692,494 |
| Temporary Cash Investments | 39,999 | — | — | 39,999 |
| Total | 4,732,493 | — | — | 4,732,493 |
| Derivative Financial Instruments | ||||
| Assets | ||||
| Futures Contracts1 | 53 | — | — | 53 |
| Swap Contracts | — | — | — | — |
| Total | 53 | — | — | 53 |
| 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. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These
reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind
redemptions, swap agreements, and distributions in connection with fund share redemptions.
Permanent differences were
reclassified between the following accounts:
| Amount ($000) | |
| Paid-in Capital | 222,333 |
| Total Distributable Earnings (Loss) | (222,333) |
Temporary differences between
book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these
differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized
gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss)
are detailed in the table as follows:
| Amount ($000) | |
| Undistributed Ordinary Income | 36,400 |
| Undistributed Long-Term Gains | — |
| Net Unrealized Gains (Losses) | 796,407 |
| Capital Loss Carryforwards | (857,744) |
| Qualified Late-Year Losses | — |
| Other Temporary Differences | — |
| Total | (24,937) |
The tax character of
distributions paid was as follows:
| Year Ended August 31, | ||
| 2025 Amount ($000) | 2024 Amount ($000) | |
| Ordinary Income* | 70,501 | 68,335 |
| Long-Term Capital Gains | — | — |
| Total | 70,501 | 68,335 |
| * | Includes short-term capital gains, if any. |
18
S&P Small-Cap 600 Index Fund
As of August 31, 2025, gross
unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
| Amount ($000) | |
| Tax Cost | 3,936,086 |
| Gross Unrealized Appreciation | 1,286,718 |
| Gross Unrealized Depreciation | (490,311) |
| Net Unrealized Appreciation (Depreciation) | 796,407 |
E. During the year ended August 31, 2025, the fund purchased $1,006,023,000 of investment securities and sold $1,291,315,000 of investment securities, other than temporary cash investments. In
addition, the fund purchased and sold investment securities of $582,407,000 and $569,460,000, 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 year ended August 31, 2025, such purchases were $245,296,000 and sales were $103,963,000, resulting in net realized loss of $1,775,000; these amounts, other than temporary cash
investments, are included in the purchases and sales of investment securities noted above.
F. Capital share transactions for each class of shares were:
G. Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other
events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.
To the extent the fund’s
investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to
increased price volatility and other risks.
The use of derivatives may
expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A
relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding
the fund’s use of derivative(s) and the specific risks associated is described under significant accounting policies.
H. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a
chief operating decision maker (“CODM”). The fund is considered a single segment. Vanguard’s chief executive officer, chief investment officer, and chief financial officer, who are also officers of
the fund, as well as the fund’s chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund’s daily
operations. Through these committees, the CODM manages the fund’s operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund’s investment
strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund’s portfolio composition, total returns, expense ratios and changes in net assets which are
consistent with the information contained in the fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.
I. Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these
financial statements.
19
S&P Small-Cap 600 Value Index Fund
Financial Statements
Schedule of Investments
As of August 31, 2025
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.
20
S&P Small-Cap 600 Value Index Fund
| Shares | Market Value• ($000) | |||||
| Carter's Inc. | 73,745 | 2,106 | ||||
| * | G-III Apparel Group Ltd. | 77,102 | 2,082 | |||
| Winnebago Industries Inc. | 56,707 | 2,040 | ||||
| Cheesecake Factory Inc. | 31,348 | 1,927 | ||||
| Perdoceo Education Corp. | 58,588 | 1,918 | ||||
| Acushnet Holdings Corp. | 23,548 | 1,805 | ||||
| Buckle Inc. | 30,663 | 1,735 | ||||
| Wolverine World Wide Inc. | 52,484 | 1,676 | ||||
| Standard Motor Products Inc. | 42,258 | 1,640 | ||||
| Matthews International Corp. Class A | 62,753 | 1,542 | ||||
| * | BJ's Restaurants Inc. | 44,754 | 1,502 | |||
| Steven Madden Ltd. | 49,976 | 1,451 | ||||
| * | American Axle & Manufacturing Holdings Inc. | 239,468 | 1,394 | |||
| Ethan Allen Interiors Inc. | 45,798 | 1,352 | ||||
| Oxford Industries Inc. | 28,297 | 1,246 | ||||
| Sturm Ruger & Co. Inc. | 33,502 | 1,162 | ||||
| * | Helen of Troy Ltd. | 46,429 | 1,140 | |||
| Bloomin' Brands Inc. | 153,198 | 1,126 | ||||
| Caleres Inc. | 68,992 | 1,035 | ||||
| * | MarineMax Inc. | 38,241 | 1,008 | |||
| Monro Inc. | 60,603 | 1,005 | ||||
| Golden Entertainment Inc. | 40,122 | 998 | ||||
| Guess? Inc. | 55,783 | 938 | ||||
| Shoe Carnival Inc. | 35,951 | 751 | ||||
| Jack in the Box Inc. | 38,203 | 737 | ||||
| * | Mister Car Wash Inc. | 101,039 | 577 | |||
| 213,546 | ||||||
| Consumer Staples (3.2%) | ||||||
| PriceSmart Inc. | 50,366 | 5,402 | ||||
| * | Grocery Outlet Holding Corp. | 198,390 | 3,593 | |||
| * | United Natural Foods Inc. | 122,481 | 3,464 | |||
| * | Central Garden & Pet Co. Class A | 99,865 | 3,299 | |||
| * | Simply Good Foods Co. | 100,456 | 2,876 | |||
| Universal Corp. | 50,017 | 2,799 | ||||
| Andersons Inc. | 65,260 | 2,669 | ||||
| Fresh Del Monte Produce Inc. | 67,892 | 2,463 | ||||
| WD-40 Co. | 10,690 | 2,310 | ||||
| Edgewell Personal Care Co. | 95,175 | 2,286 | ||||
| Energizer Holdings Inc. | 77,107 | 2,125 | ||||
| SpartanNash Co. | 68,485 | 1,835 | ||||
| * | TreeHouse Foods Inc. | 91,978 | 1,687 | |||
| J & J Snack Foods Corp. | 14,174 | 1,581 | ||||
| John B Sanfilippo & Son Inc. | 18,540 | 1,203 | ||||
| WK Kellogg Co. | 51,077 | 1,171 | ||||
| * | National Beverage Corp. | 22,741 | 956 | |||
| MGP Ingredients Inc. | 27,552 | 815 | ||||
| B&G Foods Inc. | 161,468 | 728 | ||||
| * | USANA Health Sciences Inc. | 21,862 | 698 | |||
| * | Central Garden & Pet Co. | 17,168 | 625 | |||
| Tootsie Roll Industries Inc. | 14,552 | 585 | ||||
| 45,170 | ||||||
| Energy (3.9%) | ||||||
| California Resources Corp. | 140,761 | 6,993 | ||||
| Peabody Energy Corp. | 246,080 | 4,282 | ||||
| Patterson-UTI Energy Inc. | 710,807 | 4,130 | ||||
| * | Par Pacific Holdings Inc. | 104,379 | 3,616 | |||
| Crescent Energy Co. Class A | 371,912 | 3,548 | ||||
| Magnolia Oil & Gas Corp. Class A | 136,194 | 3,388 | ||||
| SM Energy Co. | 115,817 | 3,307 | ||||
| World Kinect Corp. | 114,595 | 3,072 | ||||
| * | Talos Energy Inc. | 249,188 | 2,462 | |||
| Dorian LPG Ltd. | 73,629 | 2,355 | ||||
| * | CVR Energy Inc. | 69,171 | 2,109 | |||
| * | Bristow Group Inc. Class A | 50,080 | 1,929 | |||
| * | REX American Resources Corp. | 29,591 | 1,851 | |||
| Kinetik Holdings Inc. Class A | 42,719 | 1,787 | ||||
| Helmerich & Payne Inc. | 84,496 | 1,765 | ||||
| Liberty Energy Inc. Class A | 147,483 | 1,659 | ||||
| International Seaways Inc. | 35,205 | 1,599 | ||||
21
S&P Small-Cap 600 Value Index Fund
| Shares | Market Value• ($000) | |||||
| * | Comstock Resources Inc. | 90,042 | 1,452 | |||
| * | Innovex International Inc. | 78,174 | 1,349 | |||
| * | Vital Energy Inc. | 55,013 | 980 | |||
| * | ProPetro Holding Corp. | 161,921 | 826 | |||
| * | Helix Energy Solutions Group Inc. | 123,949 | 817 | |||
| Core Laboratories Inc. | 49,339 | 568 | ||||
| RPC Inc. | 82,092 | 392 | ||||
| 56,236 | ||||||
| Financials (23.4%) | ||||||
| * | Mr. Cooper Group Inc. | 103,485 | 19,510 | |||
| Lincoln National Corp. | 345,511 | 14,833 | ||||
| Jackson Financial Inc. Class A | 144,570 | 14,284 | ||||
| Atlantic Union Bankshares Corp. | 288,301 | 10,301 | ||||
| United Community Banks Inc. | 245,864 | 8,212 | ||||
| Renasant Corp. | 186,497 | 7,298 | ||||
| * | Genworth Financial Inc. Class A | 838,718 | 7,188 | |||
