Semiannual Report   |   February 28, 2022
Vanguard Russell 2000 Index Funds
Vanguard Russell 2000 Index Fund
Vanguard Russell 2000 Value Index Fund
Vanguard Russell 2000 Growth Index Fund

 

Contents
About Your Fund’s Expenses

1
Russell 2000 Index Fund

3
Russell 2000 Value Index Fund

36
Russell 2000 Growth Index Fund

62

 

About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
1

 

Six Months Ended February 28, 2022      
  Beginning
Account Value
8/31/2021
Ending
Account Value
2/28/2022
Expenses
Paid During
Period
Based on Actual Fund Return      
Russell 2000 Index Fund      
ETF Shares $1,000.00 $905.20 $0.47
Institutional Shares 1,000.00 905.20 0.38
Russell 2000 Value Index Fund      
ETF Shares $1,000.00 $978.20 $0.74
Institutional Shares 1,000.00 978.50 0.39
Russell 2000 Growth Index Fund      
ETF Shares $1,000.00 $836.20 $0.68
Institutional Shares 1,000.00 836.40 0.36
Based on Hypothetical 5% Yearly Return      
Russell 2000 Index Fund      
ETF Shares $1,000.00 $1,024.30 $0.50
Institutional Shares 1,000.00 1,024.40 0.40
Russell 2000 Value Index Fund      
ETF Shares $1,000.00 $1,024.05 $0.75
Institutional Shares 1,000.00 1,024.40 0.40
Russell 2000 Growth Index Fund      
ETF Shares $1,000.00 $1,024.05 $0.75
Institutional Shares 1,000.00 1,024.40 0.40
The calculations are based on expenses incurred in the most recent six-month period. The funds' annualized six-month expense ratios for that period are: for the Russell 2000 Index Fund, 0.10% for ETF Shares and 0.08% for Institutional Shares; for the Russell 2000 Value Index Fund, 0.15% for ETF Shares and 0.08% for Institutional Shares; and for the Russell 2000 Growth Index Fund, 0.15% for ETF Shares and 0.08% for Institutional Shares. The dollar amounts shown as “Expenses Paid" are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (181/365).
2

 

Russell 2000 Index Fund
Fund Allocation
As of February 28, 2022
Basic Materials 4.0%
Consumer Discretionary 14.3
Consumer Staples 3.1
Energy 5.9
Financials 16.7
Health Care 16.1
Industrials 15.3
Real Estate 7.5
Technology 12.2
Telecommunications 1.7
Utilities 3.2
Other 0.0
The table reflects the fund’s investments, except short-term investments and derivatives. Sector categories are based on the Industry Classification Benchmark (“ICB”), except for the “Other” category (if applicable), which includes securities that have not been provided an ICB classification as of the effective reporting period.
The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, attempting to remain fully invested and tracking its target index as closely as possible.
The Industry Classification Benchmark (“ICB”) is owned by FTSE. FTSE does not accept any liability to any person for any loss or damage arising out of any error or omission in the ICB.
3

 

Russell 2000 Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of February 28, 2022
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
    Shares Market
Value

($000)
Common Stocks (99.4%)
Basic Materials (4.0%)
* RBC Bearings Inc.    75,551    14,646
  UFP Industries Inc.   162,774    13,958
  Avient Corp.   246,050    12,891
  Commercial Metals Co.   324,588    12,513
  Balchem Corp.    87,084    12,047
  Cabot Corp.   151,544    11,087
* Livent Corp.   437,301    10,298
  Sensient Technologies Corp.   114,343     9,391
*,1 MP Materials Corp.   205,071     9,355
* Arconic Corp.   288,293     8,851
  Mueller Industries Inc.   151,701     8,655
  Boise Cascade Co.   106,338     8,501
  Hecla Mining Co. 1,434,478     8,263
* Ingevity Corp.   107,206     7,315
  Quaker Chemical Corp.    36,453     6,766
* Constellium SE Class A   336,149     6,531
  Innospec Inc.    66,240     6,326
  Tronox Holdings plc Class A   309,357     6,280
  Minerals Technologies Inc.    89,534     6,266
  Stepan Co.    58,286     6,040
  Trinseo plc   105,271     5,470
  GrafTech International Ltd.   540,944     5,453
  Compass Minerals International Inc.    92,523     5,424
  Worthington Industries Inc.    89,315     5,093
  Carpenter Technology Corp.   128,538     4,935
  Materion Corp.    55,106     4,604
* Novagold Resources Inc.   640,750     4,472
* GCP Applied Technologies Inc.   133,016     4,201
  Kaiser Aluminum Corp.    42,687     4,119
* Kraton Corp.    84,998     3,923
*,1 Energy Fuels Inc.   417,881     3,414
  Schnitzer Steel Industries Inc. Class A    70,113     3,411
* Century Aluminum Co.   138,635     3,275
* Coeur Mining Inc.   691,422     2,973
  AdvanSix Inc.    73,857     2,959
* US Silica Holdings Inc.   198,476     2,870
* Uranium Energy Corp.   691,597     2,759
  Schweitzer-Mauduit International Inc.    84,686     2,644
    Shares Market
Value

