Important information about shareholder reports

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and transmission of shareholder reports. Shareholder reports will provide key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Financial statements will no longer be included in the shareholder report but will be available at vanguard.com, can be mailed upon request, or can be accessed on the SEC’s website at www.sec.gov.

You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com.

Contents

Your Fund’s Performance at a Glance	1
About Your Fund’s Expenses	2
Russell 2000 Index Fund	4
Russell 2000 Value Index Fund	39
Russell 2000 Growth Index Fund	67
Trustees Approve Advisory Arrangements	94
Liquidity Risk Management	96

Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.

Your Fund’s Performance at a Glance

•

For the 12 months ended August 31, 2023, returns for the three Vanguard Russell 2000 Index Funds ranged from just over 2% for Vanguard Russell 2000 Value Index Fund to nearly 7% for Vanguard Russell 2000 Growth Index Fund. Vanguard Russell 2000 Index Fund returned almost 5%. Each fund closely tracked its target index.

•	Early in the period, inflation in many developed markets began to ease off multidecade highs but remained stubbornly high in some sectors—including services, which felt the effects of a tight labor market. While aggressive interest rate hikes by many major central banks including the Federal Reserve fanned fears of recession, the economy proved more resilient than expected.
•	Large-capitalization stocks outperformed their mid- and small-cap counterparts, and growth stocks performed better than value.
•	All three funds saw positive returns in five of the 11 industry sectors represented. Industrials led performance in all three funds; technology, energy, and consumer discretionary also performed well across the board. Financials and health care were the biggest detractors.

Market Barometer

	Average Annual Total Returns Periods Ended August 31, 2023
	One Year	Three Years	Five Years
Stocks
Russell 1000 Index (Large-caps)	15.40%	9.93%	10.77%
Russell 2000 Index (Small-caps)	4.65	8.12	3.14
Russell 3000 Index (Broad U.S. market)	14.76	9.81	10.25
FTSE All-World ex US Index (International)	12.02	4.49	3.74
Bonds
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market)	-1.05%	-4.40%	0.55%
Bloomberg Municipal Bond Index (Broad tax-exempt market)	1.70	-1.32	1.52
FTSE Three-Month U.S. Treasury Bill Index	4.44	1.63	1.68
CPI
Consumer Price Index	3.67%	5.71%	4.02%

About Your Fund’s Expenses

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

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

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

•

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

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

•

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

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

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

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

Six Months Ended August 31, 2023
	Beginning Account Value 2/28/2023	Ending Account Value 8/31/2023	Expenses Paid During Period
Based on Actual Fund Return
Russell 2000 Index Fund
ETF Shares	$1,000.00	$1,010.20	$0.51
Institutional Shares	1,000.00	1,010.30	0.41
Russell 2000 Value Index Fund
ETF Shares	$1,000.00	$980.50	$0.75
Institutional Shares	1,000.00	980.80	0.40
Russell 2000 Growth Index Fund
ETF Shares	$1,000.00	$1,036.50	$0.77
Institutional Shares	1,000.00	1,036.80	0.41
Based on Hypothetical 5% Yearly Return
Russell 2000 Index Fund
ETF Shares	$1,000.00	$1,024.70	$0.51
Institutional Shares	1,000.00	1,024.80	0.41
Russell 2000 Value Index Fund
ETF Shares	$1,000.00	$1,024.45	$0.77
Institutional Shares	1,000.00	1,024.80	0.41
Russell 2000 Growth Index Fund
ETF Shares	$1,000.00	$1,024.45	$0.77
Institutional Shares	1,000.00	1,024.80	0.41

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 (184/365).

Russell 2000 Index Fund

Performance Summary

All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The 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, 2013, Through August 31, 2023

Initial Investment of $10,000

	Average Annual Total Returns Periods Ended August 31, 2023
	One Year	Five Years	Ten Years	Final Value of a $10,000 Investment
Russell 2000 Index Fund ETF Shares Net Asset Value	4.75%	3.21%	8.00%	$21,598
Russell 2000 Index Fund ETF Shares Market Price	4.72	3.20	8.00	21,594
Russell 2000 Index	4.65	3.14	7.96	21,510
Dow Jones U.S. Total Stock Market Float Adjusted Index	14.75	10.12	12.14	31,461


	One Year	Five Years	Ten Years	Final Value of a $5,000,000 Investment
Russell 2000 Index Fund Institutional Shares	4.76%	3.22%	8.05%	$10,846,650
Russell 2000 Index	4.65	3.14	7.96	10,755,140
Dow Jones U.S. Total Stock Market Float Adjusted Index	14.75	10.12	12.14	15,730,560

See Financial Highlights for dividend and capital gains information.

Russell 2000 Index Fund

Fund Allocation

As of August 31, 2023

Basic Materials	3.9%
Consumer Discretionary	13.2
Consumer Staples	3.0
Energy	8.3
Financials	14.8
Health Care	14.9
Industrials	18.5
Real Estate	6.3
Technology	12.6
Telecommunications	1.5
Utilities	3.0
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.

Russell 2000 Index Fund

Financial Statements

Schedule of Investments

As of August 31, 2023

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

		Shares	Market Value• ($000)
Common Stocks (99.5%)
Basic Materials (3.8%)
	Commercial Metals Co.	337,959	19,024
	UFP Industries Inc.	173,323	18,086
	Balchem Corp.	92,320	12,971
	Boise Cascade Co.	114,649	12,539
	Mueller Industries Inc.	161,792	12,484
	Cabot Corp.	159,943	11,589
^*	Livent Corp.	521,432	11,195
	Avient Corp.	261,301	10,481
	Carpenter Technology Corp.	138,978	8,704
	Innospec Inc.	71,998	7,734
	Hecla Mining Co.	1,733,007	7,608
	Sensient Technologies Corp.	121,438	7,482
	Quaker Chemical Corp.	40,083	7,114
	Worthington Industries Inc.	88,850	6,688
^*	Constellium SE	365,440	6,578
	Materion Corp.	59,259	6,447
^*	Ingevity Corp.	107,795	5,809
	Minerals Technologies Inc.	94,024	5,745
	Stepan Co.	61,524	5,369
	Tronox Holdings plc	337,306	4,601
^*,1	Uranium Energy Corp.	1,061,186	4,584
	Sylvamo Corp.	105,213	4,395
	Orion SA	161,740	3,659
	Kaiser Aluminum Corp.	46,064	3,497
	Hawkins Inc.	55,865	3,474
^*,1	Energy Fuels Inc.	454,664	3,242
	Compass Minerals International Inc.	98,864	2,981
^*	Novagold Resources Inc.	698,593	2,878
^*	Ecovyst Inc.	275,296	2,819
^*	TimkenSteel Corp.	125,772	2,756
^*	US Silica Holdings Inc.	217,944	2,687
^*	Perimeter Solutions SA	453,472	2,680
	Mativ Holdings Inc.	157,800	2,588
	AdvanSix Inc.	76,718	2,538
^*,1	Ivanhoe Electric Inc.	161,397	2,523
	Schnitzer Steel Industries Inc. Class A	74,405	2,470
^*	Piedmont Lithium Inc.	51,542	2,307
	Koppers Holdings Inc.	58,081	2,224
^*	Coeur Mining Inc.	919,076	2,215
	Ryerson Holding Corp.	64,910	2,021
	GrafTech International Ltd.	557,326	1,973
^*	Clearwater Paper Corp.	48,302	1,849

		Shares	Market Value• ($000)
	Haynes International Inc.	36,093	1,762
^*	LSB Industries Inc.	158,501	1,604
	Olympic Steel Inc.	28,504	1,526
^*	Century Aluminum Co.	152,618	1,135
^*,1	i-80 Gold Corp.	561,496	1,112
	American Vanguard Corp.	78,187	1,081
^*,1	Encore Energy Corp.	407,644	1,048
^*	Northwest Pipe Co.	28,121	930
^*	Intrepid Potash Inc.	30,934	830
	Omega Flex Inc.	9,397	786
^*	Rayonier Advanced Materials Inc.	185,686	655
	FutureFuel Corp.	74,654	529
	Caledonia Mining Corp. plc	46,862	485
^*	Dakota Gold Corp.	155,393	447
^*	Origin Materials Inc.	302,740	415
^*,1	LanzaTech Global Inc.	58,830	389
	Tredegar Corp.	75,322	379
^*,1	Perpetua Resources Corp.	107,836	357
^*,1	5e Advanced Materials Inc.	112,191	287
^*	Glatfelter Corp.	126,126	252
^*	Polymet Mining Corp.	97,406	203
^*	Contango ORE Inc.	10,650	194
	Valhi Inc.	6,984	92
^*	NioCorp Developments Ltd.	10,255	38
			267,144
Consumer Discretionary (13.2%)
^*	Light & Wonder Inc.	263,724	20,220
^*	elf Beauty Inc.	144,982	20,110
	Meritage Homes Corp.	105,113	14,615
^*	Asbury Automotive Group Inc.	62,570	14,391
^*	Taylor Morrison Home Corp.	303,375	14,380
^*,1	Carvana Co.	277,026	13,948
^*	Fox Factory Holding Corp.	123,202	13,652
^*	Duolingo Inc.	82,777	12,181
	Academy Sports & Outdoors Inc.	215,667	11,769
^*	Visteon Corp.	81,228	11,313
^*	Skyline Champion Corp.	154,778	11,031
	KB Home	213,895	10,866
^*	Adient plc	276,013	10,811
	TEGNA Inc.	646,536	10,687
	Group 1 Automotive Inc.	40,203	10,630

Russell 2000 Index Fund

		Shares	Market Value• ($000)
^*	Goodyear Tire & Rubber Co.	812,313	10,487
^*	Hilton Grand Vacations Inc.	235,026	10,275
	International Game Technology plc	313,605	10,042
	Signet Jewelers Ltd.	128,571	9,643
	American Eagle Outfitters Inc.	527,175	8,941
	LCI Industries	71,292	8,931
^*	Tri Pointe Homes Inc.	286,570	8,912
^*	Helen of Troy Ltd.	69,574	8,552
	MDC Holdings Inc.	169,668	8,051
^*	Boot Barn Holdings Inc.	85,844	7,876
^*	Frontdoor Inc.	237,340	7,790
	Papa John's International Inc.	100,891	7,637
^*	M/I Homes Inc.	77,683	7,627
^*	Shake Shack Inc. Class A	108,951	7,627
^*	Abercrombie & Fitch Co. Class A	140,995	7,578
	Steven Madden Ltd.	217,154	7,492
	Rush Enterprises Inc. Class A	179,485	7,432
	Inter Parfums Inc.	52,976	7,402
^*	LGI Homes Inc.	60,081	7,396
	Kontoor Brands Inc.	160,524	7,350
^*	Topgolf Callaway Brands Corp.	415,786	7,251
	Bloomin' Brands Inc.	252,853	7,095
^*	Cavco Industries Inc.	25,245	7,056
^*	Coursera Inc.	376,577	6,549
^*	SkyWest Inc.	139,576	6,295
	Graham Holdings Co. Class B	10,712	6,281
^*	Dorman Products Inc.	76,064	6,276
^*	ACV Auctions Inc. Class A	367,238	6,173
^*	Urban Outfitters Inc.	184,379	6,123
	Century Communities Inc.	82,195	6,103
	Dana Inc.	377,249	6,077
	Red Rock Resorts Inc. Class A	137,507	6,041
	PriceSmart Inc.	74,659	5,934
^*	Gentherm Inc.	95,680	5,761
^*	Adtalem Global Education Inc.	130,926	5,741
^*	JetBlue Airways Corp.	955,797	5,658
^*	SeaWorld Entertainment Inc.	115,222	5,611
	Winnebago Industries Inc.	85,532	5,547
^*	XPEL Inc.	65,298	5,439
	Hanesbrands Inc.	1,019,079	5,350
	Acushnet Holdings Corp.	90,208	5,282
	Laureate Education Inc.	378,417	5,271
	Cracker Barrel Old Country Store Inc.	63,763	5,256
	Spirit Airlines Inc.	317,370	5,237
^*	Stride Inc.	122,544	5,207
^*	Cinemark Holdings Inc.	317,531	5,169
	Strategic Education Inc.	65,427	5,071
^*	Sonos Inc.	367,328	5,062
^*	Dave & Buster's Entertainment Inc.	125,093	4,912
^*	ODP Corp.	99,000	4,883
^*	OPENLANE Inc.	312,367	4,876
	Upbound Group Inc.	159,243	4,876
	Jack in the Box Inc.	59,856	4,811

		Shares	Market Value• ($000)
^*	Six Flags Entertainment Corp.	208,146	4,779
^*	Vista Outdoor Inc.	162,371	4,749
^*,1	Sabre Corp.	944,396	4,722
	Foot Locker Inc.	237,446	4,659
^*	Atlanta Braves Holdings Inc. Class C	126,125	4,646
^*	Central Garden & Pet Co. Class A	113,493	4,631
^*	PROG Holdings Inc.	133,844	4,591
	John Wiley & Sons Inc. Class A	123,389	4,585
^*,1	Luminar Technologies Inc.	788,121	4,540
	Cheesecake Factory Inc.	140,133	4,463
	HNI Corp.	133,538	4,375
	Oxford Industries Inc.	43,311	4,374
	MillerKnoll Inc.	219,633	4,195
^*	Knowles Corp.	259,151	4,154
^*	Brinker International Inc.	126,399	4,137
^*	National Vision Holdings Inc.	224,634	4,113
	Allegiant Travel Co.	45,532	4,045
^*	Madison Square Garden Entertainment Corp.	125,001	4,011
^*	Sweetgreen Inc. Class A	278,223	3,995
	La-Z-Boy Inc.	125,627	3,876
^*	Green Brick Partners Inc.	76,089	3,763
	Matthews International Corp. Class A	85,644	3,612
	Dillard's Inc. Class A	10,461	3,610
	Scholastic Corp.	82,664	3,592
^*	Cars.com Inc.	191,645	3,582
^*	PowerSchool Holdings Inc. Class A	161,684	3,576
^*	Everi Holdings Inc.	243,448	3,520
^*	Chegg Inc.	340,988	3,482
^*	Overstock.com Inc.	130,279	3,402
	Krispy Kreme Inc.	252,826	3,385
^*,1	Fisker Inc.	567,398	3,331
	Buckle Inc.	88,175	3,222
	Perdoceo Education Corp.	193,951	3,214
^*	Leslie's Inc.	512,360	3,207
^*	Sally Beauty Holdings Inc.	309,746	3,147
	Winmark Corp.	8,254	3,141
^*	iRobot Corp.	79,314	3,085
¹	Camping World Holdings Inc. Class A	120,738	2,986
	Monro Inc.	90,034	2,948
	Caleres Inc.	100,430	2,879
^*	Malibu Boats Inc. Class A	58,902	2,860
^*	Sphere Entertainment Co.	75,457	2,646
	Monarch Casino & Resort Inc.	38,758	2,612
	Sturm Ruger & Co. Inc.	50,599	2,610
^*	Udemy Inc.	246,837	2,557
^*	Lions Gate Entertainment Corp. Class B	338,137	2,519
^*	Beazer Homes USA Inc.	85,236	2,498
^*	American Axle & Manufacturing Holdings Inc.	330,487	2,495
	Dine Brands Global Inc.	45,118	2,472
^*	Imax Corp.	129,183	2,471
^*	Arlo Technologies Inc.	250,101	2,444
^*	G-III Apparel Group Ltd.	122,205	2,426
	Sonic Automotive Inc. Class A	45,143	2,407

Russell 2000 Index Fund

		Shares	Market Value• ($000)
^*	OneSpaWorld Holdings Ltd.	209,926	2,402
	Steelcase Inc. Class A	253,825	2,302
^*	Figs Inc. Class A	367,473	2,271
	Standard Motor Products Inc.	60,945	2,257
^*	Portillo's Inc. Class A	122,411	2,245
^*	Life Time Group Holdings Inc.	128,793	2,215
	Golden Entertainment Inc.	58,226	2,120
^*	Clean Energy Fuels Corp.	488,102	2,079
	Ethan Allen Interiors Inc.	65,709	2,062
^*	MarineMax Inc.	61,517	2,047
^*,1	Dream Finders Homes Inc. Class A	69,709	2,009
	Guess? Inc.	83,055	1,998
^*	Chuy's Holdings Inc.	51,988	1,981
^*	BJ's Restaurants Inc.	65,477	1,926
	Gray Television Inc.	238,372	1,921
^*	America's Car-Mart Inc.	16,925	1,884
	A-Mark Precious Metals Inc.	54,778	1,869
^*	Accel Entertainment Inc.	155,451	1,848
^*	Thryv Holdings Inc.	89,219	1,819
^*	Rover Group Inc.	267,722	1,812
	Wolverine World Wide Inc.	223,384	1,805
^*	Chico's FAS Inc.	350,991	1,801
	Arko Corp.	237,338	1,787
^*	Revolve Group Inc.	118,146	1,731
	Interface Inc.	165,315	1,708
^*	Stagwell Inc.	313,477	1,708
^*,1	European Wax Center Inc. Class A	98,366	1,708
	Hibbett Inc.	36,309	1,681
^*	Corsair Gaming Inc.	106,500	1,674
^*	Viad Corp.	58,699	1,666
^*	Hovnanian Enterprises Inc. Class A	13,941	1,657
^*	Cardlytics Inc.	97,614	1,626
^*	Sun Country Airlines Holdings Inc.	108,761	1,619
	RCI Hospitality Holdings Inc.	24,727	1,614
^*	Sleep Number Corp.	61,696	1,578
^*	Stoneridge Inc.	76,297	1,568
^*	Integral Ad Science Holding Corp.	109,027	1,556
^*	Clear Channel Outdoor Holdings Inc.	1,070,395	1,552
	Smith & Wesson Brands Inc.	131,873	1,548
^*	Xponential Fitness Inc. Class A	71,316	1,545
^*	WW International Inc.	157,377	1,528
^*	Denny's Corp.	157,584	1,502
	Designer Brands Inc. Class A	142,555	1,498
^*,1	Super Group SGHC Ltd.	395,308	1,494
^*	QuinStreet Inc.	149,930	1,484
^*	Kura Sushi USA Inc. Class A	16,910	1,477
^*	Instructure Holdings Inc.	56,304	1,459
^*	Bally's Corp.	86,500	1,436
^*	GoPro Inc. Class A	374,153	1,360
^*	EW Scripps Co. Class A	174,325	1,332

		Shares	Market Value• ($000)
	Haverty Furniture Cos. Inc.	42,352	1,326
^*	Lions Gate Entertainment Corp. Class A	165,548	1,311
¹	Cricut Inc. Class A	137,804	1,304
	Sinclair Inc.	101,770	1,284
	Global Industrial Co.	37,867	1,281
^*	Hawaiian Holdings Inc.	149,199	1,280
	Rush Enterprises Inc. Class B	27,371	1,258
^*	Vizio Holding Corp. Class A	219,157	1,258
^*	Central Garden & Pet Co.	28,369	1,252
^*	Liquidity Services Inc.	68,623	1,252
	Movado Group Inc.	44,369	1,214
^*	Gannett Co. Inc.	416,915	1,213
^*	Atlanta Braves Holdings Inc. Class A	28,910	1,210
^*	Genesco Inc.	35,108	1,204
	Carriage Services Inc.	38,934	1,200
^*	Boston Omaha Corp. Class A	66,758	1,180
^*	Daily Journal Corp.	3,884	1,145
	Shoe Carnival Inc.	48,532	1,123
	Bluegreen Vacations Holding Corp.	31,319	1,123
	Aaron's Co. Inc.	91,537	1,105
^*	MasterCraft Boat Holdings Inc.	50,731	1,104
^*	iHeartMedia Inc. Class A	299,092	1,080
^*,1	Stitch Fix Inc. Class A	245,527	1,078
	Marcus Corp.	70,207	1,066
^*	Quotient Technology Inc.	262,533	1,048
^*	AMC Networks Inc. Class A	89,612	1,043
	Build-A-Bear Workshop Inc.	38,602	1,018
^*	Bowlero Corp.	85,450	940
^*	Lovesac Co.	40,808	935
^*	Children's Place Inc.	34,641	918
^*	Lindblad Expeditions Holdings Inc.	101,196	916
^*	Playstudios Inc.	249,059	887
	Johnson Outdoors Inc. Class A	15,703	878
^*	OneWater Marine Inc. Class A	33,550	876
^*	Zumiez Inc.	45,529	865
^*	Holley Inc.	151,713	865
^*,1	Mondee Holdings Inc.	131,922	854
^*	First Watch Restaurant Group Inc.	44,028	842
^*	Inspired Entertainment Inc.	63,228	833
^*	Rush Street Interactive Inc.	180,727	831
^*	ThredUP Inc. Class A	204,954	816
^*	Nerdy Inc.	171,268	802
	El Pollo Loco Holdings Inc.	83,555	795
	Alta Equipment Group Inc.	55,678	792
^*	Destination XL Group Inc.	170,517	778
^*	SES AI Corp.	356,413	752
^*	Universal Technical Institute Inc.	93,619	746
^*	CarParts.com Inc.	152,874	738

Russell 2000 Index Fund

		Shares	Market Value• ($000)
^*	Carrols Restaurant Group Inc.	104,920	732
^*	Eastman Kodak Co.	162,743	727
^*	Cooper-Standard Holdings Inc.	48,219	720
^*	PlayAGS Inc.	105,425	720
^*	2U Inc.	226,035	717
^*	Funko Inc. Class A	99,303	692
^*,1	Vuzix Corp.	172,143	689
^*	Frontier Group Holdings Inc.	108,746	683
	Hooker Furnishings Corp.	31,433	677
^*	Outbrain Inc.	117,151	669
	Entravision Communications Corp. Class A	171,743	658
^*	Legacy Housing Corp.	28,338	642
	Clarus Corp.	83,510	600
^*	Potbelly Corp.	74,575	596
^*,1	AMMO Inc.	257,075	589
	Nathan's Famous Inc.	8,017	583
^*	Lincoln Educational Services Corp.	67,678	577
^*	Tilly's Inc. Class A	63,967	575
^*	1-800-Flowers.com Inc. Class A	74,377	560
^*	Vera Bradley Inc.	74,976	538
^*	Sportsman's Warehouse Holdings Inc.	108,073	520
^*,1	Blink Charging Co.	131,994	520
^*	Century Casinos Inc.	78,532	510
	Climb Global Solutions Inc.	11,827	509
	Big Lots Inc.	81,263	504
^*,1	BARK Inc.	311,783	499
¹	Big 5 Sporting Goods Corp.	61,378	487
^*	Tile Shop Holdings Inc.	82,276	487
^*	Turtle Beach Corp.	44,594	485
^*	Snap One Holdings Corp.	52,757	483
^*	Selectquote Inc.	389,420	475
^*	Red Robin Gourmet Burgers Inc.	45,376	471
^*	Full House Resorts Inc.	93,763	453
^*	Traeger Inc.	100,968	451
^*	ONE Group Hospitality Inc.	64,837	444
	Weyco Group Inc.	16,985	434
^*	Gambling.com Group Ltd.	30,357	430
	Escalade Inc.	28,444	426
^*	Lazydays Holdings Inc.	36,162	426
^*	Fiesta Restaurant Group Inc.	50,525	425
^*	Latham Group Inc.	110,916	410
^*	JAKKS Pacific Inc.	20,672	407
¹	Purple Innovation Inc.	186,806	405
^*	Biglari Holdings Inc. Class B	2,114	393
	Cato Corp. Class A	49,704	385
^*	Landsea Homes Corp.	38,444	373
	Rocky Brands Inc.	20,399	363
^*,1	Livewire Group Inc.	31,421	351
^*	Solo Brands Inc. Class A	62,612	350
^*	Allbirds Inc. Class A	271,435	350
^*	VOXX International Corp.	39,681	343
^*,1	ContextLogic Inc. Class A	63,026	338
	Marine Products Corp.	24,061	337
^*	Lands' End Inc.	42,852	330

		Shares	Market Value• ($000)
^*	J Jill Inc.	13,012	327
	Townsquare Media Inc. Class A	33,313	322
^*	Noodles & Co.	114,608	319
^*	Reservoir Media Inc.	56,675	309
^*	Fossil Group Inc.	134,242	285
^*	Duluth Holdings Inc. Class B	39,943	254
^*	Urban One Inc.	35,779	193
^*	Emerald Holding Inc.	44,505	188
^*,1	Rent the Runway Inc. Class A	134,308	185
^*	United Homes Group Inc.	17,593	147
^*	Urban One Inc. (XNCM)	24,964	139
	NL Industries Inc.	24,678	128
^*	Savers Value Village Inc.	4,471	111
^*	Envela Corp.	21,651	110
	CompX International Inc.	4,673	99
^*,1	Cava Group Inc.	2,111	94
^*	Loop Media Inc.	104,113	91
^*,1	Torrid Holdings Inc.	34,546	78
^*	Liberty TripAdvisor Holdings Inc. Class B	1,413	44
^*	Qurate Retail Inc. Class B	1,003	6
			912,595
Consumer Staples (3.0%)
^*	BellRing Brands Inc.	386,770	16,051
^*	Sprouts Farmers Market Inc.	299,063	12,199
^*	Hostess Brands Inc.	383,611	10,925
	Coca-Cola Consolidated Inc.	13,796	9,642
^*	Simply Good Foods Co.	261,967	9,452
	Lancaster Colony Corp.	56,442	9,324
	WD-40 Co.	39,175	8,418
	Energizer Holdings Inc.	207,091	7,114
	J & J Snack Foods Corp.	43,465	7,047
^*	TreeHouse Foods Inc.	148,728	6,919
	Primo Water Corp.	451,575	6,891
	Edgewell Personal Care Co.	148,093	5,710
	MGP Ingredients Inc.	45,814	5,493
	Cal-Maine Foods Inc.	110,215	5,267
	Andersons Inc.	92,715	4,762
	Vector Group Ltd.	420,261	4,501
^*	Herbalife Ltd.	285,728	4,292
^*	National Beverage Corp.	68,355	3,507
^*	United Natural Foods Inc.	171,062	3,444
	Nu Skin Enterprises Inc. Class A	143,737	3,434
	Universal Corp.	69,548	3,312
	Utz Brands Inc.	207,721	3,207
	Ingles Markets Inc. Class A	40,552	3,168
	Weis Markets Inc.	47,577	3,086
^*	Chefs' Warehouse Inc.	101,744	2,904
^*	Hain Celestial Group Inc.	258,931	2,742
	B&G Foods Inc.	205,689	2,631
	Medifast Inc.	31,019	2,616
	John B Sanfilippo & Son Inc.	25,916	2,601
^*	Sovos Brands Inc.	114,106	2,556
	Fresh Del Monte Produce Inc.	98,504	2,517
¹	Dole plc	207,003	2,467
^*	Vita Coco Co. Inc.	82,306	2,328
	SpartanNash Co.	100,489	2,187

Russell 2000 Index Fund

		Shares	Market Value• ($000)
^*	USANA Health Sciences Inc.	32,714	2,103
^*,1	Beyond Meat Inc.	170,582	2,013
	Calavo Growers Inc.	49,934	1,646
^*	Duckhorn Portfolio Inc.	126,700	1,576
^*	Beauty Health Co.	236,311	1,456
	ACCO Brands Corp.	266,836	1,422
^*	Mission Produce Inc.	139,889	1,332
	Turning Point Brands Inc.	49,603	1,221
^*	SunOpta Inc.	263,117	1,155
^*	Vital Farms Inc.	88,537	1,043
	Oil-Dri Corp. of America	14,289	963
^*,1	Westrock Coffee Co.	81,116	814
	Limoneira Co.	50,000	771
^*	Seneca Foods Corp. Class A	15,300	738
	PetMed Express Inc.	58,604	660
^*	Nature's Sunshine Products Inc.	37,616	632
^*	HF Foods Group Inc.	117,354	555
^*	GrowGeneration Corp.	170,776	555
	Village Super Market Inc. Class A	24,407	550
^*,1	Brookfield Realty Capital Corp. Class A	106,411	481
	Alico Inc.	20,384	480
^*,1	Waldencast plc Class A	57,083	449
	Natural Grocers by Vitamin Cottage Inc.	27,683	349
^*	Benson Hill Inc.	494,323	316
^*	Zevia PBC Class A	71,226	183
^*,1	Forafric Global plc	14,899	166
			206,343
Energy (8.2%)
	Matador Resources Co.	327,219	20,778
	ChampionX Corp.	574,289	20,726
	Chord Energy Corp.	120,676	19,489
	Murphy Oil Corp.	428,965	19,475
^*	Weatherford International plc	205,484	18,189
	Civitas Resources Inc.	199,880	16,434
	Noble Corp. plc	310,789	16,391
	PBF Energy Inc. Class A	335,810	15,746
	SM Energy Co.	346,726	14,670
^*	Valaris Ltd.	177,254	13,351
^*	Denbury Inc.	145,123	13,290
	Equitrans Midstream Corp.	1,261,643	12,112
	Magnolia Oil & Gas Corp. Class A	529,290	12,068
	Helmerich & Payne Inc.	290,059	11,599
	California Resources Corp.	207,254	11,573
	Arcosa Inc.	140,113	10,960
^*	Array Technologies Inc.	437,534	10,881
^*	CNX Resources Corp.	470,315	10,512
	Permian Resources Corp.	733,360	10,399
	Cactus Inc. Class A	186,739	9,961
^*	Shoals Technologies Group Inc. Class A	494,636	9,734
^*	Kosmos Energy Ltd.	1,316,892	9,587
	Northern Oil and Gas Inc.	216,913	9,073
^*	Tidewater Inc.	137,215	8,923
	Patterson-UTI Energy Inc.	599,978	8,484
	CONSOL Energy Inc.	97,936	8,426
	Liberty Energy Inc.	493,856	7,877
	Peabody Energy Corp.	360,134	7,772