| Independent Bank Corp. | 98,164 | 7,020 | ||||
| Blackstone Mortgage Trust Inc. Class A | 342,385 | 6,697 | ||||
| Bread Financial Holdings Inc. | 94,198 | 6,235 | ||||
| Simmons First National Corp. Class A | 287,680 | 5,978 | ||||
| Walker & Dunlop Inc. | 65,330 | 5,556 | ||||
| Seacoast Banking Corp. of Florida | 172,056 | 5,353 | ||||
| Moelis & Co. Class A | 73,560 | 5,304 | ||||
| Provident Financial Services Inc. | 264,400 | 5,246 | ||||
| Radian Group Inc. | 149,512 | 5,215 | ||||
| WaFd Inc. | 162,205 | 5,101 | ||||
| Ameris Bancorp | 67,893 | 4,975 | ||||
| Trustmark Corp. | 122,377 | 4,928 | ||||
| 1 | Arbor Realty Trust Inc. | 388,874 | 4,643 | |||
| First Bancorp (XNGS) | 83,816 | 4,575 | ||||
| Banc of California Inc. | 259,030 | 4,383 | ||||
| * | Customers Bancorp Inc. | 59,447 | 4,262 | |||
| * | StoneX Group Inc. | 41,408 | 4,231 | |||
| Stewart Information Services Corp. | 56,499 | 4,115 | ||||
| Assured Guaranty Ltd. | 47,603 | 3,913 | ||||
| Fulton Financial Corp. | 194,953 | 3,833 | ||||
| Horace Mann Educators Corp. | 82,521 | 3,794 | ||||
| Veritex Holdings Inc. | 109,812 | 3,772 | ||||
| First Hawaiian Inc. | 144,988 | 3,762 | ||||
| Northwest Bancshares Inc. | 292,281 | 3,697 | ||||
| WSFS Financial Corp. | 62,038 | 3,616 | ||||
| StepStone Group Inc. Class A | 57,424 | 3,564 | ||||
| Cathay General Bancorp | 70,930 | 3,540 | ||||
| * | SiriusPoint Ltd. | 186,392 | 3,489 | |||
| Artisan Partners Asset Management Inc. Class A | 74,110 | 3,468 | ||||
| BGC Group Inc. Class A | 344,886 | 3,383 | ||||
| * | NCR Atleos Corp. | 83,242 | 3,298 | |||
| Hilltop Holdings Inc. | 92,166 | 3,233 | ||||
| BankUnited Inc. | 82,178 | 3,221 | ||||
| HA Sustainable Infrastructure Capital Inc. | 112,572 | 3,179 | ||||
| CVB Financial Corp. | 154,645 | 3,113 | ||||
| ARMOUR Residential REIT Inc. | 202,860 | 3,106 | ||||
| Bank of Hawaii Corp. | 43,412 | 2,957 | ||||
| Stellar Bancorp Inc. | 92,697 | 2,866 | ||||
| Hope Bancorp Inc. | 256,515 | 2,855 | ||||
| First Bancorp | 126,620 | 2,815 | ||||
| Apollo Commercial Real Estate Finance Inc. | 258,698 | 2,740 | ||||
| First Financial Bancorp | 102,669 | 2,719 | ||||
| NBT Bancorp Inc. | 59,289 | 2,625 | ||||
| Ellington Financial Inc. | 191,257 | 2,609 | ||||
| * | ProAssurance Corp. | 103,793 | 2,471 | |||
| Dime Community Bancshares Inc. | 79,801 | 2,455 | ||||
| Berkshire Hills Bancorp Inc. | 92,736 | 2,423 | ||||
| FB Financial Corp. | 44,980 | 2,415 | ||||
| Community Financial System Inc. | 38,499 | 2,306 | ||||
| Banner Corp. | 34,283 | 2,298 | ||||
| Safety Insurance Group Inc. | 30,140 | 2,231 | ||||
| PennyMac Mortgage Investment Trust | 176,076 | 2,167 | ||||
| Two Harbors Investment Corp. | 210,505 | 2,105 | ||||
22
S&P Small-Cap 600 Value Index Fund
| Shares | Market Value• ($000) | |||||
| Navient Corp. | 147,367 | 2,020 | ||||
| First Commonwealth Financial Corp. | 112,166 | 1,991 | ||||
| * | Encore Capital Group Inc. | 47,250 | 1,977 | |||
| Brookline Bancorp Inc. | 179,867 | 1,970 | ||||
| Franklin BSP Realty Trust Inc. | 166,386 | 1,922 | ||||
| Southside Bancshares Inc. | 57,464 | 1,795 | ||||
| * | EZCORP Inc. Class A | 105,312 | 1,756 | |||
| Park National Corp. | 10,025 | 1,722 | ||||
| * | Donnelley Financial Solutions Inc. | 29,846 | 1,694 | |||
| Heritage Financial Corp. | 69,006 | 1,686 | ||||
| Enact Holdings Inc. | 44,431 | 1,673 | ||||
| OFG Bancorp | 37,258 | 1,667 | ||||
| National Bank Holdings Corp. Class A | 42,388 | 1,662 | ||||
| Redwood Trust Inc. | 269,406 | 1,649 | ||||
| Lakeland Financial Corp. | 23,787 | 1,628 | ||||
| Virtus Investment Partners Inc. | 8,018 | 1,615 | ||||
| EVERTEC Inc. | 45,057 | 1,608 | ||||
| Capitol Federal Financial Inc. | 247,196 | 1,602 | ||||
| TrustCo Bank Corp. | 38,481 | 1,531 | ||||
| Hanmi Financial Corp. | 60,604 | 1,525 | ||||
| Ready Capital Corp. | 345,067 | 1,470 | ||||
| S&T Bancorp Inc. | 36,451 | 1,440 | ||||
| Victory Capital Holdings Inc. Class A | 20,000 | 1,426 | ||||
| * | PRA Group Inc. | 80,255 | 1,372 | |||
| United Fire Group Inc. | 43,264 | 1,330 | ||||
| New York Mortgage Trust Inc. | 182,741 | 1,319 | ||||
| Eagle Bancorp Inc. | 61,464 | 1,194 | ||||
| Westamerica Bancorp | 23,834 | 1,192 | ||||
| KKR Real Estate Finance Trust Inc. | 115,269 | 1,110 | ||||
| * | World Acceptance Corp. | 6,313 | 1,082 | |||
| * | Triumph Financial Inc. | 17,529 | 1,078 | |||
| Tompkins Financial Corp. | 15,246 | 1,069 | ||||
| Employers Holdings Inc. | 23,350 | 1,010 | ||||
| AMERISAFE Inc. | 21,188 | 978 | ||||
| Central Pacific Financial Corp. | 20,734 | 649 | ||||
| 333,893 | ||||||
| Health Care (6.9%) | ||||||
| Teleflex Inc. | 89,426 | 11,304 | ||||
| Organon & Co. | 526,066 | 4,955 | ||||
| Premier Inc. Class A | 166,625 | 4,316 | ||||
| * | QuidelOrtho Corp. | 134,119 | 3,848 | |||
| * | Enovis Corp. | 115,601 | 3,572 | |||
| * | Alkermes plc | 120,133 | 3,480 | |||
| * | Arrowhead Pharmaceuticals Inc. | 155,136 | 3,418 | |||
| CONMED Corp. | 62,614 | 3,404 | ||||
| Concentra Group Holdings Parent Inc. | 130,079 | 3,096 | ||||
| * | Omnicell Inc. | 94,800 | 3,089 | |||
| * | Pediatrix Medical Group Inc. | 170,412 | 2,933 | |||
| * | Ligand Pharmaceuticals Inc. | 17,570 | 2,841 | |||
| Select Medical Holdings Corp. | 210,697 | 2,741 | ||||
| * | Prestige Consumer Healthcare Inc. | 40,000 | 2,722 | |||
| * | Supernus Pharmaceuticals Inc. | 55,519 | 2,505 | |||
| * | Pacira BioSciences Inc. | 93,706 | 2,499 | |||
| * | Certara Inc. | 223,256 | 2,420 | |||
| * | Neogen Corp. | 399,693 | 2,298 | |||
| * | Integra LifeSciences Holdings Corp. | 135,251 | 2,046 | |||
| * | AdaptHealth Corp. Class A | 213,574 | 2,027 | |||
| * | ACADIA Pharmaceuticals Inc. | 77,694 | 2,019 | |||
| * | Fortrea Holdings Inc. | 183,144 | 1,804 | |||
| * | Progyny Inc. | 75,457 | 1,786 | |||
| Embecta Corp. | 118,272 | 1,713 | ||||
| * | AMN Healthcare Services Inc. | 77,477 | 1,610 | |||
| * | Addus HomeCare Corp. | 13,961 | 1,608 | |||
| * | Privia Health Group Inc. | 65,779 | 1,516 | |||
| * | Azenta Inc. | 47,247 | 1,443 | |||
| * | Dynavax Technologies Corp. | 133,329 | 1,349 | |||
| US Physical Therapy Inc. | 15,679 | 1,300 | ||||
| * | NeoGenomics Inc. | 143,243 | 1,258 | |||
| * | Myriad Genetics Inc. | 186,540 | 1,188 | |||
23
S&P Small-Cap 600 Value Index Fund
| Shares | Market Value• ($000) | |||||
| * | STAAR Surgical Co. | 43,083 | 1,179 | |||
| * | Avanos Medical Inc. | 93,594 | 1,117 | |||
| * | Schrodinger Inc. | 53,137 | 1,037 | |||
| * | Innoviva Inc. | 50,302 | 1,028 | |||
| National HealthCare Corp. | 9,017 | 1,023 | ||||
| * | Vir Biotechnology Inc. | 187,437 | 926 | |||
| * | Cytek Biosciences Inc. | 207,618 | 859 | |||
| * | Amphastar Pharmaceuticals Inc. | 27,532 | 843 | |||
| * | Owens & Minor Inc. | 148,613 | 728 | |||
| * | Xencor Inc. | 83,540 | 679 | |||
| HealthStream Inc. | 20,499 | 576 | ||||
| Mesa Laboratories Inc. | 3,636 | 246 | ||||
| * | Simulations Plus Inc. | 14,807 | 210 | |||
| 98,559 | ||||||
| Industrials (15.5%) | ||||||
| Air Lease Corp. Class A | 210,315 | 12,663 | ||||
| * | Resideo Technologies Inc. | 300,521 | 10,233 | |||
| * | Kratos Defense & Security Solutions Inc. | 141,456 | 9,313 | |||
| JBT Marel Corp. | 54,287 | 7,779 | ||||
| * | Amentum Holdings Inc. | 305,294 | 7,617 | |||
| Robert Half Inc. | 203,187 | 7,583 | ||||
| * | Sunrun Inc. | 462,385 | 7,384 | |||
| * | Mercury Systems Inc. | 102,786 | 6,943 | |||
| Boise Cascade Co. | 76,135 | 6,624 | ||||
| ABM Industries Inc. | 125,934 | 6,192 | ||||
| * | AAR Corp. | 71,776 | 5,431 | |||
| * | Hayward Holdings Inc. | 288,853 | 4,645 | |||
| Hub Group Inc. Class A | 122,779 | 4,594 | ||||
| * | Everus Construction Group Inc. | 53,668 | 4,210 | |||
| Worthington Enterprises Inc. | 62,628 | 4,121 | ||||
| * | Gates Industrial Corp. plc | 157,841 | 4,034 | |||
| * | Gibraltar Industries Inc. | 59,673 | 3,735 | |||
| Hillenbrand Inc. | 142,576 | 3,620 | ||||
| Werner Enterprises Inc. | 124,955 | 3,605 | ||||
| Enpro Inc. | 16,181 | 3,540 | ||||
| Arcosa Inc. | 35,562 | 3,519 | ||||
| ArcBest Corp. | 46,363 | 3,420 | ||||
| Kennametal Inc. | 154,257 | 3,306 | ||||
| * | JetBlue Airways Corp. | 616,685 | 3,299 | |||
| * | Masterbrand Inc. | 256,462 | 3,260 | |||