($000)
  Orion Engineered Carbons SA   163,489     2,541
  Hawkins Inc.    51,910     2,349
* TimkenSteel Corp.   124,343     2,242
* Amyris Inc.   477,891     2,179
  Verso Corp. Class A    71,827     1,904
  Neenah Inc.    45,655     1,778
  Glatfelter Corp.   118,553     1,629
  Koppers Holdings Inc.    56,133     1,607
* Intrepid Potash Inc.    26,704     1,519
  Ecovyst Inc.   138,482     1,514
* Clearwater Paper Corp.    44,575     1,285
  Haynes International Inc.    33,682     1,231
  Omega Flex Inc.     8,402     1,220
  American Vanguard Corp.    78,947     1,190
*,1 Meta Materials Inc.   548,721     1,180
  Ryerson Holding Corp.    44,117     1,152
* Alto Ingredients Inc.   192,577     1,123
* Rayonier Advanced Materials Inc.   166,435       977
* Zymergen Inc.   218,063       835
  Tredegar Corp.    71,806       826
* Northwest Pipe Co.    26,153       745
* Ur-Energy Inc.   496,006       734
* Unifi Inc.    37,962       713
  Olympic Steel Inc.    25,528       683
  FutureFuel Corp.    70,738       521
* Gatos Silver Inc.   124,952       421
* Perpetua Resources Corp.    86,199       310
* NN Inc.   117,118       303
* Polymet Mining Corp.    79,153       215
* Marrone Bio Innovations Inc.   274,694       189
  Valhi Inc.     6,772       172
        293,266
Consumer Discretionary (14.2%)
*,1 AMC Entertainment Holdings Inc. Class A 1,394,457    26,299
* BJ's Wholesale Club Holdings Inc.   370,365    23,285
  Macy's Inc.   848,875    22,003
* Avis Budget Group Inc.   111,671    20,485
  Texas Roadhouse Inc. Class A   189,103    17,948
* Scientific Games Corp. Class A   259,824    16,348
  TEGNA Inc.   597,565    13,696
* Fox Factory Holding Corp.   114,151    13,472
* Helen of Troy Ltd.    65,078    13,385
4

 

Russell 2000 Index Fund
    Shares Market
Value

($000)
* Crocs Inc.   157,462    13,184
* Asbury Automotive Group Inc.    62,576    12,147
* Hilton Grand Vacations Inc.   230,931    11,976
  Murphy USA Inc.    65,316    11,805
  Wingstop Inc.    80,593    11,714
* Goodyear Tire & Rubber Co.   746,955    11,570
* Adient plc   256,066    11,459
  Signet Jewelers Ltd.   142,859    10,072
* Meritage Homes Corp.    99,924     9,851
* SeaWorld Entertainment Inc.   139,255     9,663
  Papa John's International Inc.    89,399     9,550
* Taylor Morrison Home Corp. Class A   323,600     9,546
* Skyline Champion Corp.   141,824     9,536
  Steven Madden Ltd.   218,114     9,305
* Visteon Corp.    75,057     9,020
* Sonos Inc.   325,106     8,905
  American Eagle Outfitters Inc.   411,548     8,675
  Group 1 Automotive Inc.    47,486     8,639
  Cracker Barrel Old Country Store Inc.    63,997     8,593
  LCI Industries    66,925     8,334
  KB Home   214,866     8,296
  International Game Technology plc   269,820     8,262
  Red Rock Resorts Inc. Class A   161,289     8,110
* National Vision Holdings Inc.   220,325     8,079
  MillerKnoll Inc.   200,649     7,801
* Callaway Golf Co.   312,430     7,730
* Gentherm Inc.    89,919     7,629
* Shake Shack Inc. Class A   101,190     7,561
* LGI Homes Inc.    58,366     7,362
  Dana Inc.   392,342     7,305
* Allegiant Travel Co.    41,461     7,218
* Houghton Mifflin Harcourt Co.   343,049     7,187
  Kontoor Brands Inc.   140,279     6,949
* Boot Barn Holdings Inc.    78,945     6,870
  MDC Holdings Inc.   154,269     6,840
* Cavco Industries Inc.    24,910     6,791
* Academy Sports & Outdoors Inc.   209,746     6,789
* Tri Pointe Homes Inc.   301,254     6,739
* Dorman Products Inc.    71,235     6,655
* Spirit Airlines Inc.   265,121     6,649
* Overstock.com Inc.   115,961     6,598
* iHeartMedia Inc. Class A   302,109     6,480
  Graham Holdings Co. Class B    10,345     6,219
* KAR Auction Services Inc.   326,306     6,024
* Abercrombie & Fitch Co. Class A   157,921     6,014
  Rush Enterprises Inc. Class A   114,565     5,951
  Bloomin' Brands Inc.   239,476     5,894
  John Wiley & Sons Inc. Class A   116,427     5,857
* Vista Outdoor Inc.   155,285     5,660
  Winnebago Industries Inc.    87,392     5,599
    Shares Market
Value