		Shares	Market Value• ($000)
	Alpha Metallurgical Resources Inc.	37,459	7,598
^*	Seadrill Ltd.	145,817	7,094
^*	Callon Petroleum Co.	176,859	6,938
	Arch Resources Inc.	52,797	6,895
^*	Oceaneering International Inc.	290,227	6,614
	Golar LNG Ltd.	292,454	6,463
^*	Expro Group Holdings NV	254,818	5,991
^*	NexTier Oilfield Solutions Inc.	560,093	5,943
	Sitio Royalties Corp. Class A	233,397	5,928
	Warrior Met Coal Inc.	149,446	5,912
^*	Talos Energy Inc.	323,095	5,564
^*	Par Pacific Holdings Inc.	159,542	5,480
^*	NEXTracker Inc. Class A	125,840	5,300
^*	Green Plains Inc.	168,173	5,220
	Archrock Inc.	401,525	5,136
	Delek US Holdings Inc.	192,200	4,949
^*,1	Borr Drilling Ltd.	661,475	4,624
^*	Diamond Offshore Drilling Inc.	294,208	4,375
^*	Helix Energy Solutions Group Inc.	414,773	4,206
^*	Ameresco Inc. Class A	92,626	4,028
	World Kinect Corp.	178,471	3,909
^*	NOW Inc.	316,454	3,535
^*	Gulfport Energy Corp.	28,991	3,421
^*	Earthstone Energy Inc. Class A	165,012	3,363
	Core Laboratories Inc.	135,411	3,255
¹	Comstock Resources Inc.	265,311	3,253
^*,1	Fluence Energy Inc.	113,719	2,996
^*	Vital Energy Inc.	48,808	2,943
^*	Nabors Industries Ltd. (XNYS)	26,411	2,923
	CVR Energy Inc.	85,646	2,801
^*	ProPetro Holding Corp.	285,060	2,748
^*	Dril-Quip Inc.	98,462	2,716
^*	MRC Global Inc.	241,513	2,251
	SunCoke Energy Inc.	240,485	2,237
^*	SilverBow Resources Inc.	50,902	2,178
^*,1	Stem Inc.	409,559	2,085
^*	TETRA Technologies Inc.	360,974	1,982
	Select Water Solutions Inc.	245,279	1,975
	RPC Inc.	244,880	1,957
^*	Bristow Group Inc.	68,063	1,885
	Berry Corp.	219,840	1,884
^*	Montauk Renewables Inc.	192,332	1,837
^*,1	SunPower Corp.	251,311	1,799
^*	REX American Resources Corp.	44,684	1,765
¹	Kinetik Holdings Inc.	49,564	1,740
^*	Tellurian Inc.	1,533,248	1,717
^*	Centrus Energy Corp. Class A	35,510	1,685
	Vitesse Energy Inc.	72,319	1,681
^*,1	FuelCell Energy Inc.	1,178,864	1,650
¹	Crescent Energy Co. Class A	110,469	1,506
	SandRidge Energy Inc.	92,132	1,473
^*	Oil States International Inc.	182,259	1,429
^*	DMC Global Inc.	56,172	1,349
^*	Newpark Resources Inc.	220,019	1,316
	VAALCO Energy Inc.	311,143	1,288

Russell 2000 Index Fund

		Shares	Market Value• ($000)
^*	W&T Offshore Inc.	284,039	1,159
^*,1	Maxeon Solar Technologies Ltd.	73,193	1,154
	Atlas Energy Solutions Inc. Class A	47,309	1,007
	Solaris Oilfield Infrastructure Inc. Class A	93,485	983
^*,1	Solid Power Inc.	449,945	954
^*,1	Energy Vault Holdings Inc.	285,176	910
^*,1	Gevo Inc.	679,029	890
	Riley Exploration Permian Inc.	25,777	863
^*,1	EVgo Inc.	208,103	837
	Enviva Inc.	90,972	837
^*	SEACOR Marine Holdings Inc.	70,225	807
^*	ProFrac Holding Corp. Class A	70,455	775
	Evolution Petroleum Corp.	90,036	762
^*	Hallador Energy Co.	66,673	716
^*	Amplify Energy Corp.	103,577	677
^*	Forum Energy Technologies Inc.	28,049	664
^*	Ring Energy Inc.	342,398	647
^*	TPI Composites Inc.	119,557	604
¹	Granite Ridge Resources Inc.	74,188	549
^*,1	NextDecade Corp.	87,436	531
	Ranger Energy Services Inc.	44,310	528
¹	Ramaco Resources Inc. Class A	64,209	503
¹	HighPeak Energy Inc.	30,308	446
	NACCO Industries Inc. Class A	11,936	389
^*	KLX Energy Services Holdings Inc.	36,168	376
^*,1	ESS Tech Inc.	260,350	372
^*	FTC Solar Inc.	181,548	341
^*	Mammoth Energy Services Inc.	66,497	308
^*	Empire Petroleum Corp.	28,922	253
¹	Ramaco Resources Inc. Class B	20,561	223
^*	PrimeEnergy Resources Corp.	2,207	214
^*	Kodiak Gas Services Inc.	7,798	143
^*,1	Verde Clean Fuels Inc.	12,169	51
^*	Baytex Energy Corp.	1	—
			571,743
Financials (14.8%)
	Selective Insurance Group Inc.	173,725	17,235
	SouthState Corp.	219,739	15,887
	Essent Group Ltd.	305,405	15,337
	Old National Bancorp	845,513	12,903
	Radian Group Inc.	453,881	12,291
	Home BancShares Inc.	550,462	12,209
	Cadence Bank	526,590	12,048
^*	American Equity Investment Life Holding Co.	224,384	12,045
	Valley National Bancorp	1,245,698	11,436
	United Bankshares Inc.	377,848	11,366
¹	Blackstone Mortgage Trust Inc. Class A	497,769	10,961
^*	Mr Cooper Group Inc.	192,450	10,904

		Shares	Market Value• ($000)
	First Financial Bankshares Inc.	376,731	10,820
	Hancock Whitney Corp.	250,747	10,343
	Hamilton Lane Inc. Class A	105,526	9,792
	Glacier Bancorp Inc.	321,934	9,726
	FirstCash Holdings Inc.	108,795	9,718
	Moelis & Co. Class A	193,004	9,150
	United Community Banks Inc.	333,508	9,005
^*,2	Focus Financial Partners Inc. Class A	168,810	8,947
	Jackson Financial Inc. Class A	235,150	8,842
^*	Enstar Group Ltd.	34,465	8,730
^*	Texas Capital Bancshares Inc.	138,187	8,628
¹	Arbor Realty Trust Inc.	518,517	8,276
	ServisFirst Bancshares Inc.	147,057	8,241
^*	Genworth Financial Inc. Class A	1,401,608	8,115
	UMB Financial Corp.	127,797	8,078
	Walker & Dunlop Inc.	91,843	7,838
	Ameris Bancorp	191,088	7,787
	CNO Financial Group Inc.	328,251	7,681
	Associated Banc-Corp.	437,561	7,583
	Piper Sandler Cos.	50,115	7,466
	Community Bank System Inc.	153,685	7,308
	Cathay General Bancorp	200,886	7,158
	First BanCorp (XNYS)	512,566	7,104
^*	Axos Financial Inc.	164,061	7,069
	International Bancshares Corp.	155,298	6,954
	WSFS Financial Corp.	176,771	6,947
	Independent Bank Corp. (XNGS)	127,587	6,892
	Artisan Partners Asset Management Inc. Class A	177,233	6,809
^*	NMI Holdings Inc. Class A	236,769	6,776
	CVB Financial Corp.	384,907	6,720
^*,1	Upstart Holdings Inc.	207,997	6,691
	Simmons First National Corp. Class A	364,626	6,498
	Atlantic Union Bankshares Corp.	216,843	6,438
	Pacific Premier Bancorp Inc.	274,889	6,328
	Fulton Financial Corp.	469,689	6,261
	First Interstate BancSystem Inc. Class A	238,477	6,179
^*,1	Marathon Digital Holdings Inc.	485,800	6,107
	Bank of Hawaii Corp.	113,408	6,095
	BancFirst Corp.	63,599	6,079
	Eastern Bankshares Inc.	448,480	6,037
	Seacoast Banking Corp. of Florida	242,823	5,733
^*	Bancorp Inc.	154,571	5,674
	First Financial Bancorp	272,174	5,656
	BankUnited Inc.	215,287	5,651
	PJT Partners Inc. Class A	70,287	5,552
	PennyMac Financial Services Inc.	73,750	5,293
^*,1	Riot Platforms Inc.	461,869	5,242

Russell 2000 Index Fund

		Shares	Market Value• ($000)
	Washington Federal Inc.	188,835	5,133
	First Merchants Corp.	170,543	5,089
	Ready Capital Corp.	462,916	5,055
	Cohen & Steers Inc.	75,094	4,895
^*	StoneX Group Inc.	51,583	4,843
	StepStone Group Inc. Class A	156,067	4,818
	Towne Bank	202,485	4,779
	Navient Corp.	267,183	4,716
	NBT Bancorp Inc.	132,386	4,557
^*	BRP Group Inc. Class A	171,078	4,549
	BGC Group Inc. Class A	908,494	4,488
	Apollo Commercial Real Estate Finance Inc.	409,182	4,468
	Renasant Corp.	159,646	4,446
	Federal Agricultural Mortgage Corp. Class C	26,354	4,436
^*	Enova International Inc.	87,918	4,435
	Independent Bank Group Inc.	104,231	4,399
^*	Goosehead Insurance Inc. Class A	62,113	4,339
	Banner Corp.	98,892	4,307
	WesBanco Inc.	166,905	4,233
	Bank of NT Butterfield & Son Ltd.	144,879	4,219
	Park National Corp.	41,379	4,211
	Virtus Investment Partners Inc.	20,031	4,148
^*	Triumph Financial Inc.	64,300	4,130
	Hilltop Holdings Inc.	135,026	4,103
	Chimera Investment Corp.	672,586	4,069
	OFG Bancorp	134,780	4,065
	Enterprise Financial Services Corp.	104,947	4,063
	Trustmark Corp.	175,945	4,054
	Northwest Bancshares Inc.	368,401	4,052
^*	Cannae Holdings Inc.	206,107	4,046
	City Holding Co.	44,012	4,021
	Pathward Financial Inc.	79,152	3,900
	First Commonwealth Financial Corp.	296,107	3,870
	Nelnet Inc. Class A	42,135	3,870
	Two Harbors Investment Corp.	280,311	3,860
	Compass Diversified Holdings	181,925	3,757
	Heartland Financial USA Inc.	121,773	3,731
	Lakeland Financial Corp.	71,573	3,731
^*	Palomar Holdings Inc.	70,562	3,599
	Stock Yards Bancorp Inc.	78,207	3,582
	Ladder Capital Corp.	326,684	3,580
	Stewart Information Services Corp.	77,143	3,573
	Provident Financial Services Inc.	211,583	3,487
	PennyMac Mortgage Investment Trust	254,982	3,419
	First Bancorp (XNGS)	114,724	3,400
	Horace Mann Educators Corp.	118,559	3,398
^*,1	Trupanion Inc.	114,237	3,396
	Franklin BSP Realty Trust Inc. REIT	239,865	3,392

		Shares	Market Value• ($000)
	National Bank Holdings Corp. Class A	106,184	3,349
	Westamerica BanCorp	75,438	3,322
	MFA Financial Inc. REIT	295,483	3,239
	Hope Bancorp Inc.	333,080	3,221
	S&T Bancorp Inc.	112,215	3,179
	Live Oak Bancshares Inc.	97,315	3,147
^*	Encore Capital Group Inc.	67,007	3,140
	FB Financial Corp.	102,321	3,109
	TriCo Bancshares	89,643	3,078
	Employers Holdings Inc.	77,358	3,035
	First Busey Corp.	149,874	3,027
	Claros Mortgage Trust Inc.	262,885	2,994
	Stellar Bancorp Inc.	140,427	2,987
	National Western Life Group Inc. Class A	6,564	2,984
^*	SiriusPoint Ltd.	264,389	2,924
	WisdomTree Inc.	399,067	2,913
^*	Customers Bancorp Inc.	82,682	2,905
	Safety Insurance Group Inc.	41,438	2,854
	Veritex Holdings Inc.	151,737	2,854
	AMERISAFE Inc.	55,083	2,853
	OceanFirst Financial Corp.	167,606	2,828
	Sandy Spring Bancorp Inc.	126,801	2,820
	Nicolet Bankshares Inc.	37,150	2,816
^*	Oscar Health Inc. Class A	446,968	2,802
	ARMOUR Residential REIT Inc.	567,090	2,784
	B Riley Financial Inc.	54,077	2,769
	ProAssurance Corp.	156,415	2,765
	PacWest Bancorp	347,448	2,762
	Victory Capital Holdings Inc. Class A	80,159	2,759
	Argo Group International Holdings Ltd.	92,424	2,750
	Berkshire Hills Bancorp Inc.	127,495	2,665
	Redwood Trust Inc.	327,582	2,624
	Origin Bancorp Inc.	84,657	2,598
	BrightSpire Capital Inc.	370,450	2,578
	Southside Bancshares Inc.	85,034	2,560
	Peoples Bancorp Inc.	97,980	2,525
	Ellington Financial Inc.	187,878	2,512
	QCR Holdings Inc.	47,774	2,506
	First Bancshares Inc.	87,989	2,498
	New York Mortgage Trust Inc.	261,809	2,492
	Enact Holdings Inc.	86,886	2,490
	Lakeland Bancorp Inc.	179,444	2,424
	Brookline Bancorp Inc.	253,231	2,423
	Preferred Bank	38,561	2,395
^*	Avantax Inc.	113,874	2,382
^*	Open Lending Corp. Class A	286,291	2,362
	German American Bancorp Inc.	81,235	2,350
¹	Patria Investments Ltd. Class A	156,412	2,255
	Mercury General Corp.	77,169	2,208
^*	PRA Group Inc.	111,120	2,165
	1st Source Corp.	48,316	2,159
	Dime Community Bancshares Inc.	100,653	2,145
^*	LendingClub Corp.	306,373	2,132
	KKR Real Estate Finance Trust Inc.	169,636	2,122

Russell 2000 Index Fund

		Shares	Market Value• ($000)
	Eagle Bancorp Inc.	88,161	2,121
	Bank First Corp.	27,008	2,097
	Capitol Federal Financial Inc.	367,312	2,083
	Tompkins Financial Corp.	39,930	2,074
	ConnectOne Bancorp Inc.	106,668	2,040
	Dynex Capital Inc.	155,834	2,020
^*,1	Lemonade Inc.	145,831	2,007
	Banc of California Inc.	156,971	1,967
	Brightsphere Investment Group Inc.	93,883	1,944
	Premier Financial Corp.	101,783	1,918
	Banco Latinoamericano de Comercio Exterior SA Class E	79,286	1,871
^*	Assetmark Financial Holdings Inc.	63,332	1,830
	Old Second Bancorp Inc.	124,954	1,808
	Heritage Financial Corp.	99,984	1,722
^*	Ambac Financial Group Inc.	127,597	1,643
	Community Trust Bancorp Inc.	44,755	1,589
	First Community Bankshares Inc.	50,845	1,573
	James River Group Holdings Ltd.	106,783	1,555
	First Mid Bancshares Inc.	55,216	1,544
	F&G Annuities & Life Inc.	54,088	1,531
	TrustCo Bank Corp. NY	53,720	1,529
	Hanmi Financial Corp.	87,789	1,521
	Byline Bancorp Inc.	71,515	1,515
	Mercantile Bank Corp.	45,228	1,510
	Univest Financial Corp.	83,697	1,506
	TPG RE Finance Trust Inc.	200,078	1,505
	P10 Inc. Class A	124,157	1,496
	Heritage Commerce Corp.	171,073	1,483
^*	Columbia Financial Inc.	85,701	1,471
^*	World Acceptance Corp.	10,795	1,455
	Business First Bancshares Inc.	69,332	1,418
	Diamond Hill Investment Group Inc.	8,338	1,407
	Amerant Bancorp Inc.	74,525	1,399
	Horizon Bancorp Inc.	124,617	1,394
^*	CrossFirst Bankshares Inc.	128,640	1,383
^*	Coastal Financial Corp.	31,329	1,380
	Midland States Bancorp Inc.	61,562	1,367
	Washington Trust Bancorp Inc.	48,792	1,366
¹	Invesco Mortgage Capital Inc. REIT	121,371	1,365
	Camden National Corp.	41,202	1,351
	Peapack-Gladstone Financial Corp.	49,332	1,345
	Farmers National Banc Corp.	105,747	1,343
	Merchants Bancorp	45,905	1,339
¹	Brookfield Business Corp. Class A	75,091	1,326
	Great Southern Bancorp Inc.	26,109	1,318
	Central Pacific Financial Corp.	76,783	1,303
	Perella Weinberg Partners	123,312	1,298

		Shares	Market Value• ($000)
	Northfield Bancorp Inc.	119,868	1,263
	First Financial Corp.	34,064	1,251
	Kearny Financial Corp.	165,787	1,228
	Tiptree Inc.	69,536	1,225
	HarborOne Bancorp Inc.	121,491	1,211
¹	NewtekOne Inc.	67,464	1,208
^*	Metropolitan Bank Holding Corp.	30,257	1,205
	United Fire Group Inc.	60,962	1,205
	Cambridge Bancorp	22,012	1,171
	First Foundation Inc.	148,540	1,168
	American National Bankshares Inc.	29,750	1,166
	Capital City Bank Group Inc.	38,198	1,165
	Flushing Financial Corp.	81,615	1,152
	Independent Bank Corp.	58,533	1,117
	Republic Bancorp Inc. Class A	24,979	1,110
^*	MBIA Inc.	140,100	1,105
¹	Orchid Island Capital Inc.	114,504	1,098
	CNB Financial Corp.	60,060	1,094
	Equity Bancshares Inc. Class A	43,098	1,078
	Bar Harbor Bankshares	43,321	1,076
	Southern Missouri Bancorp Inc.	24,967	1,056
	SmartFinancial Inc.	45,995	1,047
	Metrocity Bankshares Inc.	52,947	1,032
	Alerus Financial Corp.	52,809	1,030
	HomeTrust Bancshares Inc.	44,625	1,020
¹	HCI Group Inc.	18,652	994
^*	Carter Bankshares Inc.	68,668	983
	Shore Bancshares Inc.	86,826	962
	Northeast Bank	22,485	955
	Universal Insurance Holdings Inc.	73,501	931
	Esquire Financial Holdings Inc.	19,886	930
¹	Burke & Herbert Financial Services Corp.	18,679	924
	GCM Grosvenor Inc. Class A	120,629	922
	Amalgamated Financial Corp.	51,420	921
	South Plains Financial Inc.	34,970	917
	Mid Penn Bancorp Inc.	41,352	905
	MidWestOne Financial Group Inc.	41,040	877
	West BanCorp Inc.	47,199	874
	Peoples Financial Services Corp.	19,953	870
	Bank of Marin Bancorp	45,721	860
	Hingham Institution for Savings	4,306	858
¹	NexPoint Diversified Real Estate Trust	90,082	852
	Sculptor Capital Management Inc.	72,692	845
^*	Greenlight Capital Re Ltd. Class A	75,288	830
	Five Star Bancorp	37,214	814
	Sierra Bancorp	40,317	802
	First of Long Island Corp.	60,867	795
	Enterprise Bancorp Inc.	27,397	793
	Summit Financial Group Inc.	31,921	785

Russell 2000 Index Fund

		Shares	Market Value• ($000)
	Citizens & Northern Corp.	43,228	781
	MVB Financial Corp.	33,173	781
	Granite Point Mortgage Trust Inc.	145,910	779
^*,1	Forge Global Holdings Inc.	313,697	769
	Civista Bancshares Inc.	45,093	766
	Financial Institutions Inc.	43,327	758
	ACNB Corp.	23,818	758
	Farmers & Merchants Bancorp Inc.	39,075	746
	Arrow Financial Corp.	41,943	739
	Capstar Financial Holdings Inc.	55,980	731
^*	Skyward Specialty Insurance Group Inc.	29,716	723
	Chicago Atlantic Real Estate Finance Inc.	47,687	721
	HBT Financial Inc.	38,366	717
^*	Third Coast Bancshares Inc.	37,618	708
	First Bank	61,746	706
	First Business Financial Services Inc.	22,391	706
	Guaranty Bancshares Inc.	24,463	706
	Orange County Bancorp Inc.	14,935	694
	First Bancorp Inc. (XNGS)	27,950	688
	Macatawa Bank Corp.	75,130	688
	Citizens Financial Services Inc.	12,469	683
	Home Bancorp Inc.	20,726	677
	Northrim BanCorp Inc.	16,031	666
	Waterstone Financial Inc.	52,669	654
^*	Blue Foundry Bancorp	70,634	653
	RBB Bancorp	47,833	652
	Red River Bancshares Inc.	13,778	651
	BayCom Corp.	33,461	645
	Donegal Group Inc. Class A	43,829	640
	AFC Gamma Inc.	47,865	635
	John Marshall Bancorp Inc.	35,886	634
	Fidelity D&D Bancorp Inc.	13,355	633
	Orrstown Financial Services Inc.	29,201	631
	Regional Management Corp.	22,520	619
^*	Southern First Bancshares Inc.	21,886	615
	Timberland Bancorp Inc.	21,549	611
^*	Bridgewater Bancshares Inc.	58,331	610
	Northeast Community Bancorp Inc.	38,267	607
	Greene County Bancorp Inc.	20,240	583
	Middlefield Banc Corp.	22,401	581
	Norwood Financial Corp.	21,089	572
^*	FVCBankcorp Inc.	46,836	570
^*	LendingTree Inc.	29,954	566
	Plumas Bancorp	16,051	561
	FS Bancorp Inc.	18,880	560
	Codorus Valley Bancorp Inc.	27,435	556
^*	Ocwen Financial Corp.	18,335	555
^*	eHealth Inc.	69,690	545
	Capital Bancorp Inc.	28,084	538

		Shares	Market Value• ($000)
	Silvercrest Asset Management Group Inc. Class A	27,298	526
	Penns Woods Bancorp Inc.	20,135	524
	Parke Bancorp Inc.	30,236	522
	Unity Bancorp Inc.	21,365	516
	Investors Title Co.	3,563	513
	Primis Financial Corp.	57,817	513
	C&F Financial Corp.	9,437	503
	HomeStreet Inc.	52,867	500
	PCB Bancorp	31,176	500
	Southern States Bancshares Inc.	21,422	491
	BCB Bancorp Inc.	43,096	490
	Colony Bankcorp Inc.	47,079	490
	ChoiceOne Financial Services Inc.	19,995	481
	Oak Valley Bancorp	19,165	481
^*	Ponce Financial Group Inc.	58,369	466
^*	First Western Financial Inc.	22,818	464
	MainStreet Bancshares Inc.	19,905	450
	LCNB Corp.	30,126	449
	Virginia National Bankshares Corp.	13,520	447
	Bankwell Financial Group Inc.	17,020	443
	Crawford & Co. Class A	41,322	443
^*	Maiden Holdings Ltd.	259,163	443
	Ames National Corp.	24,596	442
^*,1	AlTi Global Inc.	60,099	439
	National Bankshares Inc.	16,555	436
	Princeton Bancorp Inc.	14,503	425
	Evans Bancorp Inc.	14,926	423
^*,1	American Coastal Insurance Corp. Class C	56,020	420
	Central Valley Community Bancorp	28,534	417
	Blue Ridge Bankshares Inc.	51,124	405
	Nexpoint Real Estate Finance Inc.	23,601	403
	ESSA Bancorp Inc.	24,821	395
	Chemung Financial Corp.	10,030	394
	First Community Corp.	21,063	364
^*	Sterling Bancorp Inc.	60,201	355
^*	USCB Financial Holdings Inc.	29,970	329
¹	Angel Oak Mortgage REIT Inc.	33,637	314
^*	Velocity Financial Inc.	25,258	313
^*	Pioneer Bancorp Inc.	34,091	307
^*	NI Holdings Inc.	23,616	301
^*	Hippo Holdings Inc.	29,864	298
^*	Security National Financial Corp. Class A	35,640	292
^*,1	Bakkt Holdings Inc.	198,831	274
	Bank7 Corp.	10,658	268
^*	Kingsway Financial Services Inc.	30,325	268
	Luther Burbank Corp.	29,240	266
^*,1	Consumer Portfolio Services Inc.	26,310	244
^*	Finance of America Cos. Inc. Class A	152,492	217

Russell 2000 Index Fund

		Shares	Market Value• ($000)
^*	GoHealth Inc. Class A	11,177	178
^*,1	SWK Holdings Corp.	10,902	172
	Value Line Inc.	2,400	128
	MarketWise Inc.	90,426	122
^*	OppFi Inc.	29,881	77
			1,023,308
Health Care (14.9%)
^*	Option Care Health Inc.	491,105	17,105
^*	Halozyme Therapeutics Inc.	385,430	16,404
^*	HealthEquity Inc.	242,727	16,396
	Ensign Group Inc.	157,355	15,770
^*	Intra-Cellular Therapies Inc.	270,169	15,000
^*	Neogen Corp.	629,214	14,547
^*	Alkermes plc	478,890	13,979
^*	Reata Pharmaceuticals Inc. Class A	82,474	13,938
^*	Vaxcyte Inc.	265,091	13,764
^*	Lantheus Holdings Inc.	196,459	13,446
^*	Haemonetics Corp.	144,747	12,988
^*	Guardant Health Inc.	320,625	12,530
^*	ImmunoGen Inc.	699,785	11,085
^*	Merit Medical Systems Inc.	164,108	10,713
^*	Amicus Therapeutics Inc.	810,376	10,389
^*	Glaukos Corp.	135,148	10,155
^*	Inari Medical Inc.	149,445	9,956
^*	REVOLUTION Medicines Inc.	292,502	9,936
^*	Bridgebio Pharma Inc.	330,133	9,874
	CONMED Corp.	88,572	9,872
^*	Intellia Therapeutics Inc.	254,705	9,546
^*	ACADIA Pharmaceuticals Inc.	349,468	9,443
^*	Cytokinetics Inc.	269,299	9,409
^*	iRhythm Technologies Inc.	88,480	9,146
	Select Medical Holdings Corp.	299,758	8,756
^*	Blueprint Medicines Corp.	175,529	8,752
^*	Inmode Ltd.	223,323	8,730
^*	LivaNova plc	156,417	8,689
^*	Progyny Inc.	226,609	8,462
^*	Prestige Consumer Healthcare Inc.	143,718	8,383
^*	Insmed Inc.	381,256	8,346
^*	Pacific Biosciences of California Inc.	727,040	8,201
^*	Integer Holdings Corp.	95,941	8,185
^*	Arrowhead Pharmaceuticals Inc.	295,705	8,173
^*	Axonics Inc.	141,509	8,108
^*	Evolent Health Inc. Class A	317,843	8,108
^*	PTC Therapeutics Inc.	204,420	8,075
^*	Denali Therapeutics Inc.	341,560	7,887
^*	Krystal Biotech Inc.	62,357	7,762
^*	Axsome Therapeutics Inc.	95,014	7,677
	Patterson Cos. Inc.	254,057	7,632
^*	Corcept Therapeutics Inc.	231,417	7,574
^*	Omnicell Inc.	129,647	7,372
^*	Madrigal Pharmaceuticals Inc.	39,332	7,080
^*	Surgery Partners Inc.	195,193	7,078
^*	Akero Therapeutics Inc.	129,781	6,441
^*	Prothena Corp. plc	119,795	6,328
^*	STAAR Surgical Co.	140,522	6,093

		Shares	Market Value• ($000)
^*	AtriCure Inc.	134,718	6,083
^*	TransMedics Group Inc.	91,646	6,015
^*	Amphastar Pharmaceuticals Inc.	109,716	5,849
^*	Veracyte Inc.	210,627	5,561
^*	NeoGenomics Inc.	367,068	5,517
^*	CorVel Corp.	25,162	5,446
^*	Dynavax Technologies Corp.	374,738	5,381
^*	Privia Health Group Inc.	195,319	5,127
^*	Morphic Holding Inc.	87,641	4,827
^*	RadNet Inc.	142,653	4,766
^*	SpringWorks Therapeutics Inc.	168,619	4,752
^*	Apollo Medical Holdings Inc.	123,863	4,689
^*	Pacira BioSciences Inc.	131,685	4,648
^*	Ideaya Biosciences Inc.	156,845	4,605
^*	Beam Therapeutics Inc.	196,873	4,564
^*	Ventyx Biosciences Inc.	135,269	4,532
^*	Supernus Pharmaceuticals Inc.	142,127	4,525
^*	Vericel Corp.	137,762	4,523
^*	Agios Pharmaceuticals Inc.	160,108	4,392
^*	Cerevel Therapeutics Holdings Inc.	179,037	4,243
^*	Revance Therapeutics Inc.	240,168	4,234
^*	Phreesia Inc.	147,186	4,190
^*	Myriad Genetics Inc.	233,618	4,170
^*	TG Therapeutics Inc.	396,497	4,151
^*	Arvinas Inc.	141,992	4,006
^*	Addus HomeCare Corp.	45,260	3,969
^*	Arcellx Inc.	109,662	3,930
^*	Catalyst Pharmaceuticals Inc.	277,816	3,901
^*	Cymabay Therapeutics Inc.	283,318	3,896
^*	BioCryst Pharmaceuticals Inc.	545,829	3,881
^*	Rhythm Pharmaceuticals Inc.	148,343	3,858
^*	Viking Therapeutics Inc.	277,163	3,828
	US Physical Therapy Inc.	37,518	3,783
^*	Zentalis Pharmaceuticals Inc.	142,037	3,773
^*	Celldex Therapeutics Inc.	133,873	3,735
^*	Xencor Inc.	167,177	3,675
^*	Alphatec Holdings Inc.	222,662	3,641
^*	Iovance Biotherapeutics Inc.	601,379	3,632
^*	Owens & Minor Inc.	213,829	3,614
^*	Twist Bioscience Corp.	164,093	3,608
^*	UFP Technologies Inc.	20,498	3,602
^*	PROCEPT BioRobotics Corp.	104,049	3,549
^*	Immunovant Inc.	155,825	3,539
^*	Aurinia Pharmaceuticals Inc.	389,869	3,536
^*	Ironwood Pharmaceuticals Inc.	399,796	3,518
^*	Syndax Pharmaceuticals Inc.	189,900	3,515
^*	Geron Corp. (XNGS)	1,434,057	3,485
^*	Harmony Biosciences Holdings Inc.	95,276	3,454
^*	Pediatrix Medical Group Inc.	242,633	3,428