| Tennant Co. | 37,747 | 3,097 | ||||
| * | GMS Inc. | 28,065 | 3,085 | |||
| Franklin Electric Co. Inc. | 30,945 | 3,028 | ||||
| UniFirst Corp. | 16,703 | 2,970 | ||||
| Korn Ferry | 39,713 | 2,944 | ||||
| MillerKnoll Inc. | 137,098 | 2,894 | ||||
| Rush Enterprises Inc. Class A | 47,035 | 2,700 | ||||
| WillScot Holdings Corp. | 111,254 | 2,697 | ||||
| * | MYR Group Inc. | 13,507 | 2,529 | |||
| * | RXO Inc. | 152,953 | 2,498 | |||
| Alamo Group Inc. | 11,781 | 2,491 | ||||
| Brady Corp. Class A | 31,893 | 2,490 | ||||
| Matson Inc. | 23,783 | 2,475 | ||||
| * | Proto Labs Inc. | 48,102 | 2,396 | |||
| Schneider National Inc. Class B | 95,112 | 2,351 | ||||
| * | Healthcare Services Group Inc. | 147,562 | 2,303 | |||
| Astec Industries Inc. | 46,272 | 2,142 | ||||
| * | CoreCivic Inc. | 103,821 | 2,105 | |||
| Pitney Bowes Inc. | 169,122 | 2,050 | ||||
| HNI Corp. | 45,217 | 2,032 | ||||
| Quanex Building Products Corp. | 95,056 | 2,022 | ||||
| Albany International Corp. Class A | 30,555 | 1,941 | ||||
| * | American Woodmark Corp. | 30,016 | 1,938 | |||
| * | Enviri Corp. | 162,903 | 1,841 | |||
| * | Allegiant Travel Co. | 29,285 | 1,835 | |||
| Deluxe Corp. | 90,535 | 1,780 | ||||
| CSG Systems International Inc. | 27,386 | 1,757 | ||||
| Standex International Corp. | 8,550 | 1,745 | ||||
| Lindsay Corp. | 12,091 | 1,659 | ||||
24
S&P Small-Cap 600 Value Index Fund
| Shares | Market Value• ($000) | |||||
| Insteel Industries Inc. | 39,278 | 1,507 | ||||
| * | DNOW Inc. | 91,832 | 1,469 | |||
| * | Hertz Global Holdings Inc. | 250,376 | 1,435 | |||
| Marten Transport Ltd. | 117,068 | 1,386 | ||||
| National Presto Industries Inc. | 10,413 | 1,092 | ||||
| Vestis Corp. | 232,015 | 1,086 | ||||
| * | Sun Country Airlines Holdings Inc. | 79,684 | 1,056 | |||
| * | Vicor Corp. | 20,563 | 1,051 | |||
| Heidrick & Struggles International Inc. | 19,195 | 975 | ||||
| * | Titan International Inc. | 97,974 | 864 | |||
| * | Forward Air Corp. | 25,914 | 778 | |||
| Heartland Express Inc. | 87,419 | 751 | ||||
| 221,915 | ||||||
| Information Technology (11.5%) | ||||||
| * | Qorvo Inc. | 189,007 | 17,143 | |||
| * | Sandisk Corp. | 273,458 | 14,348 | |||
| * | Ralliant Corp. | 229,248 | 9,585 | |||
| * | Insight Enterprises Inc. | 55,566 | 7,232 | |||
| * | Sanmina Corp. | 56,259 | 6,612 | |||
| Advanced Energy Industries Inc. | 38,863 | 5,817 | ||||
| * | Viasat Inc. | 172,458 | 5,576 | |||
| * | DXC Technology Co. | 366,832 | 5,301 | |||
| * | Diodes Inc. | 93,902 | 5,112 | |||
| * | TTM Technologies Inc. | 98,717 | 4,400 | |||
| * | Calix Inc. | 70,049 | 4,164 | |||
| Kulicke & Soffa Industries Inc. | 106,788 | 4,005 | ||||
| * | Knowles Corp. | 176,009 | 3,758 | |||
| * | NCR Voyix Corp. | 278,767 | 3,674 | |||
| * | NetScout Systems Inc. | 144,352 | 3,593 | |||
| Vishay Intertechnology Inc. | 227,351 | 3,515 | ||||
| * | Extreme Networks Inc. | 140,140 | 2,996 | |||
| * | Veeco Instruments Inc. | 121,291 | 2,974 | |||
| * | Viavi Solutions Inc. | 257,507 | 2,905 | |||
| *,1 | SolarEdge Technologies Inc. | 83,641 | 2,829 | |||
| * | Rogers Corp. | 34,114 | 2,677 | |||
| * | Teradata Corp. | 125,750 | 2,638 | |||
| * | Penguin Solutions Inc. | 106,763 | 2,576 | |||
| * | FormFactor Inc. | 85,792 | 2,504 | |||
| * | MaxLinear Inc. Class A | 159,064 | 2,500 | |||
| * | Plexus Corp. | 17,542 | 2,403 | |||
| * | Alarm.com Holdings Inc. | 40,265 | 2,361 | |||
| * | Ultra Clean Holdings Inc. | 91,370 | 2,195 | |||
| * | Axcelis Technologies Inc. | 26,659 | 2,134 | |||
| Adeia Inc. | 138,331 | 2,081 | ||||
| ePlus Inc. | 28,252 | 2,045 | ||||
| * | Cohu Inc. | 94,112 | 1,873 | |||
| * | ScanSource Inc. | 42,067 | 1,836 | |||
| * | LiveRamp Holdings Inc. | 63,879 | 1,784 | |||
| * | Photronics Inc. | 74,607 | 1,691 | |||
| * | Arlo Technologies Inc. | 89,976 | 1,566 | |||
| PC Connection Inc. | 24,156 | 1,551 | ||||
| Benchmark Electronics Inc. | 32,139 | 1,305 | ||||
| * | Sprinklr Inc. Class A | 144,028 | 1,244 | |||
| * | Ichor Holdings Ltd. | 69,050 | 1,163 | |||
| * | Harmonic Inc. | 112,160 | 1,079 | |||
| * | Digi International Inc. | 30,759 | 1,068 | |||
| A10 Networks Inc. | 58,342 | 1,033 | ||||
| CTS Corp. | 24,157 | 1,026 | ||||
| Xerox Holdings Corp. | 236,728 | 942 | ||||
| * | Corsair Gaming Inc. | 92,087 | 822 | |||
| * | Alpha & Omega Semiconductor Ltd. | 25,682 | 739 | |||
| * | N-able Inc. | 81,428 | 656 | |||
| * | CEVA Inc. | 25,170 | 559 | |||
| * | Grid Dynamics Holdings Inc. | 43,056 | 357 | |||
| 163,947 | ||||||
| Materials (6.6%) | ||||||
| *,1 | MP Materials Corp. | 150,960 | 10,739 | |||
| Celanese Corp. | 221,406 | 10,546 | ||||
| FMC Corp. | 252,775 | 9,883 | ||||
25
S&P Small-Cap 600 Value Index Fund
| Shares | Market Value• ($000) | |||||
| HB Fuller Co. | 109,670 | 6,695 | ||||
| Element Solutions Inc. | 243,806 | 6,271 | ||||
| Sealed Air Corp. | 181,524 | 5,894 | ||||
| Materion Corp. | 42,121 | 4,667 | ||||
| Chemours Co. | 302,892 | 4,664 | ||||
| Sensient Technologies Corp. | 40,383 | 4,582 | ||||
| Minerals Technologies Inc. | 64,216 | 4,203 | ||||
| * | O-I Glass Inc. | 313,024 | 4,066 | |||
| Quaker Chemical Corp. | 27,551 | 3,997 | ||||
| Kaiser Aluminum Corp. | 32,384 | 2,522 | ||||
| Worthington Steel Inc. | 70,853 | 2,359 | ||||
| Innospec Inc. | 25,255 | 2,212 | ||||
| Stepan Co. | 42,950 | 2,149 | ||||
| * | Ingevity Corp. | 36,159 | 2,111 | |||
| SunCoke Energy Inc. | 171,287 | 1,322 | ||||
| * | Metallus Inc. | 74,836 | 1,230 | |||
| * | Alpha Metallurgical Resources Inc. | 8,210 | 1,225 | |||
| Koppers Holdings Inc. | 40,495 | 1,174 | ||||
| AdvanSix Inc. | 54,260 | 1,164 | ||||
| 93,675 | ||||||
| Real Estate (7.1%) | ||||||
| Millrose Properties Inc. | 243,377 | 8,594 | ||||
| CareTrust REIT Inc. | 218,479 | 7,518 | ||||
| * | Cushman & Wakefield plc | 468,056 | 7,381 | |||
| Terreno Realty Corp. | 106,641 | 6,161 | ||||
| 1 | Medical Properties Trust Inc. | 1,215,832 | 5,471 | |||
| LXP Industrial Trust | 598,508 | 5,434 | ||||
| Phillips Edison & Co. Inc. | 142,115 | 5,001 | ||||
| Macerich Co. | 173,845 | 3,199 | ||||
| JBG SMITH Properties | 147,834 | 3,170 | ||||
| Global Net Lease Inc. | 387,892 | 3,053 | ||||
| Apple Hospitality REIT Inc. | 228,353 | 2,982 | ||||
| Alexander & Baldwin Inc. | 147,153 | 2,846 | ||||
| Highwoods Properties Inc. | 85,086 | 2,683 | ||||
| Tanger Inc. | 75,581 | 2,583 | ||||
| SL Green Realty Corp. | 43,115 | 2,453 | ||||
| Four Corners Property Trust Inc. | 93,531 | 2,422 | ||||
| Douglas Emmett Inc. | 142,323 | 2,307 | ||||
| Urban Edge Properties | 101,795 | 2,106 | ||||
| Easterly Government Properties Inc. Class A | 85,359 | 1,954 | ||||
| eXp World Holdings Inc. | 173,824 | 1,882 | ||||
| LTC Properties Inc. | 49,261 | 1,798 | ||||
| Getty Realty Corp. | 58,835 | 1,682 | ||||
| Acadia Realty Trust | 82,159 | 1,644 | ||||
| Marcus & Millichap Inc. | 48,891 | 1,593 | ||||
| Safehold Inc. | 92,898 | 1,529 | ||||
| Brandywine Realty Trust | 349,979 | 1,491 | ||||
| Veris Residential Inc. | 93,596 | 1,472 | ||||
| Pebblebrook Hotel Trust | 120,098 | 1,338 | ||||
| Kennedy-Wilson Holdings Inc. | 151,627 | 1,334 | ||||
| Elme Communities | 73,147 | 1,249 | ||||
| SITE Centers Corp. | 95,510 | 1,173 | ||||
| Innovative Industrial Properties Inc. | 18,139 | 1,028 | ||||
| Centerspace | 14,903 | 887 | ||||
| American Assets Trust Inc. | 39,179 | 819 | ||||
| Summit Hotel Properties Inc. | 112,794 | 618 | ||||
| Whitestone REIT | 45,302 | 596 | ||||
| Universal Health Realty Income Trust | 12,901 | 524 | ||||
| Armada Hoffler Properties Inc. | 58,380 | 425 | ||||
| Saul Centers Inc. | 11,524 | 394 | ||||
| 100,794 | ||||||
| Utilities (3.2%) | ||||||
| MDU Resources Group Inc. | 413,495 | 6,736 | ||||
| Avista Corp. | 163,030 | 5,957 | ||||
| California Water Service Group | 120,554 | 5,658 | ||||
| Clearway Energy Inc. Class C | 168,476 | 5,022 | ||||
| Otter Tail Corp. | 46,642 | 3,917 | ||||
| Northwest Natural Holding Co. | 81,567 | 3,388 | ||||
| H2O America | 62,951 | 3,171 | ||||
26
S&P Small-Cap 600 Value Index Fund
| Shares | Market Value• ($000) | |||||
| American States Water Co. | 38,967 | 2,904 | ||||
| Chesapeake Utilities Corp. | 20,298 | 2,508 | ||||
| MGE Energy Inc. | 28,101 | 2,393 | ||||
| Clearway Energy Inc. Class A | 70,059 | 1,975 | ||||