($000)
* Madison Square Garden Entertainment Corp.    70,625     5,534
* ODP Corp.   124,471     5,477
* Everi Holdings Inc.   231,021     5,406
* PROG Holdings Inc.   176,331     5,403
  Gray Television Inc.   230,334     5,397
*,1 Fisker Inc.   441,770     5,390
* Cheesecake Factory Inc.   124,556     5,330
* Sally Beauty Holdings Inc.   304,075     5,254
* Knowles Corp.   240,748     5,243
* Brinker International Inc.   122,766     5,222
  Century Communities Inc.    81,008     5,162
* Cinemark Holdings Inc.   292,167     5,125
* Urban Outfitters Inc.   185,100     5,092
  Jack in the Box Inc.    58,881     5,080
* Cardlytics Inc.    87,370     5,067
* Dave & Buster's Entertainment Inc.   116,792     5,062
  Rent-A-Center Inc.   177,935     5,055
  Wolverine World Wide Inc.   219,239     5,049
* Central Garden & Pet Co. Class A   109,067     4,803
  HNI Corp.   117,665     4,788
*,1 Bed Bath & Beyond Inc.   274,010     4,628
* Revolve Group Inc.    97,091     4,605
  PriceSmart Inc.    63,318     4,604
* Lions Gate Entertainment Corp. Class B   319,099     4,547
* iRobot Corp.    72,339     4,497
  Inter Parfums Inc.    48,384     4,494
  Monro Inc.    89,465     4,176
  Acushnet Holdings Corp.    92,491     4,051
* Coursera Inc.   196,754     4,000
  Dillard's Inc. Class A    15,782     3,957
* Sleep Number Corp.    59,809     3,929
* Malibu Boats Inc. Class A    56,080     3,907
  Strategic Education Inc.    65,950     3,892
  Oxford Industries Inc.    43,388     3,835
* M/I Homes Inc.    77,328     3,812
* SkyWest Inc.   134,545     3,782
* Stride Inc.   112,135     3,765
  Sinclair Broadcast Group Inc. Class A   124,107     3,723
  Dine Brands Global Inc.    43,956     3,685
* Clear Channel Outdoor Holdings Inc.   981,654     3,671
* Tenneco Inc. Class A   183,794     3,544
* XPEL Inc.    48,494     3,521
  La-Z-Boy Inc.   118,960     3,471
  Camping World Holdings Inc. Class A   112,716     3,462
* elf Beauty Inc.   130,356     3,445
* EW Scripps Co. Class A   154,704     3,444
  Sturm Ruger & Co. Inc.    46,308     3,353
* G-III Apparel Group Ltd.   119,104     3,304
* AMC Networks Inc. Class A    78,402     3,250
  Franchise Group Inc.    76,692     3,233
* Bally's Corp.    88,133     3,175
  Sonic Automotive Inc. Class A    58,548     3,145
* Clean Energy Fuels Corp.   418,180     3,040
  Big Lots Inc.    86,783     3,017
* GoPro Inc. Class A   348,851     3,000
  Scholastic Corp.    71,227     2,997
* Cars.com Inc.   184,651     2,988
 
5

 