Russell 2000 Index Fund

		Shares	Market Value• ($000)
^*	MannKind Corp.	742,121	3,421
^*	Recursion Pharmaceuticals Inc. Class A	392,885	3,418
	LeMaitre Vascular Inc.	57,010	3,296
^*	Amylyx Pharmaceuticals Inc.	147,062	3,171
^*	Ligand Pharmaceuticals Inc.	48,059	3,161
^*	Nuvalent Inc. Class A	69,301	3,158
^*	Arcus Biosciences Inc.	152,690	3,130
^*	Protagonist Therapeutics Inc.	156,634	3,104
^*	Biohaven Ltd.	168,326	3,079
^*	Vir Biotechnology Inc.	242,608	3,071
^*	89bio Inc.	178,558	3,060
	Embecta Corp.	166,657	3,055
^*	Sage Therapeutics Inc.	152,388	3,048
^*	Travere Therapeutics Inc.	211,463	3,020
^*	Warby Parker Inc. Class A	245,202	2,945
^*	NextGen Healthcare Inc.	156,629	2,852
^*	Avanos Medical Inc.	133,710	2,813
^*	Pliant Therapeutics Inc.	163,709	2,763
^*	Quanterix Corp.	101,899	2,731
^*	Relay Therapeutics Inc.	262,210	2,680
^*	Crinetics Pharmaceuticals Inc.	153,589	2,660
^*	Cytek Biosciences Inc.	349,013	2,652
^*	Ardelyx Inc.	612,388	2,609
^*	Accolade Inc.	191,300	2,581
^*	AdaptHealth Corp.	212,859	2,539
^*	Rocket Pharmaceuticals Inc.	161,342	2,525
^*	LifeStance Health Group Inc.	307,141	2,522
	Healthcare Services Group Inc.	215,371	2,488
^*	MiMedx Group Inc.	329,700	2,446
^*	Cogent Biosciences Inc.	198,427	2,423
^*,1	Cassava Sciences Inc.	114,434	2,400
^*	Replimune Group Inc.	117,126	2,392
^*	ANI Pharmaceuticals Inc.	37,068	2,387
^*	Hims & Hers Health Inc.	353,710	2,373
	National HealthCare Corp.	35,929	2,370
^*	Collegium Pharmaceutical Inc.	99,707	2,335
^*	ADMA Biologics Inc.	605,779	2,332
^*	SI-BONE Inc.	100,112	2,291
^*	Innoviva Inc.	179,596	2,290
^*	Keros Therapeutics Inc.	64,751	2,273
^*	RxSight Inc.	77,931	2,261
^*	Adaptive Biotechnologies Corp.	326,821	2,213
^*	Varex Imaging Corp.	112,420	2,211
^*	Viridian Therapeutics Inc.	121,329	2,205
^*	Orthofix Medical Inc.	101,237	2,142
^*	Silk Road Medical Inc.	110,481	2,134
^*	Inhibrx Inc.	99,524	2,130
^*	OPKO Health Inc.	1,160,908	2,124
^*	Deciphera Pharmaceuticals Inc.	150,908	2,119
^*	Avid Bioservices Inc.	178,436	2,106
^*	EQRx Inc.	918,445	2,103
^*	Brookdale Senior Living Inc.	490,490	2,085
^*	Kymera Therapeutics Inc.	109,290	2,085
^*	REGENXBIO Inc.	117,166	2,074

		Shares	Market Value• ($000)
^*,1	Point Biopharma Global Inc.	260,295	2,072
^*	Nevro Corp.	102,203	2,048
^*	Arcturus Therapeutics Holdings Inc.	67,121	2,037
^*	Mirum Pharmaceuticals Inc.	77,021	2,036
^*	Treace Medical Concepts Inc.	130,088	2,023
^*,1	Novavax Inc.	250,900	2,007
^*	DocGo Inc.	223,638	2,002
^*	Outset Medical Inc.	142,099	1,934
^*	Fulgent Genetics Inc.	58,924	1,930
^*	Artivion Inc.	113,421	1,919
^*	Day One Biopharmaceuticals Inc.	141,841	1,913
^*	Health Catalyst Inc.	160,640	1,878
^*	Verve Therapeutics Inc.	145,803	1,876
^*	Kura Oncology Inc.	187,650	1,863
^*	Multiplan Corp.	1,089,133	1,862
^*	Enhabit Inc.	145,059	1,858
	Atrion Corp.	3,980	1,851
^*	Paragon 28 Inc.	126,484	1,813
^*	Editas Medicine Inc.	200,601	1,787
^*	OrthoPediatrics Corp.	45,785	1,750
	National Research Corp.	41,440	1,732
^*,1	Vera Therapeutics Inc.	97,514	1,725
^*,1	Theravance Biopharma Inc.	180,064	1,714
^*	Rapt Therapeutics Inc.	84,985	1,623
^*,1	Anavex Life Sciences Corp.	202,231	1,598
^*	Kiniksa Pharmaceuticals Ltd. Class A	90,579	1,561
^*,1	OmniAb Inc.	268,929	1,560
^*	Avidity Biosciences Inc.	203,599	1,539
^*,1	ProKidney Corp.	177,495	1,523
^*,1	Prime Medicine Inc.	114,340	1,514
^*	PetIQ Inc.	78,904	1,505
^*	Aclaris Therapeutics Inc.	200,240	1,498
	HealthStream Inc.	70,341	1,479
^*	4D Molecular Therapeutics Inc.	90,870	1,479
^*	Surmodics Inc.	39,761	1,464
^*	Amneal Pharmaceuticals Inc.	352,489	1,442
^*	Alignment Healthcare Inc.	245,466	1,434
^*	Castle Biosciences Inc.	71,878	1,433
^*,1	Sana Biotechnology Inc.	267,436	1,431
^*	CareDx Inc.	150,431	1,401
^*	Dyne Therapeutics Inc.	122,920	1,401
^*	OraSure Technologies Inc.	215,179	1,390
^*	Agenus Inc.	992,327	1,369
^*	BioLife Solutions Inc.	100,765	1,331
^*	Tactile Systems Technology Inc.	67,278	1,275
^*	Arcutis Biotherapeutics Inc.	148,821	1,271
^*	Community Health Systems Inc.	363,738	1,229
^*	Lyell Immunopharma Inc.	502,715	1,201
^*	Tarsus Pharmaceuticals Inc.	68,336	1,197
^*	Coherus Biosciences Inc.	222,602	1,186
^*	Avita Medical Inc.	72,783	1,186
^*	Evolus Inc.	119,846	1,185
^*	Disc Medicine Inc.	22,378	1,185
^*	ModivCare Inc.	36,834	1,182

Russell 2000 Index Fund

		Shares	Market Value• ($000)
^*	Nurix Therapeutics Inc.	137,666	1,170
^*,1	Bluebird Bio Inc.	309,785	1,168
^*	Harrow Health Inc.	75,258	1,142
^*	Alpine Immune Sciences Inc.	91,842	1,134
^*,1	Zymeworks Inc.	154,665	1,120
^*	Pulmonx Corp.	106,593	1,115
^*,1	Nano-X Imaging Ltd.	132,784	1,105
^*	AnaptysBio Inc.	55,123	1,085
^*,1	Enliven Therapeutics Inc.	67,709	1,058
^*	Cabaletta Bio Inc.	74,166	1,050
^*	Marinus Pharmaceuticals Inc.	144,839	1,030
^*,1	Phathom Pharmaceuticals Inc.	71,373	1,027
^*	ORIC Pharmaceuticals Inc.	113,254	1,015
^*	Aldeyra Therapeutics Inc.	135,225	1,009
^*	Pennant Group Inc.	84,079	1,007
^*	Alector Inc.	183,473	1,000
^*	American Well Corp. Class A	703,320	999
^*,1	UroGen Pharma Ltd.	56,641	990
	iRadimed Corp.	21,249	982
^*	Cerus Corp.	516,762	977
^*	Seres Therapeutics Inc.	282,522	975
^*	Biomea Fusion Inc.	57,797	975
^*	Caribou Biosciences Inc.	164,930	971
^*	SomaLogic Inc.	439,491	971
^*	Liquidia Corp.	137,886	947
^*	Taro Pharmaceutical Industries Ltd.	23,627	936
^*	MaxCyte Inc.	254,622	932
^*	Allogene Therapeutics Inc.	238,696	929
^*	Voyager Therapeutics Inc.	92,349	925
^*,1	Entrada Therapeutics Inc.	62,086	914
	Utah Medical Products Inc.	9,832	901
^*	Zimvie Inc.	75,172	887
^*	AngioDynamics Inc.	109,657	881
^*	Xeris Biopharma Holdings Inc.	388,148	881
^*	iTeos Therapeutics Inc.	72,469	874
^*	Enanta Pharmaceuticals Inc.	58,193	864
^*	Vanda Pharmaceuticals Inc.	165,133	857
^*	Ocular Therapeutix Inc.	226,533	856
^*	Sharecare Inc.	900,933	854
^*	Assertio Holdings Inc.	258,458	848
^*	Sutro Biopharma Inc.	177,473	843
^*,1	Tango Therapeutics Inc.	129,830	843
^*	Aura Biosciences Inc.	80,353	834
^*	Agiliti Inc.	86,093	831
^*	23andMe Holding Co. Class A	755,868	831
	Phibro Animal Health Corp. Class A	59,438	829
^*	MacroGenics Inc.	177,174	826
^*	HilleVax Inc.	61,888	826
^*	Savara Inc.	222,228	804
^*	PMV Pharmaceuticals Inc.	110,876	801
^*	Viemed Healthcare Inc.	99,601	788
^*	KalVista Pharmaceuticals Inc.	72,105	782
^*	Olema Pharmaceuticals Inc.	76,599	777

		Shares	Market Value• ($000)
^*	Edgewise Therapeutics Inc.	122,122	763
^*	Accuray Inc.	266,259	759
^*	Intercept Pharmaceuticals Inc.	69,997	758
^*	EyePoint Pharmaceuticals Inc.	76,208	755
^*	Arbutus Biopharma Corp.	370,326	752
^*	Atea Pharmaceuticals Inc.	223,737	752
^*	Anika Therapeutics Inc.	41,828	747
^*	Axogen Inc.	118,990	745
^*	2seventy bio Inc.	143,379	744
^*	WaVe Life Sciences Ltd.	168,812	734
^*,1	Invitae Corp.	764,476	706
^*,1	Butterfly Network Inc.	398,146	705
^*	Cullinan Oncology Inc.	67,951	703
^*	Nuvation Bio Inc.	415,657	682
^*,1	Quipt Home Medical Corp.	115,213	681
^*	Computer Programs and Systems Inc.	41,608	677
^*	Emergent BioSolutions Inc.	144,364	677
^*	Precigen Inc.	385,595	675
^*	Humacyte Inc.	175,740	673
^*,1	Quantum-Si Inc.	286,604	671
^*	Astria Therapeutics Inc.	72,894	649
^*	Terns Pharmaceuticals Inc.	122,344	645
^*,1	scPharmaceuticals Inc.	82,231	632
^*,1	Tyra Biosciences Inc.	40,880	623
^*	Generation Bio Co.	129,248	618
^*	Icosavax Inc.	78,636	609
^*	Fate Therapeutics Inc.	241,849	607
^*	Compass Therapeutics Inc.	260,500	607
	SIGA Technologies Inc.	131,488	604
^*,1	Omeros Corp.	173,775	601
^*	Erasca Inc.	230,288	596
^*	MeiraGTx Holdings plc	93,084	585
^*	Ovid therapeutics Inc.	170,207	573
^*	Organogenesis Holdings Inc.	200,461	561
^*	Rigel Pharmaceuticals Inc.	488,402	557
^*	CVRx Inc.	31,778	551
^*	Allakos Inc.	189,780	547
^*	Janux Therapeutics Inc.	49,403	543
^*	Cutera Inc.	47,530	541
^*,1	Summit Therapeutics Inc. (XNMS)	330,786	536
^*	Y-mAbs Therapeutics Inc.	104,972	532
^*,1	InfuSystem Holdings Inc.	51,798	532
¹	Carisma Therapeutics Inc.	76,092	527
^*	Immuneering Corp. Class A	57,886	522
^*	CorMedix Inc.	127,350	518
^*	Monte Rosa Therapeutics Inc.	87,015	511
^*	Mineralys Therapeutics Inc.	39,814	511
^*	Tenaya Therapeutics Inc.	131,236	508
^*,1	ImmunityBio Inc.	314,649	507
^*	Scholar Rock Holding Corp.	80,943	506
^*	Zevra Therapeutics Inc.	98,992	502
^*	Eagle Pharmaceuticals Inc.	29,498	500
^*	Harvard Bioscience Inc.	111,669	492

Russell 2000 Index Fund

		Shares	Market Value• ($000)
^*	ARS Pharmaceuticals Inc.	69,196	491
^*	Lineage Cell Therapeutics Inc.	368,344	486
^*,1	Heron Therapeutics Inc.	294,571	483
^*	CareMax Inc.	214,500	478
^*	Inozyme Pharma Inc.	96,657	474
^*	Celcuity Inc.	49,248	469
^*,1	PDS Biotechnology Corp.	79,802	468
^*	Rallybio Corp.	87,226	464
^*	Nautilus Biotechnology Inc.	143,171	462
^*	Gritstone bio Inc.	250,544	456
^*,1	Aerovate Therapeutics Inc.	28,727	456
^*	Lexicon Pharmaceuticals Inc.	264,396	455
^*	X4 Pharmaceuticals Inc.	351,475	450
^*	908 Devices Inc.	62,531	450
^*,1	Actinium Pharmaceuticals Inc.	74,283	446
^*	Stoke Therapeutics Inc.	78,745	443
^*	Seer Inc.	167,294	440
^*,1	Foghorn Therapeutics Inc.	57,994	439
^*	Tela Bio Inc.	45,361	438
^*,1	Zynex Inc.	56,293	433
^*,3	Scilex Holding Co. (Acquired 1/6/23, Cost $1,735)	165,557	428
^*,1	Fennec Pharmaceuticals Inc.	51,761	422
^*	Thorne HealthTech Inc.	41,153	417
^*	Karyopharm Therapeutics Inc.	323,248	414
^*	Inogen Inc.	66,471	413
^*	Selecta Biosciences Inc.	331,523	408
^*	Poseida Therapeutics Inc.	194,012	405
^*	OptimizeRx Corp.	47,429	404
^*	Sight Sciences Inc.	61,652	404
^*	Sangamo Therapeutics Inc.	412,994	400
^*	Atara Biotherapeutics Inc.	272,586	398
^*	Sanara Medtech Inc.	10,835	392
^*	ClearPoint Neuro Inc.	65,403	380
^*	Joint Corp.	40,594	377
^*	Semler Scientific Inc.	14,283	377
^*,1	Allovir Inc.	119,580	374
^*	Merrimack Pharmaceuticals Inc.	29,837	364
^*	Annexon Inc.	130,272	358
^*	Altimmune Inc.	141,077	357
^*	NanoString Technologies Inc.	134,910	345
^*	Cara Therapeutics Inc.	133,911	344
^*	Third Harmonic Bio Inc.	55,553	337
^*	Codexis Inc.	190,279	331
^*,1	Citius Pharmaceuticals Inc.	350,803	320
^*	Mersana Therapeutics Inc.	286,390	318
^*	BioAtla Inc.	126,261	317
^*,1	Protalix BioTherapeutics Inc.	160,371	303
^*	Kezar Life Sciences Inc.	203,669	303
^*	Innovage Holding Corp.	54,001	296
^*	Aadi Bioscience Inc.	46,895	295
^*	XOMA Corp.	20,904	293
^*	Acrivon Therapeutics Inc.	24,440	286
^*	Ikena Oncology Inc.	60,710	282
^*,1	Nuvectis Pharma Inc.	19,494	279
^*	Vigil Neuroscience Inc.	45,914	277

		Shares	Market Value• ($000)
^*	Larimar Therapeutics Inc.	73,166	272
^*,1	Verrica Pharmaceuticals Inc.	59,612	271
^*	Akoya Biosciences Inc.	51,844	270
^*	Vor BioPharma Inc.	107,573	269
^*	Cue Biopharma Inc.	98,635	267
^*,1	AirSculpt Technologies Inc.	34,797	267
^*	ALX Oncology Holdings Inc.	61,722	263
^*,1	Trevi Therapeutics Inc.	118,827	263
^*	KORU Medical Systems Inc.	99,813	262
^*	Longboard Pharmaceuticals Inc.	44,421	257
^*,1	Omega Therapeutics Inc.	69,527	255
^*	FibroGen Inc.	259,470	249
^*	Optinose Inc.	208,123	248
^*,1	Vaxxinity Inc. Class A	121,693	246
^*	IGM Biosciences Inc.	34,007	243
^*	NGM Biopharmaceuticals Inc.	126,189	238
^*	Design Therapeutics Inc.	93,523	232
^*	P3 Health Partners Inc.	113,446	225
^*	Beyond Air Inc.	72,923	222
^*,1	Pulse Biosciences Inc.	46,146	217
^*	Aveanna Healthcare Holdings Inc.	147,575	213
^*,1	Cano Health Inc.	681,874	211
^*,1	Bioxcel Therapeutics Inc.	54,714	207
^*	Kodiak Sciences Inc.	92,606	204
^*	Biote Corp. Class A	39,951	197
^*	Genelux Corp.	7,870	190
^*	Vicarious Surgical Inc.	199,964	185
^*,1	Theseus Pharmaceuticals Inc.	57,756	181
^*	PepGen Inc.	28,685	181
^*	Graphite Bio Inc.	79,954	177
^*,1	Adicet Bio Inc.	86,705	173
^*	Reneo Pharmaceuticals Inc.	27,688	167
^*	Century Therapeutics Inc.	66,835	166
^*	Eyenovia Inc.	79,400	150
^*	Nkarta Inc.	86,278	148
^*,1	Zura Bio Ltd.	21,584	148
^*,1	Ocean Biomedical Inc.	24,793	112
^*	Prelude Therapeutics Inc.	28,319	106
^*,1	Outlook Therapeutics Inc.	442,680	101
^*,1	Bright Green Corp.	172,241	80
^*	Orchestra BioMed Holdings Inc.	11,907	74
^*	Rain Oncology Inc.	48,473	51
^*	Sagimet Biosciences Inc. Class A	3,628	44
^*	Apogee Therapeutics Inc.	1,939	44
^*	Turnstone Biologics Corp.	3,779	41
^*,1	BioVie Inc.	9,536	30
^*,1,2	Tobira Therapeutics Inc. CVR	6,227	28
^*,2	PDL BioPharma Inc.	712	1
^*,2	Achillion Pharmaceuticals Inc.	1,085	1
^*,2	Synergy Pharmaceuticals LLC	224,815	—
^*,2	Flexion Therape CVR	111	—
^*,2	OmniAb Inc. 12.5 Earnout	14,203	—
^*,2	OmniAb Inc. 15 Earnout	14,203	—
^*	ATI Physical Therapy Inc.	5	—

Russell 2000 Index Fund

		Shares	Market Value• ($000)
^*	Vistagen Therapeutics Inc.	1	—
			1,032,021
Industrials (18.4%)
^*	Chart Industries Inc.	121,910	22,014
	Simpson Manufacturing Co. Inc.	123,895	19,793
	Comfort Systems USA Inc.	102,207	18,864
^*	Atkore Inc.	114,356	17,607
	Applied Industrial Technologies Inc.	111,411	17,198
^*	API Group Corp.	603,908	17,000
^*	ATI Inc.	372,288	16,876
	Watts Water Technologies Inc. Class A	78,943	14,902
^*	Fluor Corp.	411,974	14,415
	Maximus Inc.	175,499	14,184
	Badger Meter Inc.	84,934	14,106
^*	ExlService Holdings Inc.	466,887	13,647
	Triton International Ltd.	157,187	13,190
	Exponent Inc.	146,197	13,137
^*	Summit Materials Inc. Class A	344,848	12,901
	Franklin Electric Co. Inc.	133,376	12,899
	Zurn Elkay Water Solutions Corp.	427,346	12,658
	EnerSys	119,186	12,512
^*	Beacon Roofing Supply Inc.	155,774	12,439
	AAON Inc.	195,621	12,336
	GATX Corp.	102,459	12,104
^*,1	TriNet Group Inc.	108,725	12,061
	Terex Corp.	194,115	11,765
	Belden Inc.	122,735	11,525
^*	ASGN Inc.	139,298	11,445
	HB Fuller Co.	156,237	11,332
	Insperity Inc.	105,212	10,661
	FTAI Aviation Ltd.	287,493	10,626
	Herc Holdings Inc.	81,567	10,615
	Federal Signal Corp.	173,092	10,550
^*	AMN Healthcare Services Inc.	117,161	10,355
^*	StoneCo. Ltd. Class A	840,951	10,310
	Brink's Co.	133,316	10,107
	John Bean Technologies Corp.	91,875	10,098
^*	SPX Technologies Inc.	127,391	10,066
	Installed Building Products Inc.	68,459	9,908
	Otter Tail Corp.	119,265	9,824
	Hillenbrand Inc.	199,246	9,651
^*	Flywire Corp.	277,272	9,588
	Moog Inc. Class A	81,896	9,513
	Matson Inc.	102,795	9,034
^*	Itron Inc.	131,417	8,990
^*	O-I Glass Inc.	448,105	8,899
^*	Alight Inc. Class A	1,148,779	8,777
^*	Marqeta Inc. Class A	1,414,776	8,701
	ABM Industries Inc.	191,299	8,689
	Albany International Corp. Class A	90,398	8,382
^*	Bloom Energy Corp. Class A	556,258	8,338
^*	GMS Inc.	120,090	8,327
^*	Dycom Industries Inc.	82,681	8,262
	EnPro Industries Inc.	60,554	8,259
	CSW Industrials Inc.	44,540	8,001

		Shares	Market Value• ($000)
	Encore Wire Corp.	48,305	7,961
	ESCO Technologies Inc.	73,862	7,904
^*	CBIZ Inc.	138,458	7,769
	Korn Ferry	150,773	7,686
	Scorpio Tankers Inc.	151,998	7,677
	UniFirst Corp.	43,281	7,623
	Werner Enterprises Inc.	182,963	7,613
^*	ACI Worldwide Inc.	312,962	7,599
^*	Knife River Corp.	146,933	7,561
	EVERTEC Inc.	188,855	7,473
	Kadant Inc.	33,729	7,412
^*	Hub Group Inc. Class A	94,893	7,405
	ArcBest Corp.	69,619	7,351
	ICF International Inc.	54,039	7,298
	McGrath RentCorp.	71,267	7,205
^*	Verra Mobility Corp.	403,440	7,177
^*	Sterling Infrastructure Inc.	86,474	7,157
^*	Resideo Technologies Inc.	422,575	7,125
^*	Modine Manufacturing Co.	148,542	7,069
^*	AeroVironment Inc.	72,388	7,024
^*	MYR Group Inc.	47,444	6,740
^*	Gibraltar Industries Inc.	89,544	6,718
^*	Masonite International Corp.	64,187	6,593
	Veritiv Corp.	37,812	6,365
	Mueller Water Products Inc. Class A	447,998	6,326
^*	OSI Systems Inc.	45,788	6,243
	Kennametal Inc.	233,455	6,180
^*	AAR Corp.	99,712	6,142
^*	Remitly Global Inc.	243,698	6,129
^*	RXO Inc.	335,458	6,065
^*,1	Joby Aviation Inc.	805,662	6,002
	Trinity Industries Inc.	234,624	5,882
^*	Kratos Defense & Security Solutions Inc.	362,254	5,829
	Barnes Group Inc.	141,432	5,558
^*	Huron Consulting Group Inc.	55,007	5,498
	Helios Technologies Inc.	94,731	5,483
	Bread Financial Holdings Inc.	145,723	5,476
^*,1	Enovix Corp.	395,723	5,453
	Primoris Services Corp.	153,417	5,426
	Forward Air Corp.	75,551	5,351
	Griffon Corp.	126,924	5,314
	Granite Construction Inc.	127,456	5,263
	Standex International Corp.	34,085	5,236
	Greif Inc. Class A	71,848	5,215
	Patrick Industries Inc.	61,666	5,158
^*	PagSeguro Digital Ltd. Class A	573,031	5,146
^*,1	Rocket Lab USA Inc.	806,690	5,090
	International Seaways Inc.	117,352	5,043
	Alamo Group Inc.	29,173	5,008
^*	Mirion Technologies Inc.	578,807	4,943
	Textainer Group Holdings Ltd.	124,635	4,939
^*	Masterbrand Inc.	374,951	4,803
^*	Payoneer Global Inc.	766,304	4,743
^*	PGT Innovations Inc.	168,003	4,736
^*	Hillman Solutions Corp.	499,748	4,523
^*	AvidXchange Holdings Inc.	432,193	4,443
	Tennant Co.	53,385	4,401

Russell 2000 Index Fund

		Shares	Market Value• ($000)
^*	Energy Recovery Inc.	161,132	4,380
^*	Vicor Corp.	64,110	4,345
	Enerpac Tool Group Corp.	165,528	4,337
	H&E Equipment Services Inc.	92,655	4,199
^*	Construction Partners Inc. Class A	116,042	4,032
^*	NV5 Global Inc.	39,164	3,986
	Lindsay Corp.	31,874	3,956
	Greenbrier Cos. Inc.	90,889	3,868
	SFL Corp. Ltd.	332,146	3,753
^*	American Woodmark Corp.	47,985	3,727
^*	JELD-WEN Holding Inc.	245,202	3,698
	DHT Holdings Inc.	395,458	3,658
	Astec Industries Inc.	65,830	3,609
^*	CoreCivic Inc.	328,028	3,530
^*	Donnelley Financial Solutions Inc.	71,400	3,518
	AZZ Inc.	71,633	3,517
	Marten Transport Ltd.	167,434	3,516
^*	Air Transport Services Group Inc.	162,570	3,505
	Kforce Inc.	55,828	3,498
^*	LegalZoom.Com Inc.	299,848	3,421
^*	Cimpress plc	51,408	3,321
	Apogee Enterprises Inc.	63,819	3,220
	TriMas Corp.	119,830	3,140
^*	Montrose Environmental Group Inc.	80,673	3,101
	Wabash National Corp.	137,027	3,090
	Columbus McKinnon Corp.	81,575	3,073
^*,1	Archer Aviation Inc. Class A	439,063	3,060
^*	ZipRecruiter Inc. Class A	201,103	3,055
^*,1	PureCycle Technologies Inc.	335,379	2,995
^*	CIRCOR International Inc.	52,529	2,925
^*	Janus International Group Inc.	245,584	2,812
	Teekay Tankers Ltd. Class A	69,091	2,811
^*	Aurora Innovation Inc.	879,868	2,789
	Chase Corp.	21,922	2,773
^*	Thermon Group Holdings Inc.	96,952	2,664
¹	Flex LNG Ltd.	86,177	2,609
¹	Golden Ocean Group Ltd.	356,161	2,604
	Quanex Building Products Corp.	95,650	2,581
^*	Cross Country Healthcare Inc.	99,645	2,567
	Deluxe Corp.	126,022	2,548
^*	Leonardo DRS Inc.	145,201	2,486
	Dorian LPG Ltd.	92,780	2,394
	Nordic American Tankers Ltd.	594,265	2,324
^*	Evolv Technologies Holdings Inc.	324,469	2,268
	Napco Security Technologies Inc.	91,356	2,264
^*	BlueLinx Holdings Inc.	25,186	2,248
^*	Proto Labs Inc.	75,922	2,240
	Powell Industries Inc.	26,374	2,215
	First Advantage Corp.	158,439	2,210
^*	SP Plus Corp.	56,289	2,205
^*	Transcat Inc.	21,280	2,170

		Shares	Market Value• ($000)
^*	Repay Holdings Corp.	233,961	2,157
	CRA International Inc.	19,674	2,137
	Mesa Laboratories Inc.	14,830	2,126
	Gorman-Rupp Co.	65,927	2,119
	Heartland Express Inc.	134,878	2,035
^*,1	Nikola Corp.	1,712,335	2,021
^*	Green Dot Corp. Class A	133,693	1,984
	Myers Industries Inc.	105,284	1,980
	Douglas Dynamics Inc.	64,966	1,966
^*	Titan International Inc.	151,116	1,903
	Insteel Industries Inc.	54,083	1,879
	Barrett Business Services Inc.	19,229	1,840
^*	Titan Machinery Inc.	59,299	1,839
^*,1	Virgin Galactic Holdings Inc.	726,141	1,830
	Kaman Corp.	81,107	1,819
^*	IES Holdings Inc.	23,616	1,771
	Kelly Services Inc. Class A	95,104	1,758
^*	Triumph Group Inc.	185,983	1,750
	VSE Corp.	30,799	1,748
^*	CryoPort Inc.	123,635	1,743
¹	Eagle Bulk Shipping Inc.	39,352	1,722
^*	Manitowoc Co. Inc.	100,563	1,702
^*	Great Lakes Dredge & Dock Corp.	189,230	1,671
^*	V2X Inc.	33,218	1,671
	TTEC Holdings Inc.	56,074	1,669
	Pitney Bowes Inc.	505,952	1,665
	Genco Shipping & Trading Ltd.	121,355	1,659
	Ennis Inc.	73,491	1,565
^*	Conduent Inc.	496,426	1,559
	Shyft Group Inc.	99,380	1,558
	Argan Inc.	36,605	1,555
^*	International Money Express Inc.	89,095	1,541
^*	I3 Verticals Inc. Class A	65,080	1,539
^*	Hudson Technologies Inc.	126,923	1,531
	Heidrick & Struggles International Inc.	57,274	1,517
	Cass Information Systems Inc.	39,535	1,516
^*	Franklin Covey Co.	35,229	1,503
	Cadre Holdings Inc.	56,090	1,482
^*	DXP Enterprises Inc.	41,643	1,481
^*	Ducommun Inc.	32,490	1,477
¹	Ardmore Shipping Corp.	118,500	1,474
^*,1	Desktop Metal Inc. Class A	808,469	1,455
	Resources Connection Inc.	93,681	1,453
	Costamare Inc.	139,891	1,442
^*	Target Hospitality Corp.	90,469	1,438
	Hyster-Yale Materials Handling Inc.	31,428	1,435
	Allient Inc.	40,054	1,363
^*	TrueBlue Inc.	87,895	1,330
^*	Astronics Corp.	75,232	1,319
^*	Cantaloupe Inc.	165,964	1,314
^*	Vishay Precision Group Inc.	35,874	1,292
	Miller Industries Inc.	32,195	1,288
	United States Lime & Minerals Inc.	5,929	1,284
	REV Group Inc.	91,612	1,244
^*	Teekay Corp.	192,913	1,237
^*	Paysafe Ltd.	93,937	1,231