| Middlesex Water Co. | 18,133 | 971 | ||||
| Unitil Corp. | 20,063 | 942 | ||||
| 45,542 | ||||||
| Total Common Stocks (Cost $1,364,968) | 1,417,792 | |||||
| Temporary Cash Investments (1.4%) | ||||||
| Money Market Fund (1.4%) | ||||||
| 2,3 | Vanguard Market Liquidity Fund, 4.362% (Cost $20,510) | 205,132 | 20,511 | |||
| Total Investments (100.7%) (Cost $1,385,478) | 1,438,303 | |||||
| Other Assets and Liabilities—Net (-0.7%) | (10,375) | |||||
| Net Assets (100%) | 1,427,928 | |||||
| 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 $11,543. |
| 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 $12,274 was received for securities on loan. |
| REIT—Real Estate Investment Trust. |
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 2025 | 24 | 2,844 | 103 |
| 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) |
| Mr. Cooper Group Inc. | 8/31/2026 | BANA | 4,902 | (4.337) | — | — |
| Signet Jewelers Ltd. | 8/31/2026 | BANA | 1,585 | (4.337) | — | — |
| WillScot Holdings Corp. | 8/31/2026 | BANA | 703 | (4.337) | — | — |
| — | — | |||||
| 1 | Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. |
| BANA—Bank of America, N.A. |
At August 31, 2025, the
counterparties had deposited in segregated accounts securities with a value of $861 in connection with open over-the-counter swap contracts.
See accompanying Notes,
which are an integral part of the Financial Statements.
27
S&P Small-Cap 600 Value Index Fund
Statement of Assets and Liabilities
As of August 31, 2025
| ($000s, except shares and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value1 | |
| Unaffiliated Issuers (Cost $1,364,968) | 1,417,792 |
| Affiliated Issuers (Cost $20,510) | 20,511 |
| Total Investments in Securities | 1,438,303 |
| Investment in Vanguard | 34 |
| Cash Collateral Pledged—Futures Contracts | 230 |
| Receivables for Investment Securities Sold | 5,663 |
| Receivables for Accrued Income | 1,645 |
| Receivables for Capital Shares Issued | 26 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | — |
| Total Assets | 1,445,901 |
| Liabilities | |
| Due to Custodian | 328 |
| Payables for Investment Securities Purchased | 5,296 |
| Collateral for Securities on Loan | 12,274 |
| Payables to Vanguard | 60 |
| Variation Margin Payable—Futures Contracts | 15 |
| Total Liabilities | 17,973 |
| Net Assets | 1,427,928 |
| 1 Includes $11,543 of securities on loan. | |
At August 31, 2025, net assets consisted of: | |
| Paid-in Capital | 1,842,101 |
| Total Distributable Earnings (Loss) | (414,173) |
| Net Assets | 1,427,928 |
| ETF Shares—Net Assets | |
| Applicable to 14,772,093 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,393,873 |
| Net Asset Value Per Share—ETF Shares | $94.36 |
| Institutional Shares—Net Assets | |
| Applicable to 86,214 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 34,055 |
| Net Asset Value Per Share—Institutional Shares | $395.00 |
See accompanying Notes, which are an integral
part of the Financial Statements.
28
S&P Small-Cap 600 Value Index Fund
Statement of Operations
| Year Ended August 31, 2025 | |
| ($000) | |
| Investment Income | |
| Income | |
| Dividends1 | 22,516 |
| Non-Cash Dividends | 2,259 |
| Interest2 | 153 |
| Securities Lending—Net | 296 |
| Total Income | 25,224 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 28 |
| Management and Administrative—ETF Shares | 1,323 |
| Management and Administrative—Institutional Shares | 11 |
| Marketing and Distribution—ETF Shares | 63 |
| Marketing and Distribution—Institutional Shares | 1 |
| Custodian Fees | 64 |
| Auditing Fees | 27 |
| Shareholders’ Reports and Proxy Fees—ETF Shares | 107 |
| Shareholders’ Reports and Proxy Fees—Institutional Shares | 3 |
| Trustees’ Fees and Expenses | 1 |
| Other Expenses | 19 |
| Total Expenses | 1,647 |
| Net Investment Income | 23,577 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold2,3 | 83,069 |
| Futures Contracts | 54 |
| Swap Contracts | 2,069 |
| Realized Net Gain (Loss) | 85,192 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities2 | (47,479) |
| Futures Contracts | 1 |
| Swap Contracts | — |
| Change in Unrealized Appreciation (Depreciation) | (47,478) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 61,291 |
| 1 | Dividends are net of foreign withholding taxes of $14. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $141, $1, and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $147,967 of net gain (loss) resulting from in-kind redemptions. |
See accompanying Notes,
which are an integral part of the Financial Statements.
29
S&P Small-Cap 600 Value Index Fund
Statement of Changes in Net Assets
| Year Ended August 31, | ||
| 2025 ($000) | 2024 ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 23,577 | 27,944 |
| Realized Net Gain (Loss) | 85,192 | 34,656 |
| Change in Unrealized Appreciation (Depreciation) | (47,478) | 124,072 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 61,291 | 186,672 |
| Distributions | ||
| ETF Shares | (23,412) | (27,662) |
| Institutional Shares | (725) | (1,235) |
| Total Distributions | (24,137) | (28,897) |
| Capital Share Transactions | ||
| ETF Shares | (42,664) | (29,348) |
| Institutional Shares | (22,389) | (3,562) |
| Net Increase (Decrease) from Capital Share Transactions | (65,053) | (32,910) |
| Total Increase (Decrease) | (27,899) | 124,865 |
| Net Assets | ||
| Beginning of Period | 1,455,827 | 1,330,962 |
| End of Period | 1,427,928 | 1,455,827 |
See accompanying Notes, which are an integral
part of the Financial Statements.
30
S&P Small-Cap 600 Value Index Fund
Financial Highlights
| ETF Shares | |||||
| For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
| 2025 | 2024 | 20231 | 20221 | 20211 | |
| Net Asset Value, Beginning of Period | $92.26 | $82.73 | $80.11 | $88.82 | $56.26 |
| Investment Operations | |||||
| Net Investment Income2 | 1.540 | 1.718 | 1.529 | 1.372 | 1.296 |
| Net Realized and Unrealized Gain (Loss) on Investments | 2.134 | 9.595 | 2.600 | (8.648) | 32.307 |
| Total from Investment Operations | 3.674 | 11.313 | 4.129 | (7.276) | 33.603 |
| Distributions | |||||
| Dividends from Net Investment Income | (1.574) | (1.783) | (1.509) | (1.434) | (1.043) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (1.574) | (1.783) | (1.509) | (1.434) | (1.043) |
| Net Asset Value, End of Period | $94.36 | $92.26 | $82.73 | $80.11 | $88.82 |
| Total Return | 4.07% | 13.93% | 5.29% | -8.28% | 60.19% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $1,394 | $1,400 | $1,278 | $1,250 | $1,328 |
| Ratio of Total Expenses to Average Net Assets | 0.12% | 0.15% | 0.15% | 0.15% | 0.15% |
| Ratio of Net Investment Income to Average Net Assets | 1.72% | 2.05% | 1.89% | 1.59% | 1.61% |
| Portfolio Turnover Rate3 | 47% | 52% | 45% | 36% | 30% |
| 1 | Adjusted to reflect a 2-for-1 share split effective March 13, 2023. |
| 2 | Calculated based on average shares outstanding. |
| 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.
31
S&P Small-Cap 600 Value Index Fund
Financial Highlights
| Institutional Shares | |||||
| For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Net Asset Value, Beginning of Period | $386.22 | $346.33 | $335.40 | $371.84 | $235.47 |
| Investment Operations | |||||
| Net Investment Income1 | 6.954 | 7.424 | 6.654 | 5.824 | 5.457 |
| Net Realized and Unrealized Gain (Loss) on Investments | 8.676 | 40.170 | 10.833 | (36.009) | 135.457 |
| Total from Investment Operations | 15.630 | 47.594 | 17.487 | (30.185) | 140.914 |
| Distributions | |||||
| Dividends from Net Investment Income | (6.850) | (7.704) | (6.557) | (6.255) | (4.544) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (6.850) | (7.704) | (6.557) | (6.255) | (4.544) |
| Net Asset Value, End of Period | $395.00 | $386.22 | $346.33 | $335.40 | $371.84 |
| Total Return | 4.14% | 14.00% | 5.39% | -8.20% | 60.32% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $34 | $56 | $53 | $53 | $68 |
| Ratio of Total Expenses to Average Net Assets | 0.05% | 0.08% | 0.08% | 0.08% | 0.08% |
| Ratio of Net Investment Income to Average Net Assets | 1.86% | 2.12% | 1.96% | 1.61% | 1.67% |
| Portfolio Turnover Rate2 | 47% | 52% | 45% | 36% | 30% |
| 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.