Russell 2000 Index Fund
    Shares Market
Value

($000)
  Laureate Education Inc. Class A   267,710     2,902
  Buckle Inc.    80,582     2,901
  Steelcase Inc. Class A   234,932     2,859
* American Axle & Manufacturing Holdings Inc.   303,853     2,814
* Adtalem Global Education Inc.   134,012     2,785
* Imax Corp.   134,542     2,782
  Matthews International Corp. Class A    83,436     2,768
* Stitch Fix Inc. Class A   220,588     2,768
* Monarch Casino & Resort Inc.    35,485     2,764
  Arko Corp.   325,050     2,714
* Denny's Corp.   166,880     2,640
* Golden Entertainment Inc.    46,341     2,638
* Hawaiian Holdings Inc.   136,138     2,611
* MarineMax Inc.    56,944     2,606
* Zumiez Inc.    57,705     2,567
* Genesco Inc.    39,992     2,565
* Liberty Media Corp.- Liberty Braves Class C   101,865     2,516
  Standard Motor Products Inc.    56,353     2,463
*,1 Blink Charging Co.    98,779     2,428
* Lions Gate Entertainment Corp. Class A   156,661     2,406
* Tupperware Brands Corp.   131,944     2,405
* Children's Place Inc.    37,984     2,391
  Guess? Inc.   108,339     2,373
* Sun Country Airlines Holdings Inc.    87,260     2,360
  Smith & Wesson Brands Inc.   129,746     2,287
* PowerSchool Holdings Inc. Class A   144,866     2,282
  Ruth's Hospitality Group Inc.    88,648     2,199
  Winmark Corp.     9,393     2,125
* Designer Brands Inc. Class A   162,718     2,123
* Arlo Technologies Inc.   226,964     2,106
  Caleres Inc.    99,638     2,068
* 2U Inc.   195,961     2,058
  Carriage Services Inc. Class A    41,724     2,053
  Interface Inc. Class A   156,909     2,048
* Accel Entertainment Inc. Class A   152,298     1,994
* Perdoceo Education Corp.   189,135     1,980
* BJ's Restaurants Inc.    60,943     1,954
* Green Brick Partners Inc.    83,387     1,934
* RealReal Inc.   214,920     1,915
* Viad Corp.    54,538     1,906
* Gannett Co. Inc.   380,801     1,889
  Hibbett Inc.    40,299     1,817
  Aaron's Co. Inc.    84,595     1,776
* Chuy's Holdings Inc.    53,546     1,746
* Fossil Group Inc.   128,780     1,741
  A-Mark Precious Metals Inc.    24,271     1,740
*,1 Corsair Gaming Inc.    73,877     1,705
  Movado Group Inc.    42,185     1,663
*,1 Canoo Inc.   286,020     1,642
* Life Time Group Holdings Inc.   105,155     1,635
    Shares Market
Value

($000)
  Clarus Corp.    71,402     1,626
* Quotient Technology Inc.   242,895     1,613
*,1 Portillo's Inc. Class A    63,846     1,600
  Ethan Allen Interiors Inc.    60,794     1,584
* America's Car-Mart Inc.    16,287     1,566
* Boston Omaha Corp. Class A    54,807     1,534
* Chico's FAS Inc.   325,522     1,530
* QuinStreet Inc.   135,607     1,526
* Latham Group Inc.    85,843     1,501
* OneSpaWorld Holdings Ltd.   144,726     1,496
* Rush Street Interactive Inc.   142,064     1,468
* Lindblad Expeditions Holdings Inc.    82,600     1,465
* Lovesac Co.    34,428     1,463
  RCI Hospitality Holdings Inc.    22,465     1,458
* Master Craft Boat Holdings Inc.    50,502     1,446
* WW International Inc.   141,418     1,441
* TravelCenters of America Inc.    33,647     1,421
  OneWater Marine Inc. Class A    27,879     1,417
  Shoe Carnival Inc.    47,616     1,388
* Hovnanian Enterprises Inc. Class A    14,063     1,352
* Sportsman's Warehouse Holdings Inc.   117,479     1,340
* Beazer Homes USA Inc.    79,054     1,294
* Party City Holdco Inc.   298,343     1,292
* Stagwell Inc.   167,514     1,270
* Funko Inc. Class A    72,551     1,267
* Central Garden & Pet Co.    26,728     1,265
  Haverty Furniture Cos. Inc.    44,054     1,252
* LL Flooring Holdings Inc.    77,658     1,247
* Liquidity Services Inc.    71,423     1,231
*,1 Frontier Group Holdings Inc.    93,714     1,207
  Johnson Outdoors Inc. Class A    14,149     1,167
* Stoneridge Inc.    70,341     1,161
* Universal Electronics Inc.    34,212     1,137
* Marcus Corp.    62,265     1,132
* Selectquote Inc.   361,574     1,125
* 1-800-Flowers.com Inc. Class A    71,961     1,114
* AMMO Inc.   235,177     1,108
* CarParts.com Inc.   131,626     1,102
* Bluegreen Vacations Holding Class A    38,630     1,095
  Global Industrial Co.    34,391     1,093
*,1 Lordstown Motors Corp. Class A   416,345     1,070
* Daily Journal Corp.     3,251     1,051
  Entravision Communications Corp. Class A   162,794     1,042
* American Public Education Inc.    50,784     1,014
  Del Taco Restaurants Inc.    80,555     1,005
* Audacy Inc. Class A   323,097     1,002
* Turtle Beach Corp.    41,365       983
  Cato Corp. Class A    54,109       952
 
6

 