Russell 2000 Index Fund

		Shares	Market Value• ($000)
	Preformed Line Products Co.	7,200	1,220
	Covenant Logistics Group Inc.	24,665	1,213
	LSI Industries Inc.	76,056	1,198
^*	CECO Environmental Corp.	86,047	1,186
	National Presto Industries Inc.	14,931	1,118
^*	Blue Bird Corp.	50,963	1,114
^*	Custom Truck One Source Inc.	165,604	1,111
^*	Aersale Corp.	74,499	1,103
^*	Tutor Perini Corp.	123,186	1,095
	Greif Inc. Class B	14,639	1,091
	Trinseo plc	101,428	1,068
^*	Forrester Research Inc.	34,017	1,042
^*,1	Eos Energy Enterprises Inc.	311,923	1,014
	FTAI Infrastructure Inc.	287,378	1,000
^*	BrightView Holdings Inc.	120,486	998
^*	Limbach Holdings Inc.	26,733	966
	Pactiv Evergreen Inc.	116,981	962
	Luxfer Holdings plc	79,873	961
^*	Sterling Check Corp.	68,570	956
^*	FARO Technologies Inc.	58,297	925
^*	Aspen Aerogels Inc.	149,070	908
^*	Babcock & Wilcox Enterprises Inc.	172,157	904
^*	Bowman Consulting Group Ltd.	29,234	863
^*	Commercial Vehicle Group Inc.	93,623	862
^*	Willdan Group Inc.	34,966	844
^*	Ranpak Holdings Corp.	123,749	783
	Park Aerospace Corp.	56,146	765
	Eneti Inc.	70,450	764
^*	Overseas Shipholding Group Inc. Class A	168,784	743
^*	Radiant Logistics Inc.	107,915	728
^*	Advantage Solutions Inc.	252,725	708
^*	Distribution Solutions Group Inc.	12,994	670
^*,1	Microvast Holdings Inc.	299,952	669
¹	Safe Bulkers Inc.	207,056	665
^*	Luna Innovations Inc.	91,684	632
^*	Global Business Travel Group I	92,155	622
^*	Daseke Inc.	115,579	613
^*	CS Disco Inc.	64,506	613
^*	IBEX Holdings Ltd.	31,273	612
^*	Core Molding Technologies Inc.	22,102	599
^*	TuSimple Holdings Inc. Class A	471,436	589
¹	Pangaea Logistics Solutions Ltd.	104,025	587
^*	Concrete Pumping Holdings Inc.	74,039	565
^*	Iteris Inc.	121,969	560
^*	SoundThinking Inc.	25,545	548
	Universal Logistics Holdings Inc.	19,925	540
^*,1	Blade Air Mobility Inc.	166,714	532
	Kronos Worldwide Inc.	63,033	529
	Information Services Group Inc.	100,185	521
^*	Hyliion Holdings Corp.	421,305	514

		Shares	Market Value• ($000)
^*	DHI Group Inc.	130,952	494
^*,1	Danimer Scientific Inc.	250,451	488
^*	Atlanticus Holdings Corp.	13,267	463
^*,1	BlackSky Technology Inc.	337,459	459
^*	Quad/Graphics Inc.	88,764	454
^*	Performant Financial Corp.	192,109	451
	Park-Ohio Holdings Corp.	24,027	450
^*,1	Tingo Group Inc.	348,645	450
^*	Hireright Holdings Corp.	42,816	448
^*	Gencor Industries Inc.	30,045	429
^*	Acacia Research Corp.	108,448	413
^*	PAM Transportation Services Inc.	17,627	406
	Karat Packaging Inc.	16,226	404
^*,1	Velo3D Inc.	254,058	401
^*,1	Himalaya Shipping Ltd.	77,990	387
^*,1	Eve Holding Inc.	51,483	380
^*,1	Workhorse Group Inc.	473,487	373
^*	Mayville Engineering Co. Inc.	31,579	371
^*	EVI Industries Inc.	13,579	359
^*	Willis Lease Finance Corp.	8,054	343
^*	Mistras Group Inc.	59,464	318
^*	Skillsoft Corp.	228,525	299
^*,1	Terran Orbital Corp.	243,269	297
^*,1	CompoSecure Inc.	46,948	295
	Hirequest Inc.	15,262	290
^*	SKYX Platforms Corp.	162,296	284
^*	374Water Inc.	169,085	254
^*,1	CPI Card Group Inc.	12,099	250
^*	Paysign Inc.	93,200	210
^*	INNOVATE Corp.	131,079	210
^*	Priority Technology Holdings Inc.	51,711	192
^*	Atmus Filtration Technologies Inc.	3,705	85
^*,1	Ispire Technology Inc.	7,769	77
^*,1	Amprius Technologies Inc.	15,310	75
^*,1	Dragonfly Energy Holdings Corp.	43,451	75
^*,1	Southland Holdings Inc.	10,731	73
^*,1	Redwire Corp.	22,423	72
			1,273,567
Other (0.0%)⁴
^*,2	Aduro Biotech Inc. CVR	17,431	3
^*,2	GTX Inc. CVR	846	1
^*,2	Chinook Therapeutics Inc. CVR	704	—
			4
Real Estate (6.3%)
	Terreno Realty Corp.	236,067	14,374
	Kite Realty Group Trust	628,919	14,195
	Ryman Hospitality Properties Inc.	166,728	14,177
	Phillips Edison & Co. Inc.	340,489	11,529
	Independence Realty Trust Inc.	652,083	10,975
	PotlatchDeltic Corp.	228,406	10,794
	Essential Properties Realty Trust Inc.	429,666	10,321
	Physicians Realty Trust	687,276	9,560
	Apple Hospitality REIT Inc.	622,721	9,353
	Broadstone Net Lease Inc.	543,068	8,781

Russell 2000 Index Fund

		Shares	Market Value• ($000)
	Corporate Office Properties Trust	325,252	8,418
	Sabra Health Care REIT Inc.	667,832	8,368
	LXP Industrial Trust	835,799	8,208
	DigitalBridge Group Inc.	467,182	8,138
¹	SL Green Realty Corp.	190,576	7,482
	SITE Centers Corp.	549,884	7,341
	Macerich Co.	625,389	7,311
	Innovative Industrial Properties Inc.	80,616	7,036
	Tanger Factory Outlet Centers Inc.	294,789	6,854
	Douglas Emmett Inc.	491,302	6,716
	Hannon Armstrong Sustainable Infrastructure Capital Inc.	299,154	6,692
	Four Corners Property Trust Inc.	250,171	6,294
	National Health Investors Inc.	120,535	6,163
	St. Joe Co.	99,536	6,145
^*,1	Opendoor Technologies Inc.	1,573,065	6,135
	CareTrust REIT Inc.	289,410	5,832
	Equity Commonwealth	303,270	5,771
	Kennedy-Wilson Holdings Inc.	344,914	5,508
	Urban Edge Properties	332,418	5,438
	Sunstone Hotel Investors Inc.	602,358	5,409
	Pebblebrook Hotel Trust	351,408	5,085
	JBG SMITH Properties	322,272	5,053
	DiamondRock Hospitality Co.	607,251	4,894
	Outfront Media Inc.	426,573	4,842
	Retail Opportunity Investments Corp.	355,494	4,785
	InvenTrust Properties Corp.	196,728	4,704
	RLJ Lodging Trust	459,984	4,595
^*	Cushman & Wakefield plc	481,339	4,424
^*	Veris Residential Inc.	227,956	4,242
	Acadia Realty Trust	270,436	4,027
	Service Properties Trust	477,159	3,941
	LTC Properties Inc.	118,662	3,899
	Elme Communities	253,196	3,894
	Getty Realty Corp.	129,661	3,892
	eXp World Holdings Inc.	199,387	3,832
	Xenia Hotels & Resorts Inc.	321,558	3,794
	Alexander & Baldwin Inc.	208,991	3,764
	Uniti Group Inc.	688,241	3,696
^*	Radius Global Infrastructure Inc. Class A (XNMS)	244,669	3,650
	Easterly Government Properties Inc.	266,863	3,568
	Global Net Lease Inc.	302,206	3,430
	Empire State Realty Trust Inc. Class A	381,619	3,332
	Apartment Investment and Management Co. Class A	427,832	3,256
^*	Compass Inc. Class A	863,058	3,107
	American Assets Trust Inc.	140,395	3,006

		Shares	Market Value• ($000)
	NETSTREIT Corp.	177,189	3,000
	Necessity Retail REIT Inc.	390,406	2,928
^*	Redfin Corp.	307,133	2,924
	Plymouth Industrial REIT Inc.	123,536	2,830
	Centerspace	43,703	2,829
	RPT Realty	247,187	2,803
	Newmark Group Inc. Class A	389,533	2,762
	Paramount Group Inc.	536,591	2,758
	Hudson Pacific Properties Inc.	397,720	2,708
^*	GEO Group Inc.	344,697	2,496
	Brandywine Realty Trust	490,575	2,453
	Piedmont Office Realty Trust Inc. Class A	355,500	2,442
	NexPoint Residential Trust Inc.	64,915	2,438
	Community Healthcare Trust Inc.	73,386	2,436
	UMH Properties Inc.	158,248	2,366
	Marcus & Millichap Inc.	69,394	2,311
	Armada Hoffler Properties Inc.	193,793	2,207
^*	Anywhere Real Estate Inc.	310,160	2,035
	Diversified Healthcare Trust	687,816	1,867
	Safehold Inc.	85,890	1,828
	Summit Hotel Properties Inc.	302,186	1,756
	Universal Health Realty Income Trust	37,069	1,729
	Global Medical REIT Inc.	175,859	1,702
	CBL & Associates Properties Inc.	77,583	1,659
¹	Farmland Partners Inc.	145,894	1,619
¹	Peakstone Realty Trust	80,266	1,577
	Ares Commercial Real Estate Corp.	150,605	1,559
	Gladstone Commercial Corp.	116,139	1,527
	Gladstone Land Corp.	96,751	1,522
^*	Forestar Group Inc.	52,858	1,507
	Whitestone REIT	140,503	1,405
	Chatham Lodging Trust	139,515	1,364
	Saul Centers Inc.	33,699	1,266
	Alexander's Inc.	6,179	1,185
	RMR Group Inc. Class A	44,652	1,129
	CTO Realty Growth Inc.	63,726	1,123
^*	FRP Holdings Inc.	19,101	1,088
	Office Properties Income Trust	140,875	1,042
^*	Tejon Ranch Co.	61,530	1,026
	Orion Office REIT Inc.	166,927	973
	One Liberty Properties Inc.	46,413	912
	Hersha Hospitality Trust Class A	91,133	895
	RE/MAX Holdings Inc. Class A	49,925	809
	Postal Realty Trust Inc. Class A	53,784	776
	Alpine Income Property Trust Inc.	37,144	646
	BRT Apartments Corp.	33,992	634
	Douglas Elliman Inc.	231,277	581
	City Office REIT Inc.	111,376	561

Russell 2000 Index Fund

		Shares	Market Value• ($000)
	Braemar Hotels & Resorts Inc.	187,262	509
^*	Star Holdings	36,901	503
	Stratus Properties Inc.	16,016	443
^*	Maui Land & Pineapple Co. Inc.	21,531	297
	Clipper Realty Inc.	38,477	237
^*	Transcontinental Realty Investors Inc.	5,354	184
^*	American Realty Investors Inc.	4,201	84
			436,280
Technology (12.5%)
^*	Super Micro Computer Inc.	133,917	36,838
^*	SPS Commerce Inc.	105,946	19,720
^*	Onto Innovation Inc.	141,388	19,650
^*	Axcelis Technologies Inc.	94,084	18,078
^*	Rambus Inc.	314,787	17,776
^*	Novanta Inc.	103,405	17,267
^*	Fabrinet	106,294	17,089
^*	Qualys Inc.	107,377	16,713
^*	Workiva Inc.	141,198	15,793
^*	Tenable Holdings Inc.	329,743	14,960
	Power Integrations Inc.	163,928	13,773
^*	MACOM Technology Solutions Holdings Inc.	156,925	13,270
^*	Insight Enterprises Inc.	82,836	13,261
	Advanced Energy Industries Inc.	108,672	12,831
^*	Silicon Laboratories Inc.	91,694	12,366
^*,1	MicroStrategy Inc. Class A	31,916	11,411
^*	Box Inc. Class A	406,770	10,771
^*	Appfolio Inc. Class A	55,478	10,694
^*	Diodes Inc.	130,416	10,675
^*	Altair Engineering Inc. Class A	155,169	10,316
^*	Freshworks Inc. Class A	467,494	10,224
	Vishay Intertechnology Inc.	372,398	10,219
^*	Varonis Systems Inc.	313,651	10,015
^*	Synaptics Inc.	114,006	9,980
^*	Blackline Inc.	162,647	9,769
^*	Blackbaud Inc.	125,811	9,575
^*	Sanmina Corp.	166,569	9,278
^*	Ziff Davis Inc.	135,857	9,055
^*	CommVault Systems Inc.	128,968	8,810
^*	Rapid7 Inc.	173,074	8,721
^*	Yelp Inc.	194,352	8,328
	Kulicke & Soffa Industries Inc.	160,412	8,298
	Amkor Technology Inc.	295,507	8,262
^*	Fastly Inc. Class A	342,528	8,149
^*	Alarm.com Holdings Inc.	138,200	8,094
^*	Plexus Corp.	79,192	8,042
^*,1	IonQ Inc.	464,338	7,982
^*	Envestnet Inc.	144,546	7,897
^*	FormFactor Inc.	222,681	7,865
	Progress Software Corp.	125,762	7,651
^*	Sprout Social Inc. Class A	138,066	7,392
^*	Rogers Corp.	49,972	7,221
^*	Parsons Corp.	119,182	6,796
^*	Sitime Corp.	49,640	6,587
^*	Ambarella Inc.	105,359	6,548
^*	PagerDuty Inc.	246,606	6,353
^*	Perficient Inc.	99,043	6,318

		Shares	Market Value• ($000)
^*	LiveRamp Holdings Inc.	184,341	5,962
^*	Verint Systems Inc.	182,584	5,914
^*	Schrodinger Inc.	157,424	5,807
^*	Appian Corp. Class A	118,735	5,782
^*	Q2 Holdings Inc.	164,688	5,667
^*	NetScout Systems Inc.	196,848	5,636
^*	Upwork Inc.	357,737	5,298
	Xerox Holdings Corp.	331,832	5,273
^*,1	C3.ai Inc. Class A	169,018	5,243
	Clear Secure Inc. Class A	240,895	5,237
^*	Cargurus Inc.	281,912	5,105
^*	ePlus Inc.	76,816	5,099
^*	MaxLinear Inc.	215,161	5,056
^*	Cohu Inc.	134,940	5,045
^*,1	DigitalOcean Holdings Inc.	183,245	4,957
^*	Asana Inc. Class A	229,958	4,942
^*	Bumble Inc. Class A	293,140	4,919
	CSG Systems International Inc.	90,059	4,891
^*	Semtech Corp.	184,813	4,833
^*	Credo Technology Group Holding Ltd.	282,014	4,642
^*	PROS Holdings Inc.	129,212	4,634
^*	Braze Inc. Class A	99,480	4,602
^*	Ultra Clean Holdings Inc.	128,583	4,521
^*	Impinj Inc.	66,447	4,423
^*	TTM Technologies Inc.	295,870	4,408
^*	Veeco Instruments Inc.	147,048	4,292
^*	Photronics Inc.	176,557	4,195
^*	Veradigm Inc.	312,059	4,175
^*	Agilysys Inc.	57,774	4,076
	CTS Corp.	90,372	4,035
^*	Squarespace Inc. Class A	128,761	3,882
^*	Aehr Test Systems	74,618	3,806
^*	Sprinklr Inc. Class A	251,492	3,805
^*	SMART Global Holdings Inc.	139,499	3,603
^*	Jamf Holding Corp.	201,520	3,398
^*,1	PAR Technology Corp.	77,046	3,350
	Methode Electronics Inc.	102,055	3,291
^*	Zuora Inc. Class A	358,007	3,261
^*	PDF Solutions Inc.	88,297	3,209
^*	Magnite Inc.	385,539	3,181
^*	Zeta Global Holdings Corp. Class A	388,159	3,156
	Adeia Inc.	308,938	3,108
^*	AvePoint Inc.	443,713	3,079
^*	Cerence Inc.	116,600	3,043
	A10 Networks Inc.	203,951	3,037
^*	Ichor Holdings Ltd.	82,448	3,020
	Shutterstock Inc.	71,189	2,998
^*	Everbridge Inc.	117,782	2,922
^*	Model N Inc.	107,708	2,908
^*	E2open Parent Holdings Inc.	573,970	2,772
^*	Yext Inc.	309,501	2,711
^*	N-Able Inc.	202,273	2,704
^*	indie Semiconductor Inc. Class A	398,532	2,670
	Sapiens International Corp. NV	88,839	2,655
	Benchmark Electronics Inc.	102,340	2,634
^*	Avid Technology Inc.	98,448	2,625
^*	Navitas Semiconductor Corp.	293,384	2,591

Russell 2000 Index Fund

		Shares	Market Value• ($000)
^*	EngageSmart Inc.	139,769	2,475
^*	Digital Turbine Inc.	274,334	2,444
^*	ACM Research Inc. Class A	138,637	2,434
^*	ScanSource Inc.	72,469	2,376
^*	3D Systems Corp.	366,754	2,314
^*	Amplitude Inc. Class A	194,832	2,276
^*	Eventbrite Inc. Class A	222,423	2,253
^*	TechTarget Inc.	75,054	2,158
^*	Alpha & Omega Semiconductor Ltd.	66,683	2,104
^*	Kimball Electronics Inc.	69,007	2,083
^*	BigCommerce Holdings Inc. Series 1	193,435	2,050
	Simulations Plus Inc.	45,645	2,031
^*	Alkami Technology Inc.	113,875	1,984
^*	Matterport Inc.	722,541	1,936
^*	Olo Inc. Class A	297,784	1,921
^*,1	Xometry Inc. Class A	97,928	1,866
^*	Grid Dynamics Holdings Inc.	159,875	1,859
^*	Consensus Cloud Solutions Inc.	57,537	1,837
^*,1	SmartRent Inc.	531,263	1,806
^*	Planet Labs PBC	549,760	1,787
	PC Connection Inc.	32,997	1,753
^*	Vimeo Inc.	438,675	1,746
^*	PubMatic Inc. Class A	124,754	1,734
	Hackett Group Inc.	72,115	1,700
^*	Couchbase Inc.	98,197	1,679
^*	Intapp Inc.	45,083	1,650
^*	SolarWinds Corp.	146,935	1,565
^*	CEVA Inc.	67,105	1,558
^*	nLight Inc.	127,432	1,454
^*	OneSpan Inc.	115,922	1,420
^*	Mitek Systems Inc.	123,365	1,378
^*	MeridianLink Inc.	75,943	1,345
^*,1	Digimarc Corp.	41,030	1,343
^*	Thoughtworks Holding Inc.	267,687	1,330
^*,1	MicroVision Inc.	511,140	1,288
	Ebix Inc.	76,564	1,279
^*	Definitive Healthcare Corp.	130,526	1,227
	NVE Corp.	13,858	1,226
^*,1	Applied Digital Corp.	195,935	1,183
^*	Cleanspark Inc.	219,554	1,082
	American Software Inc. Class A	92,618	1,068
^*,1	SoundHound AI Inc. Class A	406,591	1,025
^*	Bandwidth Inc. Class A	68,139	979
^*	Weave Communications Inc.	94,974	970
^*	Innodata Inc.	73,198	952
^*	Daktronics Inc.	113,560	949
^*	Domo Inc. Class B	88,417	943
^*	Nextdoor Holdings Inc.	425,422	923
^*	NerdWallet Inc. Class A	99,629	897
^*	SEMrush Holdings Inc. Class A	91,353	863
^*	Unisys Corp.	194,050	782
^*	LivePerson Inc.	181,212	761
^*	EverCommerce Inc.	66,656	705
^*	Asure Software Inc.	54,037	678
^*	Expensify Inc. Class A	157,712	677
^*	Tucows Inc. Class A	28,360	671
^*,1	NextNav Inc.	154,514	668

		Shares	Market Value• ($000)
^*,1	Red Violet Inc.	31,820	654
	ON24 Inc.	93,314	640
	Immersion Corp.	89,423	628
^*	Enfusion Inc. Class A	72,868	622
^*	TrueCar Inc.	251,680	602
^*,1	Grindr Inc.	117,085	602
^*	Rackspace Technology Inc.	224,938	562
^*	inTEST Corp.	30,651	537
^*	Vivid Seats Inc. Class A	72,706	528
^*	Mediaalpha Inc. Class A	61,835	519
^*,1	Bit Digital Inc.	206,421	485
^*	Brightcove Inc.	123,988	477
^*	CoreCard Corp.	20,717	440
	Richardson Electronics Ltd.	34,135	430
^*	eGain Corp.	61,035	406
^*,1	FiscalNote Holdings Inc.	177,744	393
^*,1	Cipher Mining Inc.	122,225	390
^*,1	Atomera Inc.	60,119	382
^*	EverQuote Inc. Class A	59,957	371
^*	Rimini Street Inc.	139,292	337
^*	SkyWater Technology Inc.	50,250	337
^*,1	Terawulf Inc.	143,763	300
^*	Viant Technology Inc. Class A	43,726	274
^*	Intevac Inc.	72,864	253
^*,1	Veritone Inc.	74,805	230
^*	Aeva Technologies Inc.	226,769	214
^*	Transphorm Inc.	77,128	211
^*	LiveVox Holdings Inc.	62,967	203
^*	System1 Inc.	70,754	126
^*,1	BigBear.ai Holdings Inc.	76,629	126
^*	Presto Automation Inc.	9,164	31
^*,1	CXApp Inc.	5,638	22
^*	ForgeRock Inc. Class A	190	4
			866,550
Telecommunications (1.5%)
^*	Extreme Networks Inc.	363,931	9,990
	Cogent Communications Holdings Inc.	125,062	8,827
^*	Calix Inc.	170,364	7,924
	InterDigital Inc.	78,168	6,778
^*	Viavi Solutions Inc.	644,998	6,740
	Telephone and Data Systems Inc.	285,870	6,143
^*	Lumen Technologies Inc.	2,915,103	4,635
^*	Liberty Latin America Ltd. Class C	416,440	3,731
^*	Harmonic Inc.	317,854	3,395
^*	Digi International Inc.	101,476	3,387
	Shenandoah Telecommunications Co.	140,697	3,199
^*	Globalstar Inc.	1,998,039	2,877
^*	Infinera Corp.	574,237	2,687
^*	Gogo Inc.	190,662	2,164
^*,1	Lightwave Logic Inc.	330,004	2,082
^*	CommScope Holding Co. Inc.	596,852	1,994
	Adtran Holdings Inc.	225,099	1,925
^*	Anterix Inc.	53,051	1,755
^*	EchoStar Corp. Class A	96,837	1,683
	Bel Fuse Inc. Class B	30,184	1,579
^*	Xperi Inc.	123,304	1,455
^*,1	fuboTV Inc.	588,399	1,377
^*	Clearfield Inc.	37,739	1,327

Russell 2000 Index Fund

		Shares	Market Value• ($000)
^*	WideOpenWest Inc.	149,049	1,207
	ATN International Inc.	31,905	1,144
^*	Aviat Networks Inc.	32,180	1,134
^*	NETGEAR Inc.	83,139	1,096
^*	8x8 Inc.	328,141	1,067
^*	IDT Corp. Class B	45,081	1,054
^*	Ooma Inc.	69,240	976
^*	Liberty Latin America Ltd. Class A	103,426	925
^*	Consolidated Communications Holdings Inc.	217,161	858
	Comtech Telecommunications Corp.	79,590	800
^*	Ribbon Communications Inc.	250,748	742
	Spok Holdings Inc.	50,733	722
^*,1	AST SpaceMobile Inc.	172,981	678
^*	Kaltura Inc.	235,950	446
^*	Cambium Networks Corp.	34,769	320
^*	Akoustis Technologies Inc.	198,123	299
^*	KVH Industries Inc.	53,615	284
^*	Charge Enterprises Inc.	387,684	211
^*	DZS Inc.	64,930	151
			101,768
Utilities (2.9%)
^*	Casella Waste Systems Inc. Class A	160,655	12,655
	Portland General Electric Co.	280,166	12,288
	New Jersey Resources Corp.	280,406	11,825
	Ormat Technologies Inc. (XNYS)	154,440	11,728
	ONE Gas Inc.	159,353	11,548
¹	Brookfield Infrastructure Corp. Class A (XTSE)	284,674	11,060
	Southwest Gas Holdings Inc.	178,465	11,052
	PNM Resources Inc.	247,286	10,957
	Black Hills Corp.	192,293	10,576
	ALLETE Inc.	166,986	9,168
	American States Water Co.	106,937	9,005
	NorthWestern Corp.	173,873	8,763
	Spire Inc.	148,895	8,697
	California Water Service Group	162,126	8,147
	MGE Energy Inc.	105,305	7,627
	Avista Corp.	217,625	7,245
	SJW Group	89,561	5,890
	Chesapeake Utilities Corp.	50,549	5,565
	Northwest Natural Holding Co.	103,474	4,064
^*,1	Sunnova Energy International Inc.	290,905	4,046

		Shares	Market Value• ($000)
	Middlesex Water Co.	50,760	3,820
	Unitil Corp.	45,947	2,243
^*	Heritage-Crystal Clean Inc.	45,160	2,037
^*,1	Li-Cycle Holdings Corp.	397,124	1,763
^*	Enviri Corp.	227,634	1,696
	York Water Co.	41,131	1,676
^*,1	Altus Power Inc.	185,155	1,196
	Consolidated Water Co. Ltd.	43,606	1,162
	Artesian Resources Corp. Class A	24,036	1,110
	Excelerate Energy Inc. Class A	52,491	976
^*,1	NuScale Power Corp.	155,340	927
	Aris Water Solution Inc. Class A	87,075	892
	Genie Energy Ltd. Class B	57,585	882
^*,1	Vertex Energy Inc.	196,657	834
^*	Pure Cycle Corp.	55,829	614
^*	Cadiz Inc.	115,771	464
	RGC Resources Inc.	22,811	412
	Global Water Resources Inc.	32,408	361
			204,971
Total Common Stocks (Cost $7,882,706)			6,896,294
Temporary Cash Investments (3.2%)
Money Market Fund (3.2%)
^5,6	Vanguard Market Liquidity Fund, 5.384% (Cost $223,031)	2,230,964	223,074
Total Investments (102.7%) (Cost $8,105,737)			7,119,368
Other Assets and Liabilities—Net (-2.7%)			(190,477)
Net Assets (100%)			6,928,891
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 $164,678,000.
2	Security value determined using significant unobservable inputs.
3	Restricted securities totaling $428,000, representing 0.0% of net assets.
4	“Other” represents securities that are not classified by the fund’s benchmark index.
5	Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
6	Collateral of $183,512,000 was received for securities on loan.

	CVR—Contingent Value Rights.
	REIT—Real Estate Investment Trust.

Russell 2000 Index Fund

Statement of Assets and Liabilities

As of August 31, 2023


($000s, except shares, footnotes, and per-share amounts)	Amount
Assets
Investments in Securities, at Value¹
Unaffiliated Issuers (Cost $7,882,706)	6,896,294
Affiliated Issuers (Cost $223,031)	223,074
Total Investments in Securities	7,119,368
Investment in Vanguard	236
Cash Collateral Pledged—Futures Contracts	2,890
Receivables for Investment Securities Sold	12,015
Receivables for Accrued Income	6,747
Receivables for Capital Shares Issued	99
Total Assets	7,141,355
Liabilities
Due to Custodian	7,081
Payables for Investment Securities Purchased	21,154
Collateral for Securities on Loan	183,512
Payables for Capital Shares Redeemed	308
Payables to Vanguard	292
Variation Margin Payable—Futures Contracts	117
Total Liabilities	212,464
Net Assets	6,928,891
1 Includes $164,678,000 of securities on loan.
At August 31, 2023, net assets consisted of:

Paid-in Capital	8,981,600
Total Distributable Earnings (Loss)	(2,052,709)
Net Assets	6,928,891

ETF Shares—Net Assets
Applicable to 84,625,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	6,454,865
Net Asset Value Per Share—ETF Shares	$76.28

Institutional Shares—Net Assets
Applicable to 1,624,173 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	474,026
Net Asset Value Per Share—Institutional Shares	$291.86

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

Russell 2000 Index Fund

Statement of Operations


	Year Ended August 31, 2023
	($000)
Investment Income
Income
Dividends¹	97,191
Interest²	1,230
Securities Lending—Net	10,555
Total Income	108,976
Expenses
The Vanguard Group—Note B
Investment Advisory Services	148
Management and Administrative—ETF Shares	4,288
Management and Administrative—Institutional Shares	297
Marketing and Distribution—ETF Shares	333
Marketing and Distribution—Institutional Shares	19
Custodian Fees	583
Auditing Fees	28
Shareholders’ Reports—ETF Shares	442
Shareholders’ Reports—Institutional Shares	6
Trustees’ Fees and Expenses	3
Other Expenses	25
Total Expenses	6,172
Expenses Paid Indirectly	(26)
Net Expenses	6,146
Net Investment Income	102,830
Realized Net Gain (Loss)
Investment Securities Sold^2,3	(40,647)
Futures Contracts	260
Realized Net Gain (Loss)	(40,387)
Change in Unrealized Appreciation (Depreciation)
Investment Securities²	226,217
Futures Contracts	(5)
Change in Unrealized Appreciation (Depreciation)	226,212
Net Increase (Decrease) in Net Assets Resulting from Operations	288,655

1	Dividends are net of foreign withholding taxes of $132,000.
2	Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $1,149,000, $19,000, less than $1,000, and $24,000, respectively. Purchases and sales are for temporary cash investment purposes.
3	Includes $310,191,000 of net gain (loss) resulting from in-kind redemptions.

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

Russell 2000 Index Fund

Financial Highlights

ETF Shares
For a Share Outstanding Throughout Each Period	Year Ended August 31,
For a Share Outstanding Throughout Each Period	2023	2022	2021¹	2020¹	2019¹
Net Asset Value, Beginning of Period	$74.02	$91.28	$62.69	$59.88	$69.56
Investment Operations
Net Investment Income²	1.207	1.030	.865	.810	.797
Net Realized and Unrealized Gain (Loss) on Investments	2.207	(17.254)	28.550	2.815	(9.704)
Total from Investment Operations	3.414	(16.224)	29.415	3.625	(8.907)
Distributions
Dividends from Net Investment Income	(1.154)	(1.036)	(.825)	(.815)	(.773)
Distributions from Realized Capital Gains	—	—	—	—	—
Total Distributions	(1.154)	(1.036)	(.825)	(.815)	(.773)
Net Asset Value, End of Period	$76.28	$74.02	$91.28	$62.69	$59.88
Total Return	4.75%	-17.88%	47.15%	6.12%	-12.83%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$6,455	$5,255	$6,223	$1,802	$1,464
Ratio of Total Expenses to Average Net Assets	0.10%³	0.10%³	0.10%	0.10%	0.10%
Ratio of Net Investment Income to Average Net Assets	1.64%	1.26%	1.02%	1.37%	1.30%
Portfolio Turnover Rate⁴	15%	19%	23%	19%	16%

1	Adjusted to reflect a 2-for-1 share split effective at the beginning of trading on April 20, 2021.
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.