32
S&P Small-Cap 600 Value Index Fund
Notes to Financial Statements
Vanguard S&P Small-Cap 600
Value Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and 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.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its
financial statements.
1. Security Valuation:
Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official
closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which
market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued by methods
deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.
Investments in Vanguard Market Liquidity Fund
are valued at that fund's net asset value.
2. 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 year ended August
31, 2025, 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 or indexes 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 year ended August
31, 2025, 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 virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until
expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state
income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
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.
33
S&P Small-Cap 600 Value Index Fund
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 and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged
administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and included
in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate,
the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based
upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an
exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each
other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment
objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to
be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended August 31,
2025, 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. 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),
shareholder reporting, and proxy fees. 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 August 31, 2025, the fund had contributed to Vanguard capital in the amount of $34,000, representing less than 0.01% of the fund’s net
assets and 0.01% 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.
34
S&P Small-Cap 600 Value Index Fund
The following table summarizes
the market value of the fund's investments and derivatives as of August 31, 2025, based on the inputs used to value them:
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks | 1,417,792 | — | — | 1,417,792 |
| Temporary Cash Investments | 20,511 | — | — | 20,511 |
| Total | 1,438,303 | — | — | 1,438,303 |
| Derivative Financial Instruments | ||||
| Assets | ||||
| Futures Contracts1 | 103 | — | — | 103 |
| Swap Contracts | — | — | — | — |
| Total | 103 | — | — | 103 |
| 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. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These
reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind
redemptions, swap agreements, and distributions in connection with fund share redemptions.
Permanent differences were
reclassified between the following accounts:
| Amount ($000) | |
| Paid-in Capital | 150,463 |
| Total Distributable Earnings (Loss) | (150,463) |
Temporary differences between
book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these
differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized
gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss)
are detailed in the table as follows:
| Amount ($000) | |
| Undistributed Ordinary Income | 4,321 |
| Undistributed Long-Term Gains | — |
| Net Unrealized Gains (Losses) | 49,738 |
| Capital Loss Carryforwards | (468,232) |
| Qualified Late-Year Losses | — |
| Other Temporary Differences | — |
| Total | (414,173) |
The tax character of
distributions paid was as follows:
| Year Ended August 31, | ||
| 2025 Amount ($000) | 2024 Amount ($000) | |
| Ordinary Income* | 24,137 | 28,897 |
| Long-Term Capital Gains | — | — |
| Total | 24,137 | 28,897 |
| * | Includes short-term capital gains, if any. |
35
S&P Small-Cap 600 Value Index Fund
As of August 31, 2025, 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 | 1,388,565 |
| Gross Unrealized Appreciation | 215,908 |
| Gross Unrealized Depreciation | (166,170) |
| Net Unrealized Appreciation (Depreciation) | 49,738 |
E. During the year ended August 31, 2025, the fund purchased $644,062,000 of investment securities and sold $664,190,000 of investment securities, other than temporary cash investments. In
addition, the fund purchased and sold investment securities of $463,854,000 and $506,304,000, 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 year ended August 31, 2025, such purchases were $358,709,000 and sales were $202,274,000, resulting in net realized loss of $1,447,000; these amounts, other than temporary cash
investments, are included in the purchases and sales of investment securities noted above.
F. Capital share transactions for each class of shares were:
| Year Ended August 31, | |||||
| 2025 | 2024 | ||||
| Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
| ETF Shares | |||||
| Issued | 526,522 | 5,715 | 521,966 | 6,177 | |
| Issued in Lieu of Cash Distributions | — | — | — | — | |
| Redeemed | (569,186) | (6,120) | (551,314) | (6,450) | |
| Net Increase (Decrease)—ETF Shares | (42,664) | (405) | (29,348) | (273) | |
| Institutional Shares | |||||
| Issued | 3,582 | 10 | 10,759 | 32 | |
| Issued in Lieu of Cash Distributions | 500 | 1 | 1,057 | 3 | |
| Redeemed | (26,471) | (69) | (15,378) | (43) | |
| Net Increase (Decrease)—Institutional Shares | (22,389) | (58) | (3,562) | (8) | |
G. Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other
events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.
To the extent the fund’s
investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to
increased price volatility and other risks.
The use of derivatives may
expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A
relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding
the fund’s use of derivative(s) and the specific risks associated is described under significant accounting policies.
At August 31, 2025, one
shareholder was the record or beneficial owner of 32% of the fund’s net assets. If this shareholder were to redeem its investment in the fund, the redemption might result in an increase in the fund’s
expense ratio, cause the fund to incur higher transaction costs, or lead to the realization of taxable capital gains.
H. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a
chief operating decision maker (“CODM”). The fund is considered a single segment. Vanguard’s chief executive officer, chief investment officer, and chief financial officer, who are also officers of
the fund, as well as the fund’s chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund’s daily
operations. Through these committees, the CODM manages the fund’s operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund’s investment
strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund’s portfolio composition, total returns, expense ratios and changes in net assets which are
consistent with the information contained in the fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.
I. Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these
financial statements.
36
S&P Small-Cap 600 Growth Index Fund
Financial Statements
Schedule of Investments
As of August 31, 2025
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 (99.7%) | ||||||
| Communication Services (2.7%) | ||||||
| * | Madison Square Garden Sports Corp. | 19,955 | 3,948 | |||
| * | Cargurus Inc. Class A | 100,764 | 3,486 | |||
| 1 | Cinemark Holdings Inc. | 120,190 | 3,101 | |||
| * | Lumen Technologies Inc. | 622,960 | 3,096 | |||
| Cogent Communications Holdings Inc. | 50,521 | 1,931 | ||||
| * | TripAdvisor Inc. | 94,206 | 1,641 | |||
| * | DoubleVerify Holdings Inc. | 89,930 | 1,463 | |||
| * | Yelp Inc. Class A | 41,807 | 1,322 | |||
| John Wiley & Sons Inc. Class A | 28,698 | 1,165 | ||||
| * | QuinStreet Inc. | 67,809 | 1,063 | |||
| Uniti Group Inc. | 82,812 | 522 | ||||
| * | Cars.com Inc. | 30,309 | 395 | |||
| * | Gogo Inc. | 32,760 | 360 | |||
| * | Thryv Holdings Inc. | 18,111 | 233 | |||
| * | TechTarget Inc. | 14,565 | 86 | |||
| 23,812 | ||||||
| Consumer Discretionary (12.1%) | ||||||
| * | Stride Inc. | 51,105 | 8,340 | |||
| * | Brinker International Inc. | 52,925 | 8,255 | |||
| Installed Building Products Inc. | 27,129 | 7,103 | ||||
| * | Boot Barn Holdings Inc. | 36,427 | 6,476 | |||
| * | Adtalem Global Education Inc. | 42,777 | 5,602 | |||
| * | Frontdoor Inc. | 87,615 | 5,323 | |||
| * | Dorman Products Inc. | 32,332 | 5,231 | |||
| * | Shake Shack Inc. Class A | 47,890 | 5,076 | |||
| * | Cavco Industries Inc. | 9,541 | 5,061 | |||
| * | Champion Homes Inc. | 62,740 | 4,734 | |||
| Kontoor Brands Inc. | 59,538 | 4,599 | ||||