Russell 2000 Index Fund
    Shares Market
Value

($000)
* Golden Nugget Online Gaming Inc.   108,844       936
1 Big 5 Sporting Goods Corp.    56,251       932
* Purple Innovation Inc. Class A   154,503       930
1 Krispy Kreme Inc.    60,570       903
  Kimball International Inc. Class B    97,267       902
* Century Casinos Inc.    73,206       900
*,1 Vuzix Corp.   157,830       893
* Conn's Inc.    48,321       886
* European Wax Center Inc. Class A    35,564       884
* Citi Trends Inc.    23,296       869
* Integral Ad Science Holding Corp.    46,447       869
* F45 Training Holdings Inc.    55,255       850
  Rush Enterprises Inc. Class B    16,865       827
* Motorcar Parts of America Inc.    51,105       825
  Tilly's Inc. Class A    61,777       785
* Full House Resorts Inc.    87,671       772
* Container Store Group Inc.    85,183       752
* Red Robin Gourmet Burgers Inc.    42,793       751
* Noodles & Co. Class A   109,338       748
* Instructure Holdings Inc.    32,961       739
* Snap One Holdings Corp.    36,519       717
  Rocky Brands Inc.    18,433       710
* El Pollo Loco Holdings Inc.    52,041       691
*,1 Genius Brands International Inc.   773,353       687
* Lands' End Inc.    39,358       668
* Barnes & Noble Education Inc.   121,594       666
  Hooker Furnishings Corp.    31,388       659
* ONE Group Hospitality Inc.    55,811       655
  Superior Group of Cos. Inc.    31,453       645
* Alta Equipment Group Inc.    50,814       641
*,1 Romeo Power Inc.   346,564       634
* Thryv Holdings Inc.    20,681       629
* PlayAGS Inc.    74,863       627
* NEOGAMES SA    27,575       623
* Liberty Media Corp.- Liberty Braves Class A    23,868       612
* Traeger Inc.    61,960       612
* American Outdoor Brands Inc.    38,869       608
* Eastman Kodak Co.   122,708       585
* Kura Sushi USA Inc. Class A    10,862       572
* Cooper-Standard Holdings Inc.    44,616       568
* Legacy Housing Corp.    21,830       556
1 Weber Inc. Class A    47,646       544
* Xponential Fitness Inc. Class A    25,624       537
* Vera Bradley Inc.    70,838       536
* Kirkland's Inc.    35,709       494
* Fiesta Restaurant Group Inc.    48,493       488
    Shares Market
Value

($000)
* Udemy Inc.    36,969       488
  National CineMedia Inc.   161,797       481
* VOXX International Corp. Class A    42,757       459
* Duluth Holdings Inc. Class B    32,576       454
  Lifetime Brands Inc.    34,220       448
  Bassett Furniture Industries Inc.    25,396       446
*,1 Arcimoto Inc.    75,243       442
  Nathan's Famous Inc.     7,553       439
* First Watch Restaurant Group Inc.    30,112       437
* Liberty TripAdvisor Holdings Inc. Class A   199,653       423
* Mesa Air Group Inc.    93,822       408
* CarLotz Inc.   198,432       401
* Nautilus Inc.    81,888       399
  Flexsteel Industries Inc.    18,124       391
* Lazydays Holdings Inc.    20,538       374
  Escalade Inc.    27,051       358
1 JOANN Inc.    31,449       358
*,1 Shift Technologies Inc.   170,258       344
*,1 Solo Brands Inc. Class A    31,167       329
  Hamilton Beach Brands Holding Co. Class A    20,399       308
* Biglari Holdings Inc. Class B     2,203       303
* Torrid Holdings Inc.    34,464       302
* Drive Shack Inc.   226,278       301
* Outbrain Inc.    22,623       295
* Eros STX Global Corp.    87,477       277
*,1 Rent the Runway Inc. Class A    45,350       275
  Marine Products Corp.    21,675       262
* CuriosityStream Inc.    71,467       262
*,1 Esports Technologies Inc.    30,094       249
  Carrols Restaurant Group Inc.    91,655       242
* Emerald Holding Inc.    66,389       238
* Stonemor Inc.    88,235       229
*,1 Aterian Inc.    70,065       209
* Regis Corp.   113,352       205
* Chicken Soup For The Soul Entertainment Inc.    19,827       192
* Revlon Inc. Class A    19,537       189
* aka Brands Holding Corp.    24,985       188
* Landsea Homes Corp.    28,398       185
*,1 XL Fleet Corp.    93,856       183
* Fluent Inc.   121,472       172
* Hall of Fame Resort & Entertainment Co.   150,662       160
* Lulu's Fashion Lounge Holdings Inc.    15,083       150
  NL Industries Inc.    21,940       140
*,1 LiveOne Inc.   163,260       140
* HyreCar Inc.    47,673       130
*,1 Dutch Bros Inc. Class A     1,989        96
  CompX International Inc.     4,275        94
*,1 Sweetgreen Inc. Class A     2,581        65
* Arhaus Inc.     9,054        60
* Brilliant Earth Group Inc. Class A     4,279        39
* Digital Media Solutions Inc. Class A     7,973        27
* Allbirds Inc. Class A     1,797        14
      1,040,773
 