Russell 2000 Index Fund

Financial Highlights

Institutional Shares
For a Share Outstanding Throughout Each Period	Year Ended August 31,
For a Share Outstanding Throughout Each Period	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$283.22	$349.26	$239.84	$229.03	$266.12
Investment Operations
Net Investment Income¹	4.671	4.063	3.360	3.208	3.078
Net Realized and Unrealized Gain (Loss) on Investments	8.434	(66.085)	109.242	10.710	(37.106)
Total from Investment Operations	13.105	(62.022)	112.602	13.918	(34.028)
Distributions
Dividends from Net Investment Income	(4.465)	(4.018)	(3.182)	(3.108)	(3.062)
Distributions from Realized Capital Gains	—	—	—	—	—
Total Distributions	(4.465)	(4.018)	(3.182)	(3.108)	(3.062)
Net Asset Value, End of Period	$291.86	$283.22	$349.26	$239.84	$229.03
Total Return	4.76%	-17.88%	47.19%	6.15%	-12.83%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$474	$487	$619	$630	$859
Ratio of Total Expenses to Average Net Assets	0.08%²	0.08%²	0.08%	0.08%	0.08%
Ratio of Net Investment Income to Average Net Assets	1.67%	1.29%	1.08%	1.41%	1.32%
Portfolio Turnover Rate³	15%	19%	23%	19%	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.

Russell 2000 Index Fund

Notes to Financial Statements

Vanguard Russell 2000 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 Nasdaq; 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, 2023, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute 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,

Russell 2000 Index Fund

which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.

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

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

6. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes 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

Russell 2000 Index Fund

borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the year ended August 31, 2023, the fund did not utilize the credit facilities or the Interfund Lending Program.

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

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

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

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At August 31, 2023, the fund had contributed to Vanguard capital in the amount of $236,000, representing less than 0.01% of the fund’s net assets and 0.09% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.

C.	The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended August 31, 2023, custodian fee offset arrangements reduced the fund’s expenses by $26,000 (an annual rate of less than 0.01% of average net assets).
D.	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.

Russell 2000 Index Fund

The following table summarizes the market value of the fund’s investments and derivatives as of August 31, 2023, based on the inputs used to value them:

	Level 1 ($000)	Level 2 ($000)	Level 3 ($000)	Total ($000)
Investments
Assets
Common Stocks	6,886,885	428	8,981	6,896,294
Temporary Cash Investments	223,074	—	—	223,074
Total	7,109,959	428	8,981	7,119,368
Derivative Financial Instruments
Liabilities
Futures Contracts¹	289	—	—	289

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.

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. As of period end, permanent differences primarily attributable to the accounting for applicable in-kind redemptions and passive foreign investment companies were reclassified between the following accounts:

	Amount ($000)
Paid-in Capital	297,284
Total Distributable Earnings (Loss)	(297,284)

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. The differences are primarily related 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	25,436
Undistributed Long-Term Gains	—
Net Unrealized Gains (Losses)	(1,013,951)
Capital Loss Carryforwards	(1,064,194)
Qualified Late-Year Losses	—
Other Temporary Differences	—
Total	(2,052,709)

Russell 2000 Index Fund

The tax character of distributions paid was as follows:

	Year Ended August 31,
	2023 Amount ($000)	2022 Amount ($000)
Ordinary Income*	97,420	87,171
Long-Term Capital Gains	—	—
Total	97,420	87,171

*	Includes short-term capital gains, if any.

As of August 31, 2023, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

	Amount ($000)
Tax Cost	8,133,319
Gross Unrealized Appreciation	786,422
Gross Unrealized Depreciation	(1,800,373)
Net Unrealized Appreciation (Depreciation)	(1,013,951)

During the year ended August 31, 2023, the fund purchased $3,530,504,000 of investment securities and sold $2,526,596,000 of investment securities, other than temporary cash investments. Purchases and sales include $2,612,739,000 and $1,604,294,000, 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, 2023, such purchases were $52,108,000 and sales were $110,167,000, resulting in net realized loss of $34,153,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

	Year Ended August 31,
	2023		2022
	Amount ($000)	Shares (000)	Amount ($000)	Shares (000)
ETF Shares
Issued	2,621,028	35,700	3,768,327	46,000
Issued in Lieu of Cash Distributions	—	—	—	—
Redeemed	(1,599,993)	(22,075)	(3,328,774)	(43,175)
Net Increase (Decrease)—ETF Shares	1,021,035	13,625	439,553	2,825

Russell 2000 Index Fund

	Year Ended August 31,
	2023		2022
	Amount ($000)	Shares (000)	Amount ($000)	Shares (000)
Institutional Shares
Issued	142,600	509	137,297	417
Issued in Lieu of Cash Distributions	7,193	27	6,909	22
Redeemed	(175,697)	(632)	(156,323)	(492)
Net Increase (Decrease)—Institutional Shares	(25,904)	(96)	(12,117)	(53)

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

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.

I.	Management has determined that no events or transactions occurred subsequent to August 31, 2023, that would require recognition or disclosure in these financial statements.

Russell 2000 Value Index Fund

Performance Summary

Cumulative Performance: August 31, 2013, Through August 31, 2023

Initial Investment of $10,000

	Average Annual Total Returns Periods Ended August 31, 2023
	One Year	Five Years	Ten Years	Final Value of a $10,000 Investment
Russell 2000 Value Index Fund ETF Shares Net Asset Value	2.19%	3.15%	7.28%	$20,200
Russell 2000 Value Index Fund ETF Shares Market Price	2.17	3.14	7.27	20,183
Russell 2000 Value Index	2.17	3.18	7.36	20,345
Dow Jones U.S. Total Stock Market Float Adjusted Index	14.75	10.12	12.14	31,461


	One Year	Five Years	Ten Years	Final Value of a $5,000,000 Investment
Russell 2000 Value Index Fund Institutional Shares	2.26%	3.22%	7.39%	$10,196,767
Russell 2000 Value Index	2.17	3.18	7.36	10,172,462
Dow Jones U.S. Total Stock Market Float Adjusted Index	14.75	10.12	12.14	15,730,560

See Financial Highlights for dividend and capital gains information.

Russell 2000 Value Index Fund

Fund Allocation

As of August 31, 2023

Basic Materials	4.3%
Consumer Discretionary	13.5
Consumer Staples	2.5
Energy	10.2
Financials	24.1
Health Care	8.8
Industrials	14.7
Real Estate	10.9
Technology	5.7
Telecommunications	1.2
Utilities	4.1
Other	0.0

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.

Russell 2000 Value Index Fund

Financial Statements

Schedule of Investments

As of August 31, 2023

		Shares	Market Value• ($000)
Common Stocks (99.9%)
Basic Materials (4.3%)
	Commercial Metals Co.	92,654	5,216
	UFP Industries Inc.	40,196	4,194
	Boise Cascade Co.	31,438	3,438
	Avient Corp.	71,498	2,868
	Carpenter Technology Corp.	38,287	2,398
	Mueller Industries Inc.	25,084	1,935
	Worthington Industries Inc.	24,332	1,831
	Hecla Mining Co.	376,170	1,651
	Minerals Technologies Inc.	25,689	1,570
	Stepan Co.	14,911	1,301
^*,1	Uranium Energy Corp.	293,908	1,270
	Tronox Holdings plc	92,594	1,263
^*	TimkenSteel Corp.	34,517	756
^*	US Silica Holdings Inc.	59,821	738
^*	Perimeter Solutions SA	124,318	735
	Mativ Holdings Inc.	43,173	708
	AdvanSix Inc.	21,184	701
^*	Constellium SE	38,301	689
	Schnitzer Steel Industries Inc. Class A	20,528	682
	Koppers Holdings Inc.	16,008	613
^*	Coeur Mining Inc.	254,096	612
^*	Ecovyst Inc.	59,293	607
	Ryerson Holding Corp.	16,782	523
^*	Clearwater Paper Corp.	13,365	512
	Haynes International Inc.	9,775	477
^*	LSB Industries Inc.	43,247	438
^*	Piedmont Lithium Inc.	9,255	414
	Olympic Steel Inc.	7,711	413
^*	Encore Energy Corp.	111,378	286
^*,1	i-80 Gold Corp.	142,089	281
^*	Northwest Pipe Co.	7,697	255
	Innospec Inc.	2,331	250
	American Vanguard Corp.	17,541	242
	GrafTech International Ltd.	66,494	235
^*	Intrepid Potash Inc.	8,300	223
^*	Rayonier Advanced Materials Inc.	49,827	176
	FutureFuel Corp.	20,420	145
	Caledonia Mining Corp. plc	12,919	134
^*,1	Energy Fuels Inc.	16,894	120
^*	Origin Materials Inc.	83,198	114
	Tredegar Corp.	20,599	104
^*	Glatfelter Corp.	34,561	69
^*	Polymet Mining Corp.	26,569	55
	Kaiser Aluminum Corp.	652	50
^*	Dakota Gold Corp.	13,838	40

		Shares	Market Value• ($000)
	Valhi Inc.	2,149	28
^*	Contango ORE Inc.	1,510	28
^*	5e Advanced Materials Inc.	4,164	11
			41,399
Consumer Discretionary (13.5%)
	Meritage Homes Corp.	28,824	4,008
^*	Asbury Automotive Group Inc.	17,172	3,950
^*	Taylor Morrison Home Corp.	83,110	3,939
	KB Home	58,626	2,978
^*	Adient plc	75,421	2,954
^*	Light & Wonder Inc.	38,482	2,950
	TEGNA Inc.	177,429	2,933
	Group 1 Automotive Inc.	11,024	2,915
^*	Goodyear Tire & Rubber Co.	222,570	2,873
	Signet Jewelers Ltd.	35,238	2,643
^*	Tri Pointe Homes Inc.	78,334	2,436
^*	Helen of Troy Ltd.	19,032	2,339
	MDC Holdings Inc.	46,371	2,200
^*	Carvana Co.	42,531	2,141
^*	M/I Homes Inc.	21,282	2,090
	Rush Enterprises Inc. Class A	48,786	2,020
^*	Topgolf Callaway Brands Corp.	113,553	1,980
	American Eagle Outfitters Inc.	111,769	1,896
^*	LGI Homes Inc.	15,219	1,874
^*	SkyWest Inc.	38,328	1,729
	Graham Holdings Co. Class B	2,938	1,723
	Century Communities Inc.	22,543	1,674
	Dana Inc.	103,278	1,664
^*	Adtalem Global Education Inc.	35,975	1,578
^*	JetBlue Airways Corp.	262,838	1,556
	LCI Industries	12,223	1,531
	Winnebago Industries Inc.	23,406	1,518
	Spirit Airlines Inc.	86,672	1,430
	Strategic Education Inc.	17,844	1,383
^*	Skyline Champion Corp.	18,815	1,341
^*	ODP Corp.	27,115	1,337
^*	OPENLANE Inc.	85,417	1,333
^*	Vista Outdoor Inc.	44,468	1,301
^*	Central Garden & Pet Co. Class A	31,322	1,278
	Foot Locker Inc.	64,973	1,275
	John Wiley & Sons Inc. Class A	34,148	1,269
^*	Knowles Corp.	72,247	1,158
	MillerKnoll Inc.	59,968	1,145
^*	Urban Outfitters Inc.	33,754	1,121
	HNI Corp.	33,154	1,086

Russell 2000 Value Index Fund

		Shares	Market Value• ($000)
	La-Z-Boy Inc.	34,241	1,056
^*	National Vision Holdings Inc.	57,047	1,045
^*	PROG Holdings Inc.	29,484	1,011
^*	Abercrombie & Fitch Co. Class A	18,675	1,004
	Allegiant Travel Co.	11,245	999
	Scholastic Corp.	22,576	981
^*	Sabre Corp.	195,057	975
^*	Overstock.com Inc.	35,650	931
	Perdoceo Education Corp.	53,102	880
	Winmark Corp.	2,276	866
	Monro Inc.	24,604	806
^*	Leslie's Inc.	127,756	800
	Caleres Inc.	27,313	783
	Red Rock Resorts Inc. Class A	17,230	757
	Matthews International Corp. Class A	17,371	733
^*	Sphere Entertainment Co.	20,641	724
^*	Green Brick Partners Inc.	14,121	698
^*	Beazer Homes USA Inc.	23,382	685
^*	American Axle & Manufacturing Holdings Inc.	90,612	684
^*	G-III Apparel Group Ltd.	33,466	664
	Sonic Automotive Inc. Class A	12,444	664
	Steelcase Inc. Class A	70,016	635
	Krispy Kreme Inc.	47,329	634
	Standard Motor Products Inc.	16,800	622
^*	Clean Energy Fuels Corp.	135,346	577
	Ethan Allen Interiors Inc.	18,146	569
^*	MarineMax Inc.	16,996	566
^*	America's Car-Mart Inc.	4,675	520
	A-Mark Precious Metals Inc.	15,146	517
^*	Thryv Holdings Inc.	24,818	506
	Gray Television Inc.	62,006	500
^*	Chico's FAS Inc.	95,732	491
	Hanesbrands Inc.	92,490	486
	PriceSmart Inc.	6,089	484
	Guess? Inc.	20,061	483
	Interface Inc.	45,026	465
^*	Stagwell Inc.	84,771	462
	Papa John's International Inc.	6,020	456
^*	Hovnanian Enterprises Inc. Class A	3,793	451
^*	Cardlytics Inc.	26,396	440
	Smith & Wesson Brands Inc.	36,492	428
^*	Clear Channel Outdoor Holdings Inc.	289,714	420
^*	WW International Inc.	42,577	413
^*	Life Time Group Holdings Inc.	24,020	413
	Designer Brands Inc. Class A	38,767	408
^*	GoPro Inc. Class A	104,882	381
	Haverty Furniture Cos. Inc.	11,723	367
^*	Everi Holdings Inc.	24,548	355
^*	Stoneridge Inc.	17,295	355
^*	Hawaiian Holdings Inc.	41,165	353
	Rush Enterprises Inc. Class B	7,469	343
^*	Central Garden & Pet Co.	7,646	338
	Movado Group Inc.	12,317	337
^*	Gannett Co. Inc.	112,688	328
^*	Dream Finders Homes Inc. Class A	11,326	326
^*	Genesco Inc.	9,431	323
	Shoe Carnival Inc.	13,108	303
^*	Boston Omaha Corp. Class A	16,866	298
^*	Malibu Boats Inc. Class A	6,129	298

		Shares	Market Value• ($000)
	Aaron's Co. Inc.	24,698	298
	Sinclair Inc.	23,279	294
^*	iHeartMedia Inc. Class A	80,102	289
	Marcus Corp.	18,947	288
	Oxford Industries Inc.	2,854	288
^*	Six Flags Entertainment Corp.	12,439	286
^*	Quotient Technology Inc.	70,754	282
^*	AMC Networks Inc. Class A	24,142	281
^*	Daily Journal Corp.	855	252
^*	Children's Place Inc.	9,355	248
	Johnson Outdoors Inc. Class A	4,402	246
^*	Playstudios Inc.	67,124	239
^*	Holley Inc.	41,532	237
^*	Zumiez Inc.	12,443	236
^*	OneWater Marine Inc. Class A	9,020	236
^*	Cinemark Holdings Inc.	14,322	233
^*	Lindblad Expeditions Holdings Inc.	24,855	225
	Laureate Education Inc.	15,964	222
^*	Lions Gate Entertainment Corp. Class B	29,585	220
	El Pollo Loco Holdings Inc.	22,403	213
^*	Sweetgreen Inc. Class A	14,811	213
^*	Destination XL Group Inc.	45,709	208
^*	Carrols Restaurant Group Inc.	28,913	202
^*	Sleep Number Corp.	7,817	200
^*	Eastman Kodak Co.	44,540	199
^*	Sun Country Airlines Holdings Inc.	13,147	196
^*	BJ's Restaurants Inc.	6,515	192
^*	SES AI Corp.	89,271	188
^*	EW Scripps Co. Class A	24,453	187
^*	Outbrain Inc.	32,824	187
	Hooker Furnishings Corp.	8,650	186
^*	2U Inc.	58,748	186
^*,1	Vuzix Corp.	46,382	186
^*	Legacy Housing Corp.	8,133	184
^*	ThredUP Inc. Class A	46,099	184
^*	Bally's Corp.	10,312	171
^*	Universal Technical Institute Inc.	21,201	169
^*,1	AMMO Inc.	70,445	161
^*	Madison Square Garden Entertainment Corp.	4,980	160
^*	Lincoln Educational Services Corp.	18,631	159
^*	Tilly's Inc. Class A	17,484	157
^*	1-800-Flowers.com Inc. Class A	20,344	153
	Clarus Corp.	21,187	152
^*,1	Stitch Fix Inc. Class A	34,424	151
^*	Vera Bradley Inc.	20,629	148
^*	Sportsman's Warehouse Holdings Inc.	29,572	142
^*	Liquidity Services Inc.	7,613	139
	Big Lots Inc.	22,225	138
^*	Cooper-Standard Holdings Inc.	9,191	137
^*,1	BARK Inc.	85,504	137
^*	Turtle Beach Corp.	12,286	134
¹	Big 5 Sporting Goods Corp.	16,792	133
^*	Tile Shop Holdings Inc.	22,506	133
^*	First Watch Restaurant Group Inc.	6,910	132
^*	Snap One Holdings Corp.	14,290	131
^*	Selectquote Inc.	106,556	130

Russell 2000 Value Index Fund

		Shares	Market Value• ($000)
^*	Chegg Inc.	12,644	129
^*	Traeger Inc.	27,443	123
	Weyco Group Inc.	4,639	119
^*	Fiesta Restaurant Group Inc.	13,919	117
^*	Lazydays Holdings Inc.	9,962	117
^*	Latham Group Inc.	30,558	113
^*	Biglari Holdings Inc. Class B	603	112
	Escalade Inc.	7,444	112
^*	JAKKS Pacific Inc.	5,680	112
^*	Lions Gate Entertainment Corp. Class A	13,906	110
	Purple Innovation Inc.	50,213	109
	Cato Corp. Class A	13,581	105
^*	Landsea Homes Corp.	10,525	102
^*	Chuy's Holdings Inc.	2,574	98
^*	Allbirds Inc. Class A	74,345	96
^*	VOXX International Corp.	10,931	95
^*,1	ContextLogic Inc. Class A	17,668	95
^*	Brinker International Inc.	2,773	91
^*	Denny's Corp.	9,574	91
^*	Lands' End Inc.	11,718	90
	Rocky Brands Inc.	5,070	90
^*	J Jill Inc.	3,578	90
^*	Reservoir Media Inc.	15,615	85
	Upbound Group Inc.	2,687	82
^*	Fossil Group Inc.	37,186	79
^*	iRobot Corp.	2,028	79
^*	SeaWorld Entertainment Inc.	1,582	77
^*	Arlo Technologies Inc.	7,810	76
	Hibbett Inc.	1,643	76
	Global Industrial Co.	2,197	74
^*	Figs Inc. Class A	11,661	72
	Dine Brands Global Inc.	1,231	67
^*,1	Blink Charging Co.	16,957	67
^*	Duluth Holdings Inc. Class B	9,962	63
^*	Funko Inc. Class A	8,531	60
^*	Xponential Fitness Inc. Class A	2,765	60
	Build-A-Bear Workshop Inc.	2,253	59
	Bluegreen Vacations Holding Corp.	1,647	59
	Sturm Ruger & Co. Inc.	1,026	53
^*	Emerald Holding Inc.	12,302	52
^*	Urban One Inc.	9,423	51
^*	Sally Beauty Holdings Inc.	4,859	49
^*	Rent the Runway Inc. Class A	35,545	49
	Wolverine World Wide Inc.	5,869	47
^*	United Homes Group Inc.	4,841	41
	NL Industries Inc.	7,326	38
^*	Vizio Holding Corp. Class A	6,503	37
^*	Urban One Inc. (XNCM)	6,562	37
^*	Bowlero Corp.	3,212	35
^*	Mondee Holdings Inc.	5,042	33
^*	European Wax Center Inc. Class A	1,749	30
	CompX International Inc.	1,360	29
	Climb Global Solutions Inc.	558	24
^*	Solo Brands Inc. Class A	4,288	24
^*	Century Casinos Inc.	2,847	19
	Nathan's Famous Inc.	223	16
^*	Full House Resorts Inc.	3,331	16
^*	Savers Value Village Inc.	376	9
^*	Cava Group Inc.	184	8
^*	Liberty TripAdvisor Holdings Inc. Class B	225	7
			130,179

		Shares	Market Value• ($000)
Consumer Staples (2.5%)
^*	BellRing Brands Inc.	77,600	3,220
^*	Hostess Brands Inc.	85,458	2,434
^*	TreeHouse Foods Inc.	35,834	1,667
	Primo Water Corp.	106,392	1,624
	Edgewell Personal Care Co.	40,541	1,563
	Andersons Inc.	25,398	1,304
	Vector Group Ltd.	94,819	1,016
	Nu Skin Enterprises Inc. Class A	39,460	943
^*	United Natural Foods Inc.	46,788	942
	Universal Corp.	19,280	918
	Ingles Markets Inc. Class A	11,111	868
	Weis Markets Inc.	13,026	845
^*	Hain Celestial Group Inc.	70,953	751
	B&G Foods Inc.	56,350	721
	Fresh Del Monte Produce Inc.	26,993	690
	SpartanNash Co.	27,687	602
	ACCO Brands Corp.	74,007	394
^*	Duckhorn Portfolio Inc.	27,842	346
^*	Mission Produce Inc.	32,628	311
^*	Herbalife Ltd.	20,585	309
	Dole plc	24,385	291
	Limoneira Co.	13,777	212
^*	Seneca Foods Corp. Class A	4,096	198
	Oil-Dri Corp. of America	2,862	193
	PetMed Express Inc.	16,139	182
^*	Nature's Sunshine Products Inc.	10,306	173
	Village Super Market Inc. Class A	6,896	155
^*	HF Foods Group Inc.	31,467	149
^*	GrowGeneration Corp.	45,963	149
	Alico Inc.	5,568	131
^*,1	Waldencast plc Class A	15,770	124
	Natural Grocers by Vitamin Cottage Inc.	7,339	93
	Cal-Maine Foods Inc.	1,881	90
^*	Benson Hill Inc.	135,758	87
^*,1	Forafric Global plc	4,123	46
^*	Zevia PBC Class A	8,381	22
^*	SunOpta Inc.	3,817	17
^*	Brookfield Realty Capital Corp. Class A	2,301	10
			23,790
Energy (10.2%)
	Murphy Oil Corp.	117,920	5,354
	Chord Energy Corp.	33,082	5,343
	Matador Resources Co.	73,733	4,682
	Civitas Resources Inc.	54,697	4,497
	PBF Energy Inc. Class A	92,024	4,315
	SM Energy Co.	94,890	4,015
	California Resources Corp.	56,838	3,174
	Helmerich & Payne Inc.	79,317	3,172
	Arcosa Inc.	38,333	2,998
^*	CNX Resources Corp.	129,101	2,885
	Permian Resources Corp.	170,482	2,417
	Equitrans Midstream Corp.	245,081	2,353
	Patterson-UTI Energy Inc.	163,893	2,317
	CONSOL Energy Inc.	26,826	2,308
	Peabody Energy Corp.	98,780	2,132
	Liberty Energy Inc.	127,763	2,038
^*	Seadrill Ltd.	39,970	1,945
	Alpha Metallurgical Resources Inc.	9,551	1,937
^*	Callon Petroleum Co.	48,441	1,900
	Arch Resources Inc.	14,476	1,891

Russell 2000 Value Index Fund

		Shares	Market Value• ($000)
	Golar LNG Ltd.	75,002	1,658
	Warrior Met Coal Inc.	40,970	1,621
^*	Talos Energy Inc.	88,576	1,525
^*	NexTier Oilfield Solutions Inc.	131,840	1,399
	Delek US Holdings Inc.	52,700	1,357
^*	Diamond Offshore Drilling Inc.	80,192	1,192
^*	Green Plains Inc.	37,895	1,176
^*	Helix Energy Solutions Group Inc.	113,491	1,151
	Archrock Inc.	89,869	1,149
	World Kinect Corp.	49,085	1,075
^*	Expro Group Holdings NV	43,738	1,028
^*	NOW Inc.	86,661	968
^*	Gulfport Energy Corp.	7,989	943
^*	Par Pacific Holdings Inc.	26,793	920
^*	Earthstone Energy Inc. Class A	44,948	916
	Sitio Royalties Corp. Class A	35,508	902
	Comstock Resources Inc.	72,342	887
^*	Vital Energy Inc.	13,293	801
	Noble Corp. plc	14,742	778
^*	ProPetro Holding Corp.	78,195	754
^*	Dril-Quip Inc.	27,290	753
	SunCoke Energy Inc.	66,381	617
	Core Laboratories Inc.	25,095	603
^*,1	Stem Inc.	111,997	570
	Select Water Solutions Inc.	67,380	542
	RPC Inc.	66,944	535
^*	SilverBow Resources Inc.	12,431	532
^*	Bristow Group Inc.	18,902	524
	Berry Corp.	60,284	517
	Vitesse Energy Inc.	19,718	458
^*	Centrus Energy Corp. Class A	9,597	456
^*	FuelCell Energy Inc.	321,562	450
^*	Tellurian Inc.	395,121	443
	Kinetik Holdings Inc.	12,257	430
^*	MRC Global Inc.	43,582	406
	SandRidge Energy Inc.	25,110	402
^*	Oil States International Inc.	49,282	386
^*	REX American Resources Corp.	9,250	365
^*	Newpark Resources Inc.	59,290	355
	VAALCO Energy Inc.	75,446	312
	Northern Oil and Gas Inc.	6,982	292
^*	Solid Power Inc.	121,463	258
^*	DMC Global Inc.	10,520	253
	Crescent Energy Co. Class A	18,286	249
	Solaris Oilfield Infrastructure Inc. Class A	23,431	247
^*,1	Energy Vault Holdings Inc.	77,113	246
^*,1	Gevo Inc.	182,032	238
	Atlas Energy Solutions Inc. Class A	10,602	226
^*	SEACOR Marine Holdings Inc.	18,949	218
	Magnolia Oil & Gas Corp. Class A	9,231	210
^*	Hallador Energy Co.	17,968	193
^*	EVgo Inc.	48,068	193
^*	Amplify Energy Corp.	28,498	186
^*	Forum Energy Technologies Inc.	7,723	183
^*	Ring Energy Inc.	94,037	178
^*	ProFrac Holding Corp. Class A	14,534	160
	Granite Ridge Resources Inc.	20,444	151
	Ranger Energy Services Inc.	12,224	146

		Shares	Market Value• ($000)
	Ramaco Resources Inc. Class A	17,742	139
	NACCO Industries Inc. Class A	3,279	107
^*,1	Maxeon Solar Technologies Ltd.	6,556	103
^*	ESS Tech Inc.	71,674	103
^*	KLX Energy Services Holdings Inc.	8,945	93
^*	Mammoth Energy Services Inc.	18,336	85
^*	Nabors Industries Ltd. (XNYS)	703	78
	CVR Energy Inc.	2,024	66
^*	PrimeEnergy Resources Corp.	580	56
	Ramaco Resources Inc. Class B	3,545	38
¹	HighPeak Energy Inc.	1,357	20
^*,1	Verde Clean Fuels Inc.	3,379	14
^*	Kodiak Gas Services Inc.	672	12
			98,270
Financials (24.1%)
	SouthState Corp.	60,103	4,345
	Essent Group Ltd.	83,689	4,203
	Old National Bancorp	231,765	3,537
	Radian Group Inc.	123,960	3,357
	Home BancShares Inc.	150,866	3,346
^*	American Equity Investment Life Holding Co.	61,525	3,303
	Cadence Bank	144,177	3,299
	Valley National Bancorp	341,696	3,137
	United Bankshares Inc.	103,552	3,115
	Blackstone Mortgage Trust Inc. Class A	136,751	3,011
^*	Mr Cooper Group Inc.	52,616	2,981
	Hancock Whitney Corp.	68,619	2,831
	Glacier Bancorp Inc.	88,256	2,666
	United Community Banks Inc.	91,629	2,474
	Jackson Financial Inc. Class A	64,342	2,419
^*	Enstar Group Ltd.	9,427	2,388
^*	Texas Capital Bancshares Inc.	37,894	2,366
¹	Arbor Realty Trust Inc.	142,546	2,275
^*	Genworth Financial Inc. Class A	383,896	2,223
	UMB Financial Corp.	35,049	2,215
	Walker & Dunlop Inc.	25,185	2,149
	Ameris Bancorp	52,380	2,134
	CNO Financial Group Inc.	89,853	2,103
	Associated Banc-Corp.	119,591	2,072
	Community Bank System Inc.	42,212	2,007
	Cathay General Bancorp	54,926	1,957
	International Bancshares Corp.	42,554	1,906
	WSFS Financial Corp.	48,469	1,905
	Independent Bank Corp. (XNGS)	34,942	1,888
	CVB Financial Corp.	105,367	1,840
	Simmons First National Corp. Class A	99,786	1,778
	First BanCorp (XNYS)	128,179	1,777
	Atlantic Union Bankshares Corp.	59,499	1,767
	Pacific Premier Bancorp Inc.	75,277	1,733
	Fulton Financial Corp.	128,855	1,718
^*	NMI Holdings Inc. Class A	59,767	1,711
^*	Axos Financial Inc.	39,450	1,700
	First Interstate BancSystem Inc. Class A	65,325	1,693