| Group 1 Automotive Inc. | 7,394 | 3,437 | ||||
| * | Etsy Inc. | 60,840 | 3,225 | |||
| * | Six Flags Entertainment Corp. | 111,949 | 2,540 | |||
| * | Green Brick Partners Inc. | 36,087 | 2,520 | |||
| * | M/I Homes Inc. | 16,902 | 2,489 | |||
| Cheesecake Factory Inc. | 35,807 | 2,201 | ||||
| Patrick Industries Inc. | 19,104 | 2,137 | ||||
| Wolverine World Wide Inc. | 65,616 | 2,096 | ||||
| * | Urban Outfitters Inc. | 30,285 | 2,032 | |||
| * | Tri Pointe Homes Inc. | 55,057 | 1,945 | |||
| Steven Madden Ltd. | 57,073 | 1,657 | ||||
| Monarch Casino & Resort Inc. | 15,171 | 1,583 | ||||
| Phinia Inc. | 24,171 | 1,414 | ||||
| * | Hanesbrands Inc. | 223,162 | 1,408 | |||
| Acushnet Holdings Corp. | 17,632 | 1,351 | ||||
| Perdoceo Education Corp. | 38,873 | 1,273 | ||||
| Buckle Inc. | 18,042 | 1,021 | ||||
| * | XPEL Inc. | 27,010 | 1,004 | |||
| * | Pursuit Attractions & Hospitality Inc. | 25,568 | 954 | |||
| * | Dream Finders Homes Inc. Class A | 34,127 | 948 | |||
| * | Dave & Buster's Entertainment Inc. | 32,918 | 845 | |||
| * | Sabre Corp. | 461,737 | 826 | |||
| * | Mister Car Wash Inc. | 52,714 | 301 | |||
| 105,007 | ||||||
| Consumer Staples (2.6%) | ||||||
| Cal-Maine Foods Inc. | 51,388 | 5,943 | ||||
| * | Freshpet Inc. | 58,076 | 3,242 | |||
| * | Chefs' Warehouse Inc. | 42,143 | 2,661 | |||
| Interparfums Inc. | 21,419 | 2,462 | ||||
| WD-40 Co. | 9,838 | 2,125 | ||||
| * | Simply Good Foods Co. | 50,348 | 1,442 | |||
37
S&P Small-Cap 600 Growth Index Fund
| Shares | Market Value• ($000) | |||||
| J & J Snack Foods Corp. | 10,192 | 1,137 | ||||
| WK Kellogg Co. | 49,033 | 1,124 | ||||
| Energizer Holdings Inc. | 32,853 | 905 | ||||
| * | National Beverage Corp. | 14,491 | 609 | |||
| Tootsie Roll Industries Inc. | 11,346 | 456 | ||||
| 22,106 | ||||||
| Energy (4.3%) | ||||||
| Archrock Inc. | 210,517 | 5,212 | ||||
| Core Natural Resources Inc. | 59,564 | 4,423 | ||||
| Magnolia Oil & Gas Corp. Class A | 142,458 | 3,544 | ||||
| Cactus Inc. Class A | 81,513 | 3,420 | ||||
| * | Tidewater Inc. | 54,196 | 3,263 | |||
| Northern Oil & Gas Inc. | 116,963 | 3,060 | ||||
| * | Oceaneering International Inc. | 119,773 | 2,923 | |||
| SM Energy Co. | 68,142 | 1,946 | ||||
| Kodiak Gas Services Inc. | 47,074 | 1,685 | ||||
| Helmerich & Payne Inc. | 68,655 | 1,434 | ||||
| International Seaways Inc. | 27,457 | 1,247 | ||||
| Liberty Energy Inc. Class A | 106,056 | 1,193 | ||||
| 1 | Atlas Energy Solutions Inc. | 86,841 | 1,017 | |||
| * | Comstock Resources Inc. | 55,139 | 889 | |||
| Kinetik Holdings Inc. Class A | 20,637 | 863 | ||||
| * | Helix Energy Solutions Group Inc. | 96,668 | 637 | |||
| Core Laboratories Inc. | 26,794 | 308 | ||||
| RPC Inc. | 52,367 | 250 | ||||
| 37,314 | ||||||
| Financials (15.4%) | ||||||
| Piper Sandler Cos. | 19,565 | 6,531 | ||||
| * | Axos Financial Inc. | 63,764 | 5,816 | |||
| ServisFirst Bancshares Inc. | 59,822 | 5,273 | ||||
| PJT Partners Inc. Class A | 29,089 | 5,207 | ||||
| * | Bancorp Inc. | 55,615 | 4,240 | |||
| Virtu Financial Inc. Class A | 96,153 | 4,031 | ||||
| * | Palomar Holdings Inc. | 31,840 | 3,917 | |||
| * | Enova International Inc. | 30,203 | 3,664 | |||
| * | NMI Holdings Inc. Class A | 93,017 | 3,660 | |||
| Moelis & Co. Class A | 45,046 | 3,248 | ||||
| BancFirst Corp. | 23,748 | 3,158 | ||||
| Victory Capital Holdings Inc. Class A | 44,270 | 3,156 | ||||
| * | StoneX Group Inc. | 27,473 | 2,807 | |||
| StepStone Group Inc. Class A | 44,785 | 2,779 | ||||
| Ameris Bancorp | 36,876 | 2,702 | ||||
| First Bancorp | 116,537 | 2,591 | ||||
| Goosehead Insurance Inc. Class A | 29,835 | 2,527 | ||||
| Radian Group Inc. | 71,975 | 2,510 | ||||
| Mercury General Corp. | 31,655 | 2,448 | ||||
| BGC Group Inc. Class A | 248,007 | 2,433 | ||||
| Community Financial System Inc. | 40,273 | 2,412 | ||||
| Cohen & Steers Inc. | 32,170 | 2,376 | ||||
| Pathward Financial Inc. | 28,050 | 2,229 | ||||
| City Holding Co. | 17,244 | 2,216 | ||||
| Assured Guaranty Ltd. | 26,910 | 2,212 | ||||
| HA Sustainable Infrastructure Capital Inc. | 77,753 | 2,196 | ||||
| * | Payoneer Global Inc. | 310,047 | 2,155 | |||
| Cathay General Bancorp | 41,738 | 2,083 | ||||
| Fulton Financial Corp. | 101,733 | 2,000 | ||||
| Park National Corp. | 11,451 | 1,967 | ||||
| Artisan Partners Asset Management Inc. Class A | 40,250 | 1,883 | ||||
| WisdomTree Inc. | 137,975 | 1,878 | ||||
| * | Trupanion Inc. | 40,243 | 1,866 | |||
| HCI Group Inc. | 11,082 | 1,847 | ||||
| WSFS Financial Corp. | 31,097 | 1,813 | ||||
| EVERTEC Inc. | 49,232 | 1,757 | ||||
| PROG Holdings Inc. | 48,047 | 1,693 | ||||
| First Hawaiian Inc. | 64,365 | 1,670 | ||||
| Acadian Asset Management Inc. | 31,965 | 1,629 | ||||
| BankUnited Inc. | 41,193 | 1,614 | ||||
| * | NCR Atleos Corp. | 38,481 | 1,525 | |||
| Bank of Hawaii Corp. | 21,762 | 1,482 | ||||
38
S&P Small-Cap 600 Growth Index Fund
| Shares | Market Value• ($000) | |||||
| First Financial Bancorp | 53,574 | 1,419 | ||||
| OFG Bancorp | 31,551 | 1,412 | ||||
| Banner Corp. | 20,998 | 1,407 | ||||
| Preferred Bank | 13,759 | 1,299 | ||||
| CVB Financial Corp. | 63,235 | 1,273 | ||||
| NBT Bancorp Inc. | 27,411 | 1,213 | ||||
| FB Financial Corp. | 21,656 | 1,162 | ||||
| Lakeland Financial Corp. | 16,432 | 1,125 | ||||
| First Commonwealth Financial Corp. | 58,535 | 1,039 | ||||
| * | Triumph Financial Inc. | 16,132 | 992 | |||
| S&T Bancorp Inc. | 24,188 | 956 | ||||
| Westamerica Bancorp | 17,145 | 857 | ||||
| National Bank Holdings Corp. Class A | 20,410 | 800 | ||||
| * | Donnelley Financial Solutions Inc. | 12,716 | 722 | |||
| Employers Holdings Inc. | 14,885 | 644 | ||||
| Central Pacific Financial Corp. | 19,914 | 624 | ||||
| Virtus Investment Partners Inc. | 3,017 | 608 | ||||
| AMERISAFE Inc. | 10,200 | 471 | ||||
| Tompkins Financial Corp. | 5,981 | 420 | ||||
| Enact Holdings Inc. | 7,808 | 294 | ||||
| 133,938 | ||||||
| Health Care (13.6%) | ||||||
| * | Corcept Therapeutics Inc. | 112,373 | 7,835 | |||
| * | Glaukos Corp. | 68,035 | 6,519 | |||
| * | Merit Medical Systems Inc. | 70,367 | 6,371 | |||
| * | RadNet Inc. | 80,561 | 5,781 | |||
| * | ADMA Biologics Inc. | 284,247 | 4,906 | |||
| * | TG Therapeutics Inc. | 161,462 | 4,736 | |||
| * | TransMedics Group Inc. | 40,284 | 4,631 | |||
| * | Integer Holdings Corp. | 41,544 | 4,481 | |||
| * | Krystal Biotech Inc. | 30,279 | 4,472 | |||
| * | Protagonist Therapeutics Inc. | 73,799 | 4,358 | |||
| * | ICU Medical Inc. | 29,304 | 3,741 | |||
| * | Alkermes plc | 125,657 | 3,640 | |||
| * | Inspire Medical Systems Inc. | 35,117 | 3,290 | |||
| * | CorVel Corp. | 32,410 | 2,886 | |||
| * | Veracyte Inc. | 93,245 | 2,829 | |||
| * | Catalyst Pharmaceuticals Inc. | 136,515 | 2,811 | |||
| * | ACADIA Pharmaceuticals Inc. | 101,747 | 2,644 | |||
| * | Prestige Consumer Healthcare Inc. | 35,301 | 2,402 | |||
| LeMaitre Vascular Inc. | 24,480 | 2,335 | ||||
| * | Vericel Corp. | 59,941 | 2,179 | |||
| * | Sarepta Therapeutics Inc. | 117,013 | 2,130 | |||
| * | Ligand Pharmaceuticals Inc. | 12,635 | 2,043 | |||
| * | Artivion Inc. | 45,760 | 2,010 | |||
| * | Privia Health Group Inc. | 86,140 | 1,985 | |||
| * | ANI Pharmaceuticals Inc. | 20,258 | 1,894 | |||
| * | UFP Technologies Inc. | 8,717 | 1,832 | |||
| * | Harmony Biosciences Holdings Inc. | 45,809 | 1,690 | |||
| * | Astrana Health Inc. | 49,422 | 1,580 | |||
| * | Addus HomeCare Corp. | 13,402 | 1,544 | |||
| * | Supernus Pharmaceuticals Inc. | 33,999 | 1,534 | |||
| * | Collegium Pharmaceutical Inc. | 38,270 | 1,485 | |||
| * | Arrowhead Pharmaceuticals Inc. | 58,355 | 1,286 | |||
| Concentra Group Holdings Parent Inc. | 53,184 | 1,266 | ||||
| * | BioLife Solutions Inc. | 44,170 | 1,106 | |||
| National HealthCare Corp. | 9,431 | 1,070 | ||||
| * | Progyny Inc. | 44,396 | 1,051 | |||
| * | Tandem Diabetes Care Inc. | 79,305 | 992 | |||
| * | STAAR Surgical Co. | 33,601 | 919 | |||
| Phibro Animal Health Corp. Class A | 24,251 | 899 | ||||
| * | Arcus Biosciences Inc. | 80,684 | 854 | |||
| * | Amphastar Pharmaceuticals Inc. | 27,580 | 844 | |||
| * | Azenta Inc. | 26,708 | 816 | |||
| * | Innoviva Inc. | 36,175 | 739 | |||
| US Physical Therapy Inc. | 8,863 | 735 | ||||
| * | Schrodinger Inc. | 35,252 | 688 | |||
| * | NeoGenomics Inc. | 68,953 | 605 | |||
| * | Dynavax Technologies Corp. | 54,515 | 552 | |||
39
S&P Small-Cap 600 Growth Index Fund
40
S&P Small-Cap 600 Growth Index Fund
| Shares | Market Value• ($000) | |||||
| * | Semtech Corp. | 103,137 | 5,991 | |||
| * | Box Inc. Class A | 172,420 | 5,626 | |||
| * | Impinj Inc. | 27,952 | 5,240 | |||
| * | MARA Holdings Inc. | 319,021 | 5,098 | |||
| * | SPS Commerce Inc. | 45,217 | 4,987 | |||
| * | OSI Systems Inc. | 18,590 | 4,277 | |||
| Clear Secure Inc. Class A | 109,856 | 3,989 | ||||
| * | Sanmina Corp. | 30,555 | 3,591 | |||
| * | BlackLine Inc. | 61,587 | 3,348 | |||
| Advanced Energy Industries Inc. | 21,969 | 3,288 | ||||