7

 

Russell 2000 Index Fund
    Shares Market
Value

($000)
Consumer Staples (3.1%)
* Performance Food Group Co.   409,628    22,956
  Sanderson Farms Inc.    54,848     9,795
* Celsius Holdings Inc.   145,550     9,299
* Simply Good Foods Co.   229,837     9,108
* Sprouts Farmers Market Inc.   304,454     8,671
  Lancaster Colony Corp.    51,302     8,630
* Hostess Brands Inc. Class A   373,727     8,050
  WD-40 Co.    36,935     7,826
  J & J Snack Foods Corp.    39,831     6,521
  Coca-Cola Consolidated Inc.    12,762     6,342
  Nu Skin Enterprises Inc. Class A   134,129     6,222
  Primo Water Corp.   424,385     6,171
  Energizer Holdings Inc.   183,577     6,130
* United Natural Foods Inc.   150,558     6,057
  Medifast Inc.    31,080     5,781
* TreeHouse Foods Inc.   140,569     5,517
  Edgewell Personal Care Co.   146,505     5,227
  B&G Foods Inc.   172,893     5,118
  Cal-Maine Foods Inc.   110,036     4,871
* Beauty Health Co.   232,934     4,514
  Vector Group Ltd.   388,386     4,354
  Andersons Inc.    85,025     3,877
  Universal Corp.    65,006     3,517
  Ingles Markets Inc. Class A    37,894     3,116
  MGP Ingredients Inc.    38,158     3,038
* USANA Health Sciences Inc.    32,410     2,852
  National Beverage Corp.    63,441     2,792
* Chefs' Warehouse Inc.    84,511     2,776
*,1 BellRing Brands Inc. Class A   107,573     2,751
  Weis Markets Inc.    44,263     2,730
  SpartanNash Co.    96,631     2,719
  Utz Brands Inc.   159,438     2,431
  Fresh Del Monte Produce Inc.    90,341     2,338
  ACCO Brands Corp.   251,530     2,163
* Hydrofarm Holdings Group Inc.   104,890     2,124
  Calavo Growers Inc.    46,238     1,974
  John B Sanfilippo & Son Inc.    24,081     1,915
* Duckhorn Portfolio Inc.    97,085     1,905
*,1 Tattooed Chef Inc.   127,513     1,548
  PetMed Express Inc.    54,763     1,476
  Tootsie Roll Industries Inc.    41,310     1,394
*,1 Rite Aid Corp.   150,113     1,375
* Honest Co. Inc.   230,411     1,332
  Turning Point Brands Inc.    39,206     1,314
* Mission Produce Inc.    99,820     1,296
*,1 GrowGeneration Corp.   148,761     1,251
*,1 PLBY Group Inc.    77,699     1,237
*,1 22nd Century Group Inc.   432,985     1,013
* Veru Inc.   172,611       965
* Whole Earth Brands Inc.   100,640       955
* Vital Farms Inc.    66,761       951
* Sovos Brands Inc.    69,743       847
* Landec Corp.    71,743       827
* Seneca Foods Corp. Class A    16,578       825
    Shares Market
Value