Russell 2000 Value Index Fund

		Shares	Market Value• ($000)
	Bank of Hawaii Corp.	31,058	1,669
	Eastern Bankshares Inc.	122,707	1,652
	Seacoast Banking Corp. of Florida	66,743	1,576
	BankUnited Inc.	58,918	1,547
	First Financial Bancorp	74,340	1,545
	ServisFirst Bancshares Inc.	26,722	1,497
	BancFirst Corp.	15,013	1,435
	Washington Federal Inc.	51,951	1,412
	First Merchants Corp.	46,588	1,390
	Ready Capital Corp.	126,295	1,379
	PennyMac Financial Services Inc.	18,963	1,361
	Towne Bank	55,471	1,309
	Navient Corp.	73,106	1,290
	Apollo Commercial Real Estate Finance Inc.	112,036	1,223
	Renasant Corp.	43,665	1,216
	Independent Bank Group Inc.	28,736	1,213
^*	Enova International Inc.	23,961	1,209
^*	StoneX Group Inc.	12,546	1,178
	Banner Corp.	26,971	1,175
	WesBanco Inc.	45,663	1,158
	Park National Corp.	11,342	1,154
	NBT Bancorp Inc.	33,117	1,140
^*	Triumph Financial Inc.	17,641	1,133
^*	Cannae Holdings Inc.	57,315	1,125
	Chimera Investment Corp.	185,983	1,125
	Hilltop Holdings Inc.	36,966	1,123
	Enterprise Financial Services Corp.	28,731	1,112
	Northwest Bancshares Inc.	100,933	1,110
	OFG Bancorp	36,745	1,108
	Trustmark Corp.	48,043	1,107
	Hamilton Lane Inc. Class A	11,754	1,091
	Bank of NT Butterfield & Son Ltd.	36,760	1,070
	Nelnet Inc. Class A	11,591	1,065
	Two Harbors Investment Corp.	76,730	1,057
	First Commonwealth Financial Corp.	80,707	1,055
	Moelis & Co. Class A	22,018	1,044
	Compass Diversified Holdings	50,575	1,044
	Heartland Financial USA Inc.	33,359	1,022
	City Holding Co.	11,052	1,010
	Federal Agricultural Mortgage Corp. Class C	6,000	1,010
	Virtus Investment Partners Inc.	4,780	990
	Stewart Information Services Corp.	21,124	978
	Ladder Capital Corp.	89,071	976
	Lakeland Financial Corp.	18,449	962
	Provident Financial Services Inc.	57,956	955
	PennyMac Mortgage Investment Trust	69,914	938
	First Bancorp (XNGS)	31,415	931
	Franklin BSP Realty Trust Inc. REIT	65,861	931
	Horace Mann Educators Corp.	32,455	930
	National Bank Holdings Corp. Class A	29,249	922
	MFA Financial Inc. REIT	80,885	886
	Hope Bancorp Inc.	91,151	881
	S&T Bancorp Inc.	30,923	876

		Shares	Market Value• ($000)
^*	Encore Capital Group Inc.	18,360	860
	Live Oak Bancshares Inc.	26,436	855
	FB Financial Corp.	28,026	851
	TriCo Bancshares	24,538	843
	Employers Holdings Inc.	21,318	836
	First Busey Corp.	40,842	825
	Claros Mortgage Trust Inc.	72,470	825
	National Western Life Group Inc. Class A	1,790	814
^*	Customers Bancorp Inc.	22,637	795
	Veritex Holdings Inc.	41,656	784
	Safety Insurance Group Inc.	11,360	782
	OceanFirst Financial Corp.	46,072	777
	Stellar Bancorp Inc.	36,522	777
	Nicolet Bankshares Inc.	10,206	774
	Sandy Spring Bancorp Inc.	34,678	771
	ProAssurance Corp.	42,747	756
	ARMOUR Residential REIT Inc.	153,574	754
	PacWest Bancorp	94,366	750
	Argo Group International Holdings Ltd.	25,158	748
	Berkshire Hills Bancorp Inc.	34,915	730
^*	SiriusPoint Ltd.	65,709	727
	Redwood Trust Inc.	90,457	725
	Pathward Financial Inc.	14,491	714
	Origin Bancorp Inc.	23,160	711
^*	Oscar Health Inc. Class A	112,088	703
	BrightSpire Capital Inc.	100,891	702
	Southside Bancshares Inc.	23,287	701
	New York Mortgage Trust Inc.	73,391	699
	Ellington Financial Inc.	52,230	698
	Peoples Bancorp Inc.	26,667	687
	QCR Holdings Inc.	13,066	685
	First Bancshares Inc.	24,070	683
	Enact Holdings Inc.	23,797	682
	Lakeland Bancorp Inc.	49,448	668
	Brookline Bancorp Inc.	69,227	662
	Preferred Bank	10,610	659
	German American Bancorp Inc.	22,253	644
	BGC Group Inc. Class A	128,756	636
	Westamerica BanCorp	14,424	635
	Mercury General Corp.	21,526	616
^*	PRA Group Inc.	30,677	598
^*	LendingClub Corp.	85,144	593
	Dime Community Bancshares Inc.	27,845	593
	KKR Real Estate Finance Trust Inc.	47,103	589
	1st Source Corp.	13,150	588
	Eagle Bancorp Inc.	24,316	585
	Bank First Corp.	7,429	577
	Capitol Federal Financial Inc.	101,533	576
	Tompkins Financial Corp.	11,008	572
	ConnectOne Bancorp Inc.	29,459	563
	Dynex Capital Inc.	42,963	557
	Banc of California Inc.	43,492	545
	Premier Financial Corp.	28,097	529
	Banco Latinoamericano de Comercio Exterior SA Class E	21,734	513
	Artisan Partners Asset Management Inc. Class A	13,273	510
	Old Second Bancorp Inc.	34,556	500
	Heritage Financial Corp.	27,652	476
^*,1	Lemonade Inc.	33,805	465

Russell 2000 Value Index Fund

		Shares	Market Value• ($000)
^*	Ambac Financial Group Inc.	35,292	455
	Community Trust Bancorp Inc.	12,280	436
^*,1	Riot Platforms Inc.	38,438	436
	First Community Bankshares Inc.	13,963	432
	James River Group Holdings Ltd.	29,531	430
	First Mid Bancshares Inc.	15,315	428
	Hanmi Financial Corp.	24,346	422
	Mercantile Bank Corp.	12,549	419
	TrustCo Bank Corp. NY	14,711	419
	Univest Financial Corp.	23,183	417
	Byline Bancorp Inc.	19,350	410
	Heritage Commerce Corp.	47,336	410
	TPG RE Finance Trust Inc.	53,989	406
	Business First Bancshares Inc.	19,229	393
	F&G Annuities & Life Inc.	13,894	393
	Amerant Bancorp Inc.	20,677	388
	Horizon Bancorp Inc.	34,560	387
^*	CrossFirst Bankshares Inc.	35,685	384
	Invesco Mortgage Capital Inc. REIT	33,984	382
	AMERISAFE Inc.	7,324	379
	Midland States Bancorp Inc.	17,077	379
	Washington Trust Bancorp Inc.	13,552	379
	Farmers National Banc Corp.	29,574	376
	Camden National Corp.	11,436	375
^*	World Acceptance Corp.	2,728	368
	Peapack-Gladstone Financial Corp.	13,334	364
	Central Pacific Financial Corp.	21,333	362
	Great Southern Bancorp Inc.	7,168	362
	Merchants Bancorp	12,402	362
	Piper Sandler Cos.	2,428	362
	Northfield Bancorp Inc.	32,847	346
	Kearny Financial Corp.	46,077	341
	First Financial Corp.	9,185	337
	HarborOne Bancorp Inc.	33,777	337
¹	NewtekOne Inc.	18,330	328
	Cambridge Bancorp	6,123	326
	American National Bankshares Inc.	8,279	325
	United Fire Group Inc.	16,428	325
	Brightsphere Investment Group Inc.	15,651	324
	Flushing Financial Corp.	22,721	321
	First Foundation Inc.	40,009	314
	CNB Financial Corp.	16,744	305
	Republic Bancorp Inc. Class A	6,849	304
	Independent Bank Corp.	15,787	301
	Bar Harbor Bankshares	12,069	300
^*	MBIA Inc.	37,778	298
^*	Metropolitan Bank Holding Corp.	7,481	298
	Orchid Island Capital Inc.	30,758	295
	Equity Bancshares Inc. Class A	11,616	291
	Southern Missouri Bancorp Inc.	6,705	284
	SmartFinancial Inc.	12,384	282
	Alerus Financial Corp.	14,422	281
	Metrocity Bankshares Inc.	14,300	279
^*	Carter Bankshares Inc.	18,453	264
	Northeast Bank	6,126	260
	Shore Bancshares Inc.	23,330	258
	Amalgamated Financial Corp.	14,347	257

		Shares	Market Value• ($000)
	Mid Penn Bancorp Inc.	11,556	253
	South Plains Financial Inc.	9,632	253
	Tiptree Inc.	14,122	249
	MidWestOne Financial Group Inc.	11,569	247
	Bank of Marin Bancorp	12,807	241
	West BanCorp Inc.	12,946	240
	Peoples Financial Services Corp.	5,451	238
^*	Columbia Financial Inc.	13,670	235
	Burke & Herbert Financial Services Corp.	4,687	232
	Hingham Institution for Savings	1,161	231
	NexPoint Diversified Real Estate Trust	24,136	228
	First of Long Island Corp.	17,389	227
^*	Greenlight Capital Re Ltd. Class A	20,176	223
	Sierra Bancorp	11,079	220
	Citizens & Northern Corp.	12,090	218
	Financial Institutions Inc.	12,407	217
	Enterprise Bancorp Inc.	7,481	216
	HomeTrust Bancshares Inc.	9,471	216
	Civista Bancshares Inc.	12,648	215
	Summit Financial Group Inc.	8,730	215
	Granite Point Mortgage Trust Inc.	39,910	213
^*,1	Forge Global Holdings Inc.	86,431	212
	Capital City Bank Group Inc.	6,899	210
	Capstar Financial Holdings Inc.	16,050	210
	ACNB Corp.	6,509	207
	Arrow Financial Corp.	11,717	206
	Farmers & Merchants Bancorp Inc.	10,639	203
	HBT Financial Inc.	10,722	200
	Universal Insurance Holdings Inc.	15,466	196
	First Bank	16,977	194
	First Business Financial Services Inc.	6,141	194
	MVB Financial Corp.	8,251	194
	Chicago Atlantic Real Estate Finance Inc.	12,858	194
	First Bancorp Inc. (XNGS)	7,841	193
	Macatawa Bank Corp.	21,110	193
	Guaranty Bancshares Inc.	6,601	191
	RBB Bancorp	13,700	187
	Orange County Bancorp Inc.	4,020	187
	Home Bancorp Inc.	5,662	185
	Donegal Group Inc. Class A	12,334	180
	Northrim BanCorp Inc.	4,331	180
	Waterstone Financial Inc.	14,393	179
^*	Blue Foundry Bancorp	19,318	179
	Red River Bancshares Inc.	3,771	178
^*	Third Coast Bancshares Inc.	9,367	176
	Timberland Bancorp Inc.	6,142	174
	Fidelity D&D Bancorp Inc.	3,668	174
	Orrstown Financial Services Inc.	8,004	173
	John Marshall Bancorp Inc.	9,741	172
	AFC Gamma Inc.	12,808	170
^*	Southern First Bancshares Inc.	5,991	168
^*	Bridgewater Bancshares Inc.	15,996	167
	Northeast Community Bancorp Inc.	10,535	167

Russell 2000 Value Index Fund

		Shares	Market Value• ($000)
	BayCom Corp.	8,349	161
	Middlefield Banc Corp.	6,186	160
	Norwood Financial Corp.	5,805	157
	Codorus Valley Bancorp Inc.	7,541	153
^*	FVCBankcorp Inc.	12,547	153
^*	Ocwen Financial Corp.	5,048	153
	Citizens Financial Services Inc.	2,770	152
	Parke Bancorp Inc.	8,464	146
	Regional Management Corp.	5,305	146
	Penns Woods Bancorp Inc.	5,581	145
	Capital Bancorp Inc.	7,541	144
	Unity Bancorp Inc.	5,927	143
^*	Skyward Specialty Insurance Group Inc.	5,850	142
	Primis Financial Corp.	15,817	140
	C&F Financial Corp.	2,590	138
	PCB Bancorp	8,520	137
	Southern States Bancshares Inc.	5,905	135
	BCB Bancorp Inc.	11,778	134
	HomeStreet Inc.	14,138	134
	Colony Bankcorp Inc.	12,875	134
	Oak Valley Bancorp	5,300	133
	ChoiceOne Financial Services Inc.	5,494	132
	Plumas Bancorp	3,752	131
^*	Ponce Financial Group Inc.	16,086	129
^*	First Western Financial Inc.	6,257	127
	Ames National Corp.	7,042	126
	FS Bancorp Inc.	4,201	125
	Five Star Bancorp	5,733	125
	LCNB Corp.	8,321	124
	MainStreet Bancshares Inc.	5,479	124
	Virginia National Bankshares Corp.	3,716	123
^*	Maiden Holdings Ltd.	71,379	122
	Bankwell Financial Group Inc.	4,600	120
	National Bankshares Inc.	4,545	120
	Stock Yards Bancorp Inc.	2,621	120
^*	LendingTree Inc.	6,296	119
	Evans Bancorp Inc.	4,123	117
	Princeton Bancorp Inc.	4,000	117
^*	American Coastal Insurance Corp. Class C	15,424	116
	Central Valley Community Bancorp	7,857	115
	Investors Title Co.	776	112
	ESSA Bancorp Inc.	6,841	109
	Blue Ridge Bankshares Inc.	13,749	109
	Chemung Financial Corp.	2,755	108
	Nexpoint Real Estate Finance Inc.	6,306	108
	First Community Corp.	5,798	100
^*	eHealth Inc.	12,573	98
^*	Sterling Bancorp Inc.	16,581	98
	Sculptor Capital Management Inc.	8,403	98
^*	USCB Financial Holdings Inc.	8,222	90
^*,1	Bakkt Holdings Inc.	62,733	87
¹	Angel Oak Mortgage REIT Inc.	9,236	86
^*	Velocity Financial Inc.	6,814	84
^*	NI Holdings Inc.	6,446	82
^*	Pioneer Bancorp Inc.	9,131	82
^*	Security National Financial Corp. Class A	9,836	81
^*	Hippo Holdings Inc.	8,148	81

		Shares	Market Value• ($000)
	Greene County Bancorp Inc.	2,627	76
	Victory Capital Holdings Inc. Class A	2,139	74
^*	Avantax Inc.	3,467	73
	Luther Burbank Corp.	8,010	73
	Bank7 Corp.	2,768	70
^*	Consumer Portfolio Services Inc.	7,240	67
^*	Finance of America Cos. Inc. Class A	41,793	59
^*	Open Lending Corp. Class A	6,186	51
^*	GoHealth Inc. Class A	3,085	49
^*	SWK Holdings Corp.	3,014	47
	MarketWise Inc.	24,851	34
	Esquire Financial Holdings Inc.	622	29
	GCM Grosvenor Inc. Class A	3,508	27
^*,1	OppFi Inc.	6,514	17
	Value Line Inc.	50	3
			232,747
Health Care (8.8%)
^*	Neogen Corp.	172,105	3,979
^*	Reata Pharmaceuticals Inc. Class A	22,620	3,823
^*	Prestige Consumer Healthcare Inc.	39,346	2,295
^*	Intellia Therapeutics Inc.	59,828	2,242
^*	Integer Holdings Corp.	26,152	2,231
^*	LivaNova plc	40,122	2,229
	Patterson Cos. Inc.	54,553	1,639
^*	Veracyte Inc.	57,920	1,529
^*	NeoGenomics Inc.	91,969	1,382
^*	ImmunoGen Inc.	80,342	1,273
^*	Agios Pharmaceuticals Inc.	44,813	1,229
^*	Myriad Genetics Inc.	63,789	1,139
^*	Omnicell Inc.	17,997	1,023
^*	Pacific Biosciences of California Inc.	90,485	1,021
^*	Iovance Biotherapeutics Inc.	164,944	996
^*	Owens & Minor Inc.	58,759	993
^*	Twist Bioscience Corp.	44,665	982
^*	Recursion Pharmaceuticals Inc. Class A	107,994	940
^*	Pediatrix Medical Group Inc.	66,487	939
^*	Biohaven Ltd.	46,185	845
^*	Bridgebio Pharma Inc.	27,569	825
^*	Vir Biotechnology Inc.	63,074	799
^*	Avanos Medical Inc.	36,664	771
^*	Celldex Therapeutics Inc.	27,432	765
^*	Ligand Pharmaceuticals Inc.	11,342	746
	Embecta Corp.	40,553	743
^*	Relay Therapeutics Inc.	71,772	734
^*	MiMedx Group Inc.	90,400	671
^*	Replimune Group Inc.	32,395	662
	National HealthCare Corp.	9,924	654
^*	Quanterix Corp.	23,495	630
^*	Crinetics Pharmaceuticals Inc.	35,627	617
^*	Varex Imaging Corp.	30,794	606
^*	Arcus Biosciences Inc.	29,429	603
^*	Ironwood Pharmaceuticals Inc.	67,218	592
^*	Orthofix Medical Inc.	27,993	592
^*	OPKO Health Inc.	320,344	586
^*	Alphatec Holdings Inc.	35,729	584
^*	REGENXBIO Inc.	32,595	577
^*	Addus HomeCare Corp.	6,552	575
^*	Brookdale Senior Living Inc.	135,367	575

Russell 2000 Value Index Fund

		Shares	Market Value• ($000)
^*	EQRx Inc.	249,844	572
^*	Point Biopharma Global Inc.	71,145	566
^*	Innoviva Inc.	44,112	562
^*	Fulgent Genetics Inc.	16,271	533
^*	Kura Oncology Inc.	51,910	515
^*	Multiplan Corp.	301,231	515
^*	Verve Therapeutics Inc.	39,678	511
^*	Arcturus Therapeutics Holdings Inc.	16,734	508
^*	Enhabit Inc.	39,610	507
^*	Editas Medicine Inc.	54,367	484
^*,1	Theravance Biopharma Inc.	48,464	461
^*	AtriCure Inc.	10,169	459
^*	Xencor Inc.	20,684	455
^*	Ideaya Biosciences Inc.	15,162	445
^*	Artivion Inc.	26,248	444
^*	Kiniksa Pharmaceuticals Ltd. Class A	24,670	425
^*	OmniAb Inc.	72,954	423
^*	PTC Therapeutics Inc.	10,661	421
^*	Avidity Biosciences Inc.	55,242	418
^*	Amneal Pharmaceuticals Inc.	95,870	392
^*	CareDx Inc.	40,938	381
^*	OraSure Technologies Inc.	58,302	377
^*	Deciphera Pharmaceuticals Inc.	26,656	374
^*	Nevro Corp.	18,415	369
^*	4D Molecular Therapeutics Inc.	22,582	368
^*	Sana Biotechnology Inc.	67,421	361
^*	AdaptHealth Corp.	28,402	339
^*	Community Health Systems Inc.	98,192	332
^*	NextGen Healthcare Inc.	18,114	330
^*	Lyell Immunopharma Inc.	135,535	324
^*	Tarsus Pharmaceuticals Inc.	18,436	323
^*	Agenus Inc.	228,485	315
^*	Bluebird Bio Inc.	83,587	315
^*	Protagonist Therapeutics Inc.	15,788	313
^*	Nurix Therapeutics Inc.	36,593	311
^*,1	ProKidney Corp.	36,112	310
^*	LifeStance Health Group Inc.	37,690	309
^*	Zymeworks Inc.	41,981	304
^*	Cogent Biosciences Inc.	24,533	300
^*	ADMA Biologics Inc.	77,233	297
^*,1	Enliven Therapeutics Inc.	18,362	287
^*	ORIC Pharmaceuticals Inc.	30,696	275
^*	American Well Corp. Class A	191,608	272
^*	Dyne Therapeutics Inc.	23,592	269
^*,1	Nano-X Imaging Ltd.	31,992	266
^*	Caribou Biosciences Inc.	44,403	262
^*	SomaLogic Inc.	118,087	261
^*	BioCryst Pharmaceuticals Inc.	36,346	258
^*	Taro Pharmaceutical Industries Ltd.	6,434	255
^*	Allogene Therapeutics Inc.	64,177	250
^*,1	Entrada Therapeutics Inc.	16,833	248
^*	Ardelyx Inc.	57,801	246
^*	Zimvie Inc.	20,734	245
^*	Vera Therapeutics Inc.	13,765	244
^*	AngioDynamics Inc.	29,478	237
^*	Castle Biosciences Inc.	11,880	237
	HealthStream Inc.	11,229	236
^*	Dynavax Technologies Corp.	16,312	234
^*	iTeos Therapeutics Inc.	19,360	234
^*	MaxCyte Inc.	63,417	232
^*	Health Catalyst Inc.	19,758	231

		Shares	Market Value• ($000)
^*	Geron Corp. (XNGS)	94,847	230
^*	Vanda Pharmaceuticals Inc.	44,117	229
^*	Assertio Holdings Inc.	69,622	228
^*	Tango Therapeutics Inc.	34,847	226
^*	23andMe Holding Co. Class A	203,495	224
^*	Aura Biosciences Inc.	21,602	224
^*	Sutro Biopharma Inc.	47,003	223
^*	PMV Pharmaceuticals Inc.	30,122	217
^*,1	Sharecare Inc.	228,551	217
^*	Olema Pharmaceuticals Inc.	21,117	214
^*	KalVista Pharmaceuticals Inc.	19,239	209
^*	Edgewise Therapeutics Inc.	33,444	209
^*	Phathom Pharmaceuticals Inc.	14,404	207
^*	Anika Therapeutics Inc.	11,429	204
^*	2seventy bio Inc.	39,296	204
^*	Savara Inc.	56,193	203
^*	Enanta Pharmaceuticals Inc.	13,633	202
^*	WaVe Life Sciences Ltd.	46,503	202
^*	Atea Pharmaceuticals Inc.	59,837	201
^*	Inhibrx Inc.	9,128	195
^*	Cytokinetics Inc.	5,523	193
^*,1	Butterfly Network Inc.	109,019	193
^*	Cullinan Oncology Inc.	18,582	192
^*	Surgery Partners Inc.	5,273	191
^*	Inari Medical Inc.	2,835	189
^*	Nuvation Bio Inc.	114,992	189
^*	Precigen Inc.	106,147	186
^*	Emergent BioSolutions Inc.	39,514	185
^*	MannKind Corp.	39,713	183
^*,1	Quantum-Si Inc.	78,397	183
^*	Computer Programs and Systems Inc.	11,157	182
^*	HilleVax Inc.	12,782	171
^*	Generation Bio Co.	35,344	169
^*	Icosavax Inc.	21,683	168
^*	Fate Therapeutics Inc.	66,646	167
^*	Erasca Inc.	63,047	163
	Phibro Animal Health Corp. Class A	11,455	160
^*	ANI Pharmaceuticals Inc.	2,461	158
^*	Ovid therapeutics Inc.	46,901	158
^*	Adaptive Biotechnologies Corp.	23,254	157
^*	Syndax Pharmaceuticals Inc.	8,401	156
^*	MacroGenics Inc.	33,123	154
^*	Allakos Inc.	52,290	151
^*	Morphic Holding Inc.	2,733	151
^*	Compass Therapeutics Inc.	64,537	150
¹	Carisma Therapeutics Inc.	20,967	145
^*	Alpine Immune Sciences Inc.	11,599	143
^*	Monte Rosa Therapeutics Inc.	23,819	140
^*	Scholar Rock Holding Corp.	22,310	139
^*	Beam Therapeutics Inc.	5,989	139
^*	Janux Therapeutics Inc.	12,650	139
^*	Eagle Pharmaceuticals Inc.	8,135	138
^*	Zevra Therapeutics Inc.	27,280	138
^*	Tenaya Therapeutics Inc.	35,760	138
^*	Organogenesis Holdings Inc.	48,782	137
^*	Cutera Inc.	11,478	131
^*	CareMax Inc.	58,779	131
^*	Inozyme Pharma Inc.	26,625	130
^*	Celcuity Inc.	13,560	129
^*,2	Scilex Holding Co. (Acquired 1/6/23, Cost $525)	50,101	129
^*,1	Rallybio Corp.	24,022	128
^*	Viridian Therapeutics Inc.	7,015	127

Russell 2000 Value Index Fund

		Shares	Market Value• ($000)
^*	Nautilus Biotechnology Inc.	39,435	127
^*	Gritstone bio Inc.	69,022	126
^*	908 Devices Inc.	17,525	126
^*	Sangamo Therapeutics Inc.	129,067	125
^*	Stoke Therapeutics Inc.	21,570	121
^*	Seer Inc.	45,814	121
^*	Inogen Inc.	18,210	113
^*	Poseida Therapeutics Inc.	53,446	112
^*	Rapt Therapeutics Inc.	5,636	108
^*	Tyra Biosciences Inc.	6,980	106
^*	ARS Pharmaceuticals Inc.	14,855	105
^*	Mineralys Therapeutics Inc.	8,126	104
^*	Allovir Inc.	32,787	103
^*,1	Novavax Inc.	12,454	100
^*	Annexon Inc.	35,893	99
^*,1	Omeros Corp.	28,344	98
^*	Altimmune Inc.	38,875	98
^*	Atara Biotherapeutics Inc.	66,587	97
^*	Cara Therapeutics Inc.	36,507	94
^*	EyePoint Pharmaceuticals Inc.	9,352	93
^*	Third Harmonic Bio Inc.	15,278	93
^*	Seres Therapeutics Inc.	25,546	88
^*	Fennec Pharmaceuticals Inc.	10,615	87
^*	BioAtla Inc.	34,785	87
^*	Protalix BioTherapeutics Inc.	44,183	84
^*	Selecta Biosciences Inc.	67,660	83
^*	Kezar Life Sciences Inc.	55,826	83
^*	XOMA Corp.	5,749	81
^*	Codexis Inc.	45,791	80
^*	Aadi Bioscience Inc.	12,748	80
^*	Acrivon Therapeutics Inc.	6,813	80
^*	Rocket Pharmaceuticals Inc.	5,051	79
^*,1	Citius Pharmaceuticals Inc.	86,129	79
^*	Y-mAbs Therapeutics Inc.	15,397	78
^*	Ikena Oncology Inc.	16,718	78
^*	IGM Biosciences Inc.	10,687	76
^*	Vigil Neuroscience Inc.	12,645	76
^*	Arbutus Biopharma Corp.	36,795	75
^*	Larimar Therapeutics Inc.	20,173	75
^*	Liquidia Corp.	10,876	75
^*	Travere Therapeutics Inc.	5,159	74
^*	Vor BioPharma Inc.	29,634	74
^*	ALX Oncology Holdings Inc.	16,894	72
^*	Trevi Therapeutics Inc.	32,735	72
^*	FibroGen Inc.	71,454	69
^*	Lexicon Pharmaceuticals Inc.	39,855	69
^*	Arvinas Inc.	2,405	68
^*	Sage Therapeutics Inc.	3,360	67
^*	PetIQ Inc.	3,483	66
^*	NGM Biopharmaceuticals Inc.	34,175	65
^*	Design Therapeutics Inc.	25,590	63
^*	X4 Pharmaceuticals Inc.	48,408	62
^*	Terns Pharmaceuticals Inc.	11,454	60
^*	Coherus Biosciences Inc.	11,003	59
^*	Kodiak Sciences Inc.	25,318	56
^*	OrthoPediatrics Corp.	1,473	56
^*,1	Cano Health Inc.	173,816	54
^*	AnaptysBio Inc.	2,589	51
^*	Thorne HealthTech Inc.	5,002	51
^*	UroGen Pharma Ltd.	2,799	49
^*	Graphite Bio Inc.	22,043	49
^*	Theseus Pharmaceuticals Inc.	15,673	49
^*	Adicet Bio Inc.	23,729	47
^*	Longboard Pharmaceuticals Inc.	8,029	47
^*,1	Pulse Biosciences Inc.	9,456	45
^*	Century Therapeutics Inc.	17,627	44

		Shares	Market Value• ($000)
^*	Aveanna Healthcare Holdings Inc.	30,106	43
^*	Day One Biopharmaceuticals Inc.	3,217	43
^*	MeiraGTx Holdings plc	6,600	42
^*	Nkarta Inc.	23,585	41
^*,1	Zura Bio Ltd.	5,959	41
^*	Accolade Inc.	2,924	39
^*	Genelux Corp.	1,623	39
^*	PepGen Inc.	5,965	38
^*	Mersana Therapeutics Inc.	30,263	34
^*	Immuneering Corp. Class A	3,768	34
	Healthcare Services Group Inc.	2,765	32
^*	Cabaletta Bio Inc.	2,195	31
^*,1	Ocean Biomedical Inc.	6,827	31
^*	BioLife Solutions Inc.	2,201	29
^*	Prelude Therapeutics Inc.	7,794	29
^*	Biote Corp. Class A	5,937	29
^*	Rigel Pharmaceuticals Inc.	24,503	28
^*	Agiliti Inc.	2,931	28
^*	Vicarious Surgical Inc.	29,095	27
^*,1	Invitae Corp.	26,698	25
^*	ImmunityBio Inc.	14,864	24
^*	Humacyte Inc.	6,114	23
^*	Astria Therapeutics Inc.	2,452	22
	Utah Medical Products Inc.	232	21
^*	ClearPoint Neuro Inc.	3,579	21
^*	Disc Medicine Inc.	392	21
^*	CVRx Inc.	1,117	19
^*	NanoString Technologies Inc.	7,174	18
^*	Reneo Pharmaceuticals Inc.	2,649	16
^*,1	Heron Therapeutics Inc.	8,114	13
^*	Accuray Inc.	3,836	11
^*	Rain Oncology Inc.	10,022	11
^*	CorMedix Inc.	2,520	10
^*	AirSculpt Technologies Inc.	1,326	10
^*	Beyond Air Inc.	2,595	8
^*	Actinium Pharmaceuticals Inc.	1,159	7
^*	Sagimet Biosciences Inc. Class A	317	4
^*	Apogee Therapeutics Inc.	166	4
^*	Turnstone Biologics Corp.	287	3
^*,3	PDL BioPharma Inc.	270	1
^*,3	OmniAb Inc. 12.5 Earnout	4,268	—
^*,3	OmniAb Inc. 15 Earnout	4,268	—
^*	ATI Physical Therapy Inc.	1	—
			85,332
Industrials (14.7%)
^*	Summit Materials Inc. Class A	94,517	3,536
	GATX Corp.	26,345	3,112
	Triton International Ltd.	36,624	3,073
^*	Beacon Roofing Supply Inc.	38,195	3,050
	Zurn Elkay Water Solutions Corp.	93,618	2,773
	Matson Inc.	28,162	2,475
^*	Alight Inc. Class A	313,898	2,398
	ABM Industries Inc.	52,306	2,376
^*	Chart Industries Inc.	12,899	2,329
^*	ASGN Inc.	28,059	2,305
	EnPro Industries Inc.	16,607	2,265
^*	Itron Inc.	32,520	2,225
	Encore Wire Corp.	13,250	2,184
	Korn Ferry	41,245	2,103
	Scorpio Tankers Inc.	41,622	2,102