| * | Cleanspark Inc. | 331,159 | 3,136 | |||
| * | Plexus Corp. | 21,933 | 3,005 | |||
| * | Agilysys Inc. | 26,729 | 2,917 | |||
| * | TTM Technologies Inc. | 62,923 | 2,804 | |||
| * | DigitalOcean Holdings Inc. | 74,788 | 2,440 | |||
| * | Progress Software Corp. | 51,229 | 2,371 | |||
| * | Alarm.com Holdings Inc. | 35,535 | 2,083 | |||
| * | Axcelis Technologies Inc. | 22,571 | 1,807 | |||
| * | Calix Inc. | 27,475 | 1,633 | |||
| * | Extreme Networks Inc. | 76,107 | 1,627 | |||
| * | Viavi Solutions Inc. | 114,293 | 1,289 | |||
| * | Arlo Technologies Inc. | 70,175 | 1,222 | |||
| * | FormFactor Inc. | 41,297 | 1,205 | |||
| * | LiveRamp Holdings Inc. | 40,715 | 1,137 | |||
| ePlus Inc. | 14,740 | 1,067 | ||||
| Benchmark Electronics Inc. | 24,067 | 977 | ||||
| A10 Networks Inc. | 51,494 | 912 | ||||
| CTS Corp. | 21,320 | 906 | ||||
| * | Digi International Inc. | 26,039 | 904 | |||
| * | Teradata Corp. | 39,839 | 836 | |||
| * | PDF Solutions Inc. | 37,281 | 762 | |||
| * | Photronics Inc. | 31,786 | 721 | |||
| Adeia Inc. | 47,798 | 719 | ||||
| *,1 | SolarEdge Technologies Inc. | 21,090 | 713 | |||
| * | Harmonic Inc. | 68,676 | 661 | |||
| * | Sprinklr Inc. Class A | 51,936 | 449 | |||
| * | Grid Dynamics Holdings Inc. | 49,165 | 408 | |||
| * | Alpha & Omega Semiconductor Ltd. | 13,947 | 401 | |||
| * | CEVA Inc. | 13,668 | 304 | |||
| * | N-able Inc. | 37,636 | 303 | |||
| 118,807 | ||||||
| Materials (4.0%) | ||||||
| Balchem Corp. | 38,835 | 6,295 | ||||
| * | MP Materials Corp. | 69,786 | 4,965 | |||
| Warrior Met Coal Inc. | 62,579 | 3,826 | ||||
| Hawkins Inc. | 22,537 | 3,771 | ||||
| Element Solutions Inc. | 122,193 | 3,143 | ||||
| Sensient Technologies Corp. | 26,793 | 3,040 | ||||
| Sealed Air Corp. | 68,284 | 2,217 | ||||
| Sylvamo Corp. | 40,729 | 1,879 | ||||
| * | Century Aluminum Co. | 62,211 | 1,389 | |||
| Innospec Inc. | 14,859 | 1,301 | ||||
| * | Ingevity Corp. | 22,143 | 1,293 | |||
| * | Alpha Metallurgical Resources Inc. | 8,225 | 1,227 | |||
| 34,346 | ||||||
| Real Estate (8.1%) | ||||||
| Essential Properties Realty Trust Inc. | 235,167 | 7,365 | ||||
| Ryman Hospitality Properties Inc. | 71,440 | 7,057 | ||||
| CareTrust REIT Inc. | 123,503 | 4,250 | ||||
| Macerich Co. | 198,538 | 3,653 | ||||
| Terreno Realty Corp. | 60,281 | 3,482 | ||||
| SL Green Realty Corp. | 59,189 | 3,367 | ||||
| Tanger Inc. | 90,283 | 3,086 | ||||
| Outfront Media Inc. | 165,109 | 3,084 | ||||
| Curbline Properties Corp. | 112,746 | 2,540 | ||||
| Highwoods Properties Inc. | 78,303 | 2,469 | ||||
| Phillips Edison & Co. Inc. | 65,695 | 2,312 | ||||
| St. Joe Co. | 45,059 | 2,274 | ||||
| Sunstone Hotel Investors Inc. | 236,770 | 2,245 | ||||
41
S&P Small-Cap 600 Growth Index Fund
| Shares | Market Value• ($000) | |||||
| Acadia Realty Trust | 107,590 | 2,153 | ||||
| DiamondRock Hospitality Co. | 245,643 | 2,103 | ||||
| Douglas Emmett Inc. | 115,634 | 1,874 | ||||
| Urban Edge Properties | 89,834 | 1,859 | ||||
| Apple Hospitality REIT Inc. | 129,087 | 1,686 | ||||
| Four Corners Property Trust Inc. | 64,599 | 1,672 | ||||
| Xenia Hotels & Resorts Inc. | 117,521 | 1,661 | ||||
| Innovative Industrial Properties Inc. | 22,679 | 1,285 | ||||
| Elme Communities | 61,930 | 1,058 | ||||
| LTC Properties Inc. | 25,703 | 938 | ||||
| NexPoint Residential Trust Inc. | 26,192 | 904 | ||||
| Pebblebrook Hotel Trust | 70,655 | 787 | ||||
| Getty Realty Corp. | 26,115 | 747 | ||||
| American Assets Trust Inc. | 33,169 | 693 | ||||
| Centerspace | 11,158 | 664 | ||||
| Veris Residential Inc. | 41,535 | 653 | ||||
| Kennedy-Wilson Holdings Inc. | 52,393 | 461 | ||||
| Armada Hoffler Properties Inc. | 61,079 | 445 | ||||
| Whitestone REIT | 26,664 | 351 | ||||
| Summit Hotel Properties Inc. | 63,756 | 349 | ||||
| Universal Health Realty Income Trust | 7,583 | 308 | ||||
| Saul Centers Inc. | 7,641 | 261 | ||||
| 70,096 | ||||||
| Utilities (1.0%) | ||||||
| MGE Energy Inc. | 26,973 | 2,297 | ||||
| Chesapeake Utilities Corp. | 15,831 | 1,956 | ||||
| Otter Tail Corp. | 22,452 | 1,886 | ||||
| American States Water Co. | 22,926 | 1,709 | ||||
| Middlesex Water Co. | 10,668 | 571 | ||||
| Unitil Corp. | 7,546 | 354 | ||||
| 8,773 | ||||||
| Total Common Stocks (Cost $748,536) | 865,370 | |||||
| Temporary Cash Investments (0.4%) | ||||||
| Money Market Fund (0.4%) | ||||||
| 3,4 | Vanguard Market Liquidity Fund, 4.362% (Cost $3,414) | 34,148 | 3,414 | |||
| Total Investments (100.1%) (Cost $751,950) | 868,784 | |||||
| Other Assets and Liabilities—Net (-0.1%) | (1,029) | |||||
| Net Assets (100%) | 867,755 | |||||
| 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 $1,689. |
| 2 | Security value determined using significant unobservable inputs. |
| 3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 4 | Collateral of $1,719 was received for securities on loan. |
| REIT—Real Estate Investment Trust. |
42
S&P Small-Cap 600 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 2025 | 5 | 592 | 15 |
| 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) |
| MARA Holdings Inc. | 1/30/2026 | GSI | 1,567 | (4.337) | 29 | — |
| 1 | Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. |
| GSI—Goldman Sachs International. |
See accompanying Notes,
which are an integral part of the Financial Statements.
43
S&P Small-Cap 600 Growth Index Fund
Statement of Assets and Liabilities
As of August 31, 2025
| ($000s, except shares and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value1 | |
| Unaffiliated Issuers (Cost $748,536) | 865,370 |
| Affiliated Issuers (Cost $3,414) | 3,414 |
| Total Investments in Securities | 868,784 |
| Investment in Vanguard | 21 |
| Cash Collateral Pledged—Futures Contracts | 30 |
| Receivables for Investment Securities Sold | 3,069 |
| Receivables for Accrued Income | 584 |
| Receivables for Capital Shares Issued | 3 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | 29 |
| Total Assets | 872,520 |
| Liabilities | |
| Payables for Investment Securities Purchased | 3,007 |
| Collateral for Securities on Loan | 1,719 |
| Payables to Vanguard | 37 |
| Variation Margin Payable—Futures Contracts | 2 |
| Total Liabilities | 4,765 |
| Net Assets | 867,755 |
| 1 Includes $1,689 of securities on loan. | |
At August 31, 2025, net assets consisted of: | |
| Paid-in Capital | 975,526 |
| Total Distributable Earnings (Loss) | (107,771) |
| Net Assets | 867,755 |
| ETF Shares—Net Assets | |
| Applicable to 7,160,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 867,755 |
| Net Asset Value Per Share—ETF Shares | $121.19 |
See accompanying Notes, which are an integral
part of the Financial Statements.
44
S&P Small-Cap 600 Growth Index Fund
Statement of Operations
| Year Ended August 31, 2025 | |
| ($000) | |
| Investment Income | |
| Income | |
| Dividends1 | 8,971 |
| Non-Cash Dividends | 1,399 |
| Interest2 | 87 |
| Securities Lending—Net | 23 |
| Total Income | 10,480 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 19 |
| Management and Administrative | 892 |
| Marketing and Distribution | 43 |
| Custodian Fees | 19 |
| Auditing Fees | 27 |
| Shareholders’ Reports and Proxy Fees | 101 |
| Trustees’ Fees and Expenses | 1 |
| Other Expenses | 17 |
| Total Expenses | 1,119 |
| Net Investment Income | 9,361 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold2,3 | 45,638 |
| Futures Contracts | 50 |
| Swap Contracts | (172) |
| Realized Net Gain (Loss) | 45,516 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities2 | (43,335) |
| Futures Contracts | (54) |
| Swap Contracts | 29 |
| Change in Unrealized Appreciation (Depreciation) | (43,360) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 11,517 |
| 1 | Dividends are net of foreign withholding taxes of $24. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $80, less than $1, and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $76,450 of net gain (loss) resulting from in-kind redemptions. |
See accompanying Notes,
which are an integral part of the Financial Statements.
45
S&P Small-Cap 600 Growth Index Fund
Statement of Changes in Net Assets
| Year Ended August 31, | ||
| 2025 ($000) | 2024 ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 9,361 | 8,829 |
| Realized Net Gain (Loss) | 45,516 | 23,971 |
| Change in Unrealized Appreciation (Depreciation) | (43,360) | 110,060 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 11,517 | 142,860 |
| Distributions | ||
| Total Distributions | (9,738) | (8,534) |
| Capital Share Transactions | ||
| Issued | 177,594 | 359,252 |
| Issued in Lieu of Cash Distributions | — | — |
| Redeemed | (292,364) | (105,598) |
| Net Increase (Decrease) from Capital Share Transactions | (114,770) | 253,654 |
| Total Increase (Decrease) | (112,991) | 387,980 |
| Net Assets | ||
| Beginning of Period | 980,746 | 592,766 |
| End of Period | 867,755 | 980,746 |
See accompanying Notes, which are an integral
part of the Financial Statements.