($000)
*,1 AppHarvest Inc.   191,215       730
  Limoneira Co.    42,419       619
* HF Foods Group Inc.    98,045       613
  Nature's Sunshine Products Inc.    32,468       569
  Village Super Market Inc. Class A    23,431       534
  Oil-Dri Corp. of America    14,298       442
  Natural Grocers by Vitamin Cottage Inc.    25,657       435
* Vita Coco Co. Inc.    29,197       338
*,1 NewAge Inc.   365,521       247
* AquaBounty Technologies Inc.   143,736       229
* Zevia PBC Class A    27,669       173
*,1 Laird Superfood Inc.    17,269       106
* MedAvail Holdings Inc.    32,186        39
* Greenlane Holdings Inc. Class A    44,596        24
* Real Good Food Co. Inc.     2,268        14
        225,896
Energy (5.9%)
  Ovintiv Inc. (XNYS)   708,296    32,475
  Chesapeake Energy Corp.   283,721    21,917
* Antero Resources Corp.   773,241    17,730
  PDC Energy Inc.   263,506    17,001
* Range Resources Corp.   646,156    14,829
  Matador Resources Co.   298,952    14,828
  Murphy Oil Corp.   395,621    13,716
* Southwestern Energy Co. 2,746,382    13,704
  ChampionX Corp.   547,714    11,727
  SM Energy Co.   323,845    11,500
  Helmerich & Payne Inc.   284,298    10,300
* Denbury Inc.   136,167     9,894
* CNX Resources Corp.   566,242     9,252
  California Resources Corp.   219,368     9,045
  Magnolia Oil & Gas Corp. Class A   389,222     8,699
  Whiting Petroleum Corp.   106,389     7,857
  Cactus Inc. Class A   149,736     7,586
* Renewable Energy Group Inc.   120,716     7,424
  Patterson-UTI Energy Inc.   504,114     7,274
* Callon Petroleum Co.   128,560     7,246
  Oasis Petroleum Inc.    53,551     7,096
  Equitrans Midstream Corp. 1,104,016     7,077
  Arcosa Inc.   130,685     6,883
*,1 FuelCell Energy Inc.   997,955     5,988
  Civitas Resources Inc.   117,397     5,925
* Kosmos Energy Ltd. 1,211,132     5,886
* Ameresco Inc. Class A    83,579     5,370
  Arch Resources Inc.    40,810     4,872
  World Fuel Services Corp.   168,735     4,782
* Golar LNG Ltd.   273,607     4,761
* Centennial Resource Development Inc. Class A   498,162     4,374
  Warrior Met Coal Inc.   138,854     4,374
* PBF Energy Inc. Class A   259,833     4,318
* Green Plains Inc.   129,222     4,231
* Peabody Energy Corp.   240,290     4,167
* Oceaneering International Inc.   268,996     3,938
* Array Technologies Inc.   345,477     3,883
* SunPower Corp.   216,419     3,880
 
8

 

Russell 2000 Index Fund
    Shares Market
Value

($000)
*,1 Tellurian Inc. 1,002,142     3,818
* NexTier Oilfield Solutions Inc.   467,147     3,719
  Northern Oil and Gas Inc.   141,078     3,538
* Liberty Oilfield Services Inc. Class A   245,488     3,064
* Delek US Holdings Inc.   177,274     3,054
  Archrock Inc.   363,425     3,035
* ProPetro Holding Corp.   233,065     2,976
* Stem Inc.   308,559     2,938
* CONSOL Energy Inc.    92,550     2,845
* NOW Inc.   298,150     2,785
* Dril-Quip Inc.    94,799     2,734
  Brigham Minerals Inc. Class A   117,907     2,686
* Laredo Petroleum Inc.    33,846     2,591
* Nabors Industries Ltd. (XNYS)    19,030     2,389
* MRC Global Inc.   217,356     2,195
* Bristow Group Inc.    63,933     2,119
* Comstock Resources Inc.   247,518     2,054
* Expro Group Holdings NV   125,748     2,023
* Ranger Oil Corp. Class A    57,034     1,925
*,1 Gevo Inc.   534,354     1,897
  Berry Corp.   182,114     1,821
  SunCoke Energy Inc.   224,379     1,779
* Par Pacific Holdings Inc.   120,930     1,645
* Tidewater Inc.   110,939     1,643
* RPC Inc.   181,971     1,596
* Talos Energy Inc.   100,909     1,585
* Helix Energy Solutions Group Inc.   386,722     1,566
* DMC Global Inc.    50,216     1,476
* Select Energy Services Inc. Class A   169,616     1,404
  CVR Energy Inc.    79,940     1,390
* REX American Resources Corp.    14,322     1,353
* TPI Composites Inc.    96,959     1,311
* W&T Offshore Inc.   252,782     1,229
* Crescent Energy Inc. Class A    79,948     1,211
* Centrus Energy Corp. Class A    26,042     1,179
* TETRA Technologies Inc.   330,311     1,057
* Aemetis Inc.    73,940       948
* Newpark Resources Inc.   244,738       923
* National Energy Services Reunited Corp.   102,664       915
  Solaris Oilfield Infrastructure Inc. Class A    86,054       895
* Earthstone Energy Inc. Class A    68,153       886
* Oil States International Inc.   165,897       868
* American Superconductor Corp.    75,595       642
* FTS International Inc. Class A    23,924       633
  Falcon Minerals Corp.   106,870       613
  Kinetik Holdings Inc.     8,795       598
* Matrix Service Co.    71,551       497
*,1 Beam Global    24,397       354
  HighPeak Energy Inc.    13,867       293
*,1 FTC Solar Inc.    52,125       246
  Riley Exploration Permian Inc.     6,534       219
    Shares Market
Value