Russell 2000 Value Index Fund

		Shares	Market Value• ($000)
	UniFirst Corp.	11,869	2,090
	Moog Inc. Class A	17,917	2,081
^*	Knife River Corp.	40,276	2,073
^*	Marqeta Inc. Class A	336,870	2,072
^*	Hub Group Inc. Class A	25,929	2,024
^*	Resideo Technologies Inc.	115,802	1,952
	Werner Enterprises Inc.	42,758	1,779
	Veritiv Corp.	10,369	1,745
	Kennametal Inc.	63,925	1,692
^*	AAR Corp.	27,415	1,689
^*	Kratos Defense & Security Solutions Inc.	99,316	1,598
^*	GMS Inc.	22,381	1,552
^*	API Group Corp.	54,136	1,524
	Barnes Group Inc.	38,662	1,519
	Bread Financial Holdings Inc.	39,975	1,502
	Greif Inc. Class A	19,269	1,399
	Primoris Services Corp.	39,182	1,386
	International Seaways Inc.	32,185	1,383
^*	Mirion Technologies Inc.	159,425	1,361
	Textainer Group Holdings Ltd.	34,275	1,358
	Terex Corp.	22,351	1,355
^*	Masterbrand Inc.	102,845	1,317
	Trinity Industries Inc.	52,394	1,314
	Otter Tail Corp.	15,360	1,265
	Patrick Industries Inc.	14,880	1,245
	Granite Construction Inc.	30,117	1,244
^*	Hillman Solutions Corp.	136,818	1,238
	ArcBest Corp.	11,534	1,218
	Belden Inc.	12,750	1,197
^*	StoneCo. Ltd. Class A	90,318	1,107
^*	Joby Aviation Inc.	147,957	1,102
	Greenbrier Cos. Inc.	24,897	1,060
	SFL Corp. Ltd.	90,929	1,028
^*	JELD-WEN Holding Inc.	67,514	1,018
	Astec Industries Inc.	18,339	1,005
	DHT Holdings Inc.	108,196	1,001
^*	CoreCivic Inc.	89,817	966
	AZZ Inc.	19,602	962
^*	Air Transport Services Group Inc.	44,593	961
^*	American Woodmark Corp.	12,317	957
	ESCO Technologies Inc.	8,533	913
	TriMas Corp.	32,786	859
^*,1	Archer Aviation Inc. Class A	121,191	845
	Columbus McKinnon Corp.	22,315	841
^*	Gibraltar Industries Inc.	10,734	805
	Teekay Tankers Ltd. Class A	18,914	769
^*	Aurora Innovation Inc.	239,218	758
	Quanex Building Products Corp.	26,668	720
¹	Golden Ocean Group Ltd.	97,457	712
	Deluxe Corp.	34,532	698
^*	Modine Manufacturing Co.	14,533	692
^*	Thermon Group Holdings Inc.	23,498	646
	Nordic American Tankers Ltd.	162,685	636
^*,1	PureCycle Technologies Inc.	71,076	635
^*	BlueLinx Holdings Inc.	6,949	620
^*	Proto Labs Inc.	20,973	619
	Powell Industries Inc.	7,303	613
^*	Repay Holdings Corp.	64,967	599
^*	Cross Country Healthcare Inc.	23,002	593
	Griffon Corp.	14,058	589
	Tennant Co.	6,949	573
	Heartland Express Inc.	37,221	562
^*,1	Nikola Corp.	466,873	551
	First Advantage Corp.	39,490	551

		Shares	Market Value• ($000)
^*	PagSeguro Digital Ltd. Class A	61,105	549
^*	Green Dot Corp. Class A	36,931	548
	Apogee Enterprises Inc.	10,764	543
^*	Titan International Inc.	41,254	519
	Insteel Industries Inc.	14,752	513
^*	Titan Machinery Inc.	16,421	509
	Kaman Corp.	22,489	504
^*	Evolv Technologies Holdings Inc.	71,857	502
	Kelly Services Inc. Class A	26,309	486
^*	SPX Technologies Inc.	6,155	486
	VSE Corp.	8,547	485
^*	Manitowoc Co. Inc.	28,131	476
¹	Eagle Bulk Shipping Inc.	10,875	476
^*	Triumph Group Inc.	50,344	474
^*	Great Lakes Dredge & Dock Corp.	52,684	465
^*	V2X Inc.	9,188	462
	Genco Shipping & Trading Ltd.	33,605	459
	Gorman-Rupp Co.	14,227	457
	Ennis Inc.	20,336	433
	Argan Inc.	10,134	430
^*	Conduent Inc.	134,432	422
^*	DXP Enterprises Inc.	11,549	411
	Heidrick & Struggles International Inc.	15,497	411
	Ardmore Shipping Corp.	32,808	408
	Costamare Inc.	38,764	400
^*	Ducommun Inc.	8,784	399
^*	Desktop Metal Inc. Class A	219,136	394
	Resources Connection Inc.	25,337	393
^*	Cimpress plc	6,087	393
^*	TrueBlue Inc.	23,752	359
^*	Astronics Corp.	20,309	356
^*	O-I Glass Inc.	17,944	356
^*	Vishay Precision Group Inc.	9,678	349
^*	Hudson Technologies Inc.	28,893	348
^*	Teekay Corp.	53,556	343
^*	Paysafe Ltd.	26,015	341
	Covenant Logistics Group Inc.	6,836	336
	REV Group Inc.	24,716	336
	Miller Industries Inc.	8,357	334
	HB Fuller Co.	4,556	330
	Greif Inc. Class B	4,397	328
^*	CECO Environmental Corp.	23,349	322
	National Presto Industries Inc.	4,034	302
^*	ACI Worldwide Inc.	12,212	297
^*	Aersale Corp.	19,998	296
^*	Tutor Perini Corp.	33,164	295
	Trinseo plc	27,333	288
	Albany International Corp. Class A	3,084	286
^*	Blue Bird Corp.	12,798	280
^*	Donnelley Financial Solutions Inc.	5,579	275
	Dorian LPG Ltd.	10,580	273
	FTAI Infrastructure Inc.	77,833	271
^*	Fluor Corp.	7,678	269
	Standex International Corp.	1,749	269
^*	BrightView Holdings Inc.	32,303	267
	Luxfer Holdings plc	21,488	259
	Pactiv Evergreen Inc.	31,265	257
^*	Aspen Aerogels Inc.	40,183	245
^*	Sterling Check Corp.	17,398	243
^*	Sterling Infrastructure Inc.	2,918	241
	Flex LNG Ltd.	7,793	236

Russell 2000 Value Index Fund

		Shares	Market Value• ($000)
^*	Willdan Group Inc.	9,570	231
	EnerSys	2,193	230
^*	FARO Technologies Inc.	14,498	230
^*	Babcock & Wilcox Enterprises Inc.	41,946	220
^*	RXO Inc.	12,159	220
^*	Virgin Galactic Holdings Inc.	86,332	218
^*	Ranpak Holdings Corp.	33,864	214
^*	Limbach Holdings Inc.	5,915	214
	Park Aerospace Corp.	15,353	209
	Eneti Inc.	19,288	209
^*	Commercial Vehicle Group Inc.	22,459	207
^*	Overseas Shipholding Group Inc. Class A	45,410	200
^*	Radiant Logistics Inc.	28,904	195
	Marten Transport Ltd.	9,096	191
^*	Advantage Solutions Inc.	67,872	190
^*	CS Disco Inc.	19,217	183
^*,1	Microvast Holdings Inc.	82,283	183
	Preformed Line Products Co.	1,047	177
	Safe Bulkers Inc.	55,194	177
^*	TuSimple Holdings Inc. Class A	130,113	163
	Pangaea Logistics Solutions Ltd.	28,657	162
^*	Core Molding Technologies Inc.	5,649	153
	Kronos Worldwide Inc.	17,361	146
^*,1	Blade Air Mobility Inc.	45,714	146
	Universal Logistics Holdings Inc.	5,329	145
^*	Hyliion Holdings Corp.	115,318	141
^*,1	Danimer Scientific Inc.	68,507	134
^*	DHI Group Inc.	34,200	129
^*	BlackSky Technology Inc.	92,952	126
	Park-Ohio Holdings Corp.	6,602	124
^*	Quad/Graphics Inc.	24,268	124
^*,1	Tingo Group Inc.	96,069	124
^*	Hireright Holdings Corp.	11,792	123
^*	Atlanticus Holdings Corp.	3,435	120
^*	Gencor Industries Inc.	8,296	118
^*	Acacia Research Corp.	29,882	114
^*	Cantaloupe Inc.	14,392	114
^*	NV5 Global Inc.	1,075	109
	Chase Corp.	855	108
^*	AvidXchange Holdings Inc.	9,901	102
^*,1	Workhorse Group Inc.	123,805	98
^*	PAM Transportation Services Inc.	4,232	98
^*	Willis Lease Finance Corp.	2,234	95
^*	Mayville Engineering Co. Inc.	7,918	93
^*	CIRCOR International Inc.	1,608	90
^*,1	Himalaya Shipping Ltd.	17,787	88
^*	Mistras Group Inc.	16,385	87
^*	Skillsoft Corp.	62,539	82
	LSI Industries Inc.	4,984	79
^*	Terran Orbital Corp.	62,019	76
^*	Iteris Inc.	15,417	71
^*	CryoPort Inc.	4,803	68
	Information Services Group Inc.	12,576	65
^*	Concrete Pumping Holdings Inc.	8,381	64
^*	INNOVATE Corp.	29,686	48
	Cass Information Systems Inc.	1,231	47
	Barrett Business Services Inc.	394	38

		Shares	Market Value• ($000)
^*	Performant Financial Corp.	13,336	31
^*	Eos Energy Enterprises Inc.	8,455	27
^*,1	Southland Holdings Inc.	2,809	19
^*	Distribution Solutions Group Inc.	343	18
^*	EVI Industries Inc.	621	16
^*,1	CompoSecure Inc.	1,627	10
^*	Atmus Filtration Technologies Inc.	334	8
			142,077
Other (0.0%)⁴
^*,3	Aduro Biotech Inc. CVR	724	—
Real Estate (10.8%)
	Terreno Realty Corp.	64,706	3,940
	Kite Realty Group Trust	172,679	3,897
	Independence Realty Trust Inc.	178,661	3,007
	PotlatchDeltic Corp.	62,580	2,958
	Physicians Realty Trust	188,516	2,622
	Phillips Edison & Co. Inc.	77,347	2,619
	Apple Hospitality REIT Inc.	170,258	2,557
	Essential Properties Realty Trust Inc.	104,756	2,516
	Broadstone Net Lease Inc.	148,452	2,401
	Corporate Office Properties Trust	89,016	2,304
	Sabra Health Care REIT Inc.	182,950	2,292
	LXP Industrial Trust	229,195	2,251
¹	SL Green Realty Corp.	52,580	2,064
	SITE Centers Corp.	150,854	2,014
	Macerich Co.	171,034	1,999
	Innovative Industrial Properties Inc.	22,100	1,929
	Douglas Emmett Inc.	134,673	1,841
	Hannon Armstrong Sustainable Infrastructure Capital Inc.	75,464	1,688
^*	Opendoor Technologies Inc.	410,955	1,603
	Equity Commonwealth	83,343	1,586
	Four Corners Property Trust Inc.	61,040	1,536
	DigitalBridge Group Inc.	87,890	1,531
	National Health Investors Inc.	29,886	1,528
	Kennedy-Wilson Holdings Inc.	94,520	1,510
	Urban Edge Properties	90,526	1,481
	Sunstone Hotel Investors Inc.	164,602	1,478
	CareTrust REIT Inc.	72,069	1,452
	JBG SMITH Properties	89,215	1,399
	Pebblebrook Hotel Trust	96,415	1,395
	DiamondRock Hospitality Co.	165,946	1,338
	Retail Opportunity Investments Corp.	96,935	1,305
	InvenTrust Properties Corp.	53,711	1,284
	RLJ Lodging Trust	125,897	1,258
^*	Cushman & Wakefield plc	130,711	1,201
^*	Veris Residential Inc.	62,637	1,166
	Acadia Realty Trust	73,822	1,099
	Service Properties Trust	130,156	1,075
	Getty Realty Corp.	35,541	1,067
	Elme Communities	69,315	1,066
	LTC Properties Inc.	32,351	1,063
	Xenia Hotels & Resorts Inc.	88,206	1,041
	Alexander & Baldwin Inc.	57,223	1,031
	Uniti Group Inc.	188,699	1,013
^*	Radius Global Infrastructure Inc. Class A (XNMS)	67,011	1,000

Russell 2000 Value Index Fund

		Shares	Market Value• ($000)
	Tanger Factory Outlet Centers Inc.	42,792	995
	Easterly Government Properties Inc.	73,024	976
	Global Net Lease Inc.	82,585	937
	Empire State Realty Trust Inc. Class A	104,374	911
	Apartment Investment and Management Co. Class A	117,549	895
	American Assets Trust Inc.	38,583	826
	NETSTREIT Corp.	48,493	821
	Necessity Retail REIT Inc.	106,872	802
	Plymouth Industrial REIT Inc.	34,093	781
	Centerspace	11,966	775
	RPT Realty	68,142	773
	Paramount Group Inc.	149,292	767
	Newmark Group Inc. Class A	106,827	757
	Hudson Pacific Properties Inc.	108,695	740
	Outfront Media Inc.	61,899	703
^*	GEO Group Inc.	94,388	683
	Brandywine Realty Trust	135,220	676
	Piedmont Office Realty Trust Inc. Class A	97,974	673
	Armada Hoffler Properties Inc.	53,470	609
	UMH Properties Inc.	35,794	535
	Diversified Healthcare Trust	190,207	516
^*	Anywhere Real Estate Inc.	78,124	513
	Safehold Inc.	23,309	496
	Summit Hotel Properties Inc.	83,599	486
	Global Medical REIT Inc.	48,921	474
	NexPoint Residential Trust Inc.	12,497	469
¹	Farmland Partners Inc.	40,384	448
¹	Peakstone Realty Trust	21,884	430
	Gladstone Land Corp.	26,898	423
	Ares Commercial Real Estate Corp.	40,613	420
^*	Forestar Group Inc.	14,347	409
	Marcus & Millichap Inc.	11,704	390
	Chatham Lodging Trust	38,943	381
	Whitestone REIT	38,020	380
	Gladstone Commercial Corp.	27,091	356
	CTO Realty Growth Inc.	17,704	312
^*	FRP Holdings Inc.	5,322	303
	Office Properties Income Trust	37,609	278
^*	Tejon Ranch Co.	16,359	273
	Orion Office REIT Inc.	44,649	260
	One Liberty Properties Inc.	13,172	259
	Hersha Hospitality Trust Class A	24,462	240
	RE/MAX Holdings Inc. Class A	13,644	221
	Community Healthcare Trust Inc.	6,612	219
	Postal Realty Trust Inc. Class A	14,693	212
	Alpine Income Property Trust Inc.	10,238	178
	BRT Apartments Corp.	9,309	174
	Douglas Elliman Inc.	63,323	159
	City Office REIT Inc.	30,455	154
	Braemar Hotels & Resorts Inc.	51,241	139
^*	Star Holdings	10,124	138
	Stratus Properties Inc.	4,395	121
^*	Compass Inc. Class A	33,599	121

		Shares	Market Value• ($000)
	CBL & Associates Properties Inc.	5,600	120
	RMR Group Inc. Class A	3,596	91
^*	Transcontinental Realty Investors Inc.	1,482	51
	Saul Centers Inc.	741	28
^*	American Realty Investors Inc.	1,103	22
^*	Maui Land & Pineapple Co. Inc.	677	9
	Clipper Realty Inc.	1,310	8
			104,721
Technology (5.7%)
	Vishay Intertechnology Inc.	101,915	2,797
^*	Synaptics Inc.	28,698	2,512
^*	Sanmina Corp.	43,181	2,405
	Amkor Technology Inc.	80,976	2,264
^*	Ziff Davis Inc.	28,626	1,908
^*	IonQ Inc.	106,913	1,838
^*	LiveRamp Holdings Inc.	50,547	1,635
^*	NetScout Systems Inc.	53,988	1,546
	Xerox Holdings Corp.	90,704	1,441
^*	Cohu Inc.	36,879	1,379
^*	Bumble Inc. Class A	80,351	1,348
^*	Semtech Corp.	50,912	1,331
^*	ePlus Inc.	19,875	1,319
^*	Ultra Clean Holdings Inc.	35,245	1,239
^*	TTM Technologies Inc.	80,737	1,203
^*	Veeco Instruments Inc.	40,290	1,176
^*	Photronics Inc.	48,391	1,150
^*	Veradigm Inc.	85,812	1,148
^*	Parsons Corp.	17,733	1,011
	Methode Electronics Inc.	27,926	901
^*	PAR Technology Corp.	19,683	856
^*	Cerence Inc.	32,046	836
^*	Ichor Holdings Ltd.	22,710	832
^*	E2open Parent Holdings Inc.	159,830	772
^*	SMART Global Holdings Inc.	29,770	769
^*	Onto Innovation Inc.	5,513	766
^*	Squarespace Inc. Class A	24,349	734
	Benchmark Electronics Inc.	28,020	721
^*	Ambarella Inc.	11,145	693
	Kulicke & Soffa Industries Inc.	13,014	673
^*	ScanSource Inc.	20,008	656
^*	3D Systems Corp.	101,912	643
^*	Diodes Inc.	7,702	630
^*	Navitas Semiconductor Corp.	67,617	597
^*	Alpha & Omega Semiconductor Ltd.	18,215	575
^*	ACM Research Inc. Class A	32,203	566
^*	Matterport Inc.	197,031	528
^*	Rogers Corp.	3,637	526
^*	Digital Turbine Inc.	56,860	507
^*	Magnite Inc.	60,333	498
^*	SmartRent Inc.	144,972	493
	PC Connection Inc.	9,125	485
^*,1	Xometry Inc. Class A	23,687	451
^*	Kimball Electronics Inc.	14,250	430
^*	SolarWinds Corp.	39,835	424
^*	Vimeo Inc.	104,269	415
^*	nLight Inc.	34,437	393
^*	PubMatic Inc. Class A	27,882	388
^*	Fastly Inc. Class A	15,056	358
^*	PROS Holdings Inc.	9,876	354
^*,1	C3.ai Inc. Class A	10,885	338
^*	Cleanspark Inc.	52,332	258
^*	Daktronics Inc.	30,730	257

Russell 2000 Value Index Fund

		Shares	Market Value• ($000)
	Ebix Inc.	15,305	256
^*	Plexus Corp.	2,463	250
^*	Definitive Healthcare Corp.	23,645	222
^*	Olo Inc. Class A	34,110	220
^*	Consensus Cloud Solutions Inc.	6,745	215
^*	Avid Technology Inc.	7,906	211
^*	Unisys Corp.	52,202	210
^*	Bandwidth Inc. Class A	14,059	202
	ON24 Inc.	25,501	175
	Immersion Corp.	24,627	173
^*	TrueCar Inc.	68,850	165
^*	Rackspace Technology Inc.	62,338	156
^*	Asure Software Inc.	12,227	153
^*	CommVault Systems Inc.	2,142	146
^*	Brightcove Inc.	33,894	131
^*	Verint Systems Inc.	4,004	130
	Richardson Electronics Ltd.	9,411	118
^*	MeridianLink Inc.	6,646	118
^*,1	Bit Digital Inc.	47,726	112
^*	Tucows Inc. Class A	4,683	111
	Adeia Inc.	10,665	107
^*	Nextdoor Holdings Inc.	46,089	100
^*	Vivid Seats Inc. Class A	13,737	100
^*	Grid Dynamics Holdings Inc.	8,464	98
^*,1	Cipher Mining Inc.	30,506	97
^*	FiscalNote Holdings Inc.	39,031	86
^*	Terawulf Inc.	39,950	84
^*	N-Able Inc.	5,473	73
^*	Intevac Inc.	20,086	70
	American Software Inc. Class A	5,226	60
^*	Eventbrite Inc. Class A	5,774	59
^*	Aeva Technologies Inc.	61,968	58
^*	CEVA Inc.	2,250	52
^*	Planet Labs PBC	14,874	48
^*	indie Semiconductor Inc. Class A	7,044	47
^*	EverCommerce Inc.	3,904	41
	NVE Corp.	436	39
	Hackett Group Inc.	1,568	37
^*	System1 Inc.	19,465	35
^*	Atomera Inc.	4,778	30
^*	OneSpan Inc.	2,229	27
^*	Mediaalpha Inc. Class A	2,948	25
^*	Mitek Systems Inc.	1,604	18
^*	NextNav Inc.	3,523	15
^*	EverQuote Inc. Class A	1,433	9
			54,862
Telecommunications (1.2%)
	Telephone and Data Systems Inc.	78,417	1,685
^*	Lumen Technologies Inc.	798,699	1,270
^*	Liberty Latin America Ltd. Class C	115,309	1,033
	Cogent Communications Holdings Inc.	12,693	896
	Shenandoah Telecommunications Co.	38,439	874
^*	Gogo Inc.	47,936	544
	Adtran Holdings Inc.	61,370	525
^*	EchoStar Corp. Class A	26,762	465
	Bel Fuse Inc. Class B	7,607	398
^*	Xperi Inc.	32,980	389
^*,1	fuboTV Inc.	159,029	372
^*	WideOpenWest Inc.	40,313	327
^*	Viavi Solutions Inc.	30,837	322

		Shares	Market Value• ($000)
	ATN International Inc.	8,603	309
^*	Aviat Networks Inc.	8,654	305
^*	NETGEAR Inc.	22,339	294
^*	Liberty Latin America Ltd. Class A	28,236	253
	Comtech Telecommunications Corp.	21,334	214
^*	Ribbon Communications Inc.	71,267	211
^*	Consolidated Communications Holdings Inc.	51,460	203
	Spok Holdings Inc.	13,988	199
^*	Digi International Inc.	2,979	100
^*	Globalstar Inc.	67,867	98
^*	KVH Industries Inc.	14,786	78
^*	IDT Corp. Class B	2,833	66
^*	Anterix Inc.	1,261	42
^*	DZS Inc.	17,143	40
			11,512
Utilities (4.1%)
	Portland General Electric Co.	76,819	3,369
	ONE Gas Inc.	43,724	3,169
	Southwest Gas Holdings Inc.	48,804	3,022
	Black Hills Corp.	52,738	2,901
¹	Brookfield Infrastructure Corp. Class A (XTSE)	70,299	2,731
	PNM Resources Inc.	60,471	2,680
	ALLETE Inc.	45,799	2,514
	NorthWestern Corp.	47,241	2,381
	Spire Inc.	40,666	2,375
	Avista Corp.	59,709	1,988
	SJW Group	24,520	1,613
	New Jersey Resources Corp.	36,661	1,546
	California Water Service Group	30,194	1,517
	Ormat Technologies Inc. (XNYS)	15,083	1,145
	Northwest Natural Holding Co.	28,545	1,121
	MGE Energy Inc.	14,187	1,028
^*,1	Sunnova Energy International Inc.	41,607	579
	Chesapeake Utilities Corp.	4,944	544
^*,1	Li-Cycle Holdings Corp.	108,058	480
^*	Enviri Corp.	63,323	472
^*	Heritage-Crystal Clean Inc.	10,474	472
	Unitil Corp.	9,062	442
^*,1	Altus Power Inc.	49,924	323
	Consolidated Water Co. Ltd.	8,423	224
	Aris Water Solution Inc. Class A	21,907	224
	Genie Energy Ltd. Class B	7,361	113
	RGC Resources Inc.	5,975	108
	Artesian Resources Corp. Class A	1,767	82
	Excelerate Energy Inc. Class A	3,028	56
			39,219
Total Common Stocks (Cost $1,044,601)			964,108

Russell 2000 Value Index Fund

		Shares	Market Value• ($000)
Temporary Cash Investments (1.6%)
Money Market Fund (1.6%)
^5,6	Vanguard Market Liquidity Fund, 5.384% (Cost $15,507)	155,122	15,510
Total Investments (101.5%) (Cost $1,060,108)			979,618
Other Assets and Liabilities—Net (-1.5%)			(14,552)
Net Assets (100%)			965,066
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 $12,821,000.
2	Restricted securities totaling $129,000, representing 0.0% of net assets.
3	Security value determined using significant unobservable inputs.
4	“Other” represents securities that are not classified by the fund’s benchmark index.
5	Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
6	Collateral of $14,435,000 was received for securities on loan.

	CVR—Contingent Value Rights.
	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 2023	10	951	(10)

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

Russell 2000 Value Index Fund

Statement of Assets and Liabilities

As of August 31, 2023


($000s, except shares, footnotes, and per-share amounts)	Amount
Assets
Investments in Securities, at Value¹
Unaffiliated Issuers (Cost $1,044,601)	964,108
Affiliated Issuers (Cost $15,507)	15,510
Total Investments in Securities	979,618
Investment in Vanguard	33
Cash Collateral Pledged—Futures Contracts	140
Receivables for Investment Securities Sold	1,107
Receivables for Accrued Income	1,386
Receivables for Capital Shares Issued	1
Total Assets	982,285
Liabilities
Due to Custodian	998
Payables for Investment Securities Purchased	1,715
Collateral for Securities on Loan	14,435
Payables for Capital Shares Redeemed	10
Payables to Vanguard	56
Variation Margin Payable—Futures Contracts	5
Total Liabilities	17,219
Net Assets	965,066
1 Includes $12,821,000 of securities on loan.
At August 31, 2023, net assets consisted of:

Paid-in Capital	1,309,145
Total Distributable Earnings (Loss)	(344,079)
Net Assets	965,066

ETF Shares—Net Assets
Applicable to 6,225,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	788,457
Net Asset Value Per Share—ETF Shares	$126.66

Institutional Shares—Net Assets
Applicable to 706,921 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	176,609
Net Asset Value Per Share—Institutional Shares	$249.83

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

Russell 2000 Value Index Fund

Statement of Operations


	Year Ended August 31, 2023
	($000)
Investment Income
Income
Dividends¹	22,648
Interest²	47
Securities Lending—Net	1,261
Total Income	23,956
Expenses
The Vanguard Group—Note B
Investment Advisory Services	23
Management and Administrative—ETF Shares	971
Management and Administrative—Institutional Shares	105
Marketing and Distribution—ETF Shares	46
Marketing and Distribution—Institutional Shares	7
Custodian Fees	91
Auditing Fees	28
Shareholders’ Reports—ETF Shares	62
Shareholders’ Reports—Institutional Shares	1
Trustees’ Fees and Expenses	1
Other Expenses	24
Total Expenses	1,359
Expenses Paid Indirectly	(1)
Net Expenses	1,358
Net Investment Income	22,598
Realized Net Gain (Loss)
Investment Securities Sold^2,3	(46,083)
Futures Contracts	(92)
Realized Net Gain (Loss)	(46,175)
Change in Unrealized Appreciation (Depreciation)
Investment Securities²	38,659
Futures Contracts	45
Change in Unrealized Appreciation (Depreciation)	38,704
Net Increase (Decrease) in Net Assets Resulting from Operations	15,127

1	Dividends are net of foreign withholding taxes of $21,000.
2	Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $43,000, $2,000, less than $1,000, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes.
3	Includes $47,457,000 of net gain (loss) resulting from in-kind redemptions.

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

Russell 2000 Value Index Fund

Financial Highlights

ETF Shares
For a Share Outstanding Throughout Each Period	Year Ended August 31,
For a Share Outstanding Throughout Each Period	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$126.77	$143.88	$91.76	$99.51	$119.05
Investment Operations
Net Investment Income¹	2.816	2.353	1.998	1.868	1.912
Net Realized and Unrealized Gain (Loss) on Investments	(.234)	(16.986)	51.982	(7.771)	(19.589)
Total from Investment Operations	2.582	(14.633)	53.980	(5.903)	(17.677)
Distributions
Dividends from Net Investment Income	(2.692)	(2.477)	(1.860)	(1.847)	(1.863)
Distributions from Realized Capital Gains	—	—	—	—	—
Total Distributions	(2.692)	(2.477)	(1.860)	(1.847)	(1.863)
Net Asset Value, End of Period	$126.66	$126.77	$143.88	$91.76	$99.51
Total Return	2.19%	-10.28%	59.34%	-6.05%	-14.93%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$788	$837	$1,036	$303	$251
Ratio of Total Expenses to Average Net Assets	0.15%²	0.15%	0.15%	0.15%	0.15%
Ratio of Net Investment Income to Average Net Assets	2.27%	1.71%	1.52%	1.99%	1.83%
Portfolio Turnover Rate³	27%	28%	45%	38%	27%

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 0.15%.
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.

Russell 2000 Value Index Fund

Financial Highlights

Institutional Shares
For a Share Outstanding Throughout Each Period	Year Ended August 31,
For a Share Outstanding Throughout Each Period	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$250.04	$283.82	$180.98	$196.24	$234.81
Investment Operations
Net Investment Income¹	5.717	4.918	4.212	3.783	3.966
Net Realized and Unrealized Gain (Loss) on Investments	(.456)	(33.609)	102.428	(15.303)	(38.670)
Total from Investment Operations	5.261	(28.691)	106.640	(11.520)	(34.704)
Distributions
Dividends from Net Investment Income	(5.471)	(5.089)	(3.800)	(3.740)	(3.866)
Distributions from Realized Capital Gains	—	—	—	—	—
Total Distributions	(5.471)	(5.089)	(3.800)	(3.740)	(3.866)
Net Asset Value, End of Period	$249.83	$250.04	$283.82	$180.98	$196.24
Total Return	2.26%	-10.23%	59.46%	-5.97%	-14.88%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$177	$184	$202	$88	$140
Ratio of Total Expenses to Average Net Assets	0.08%²	0.08%	0.08%	0.08%	0.08%
Ratio of Net Investment Income to Average Net Assets	2.34%	1.82%	1.67%	2.04%	1.90%
Portfolio Turnover Rate³	27%	28%	45%	38%	27%

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.

Russell 2000 Value Index Fund

Notes to Financial Statements

Vanguard Russell 2000 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 Nasdaq; 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.

Russell 2000 Value Index Fund

For the year ended August 31, 2023, the fund did not utilize the credit facilities or the Interfund Lending Program.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At August 31, 2023, 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.	The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended August 31, 2023, custodian fee offset arrangements reduced the fund’s expenses by $1,000 (an annual rate of less than 0.01% of average net assets).
D.	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.).