46
S&P Small-Cap 600 Growth Index Fund
Financial Highlights
| ETF Shares | |||||
| For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
| 2025 | 2024 | 20231 | 20221 | 20211 | |
| Net Asset Value, Beginning of Period | $119.31 | $100.47 | $96.69 | $116.59 | $79.48 |
| Investment Operations | |||||
| Net Investment Income2 | 1.193 | 1.268 | 1.292 | .927 | .813 |
| Net Realized and Unrealized Gain (Loss) on Investments | 1.913 | 18.844 | 3.709 | (19.803) | 36.946 |
| Total from Investment Operations | 3.106 | 20.112 | 5.001 | (18.876) | 37.759 |
| Distributions | |||||
| Dividends from Net Investment Income | (1.226) | (1.272) | (1.221) | (1.024) | (.649) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (1.226) | (1.272) | (1.221) | (1.024) | (.649) |
| Net Asset Value, End of Period | $121.19 | $119.31 | $100.47 | $96.69 | $116.59 |
| Total Return | 2.66% | 20.20% | 5.28% | -16.27% | 47.68% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $868 | $981 | $593 | $493 | $565 |
| Ratio of Total Expenses to Average Net Assets | 0.12% | 0.15% | 0.15% | 0.15% | 0.15% |
| Ratio of Net Investment Income to Average Net Assets | 1.03% | 1.19% | 1.35% | 0.87% | 0.79% |
| Portfolio Turnover Rate3 | 48% | 44% | 45% | 42% | 35% |
| 1 | Adjusted to reflect a 2-for-1 share split effective March 13, 2023. |
| 2 | Calculated based on average shares outstanding. |
| 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.
47
S&P Small-Cap 600 Growth Index Fund
Notes to Financial Statements
Vanguard S&P Small-Cap 600
Growth Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a
broker.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its
financial statements.
1. Security Valuation:
Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official
closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which
market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued by methods
deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.
Investments in Vanguard Market Liquidity Fund
are valued at that fund's net asset value.
2. 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 year ended August
31, 2025, 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 or indexes 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 year ended August
31, 2025, 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 virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until
expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state
income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
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.
48
S&P Small-Cap 600 Growth Index Fund
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 and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged
administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and included
in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate,
the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based
upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an
exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each
other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment
objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to
be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended August 31,
2025, 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. 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.
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 August 31, 2025, the fund had contributed to Vanguard capital in the amount of $21,000, representing less than 0.01% of the fund’s net
assets and 0.01% 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.
49
S&P Small-Cap 600 Growth Index Fund
The following table summarizes
the market value of the fund's investments and derivatives as of August 31, 2025, based on the inputs used to value them:
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks | 865,370 | — | — | 865,370 |
| Temporary Cash Investments | 3,414 | — | — | 3,414 |
| Total | 868,784 | — | — | 868,784 |
| Derivative Financial Instruments | ||||
| Assets | ||||
| Futures Contracts1 | 15 | — | — | 15 |
| Swap Contracts | — | 29 | — | 29 |
| Total | 15 | 29 | — | 44 |
| 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. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These
reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind
redemptions, swap agreements, and distributions in connection with fund share redemptions.
Permanent differences were
reclassified between the following accounts:
| Amount ($000) | |
| Paid-in Capital | 76,432 |
| Total Distributable Earnings (Loss) | (76,432) |
Temporary differences between
book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these
differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized
gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss)
are detailed in the table as follows:
| Amount ($000) | |
| Undistributed Ordinary Income | 1,264 |
| Undistributed Long-Term Gains | — |
| Net Unrealized Gains (Losses) | 116,329 |
| Capital Loss Carryforwards | (225,364) |
| Qualified Late-Year Losses | — |
| Other Temporary Differences | — |
| Total | (107,771) |
The tax character of
distributions paid was as follows:
| Year Ended August 31, | ||
| 2025 Amount ($000) | 2024 Amount ($000) | |
| Ordinary Income* | 9,738 | 8,534 |
| Long-Term Capital Gains | — | — |
| Total | 9,738 | 8,534 |
| * | Includes short-term capital gains, if any. |
50
S&P Small-Cap 600 Growth Index Fund
As of August 31, 2025, 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 | 752,455 |
| Gross Unrealized Appreciation | 183,108 |
| Gross Unrealized Depreciation | (66,779) |
| Net Unrealized Appreciation (Depreciation) | 116,329 |
E. During the year ended August 31, 2025, the fund purchased $446,256,000 of investment securities and sold $431,633,000 of investment securities, other than temporary cash investments. In
addition, the fund purchased and sold investment securities of $155,832,000 and $284,338,000, 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 year ended August 31, 2025, such purchases were $181,868,000 and sales were $273,142,000, resulting in net realized loss of $27,377,000; these amounts, other than temporary cash
investments, are included in the purchases and sales of investment securities noted above.
F. Capital shares issued and redeemed were:
| Year Ended August 31, | ||
| 2025 Shares (000) | 2024 Shares (000) | |
| ETF Shares | ||
| Issued | 1,500 | 3,310 |
| Issued in Lieu of Cash Distributions | — | — |
| Redeemed | (2,560) | (990) |
| Net Increase (Decrease) in Shares Outstanding—ETF Shares | (1,060) | 2,320 |
G. Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other
events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.
To the extent the fund’s
investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to
increased price volatility and other risks.
The use of derivatives may
expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A
relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding
the fund’s use of derivative(s) and the specific risks associated is described under significant accounting policies.
At August 31, 2025, one
shareholder was the record or beneficial owner of 25% of the fund’s net assets. If this shareholder were to redeem its investment in the fund, the redemption might result in an increase in the fund’s
expense ratio, cause the fund to incur higher transaction costs, or lead to the realization of taxable capital gains.
H. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a
chief operating decision maker (“CODM”). The fund is considered a single segment. Vanguard’s chief executive officer, chief investment officer, and chief financial officer, who are also officers of
the fund, as well as the fund’s chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund’s daily
operations. Through these committees, the CODM manages the fund’s operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund’s investment
strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund’s portfolio composition, total returns, expense ratios and changes in net assets which are
consistent with the information contained in the fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.
I. Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these
financial statements.
51
Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Vanguard Admiral
Funds and Shareholders of Vanguard S&P Small-Cap 600 Index Fund, Vanguard S&P Small-Cap 600 Value Index Fund and Vanguard S&P Small-Cap 600 Growth Index Fund
Opinions on the Financial
Statements
We have audited the
accompanying statements of assets and liabilities, including the schedules of investments, of Vanguard S&P Small-Cap 600 Index Fund, Vanguard S&P Small-Cap 600 Value Index Fund and Vanguard S&P Small-Cap
600 Growth Index Fund (three of the funds constituting Vanguard Admiral Funds, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations for the year ended August
31, 2025, the statements of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended
August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31,
2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025 and each of the financial highlights for
each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are
the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company
Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and the PCAOB.
We conducted our audits of
these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement, whether due to error or fraud.
Our audits included performing
procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test
basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were
not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers
LLP
Philadelphia, Pennsylvania
October 21, 2025
Philadelphia, Pennsylvania
October 21, 2025
We have served as the auditor
of one or more investment companies in The Vanguard Group of Funds since 1975.
52
Tax information (unaudited)
The following percentages, or
if subsequently determined to be different, the maximum percentages allowable by law, of ordinary income (dividend income plus short-term gains, if any) for the fiscal year qualified for the dividends-received
deduction for corporate shareholders.
| Fund | Percentage |
| S&P Small-Cap 600 Index Fund | 74.5% |
| S&P Small-Cap 600 Value Index Fund | 83.0 |
| S&P Small-Cap 600 Growth Index Fund | 77.0 |
The following amounts, or if
subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as qualified dividend income for purposes of the maximum rate under section 1(h)(11) for calendar year 2024.
Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.
| Fund | ($000) |
| S&P Small-Cap 600 Index Fund | 57,792 |
| S&P Small-Cap 600 Value Index Fund | 21,468 |
| S&P Small-Cap 600 Growth Index Fund | 8,532 |
The following amounts for the
fiscal year, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as interest earned from obligations of the U.S. government which is generally exempt from state
income tax.
| Fund | ($000) |
| S&P Small-Cap 600 Index Fund | 103 |
| S&P Small-Cap 600 Value Index Fund | 77 |
| S&P Small-Cap 600 Growth Index Fund | 42 |
The following amounts, or if
subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as qualified business income under section 199A for calendar year 2024. Shareholders will be notified in January
2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.
| Fund | ($000) |
| S&P Small-Cap 600 Index Fund | 12,710 |
| S&P Small-Cap 600 Value Index Fund | 4,631 |
| S&P Small-Cap 600 Growth Index Fund | 1,117 |
Q18450 102025
53
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9: Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Not applicable. The Trustees’ Fees and Expenses are included in the financial statements filed under Item 7 of this Form.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts.
Not applicable.
Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 16: 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. There were no changes in the Registrant’s Internal Control Over Financial Reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 17: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18: Recovery of Erroneously Awarded Compensation
Not applicable.
Item 19: Exhibits.
| (a)(1) | Code of Ethics filed herewith. |
| (a)(2) | Certifications filed herewith. |
| (a)(2) | Certifications filed 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 ADMIRAL FUNDS | ||
| BY: | /s/ SALIM RAMJI* | |
| SALIM RAMJI | ||
| CHIEF EXECUTIVE OFFICER |
Date: October 22, 2025
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 ADMIRAL FUNDS | ||
| BY: | /s/ SALIM RAMJI* | |
| SALIM RAMJI | ||
| CHIEF EXECUTIVE OFFICER |
Date: October 22, 2025
| VANGUARD ADMIRAL FUNDS | ||
| BY: | /s/ CHRISTINE BUCHANAN* | |
| CHRISTINE BUCHANAN | ||
| CHIEF FINANCIAL OFFICER |
Date: October 22, 2025
| * By: | /s/ John E. Schadl |
John E. Schadl, pursuant to a Power of Attorney filed on February 28, 2025 (see File Number 333-177613), Incorporated by Reference.