($000)
*,1 Advent Technologies Holdings Inc.    42,068       109
* Nabors Industries Ltd. Warrants Exp. 6/11/26     5,784        81
* Fluence Energy Inc.     5,220        71
        433,230
Financials (16.6%)
  SouthState Corp.   188,802    16,992
  First Financial Bankshares Inc.   351,056    16,823
  Glacier Bancorp Inc.   297,925    16,505
  Cadence Bank   508,272    16,072
  Valley National Bancorp 1,082,483    15,122
  Old National Bancorp   796,026    14,551
  Houlihan Lokey Inc. Class A   138,073    14,202
  Blackstone Mortgage Trust Inc. Class A   425,066    13,509
  Selective Insurance Group Inc.   160,561    13,357
  United Bankshares Inc.   356,578    13,058
  Hancock Whitney Corp.   233,917    13,024
  Essent Group Ltd.   292,764    12,934
  Kinsale Capital Group Inc.    58,125    12,192
  UMB Financial Corp.   118,345    12,055
  ServisFirst Bancshares Inc.   134,831    11,782
  Radian Group Inc.   487,031    11,640
  RLI Corp.   108,079    10,970
  United Community Banks Inc.   283,303    10,952
  Walker & Dunlop Inc.    79,042    10,935
  Independent Bank Corp. (XNGS)   123,679    10,638
  BankUnited Inc.   240,554    10,632
  Community Bank System Inc.   144,799    10,562
  Investors Bancorp Inc.   618,822    10,359
  Eastern Bankshares Inc.   464,309    10,150
  Associated Banc-Corp.   402,006     9,805
  Pacific Premier Bancorp Inc.   253,103     9,798
  Home BancShares Inc.   411,736     9,639
  First Interstate BancSystem Inc. Class A   237,021     9,623
* Enstar Group Ltd.    33,493     9,547
* Silvergate Capital Corp. Class A    74,281     9,514
  Cathay General Bancorp   200,453     9,427
* Trupanion Inc.   103,047     9,236
* Texas Capital Bancshares Inc.   137,131     9,133
  Ameris Bancorp   179,901     8,905
  WSFS Financial Corp.   174,929     8,892
  Simmons First National Corp. Class A   307,788     8,778
* Mr Cooper Group Inc.   167,342     8,506
* Axos Financial Inc.   153,964     8,428
  American Equity Investment Life Holding Co.   223,289     8,416
  Atlantic Union Bankshares Corp.   203,701     8,276
  CVB Financial Corp.   349,476     8,241
  Federated Hermes Inc.   251,345     8,211
* Focus Financial Partners Inc. Class A   161,092     8,061
 
9

 

Russell 2000 Index Fund
    Shares Market
Value

($000)
  CNO Financial Group Inc.   332,684     8,041
  Moelis & Co. Class A   165,430     7,975
  Independent Bank Group Inc.   101,746     7,850
  Chimera Investment Corp.   637,690     7,761
  Columbia Banking System Inc.   211,836     7,760
  Fulton Financial Corp.   429,930     7,747
  FirstCash Holdings Inc.   107,366     7,735
  First BanCorp. (XNYS)   547,260     7,727
  Navient Corp.   427,955     7,536
  Hamilton Lane Inc. Class A    94,334     7,367
  Piper Sandler Cos.    47,315     7,003
  Arbor Realty Trust Inc.   388,567     6,994
  First Merchants Corp.   154,057     6,738
*,1 Marathon Digital Holdings Inc.   257,553     6,529
  Flagstar Bancorp Inc.   140,636     6,410
* Triumph Bancorp Inc.    63,550     6,375
  International Bancshares Corp.   145,055     6,239
  Washington Federal Inc.   175,181     6,233
  First Financial Bancorp   250,243     6,151
* Cannae Holdings Inc.   228,638     6,139
  WesBanco Inc.   165,590     6,051
  Artisan Partners Asset Management Inc. Class A   158,384     6,036
* Open Lending Corp. Class A   281,141     5,856
  Sandy Spring Bancorp Inc.   120,843     5,690
  Banner Corp.    92,088     5,674
  Towne Bank   181,712     5,666
* Genworth Financial Inc. Class A 1,371,908     5,570
  Live Oak Bancshares Inc.    86,059     5,503
  Cohen & Steers Inc.    67,169     5,458
  Renasant Corp.   147,921     5,401
  Heartland Financial USA Inc.   108,763     5,397
  Hope Bancorp Inc.   312,503     5,300
  Trustmark Corp.   168,090     5,293
  Lakeland Financial Corp.    65,805     5,278
* NMI Holdings Inc. Class A   226,990     5,253
  Veritex Holdings Inc.   128,663     5,228
  Park National Corp.    38,888     5,213
* PRA Group Inc.   116,774     5,212
  Bank of NT Butterfield & Son Ltd.   135,634     5,208
* Encore Capital Group Inc.    78,699     5,193
  Hilltop Holdings Inc.   167,064     5,166
  Seacoast Banking Corp. of Florida   140,779     5,160
  Eagle Bancorp Inc.    85,502     5,123
* Customers Bancorp Inc.    80,700     4,967
* LendingClub Corp.