Russell 2000 Value Index Fund

The following table summarizes the market value of the fund’s investments and derivatives as of August 31, 2023, based on the inputs used to value them:

	Level 1 ($000)	Level 2 ($000)	Level 3 ($000)	Total ($000)
Investments
Assets
Common Stocks	963,978	129	1	964,108
Temporary Cash Investments	15,510	—	—	15,510
Total	979,488	129	1	979,618
Derivative Financial Instruments
Liabilities
Futures Contracts¹	10	—	—	10

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.

	Amount ($000)
Paid-in Capital	47,449
Total Distributable Earnings (Loss)	(47,449)

	Amount ($000)
Undistributed Ordinary Income	5,014
Undistributed Long-Term Gains	—
Net Unrealized Gains (Losses)	(84,478)
Capital Loss Carryforwards	(264,615)
Qualified Late-Year Losses	—
Other Temporary Differences	—
Total	(344,079)

Russell 2000 Value Index Fund

The tax character of distributions paid was as follows:

	Year Ended August 31,
	2023 Amount ($000)	2022 Amount ($000)
Ordinary Income*	22,241	20,967
Long-Term Capital Gains	—	—
Total	22,241	20,967

*	Includes short-term capital gains, if any.

As of August 31, 2023, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

	Amount ($000)
Tax Cost	1,064,096
Gross Unrealized Appreciation	102,538
Gross Unrealized Depreciation	(187,016)
Net Unrealized Appreciation (Depreciation)	(84,478)

During the year ended August 31, 2023, the fund purchased $484,130,000 of investment securities and sold $528,275,000 of investment securities, other than temporary cash investments. Purchases and sales include $187,232,000 and $263,708,000, 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, 2023, such purchases were $113,665,000 and sales were $56,188,000, resulting in net realized loss of $18,344,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

	Year Ended August 31,
	2023		2022
	Amount ($000)	Shares (000)	Amount ($000)	Shares (000)
ETF Shares
Issued	223,537	1,825	678,843	4,950
Issued in Lieu of Cash Distributions	—	—	—	—
Redeemed	(265,089)	(2,200)	(750,125)	(5,550)
Net Increase (Decrease)—ETF Shares	(41,552)	(375)	(71,282)	(600)

Russell 2000 Value Index Fund

	Year Ended August 31,
	2023		2022
	Amount ($000)	Shares (000)	Amount ($000)	Shares (000)
Institutional Shares
Issued	25,641	108	14,097	50
Issued in Lieu of Cash Distributions	4,016	17	3,678	14
Redeemed	(36,669)	(154)	(10,558)	(40)
Net Increase (Decrease)—Institutional Shares	(7,012)	(29)	7,217	24

I.	Management has determined that no material events or transactions occurred subsequent to August 31, 2023, that would require recognition or disclosure in these financial statements.

Russell 2000 Growth Index Fund

Performance Summary

Cumulative Performance: August 31, 2013, Through August 31, 2023

Initial Investment of $10,000

	Average Annual Total Returns Periods Ended August 31, 2023
	One Year	Five Years	Ten Years	Final Value of a $10,000 Investment
Russell 2000 Growth Index Fund ETF Shares Net Asset Value	6.87%	2.50%	8.20%	$22,002
Russell 2000 Growth Index Fund ETF Shares Market Price	6.88	2.51	8.21	22,006
Russell 2000 Growth Index	6.78	2.46	8.17	21,936
Dow Jones U.S. Total Stock Market Float Adjusted Index	14.75	10.12	12.14	31,461


	One Year	Five Years	Ten Years	Final Value of a $5,000,000 Investment
Russell 2000 Growth Index Fund Institutional Shares	6.94%	2.58%	8.31%	$11,105,989
Russell 2000 Growth Index	6.78	2.46	8.17	10,967,992
Dow Jones U.S. Total Stock Market Float Adjusted Index	14.75	10.12	12.14	15,730,560

See Financial Highlights for dividend and capital gains information.

Russell 2000 Growth Index Fund

Fund Allocation

As of August 31, 2023

Basic Materials	3.4%
Consumer Discretionary	13.0
Consumer Staples	3.5
Energy	6.3
Financials	5.2
Health Care	21.3
Industrials	22.4
Real Estate	1.6
Technology	19.7
Telecommunications	1.8
Utilities	1.8
Other	0.0

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.

Russell 2000 Growth Index Fund

Financial Statements

Schedule of Investments

As of August 31, 2023

		Shares	Market Value• ($000)
Common Stocks (100.1%)
Basic Materials (3.4%)
	Balchem Corp.	27,880	3,917
	Cabot Corp.	48,307	3,500
^*	Livent Corp.	157,409	3,380
	Sensient Technologies Corp.	36,721	2,262
	Quaker Chemical Corp.	12,116	2,150
	Innospec Inc.	19,157	2,058
	Materion Corp.	17,879	1,945
^*	Ingevity Corp.	32,553	1,754
	Mueller Industries Inc.	21,186	1,635
	Sylvamo Corp.	31,726	1,325
^*	Constellium SE	68,189	1,228
	Orion SA	48,874	1,106
	Hawkins Inc.	16,861	1,049
	Kaiser Aluminum Corp.	13,178	1,001
	Compass Minerals International Inc.	29,855	900
^*	Novagold Resources Inc.	210,719	868
^*,1	Energy Fuels Inc.	117,995	841
	UFP Industries Inc.	8,012	836
^*,1	Ivanhoe Electric Inc.	48,585	759
	Hecla Mining Co.	109,903	483
^*	Century Aluminum Co.	46,202	344
	GrafTech International Ltd.	94,717	335
	Omega Flex Inc.	2,858	239
^*	Piedmont Lithium Inc.	5,286	237
	Stepan Co.	2,186	191
^*	Ecovyst Inc.	18,006	184
^*,1	LanzaTech Global Inc.	17,620	117
^*	Perpetua Resources Corp.	32,470	108
^*	Dakota Gold Corp.	30,926	89
^*,1	5e Advanced Materials Inc.	29,409	75
	American Vanguard Corp.	3,985	55
	Ryerson Holding Corp.	1,292	40
^*	Contango ORE Inc.	1,543	28
^*	i-80 Gold Corp.	10,677	21
^*	NioCorp Developments Ltd.	1,912	7
			35,067
Consumer Discretionary (13.0%)
^*	elf Beauty Inc.	43,768	6,071
^*	Fox Factory Holding Corp.	37,198	4,122
^*	Duolingo Inc.	25,019	3,682
	Academy Sports & Outdoors Inc.	65,109	3,553
^*	Visteon Corp.	24,529	3,416
^*	Hilton Grand Vacations Inc.	70,951	3,102

		Shares	Market Value• ($000)
	International Game Technology plc	94,630	3,030
^*	Light & Wonder Inc.	37,335	2,862
^*	Boot Barn Holdings Inc.	25,947	2,381
^*	Frontdoor Inc.	71,743	2,355
^*	Shake Shack Inc. Class A	32,932	2,305
	Steven Madden Ltd.	65,632	2,264
	Inter Parfums Inc.	16,010	2,237
	Kontoor Brands Inc.	48,518	2,222
	Bloomin' Brands Inc.	76,429	2,145
^*	Cavco Industries Inc.	7,631	2,133
^*	Coursera Inc.	113,580	1,975
^*	Dorman Products Inc.	22,984	1,896
^*	ACV Auctions Inc. Class A	110,884	1,864
^*	Skyline Champion Corp.	26,143	1,863
^*	Carvana Co.	36,845	1,855
	Papa John's International Inc.	23,736	1,797
^*	Gentherm Inc.	28,899	1,740
^*	XPEL Inc.	19,683	1,640
^*	SeaWorld Entertainment Inc.	32,931	1,604
	Acushnet Holdings Corp.	27,189	1,592
	Cracker Barrel Old Country Store Inc.	19,208	1,583
^*	Stride Inc.	36,944	1,570
^*	Sonos Inc.	110,600	1,524
^*	Dave & Buster's Entertainment Inc.	37,755	1,483
	Jack in the Box Inc.	18,085	1,454
	Upbound Group Inc.	45,023	1,379
^*	Atlanta Braves Holdings Inc. Class C	37,374	1,377
^*,1	Luminar Technologies Inc.	237,056	1,365
	Cheesecake Factory Inc.	42,252	1,346
	Laureate Education Inc.	96,339	1,342
^*	Cinemark Holdings Inc.	79,778	1,299
	PriceSmart Inc.	15,865	1,261
^*	Abercrombie & Fitch Co. Class A	22,032	1,184
^*	Brinker International Inc.	35,125	1,150
^*	Six Flags Entertainment Corp.	49,915	1,146
	Dillard's Inc. Class A	3,155	1,089
^*	Cars.com Inc.	57,980	1,084
^*	PowerSchool Holdings Inc. Class A	48,831	1,080
	Hanesbrands Inc.	204,947	1,076
^*	Madison Square Garden Entertainment Corp.	32,171	1,032

Russell 2000 Growth Index Fund

		Shares	Market Value• ($000)
	LCI Industries	8,120	1,017
^*,1	Fisker Inc.	170,882	1,003
	Oxford Industries Inc.	9,862	996
	Red Rock Resorts Inc. Class A	22,349	982
	Buckle Inc.	26,616	973
^*	Sweetgreen Inc. Class A	67,760	973
^*	Chegg Inc.	88,915	908
	Camping World Holdings Inc. Class A	36,421	901
^*	Sally Beauty Holdings Inc.	88,088	895
^*	iRobot Corp.	21,627	841
	Monarch Casino & Resort Inc.	11,734	791
^*	Udemy Inc.	74,750	774
^*	Imax Corp.	39,154	749
	Sturm Ruger & Co. Inc.	14,099	727
^*	OneSpaWorld Holdings Ltd.	63,554	727
^*	Portillo's Inc. Class A	37,009	679
	Dine Brands Global Inc.	12,255	671
^*	Everi Holdings Inc.	46,108	667
^*	Arlo Technologies Inc.	66,624	651
	Golden Entertainment Inc.	17,634	642
^*	Urban Outfitters Inc.	18,683	620
	American Eagle Outfitters Inc.	35,826	608
^*	Figs Inc. Class A	98,324	608
^*	Accel Entertainment Inc.	46,971	558
^*	Rover Group Inc.	81,010	548
	Arko Corp.	71,781	541
^*	Malibu Boats Inc. Class A	10,940	531
^*	Revolve Group Inc.	35,760	524
^*	Corsair Gaming Inc.	32,219	506
^*	Lions Gate Entertainment Corp. Class B	67,699	504
^*	Viad Corp.	17,763	504
	Wolverine World Wide Inc.	61,205	495
^*	Chuy's Holdings Inc.	12,964	494
	RCI Hospitality Holdings Inc.	7,457	487
^*	European Wax Center Inc. Class A	27,945	485
^*	Integral Ad Science Holding Corp.	32,926	470
^*	QuinStreet Inc.	45,279	448
^*,1	Super Group SGHC Ltd.	118,328	447
^*	Kura Sushi USA Inc. Class A	5,100	446
^*	Instructure Holdings Inc.	16,883	437
	Hibbett Inc.	9,131	423
^*	Xponential Fitness Inc. Class A	18,382	398
^*	Atlanta Braves Holdings Inc. Class A	9,494	397
¹	Cricut Inc. Class A	41,410	392
^*	Green Brick Partners Inc.	7,545	373
^*	BJ's Restaurants Inc.	12,393	364
	Carriage Services Inc.	11,629	358
^*	Sabre Corp.	71,398	357
^*	Denny's Corp.	36,873	351
^*	Vizio Holding Corp. Class A	58,495	336
^*	MasterCraft Boat Holdings Inc.	15,181	330
	Krispy Kreme Inc.	24,315	326
	Global Industrial Co.	8,927	302
	Matthews International Corp. Class A	6,863	289
^*	Lions Gate Entertainment Corp. Class A	35,395	280

		Shares	Market Value• ($000)
^*	Lovesac Co.	12,233	280
^*	Sun Country Airlines Holdings Inc.	18,206	271
	Bluegreen Vacations Holding Corp.	7,519	270
^*	PROG Holdings Inc.	7,755	266
^*	Sleep Number Corp.	9,901	253
^*	Inspired Entertainment Inc.	18,934	250
^*	Rush Street Interactive Inc.	54,318	250
^*,1	Dream Finders Homes Inc. Class A	8,599	248
^*	Nerdy Inc.	51,889	243
	Build-A-Bear Workshop Inc.	9,157	241
^*	Bowlero Corp.	21,929	241
	Alta Equipment Group Inc.	16,615	236
^*	Bally's Corp.	14,115	234
^*	CarParts.com Inc.	46,315	224
^*	Liquidity Services Inc.	12,200	223
^*	PlayAGS Inc.	32,283	221
^*,1	Mondee Holdings Inc.	34,106	221
^*	Frontier Group Holdings Inc.	33,329	209
^*	Life Time Group Holdings Inc.	12,130	209
	Entravision Communications Corp. Class A	52,709	202
^*	EW Scripps Co. Class A	24,556	188
^*	Potbelly Corp.	22,918	183
^*	LGI Homes Inc.	1,395	172
	Nathan's Famous Inc.	2,246	163
^*,1	Stitch Fix Inc. Class A	35,252	155
^*	Funko Inc. Class A	20,523	143
^*	Red Robin Gourmet Burgers Inc.	13,672	142
^*	Century Casinos Inc.	20,623	134
^*	ONE Group Hospitality Inc.	19,476	133
^*	Gambling.com Group Ltd.	9,125	129
	Climb Global Solutions Inc.	2,948	127
	HNI Corp.	3,747	123
	Allegiant Travel Co.	1,378	122
^*	Full House Resorts Inc.	25,304	122
^*	First Watch Restaurant Group Inc.	5,526	106
^*,1	Livewire Group Inc.	9,423	105
	Marine Products Corp.	7,367	103
	Townsquare Media Inc. Class A	9,988	96
^*	Noodles & Co.	34,287	95
^*	Stoneridge Inc.	4,287	88
^*	National Vision Holdings Inc.	4,678	86
^*,1	Blink Charging Co.	21,218	84
^*	Leslie's Inc.	13,060	82
^*	Solo Brands Inc. Class A	13,973	78
	Guess? Inc.	2,813	68
^*	Cooper-Standard Holdings Inc.	4,504	67
^*	Daily Journal Corp.	212	63
	Sinclair Inc.	4,814	61
^*	ThredUP Inc. Class A	11,323	45
^*	Universal Technical Institute Inc.	4,988	40
	Gray Television Inc.	4,676	38
^*	Envela Corp.	6,497	33
^*	Loop Media Inc.	31,161	27
^*	Lindblad Expeditions Holdings Inc.	2,748	25

Russell 2000 Growth Index Fund

		Shares	Market Value• ($000)
^*	Boston Omaha Corp. Class A	1,324	23
^*,1	Torrid Holdings Inc.	9,985	23
^*	SES AI Corp.	9,696	20
^*	Savers Value Village Inc.	763	19
^*	Cava Group Inc.	346	15
	Clarus Corp.	1,934	14
^*	2U Inc.	3,635	12
	Rocky Brands Inc.	497	9
^*	Qurate Retail Inc. Class B	1,495	9
^*	Liberty TripAdvisor Holdings Inc. Class B	225	7
	Escalade Inc.	304	5
^*	Duluth Holdings Inc. Class B	705	4
^*	Rent the Runway Inc. Class A	2,924	4
			132,016
Consumer Staples (3.5%)
^*	Sprouts Farmers Market Inc.	90,309	3,684
	Coca-Cola Consolidated Inc.	4,163	2,910
^*	Simply Good Foods Co.	79,171	2,857
	Lancaster Colony Corp.	17,034	2,814
	WD-40 Co.	11,841	2,544
	Energizer Holdings Inc.	62,533	2,148
	J & J Snack Foods Corp.	13,113	2,126
	MGP Ingredients Inc.	13,806	1,655
	Cal-Maine Foods Inc.	31,168	1,490
^*	BellRing Brands Inc.	31,182	1,294
^*	National Beverage Corp.	20,658	1,060
	Utz Brands Inc.	62,726	968
^*	Herbalife Ltd.	63,137	948
^*	Chefs' Warehouse Inc.	30,674	875
	Medifast Inc.	9,353	789
	John B Sanfilippo & Son Inc.	7,810	784
^*	Sovos Brands Inc.	34,585	775
^*	Vita Coco Co. Inc.	24,902	704
^*	USANA Health Sciences Inc.	9,904	637
^*	Hostess Brands Inc.	21,593	615
^*,1	Beyond Meat Inc.	51,642	609
	Calavo Growers Inc.	15,082	497
^*	Beauty Health Co.	71,347	440
	Dole plc	35,483	423
	Turning Point Brands Inc.	14,843	365
^*	SunOpta Inc.	75,387	331
^*	Vital Farms Inc.	26,599	313
	Primo Water Corp.	18,946	289
^*	TreeHouse Foods Inc.	5,437	253
^*	Westrock Coffee Co.	24,743	248
	Vector Group Ltd.	21,978	235
^*	Brookfield Realty Capital Corp. Class A	29,385	133
^*	Duckhorn Portfolio Inc.	7,277	91
	Oil-Dri Corp. of America	1,092	74
^*	Mission Produce Inc.	5,851	56
^*	Zevia PBC Class A	12,216	31
			36,065
Energy (6.3%)
	ChampionX Corp.	173,451	6,260
^*	Weatherford International plc	62,052	5,493
	Noble Corp. plc	77,811	4,104
^*	Valaris Ltd.	53,529	4,032
^*	Denbury Inc.	43,833	4,014

		Shares	Market Value• ($000)
	Magnolia Oil & Gas Corp. Class A	149,636	3,412
^*	Array Technologies Inc.	132,068	3,285
	Cactus Inc. Class A	56,389	3,008
^*	Shoals Technologies Group Inc. Class A	149,534	2,943
^*	Kosmos Energy Ltd.	398,052	2,898
^*	Tidewater Inc.	41,429	2,694
	Northern Oil and Gas Inc.	57,726	2,415
^*	Oceaneering International Inc.	87,682	1,998
^*	NEXTracker Inc. Class A	37,886	1,596
^*	Borr Drilling Ltd.	199,284	1,393
^*	Ameresco Inc. Class A	28,012	1,218
	Matador Resources Co.	17,475	1,110
	Equitrans Midstream Corp.	110,388	1,060
^*	Fluence Energy Inc.	34,276	903
^*	Nabors Industries Ltd. (XNYS)	7,202	797
	Sitio Royalties Corp. Class A	31,005	787
	CVR Energy Inc.	23,581	771
^*	Expro Group Holdings NV	28,818	677
^*	Par Pacific Holdings Inc.	18,484	635
^*	TETRA Technologies Inc.	109,301	600
^*	Montauk Renewables Inc.	58,104	555
^*,1	SunPower Corp.	76,092	545
	Permian Resources Corp.	34,954	496
^*	W&T Offshore Inc.	85,332	348
	Core Laboratories Inc.	13,077	314
	Archrock Inc.	21,689	277
^*	Green Plains Inc.	8,865	275
	Riley Exploration Permian Inc.	7,710	258
^*	NexTier Oilfield Solutions Inc.	23,582	250
	Enviva Inc.	27,181	250
^*,1	Maxeon Solar Technologies Ltd.	14,844	234
	Evolution Petroleum Corp.	27,492	233
^*	MRC Global Inc.	24,948	232
^*	TPI Composites Inc.	36,988	187
	Crescent Energy Co. Class A	13,181	180
^*,1	NextDecade Corp.	27,035	164
	Alpha Metallurgical Resources Inc.	790	160
	Liberty Energy Inc.	9,089	145
^*	REX American Resources Corp.	3,385	134
	Golar LNG Ltd.	5,749	127
^*	DMC Global Inc.	5,172	124
¹	HighPeak Energy Inc.	7,625	112
^*	FTC Solar Inc.	54,693	103
^*	Empire Petroleum Corp.	8,830	77
^*	SilverBow Resources Inc.	1,604	69
	Kinetik Holdings Inc.	1,592	56
^*	ProFrac Holding Corp. Class A	4,764	52
	Atlas Energy Solutions Inc. Class A	2,397	51
	VAALCO Energy Inc.	10,124	42
^*	EVgo Inc.	8,581	34
^*	Tellurian Inc.	26,399	30
^*	Kodiak Gas Services Inc.	1,320	24
	Solaris Oilfield Infrastructure Inc. Class A	2,059	22

Russell 2000 Growth Index Fund

		Shares	Market Value• ($000)
^*	KLX Energy Services Holdings Inc.	1,149	12
			64,275
Financials (5.2%)
	Selective Insurance Group Inc.	52,483	5,207
	First Financial Bankshares Inc.	113,933	3,272
	FirstCash Holdings Inc.	32,849	2,934
^*,2	Focus Financial Partners Inc. Class A	51,043	2,705
^*,1	Upstart Holdings Inc.	62,862	2,022
	Piper Sandler Cos.	12,507	1,863
^*,1	Marathon Digital Holdings Inc.	146,845	1,846
	Hamilton Lane Inc. Class A	18,855	1,750
^*	Bancorp Inc.	46,706	1,715
	PJT Partners Inc. Class A	21,180	1,673
	Moelis & Co. Class A	34,197	1,621
	Artisan Partners Asset Management Inc. Class A	38,688	1,486
	Cohen & Steers Inc.	22,645	1,476
	StepStone Group Inc. Class A	46,975	1,450
^*	BRP Group Inc. Class A	51,477	1,369
^*	Goosehead Insurance Inc. Class A	18,765	1,311
^*,1	Riot Platforms Inc.	97,158	1,103
^*	Palomar Holdings Inc.	21,246	1,084
^*,1	Trupanion Inc.	34,484	1,025
	Stock Yards Bancorp Inc.	20,707	948
	WisdomTree Inc.	120,169	877
	ServisFirst Bancshares Inc.	15,004	841
	B Riley Financial Inc.	16,283	834
	Victory Capital Holdings Inc. Class A	21,689	747
	Patria Investments Ltd. Class A	47,352	683
^*	Open Lending Corp. Class A	79,839	659
	BGC Group Inc. Class A	130,604	645
^*	Avantax Inc.	30,426	636
^*	Assetmark Financial Holdings Inc.	19,181	554
	P10 Inc. Class A	37,639	454
	AMERISAFE Inc.	8,508	441
	Diamond Hill Investment Group Inc.	2,543	429
^*	Coastal Financial Corp.	9,421	415
	Brookfield Business Corp. Class A	22,527	398
	Pathward Financial Inc.	8,003	394
	Perella Weinberg Partners	36,907	389
	Westamerica BanCorp	6,916	304
	HCI Group Inc.	5,586	298
^*	Axos Financial Inc.	5,963	257
	BancFirst Corp.	2,655	254
	Esquire Financial Holdings Inc.	5,303	248
	GCM Grosvenor Inc. Class A	32,235	246
	Brightsphere Investment Group Inc.	11,069	229
	Federal Agricultural Mortgage Corp. Class C	1,315	221
	First BanCorp (XNYS)	13,530	188
^*	Columbia Financial Inc.	10,610	182
^*	NMI Holdings Inc. Class A	5,790	166

		Shares	Market Value• ($000)
	Virtus Investment Partners Inc.	787	163
	Silvercrest Asset Management Group Inc. Class A	8,390	162
^*	StoneX Group Inc.	1,718	161
	Sculptor Capital Management Inc.	12,351	144
	Crawford & Co. Class A	12,398	133
^*,1	AlTi Global Inc.	17,981	131
	Capital City Bank Group Inc.	3,909	119
	NBT Bancorp Inc.	3,433	118
	Tiptree Inc.	5,881	104
	Five Star Bancorp	4,649	102
^*	Lemonade Inc.	7,309	101
	City Holding Co.	1,099	100
	PennyMac Financial Services Inc.	1,372	98
	Bank of NT Butterfield & Son Ltd.	3,112	91
	Greene County Bancorp Inc.	3,126	90
^*	SiriusPoint Ltd.	7,862	87
^*	Kingsway Financial Services Inc.	9,081	80
	Lakeland Financial Corp.	1,383	72
	HomeTrust Bancshares Inc.	2,952	67
^*	Oscar Health Inc. Class A	10,276	64
	Universal Insurance Holdings Inc.	4,824	61
^*	Skyward Specialty Insurance Group Inc.	2,492	61
^*	eHealth Inc.	7,350	57
	Stellar Bancorp Inc.	2,132	45
^*	LendingTree Inc.	2,162	41
	Citizens Financial Services Inc.	703	38
	Value Line Inc.	699	37
	FS Bancorp Inc.	1,108	33
^*	Metropolitan Bank Holding Corp.	819	33
^*	World Acceptance Corp.	222	30
	Investors Title Co.	183	26
	F&G Annuities & Life Inc.	905	26
	Regional Management Corp.	903	25
	Plumas Bancorp	608	21
	Burke & Herbert Financial Services Corp.	415	21
	BayCom Corp.	866	17
	MVB Financial Corp.	682	16
^*	Third Coast Bancshares Inc.	742	14
	Bank7 Corp.	178	4
			52,642
Health Care (21.4%)
^*	Option Care Health Inc.	148,260	5,164
^*	Halozyme Therapeutics Inc.	116,354	4,952
^*	HealthEquity Inc.	73,273	4,950
	Ensign Group Inc.	47,517	4,762
^*	Intra-Cellular Therapies Inc.	81,655	4,533
^*	Alkermes plc	144,569	4,220
^*	Vaxcyte Inc.	80,122	4,160
^*	Lantheus Holdings Inc.	59,294	4,058
^*	Haemonetics Corp.	43,696	3,921
^*	Guardant Health Inc.	96,913	3,787
^*	Merit Medical Systems Inc.	49,556	3,235
^*	Amicus Therapeutics Inc.	244,474	3,134

Russell 2000 Growth Index Fund

		Shares	Market Value• ($000)
^*	Glaukos Corp.	40,845	3,069
^*	REVOLUTION Medicines Inc.	88,401	3,003
	CONMED Corp.	26,716	2,978
^*	ACADIA Pharmaceuticals Inc.	105,615	2,854
^*	Inari Medical Inc.	42,010	2,799
^*	iRhythm Technologies Inc.	26,745	2,765
	Select Medical Holdings Corp.	90,632	2,647
^*	Blueprint Medicines Corp.	53,038	2,644
^*	Inmode Ltd.	67,508	2,639
^*	Cytokinetics Inc.	75,092	2,624
^*	Progyny Inc.	68,483	2,557
^*	Insmed Inc.	115,003	2,517
^*	Arrowhead Pharmaceuticals Inc.	89,379	2,470
^*	Axonics Inc.	42,763	2,450
^*	Evolent Health Inc. Class A	96,034	2,450
^*	Denali Therapeutics Inc.	103,052	2,379
^*	Krystal Biotech Inc.	18,843	2,346
^*	Axsome Therapeutics Inc.	28,678	2,317
^*,1	Corcept Therapeutics Inc.	69,961	2,290
^*	Madrigal Pharmaceuticals Inc.	11,871	2,137
^*	Bridgebio Pharma Inc.	69,485	2,078
^*	PTC Therapeutics Inc.	49,858	1,969
^*	ImmunoGen Inc.	123,152	1,951
^*	Akero Therapeutics Inc.	39,170	1,944
^*	Surgery Partners Inc.	53,469	1,939
^*	Prothena Corp. plc	36,145	1,909
^*	STAAR Surgical Co.	42,400	1,838
^*	TransMedics Group Inc.	27,674	1,816
^*	Amphastar Pharmaceuticals Inc.	33,053	1,762
^*	CorVel Corp.	7,594	1,644
^*	Privia Health Group Inc.	58,876	1,545
^*	RadNet Inc.	42,991	1,436
^*	SpringWorks Therapeutics Inc.	50,703	1,429
^*	Apollo Medical Holdings Inc.	37,290	1,412
^*	Pacira BioSciences Inc.	39,658	1,400
^*	Ventyx Biosciences Inc.	40,742	1,365
^*	Supernus Pharmaceuticals Inc.	42,794	1,363
^*	Dynavax Technologies Corp.	94,769	1,361
^*	Vericel Corp.	41,460	1,361
^*	Pacific Biosciences of California Inc.	120,229	1,356
^*	AtriCure Inc.	29,195	1,318
^*	Morphic Holding Inc.	23,448	1,291
^*	Revance Therapeutics Inc.	72,619	1,280
^*	Cerevel Therapeutics Holdings Inc.	53,872	1,277
^*	Phreesia Inc.	44,471	1,266
^*	TG Therapeutics Inc.	119,487	1,251
^*	Beam Therapeutics Inc.	53,753	1,246
^*	Arcellx Inc.	33,053	1,185
^*	Catalyst Pharmaceuticals Inc.	83,978	1,179
^*	Cymabay Therapeutics Inc.	85,412	1,174
^*	Rhythm Pharmaceuticals Inc.	44,743	1,164
^*	Viking Therapeutics Inc.	83,742	1,156
^*	Arvinas Inc.	40,542	1,144
	US Physical Therapy Inc.	11,293	1,139

		Shares	Market Value• ($000)
^*	Zentalis Pharmaceuticals Inc.	42,790	1,136
^*	Omnicell Inc.	19,376	1,102
^*	UFP Technologies Inc.	6,173	1,085
^*	PROCEPT BioRobotics Corp.	31,423	1,072
^*	Aurinia Pharmaceuticals Inc.	117,932	1,070
^*	Immunovant Inc.	46,985	1,067
^*	Harmony Biosciences Holdings Inc.	28,719	1,041
	LeMaitre Vascular Inc.	17,191	994
^*	Amylyx Pharmaceuticals Inc.	44,229	954
^*	Nuvalent Inc. Class A	20,885	952
^*	89bio Inc.	53,833	923
^*	Ideaya Biosciences Inc.	30,453	894
^*	Warby Parker Inc. Class A	73,842	887
^*	BioCryst Pharmaceuticals Inc.	124,493	885
^*	Syndax Pharmaceuticals Inc.	47,804	885
^*	Sage Therapeutics Inc.	43,148	863
^*	Travere Therapeutics Inc.	58,830	840
^*	MannKind Corp.	182,103	839
^*	Pliant Therapeutics Inc.	49,208	831
^*	Cytek Biosciences Inc.	105,503	802
^*	Geron Corp. (XNGS)	328,044	797
^*	Accolade Inc.	54,273	732
^*,1	Cassava Sciences Inc.	34,633	726
^*	Hims & Hers Health Inc.	106,423	714
	Healthcare Services Group Inc.	61,569	711
^*	Collegium Pharmaceutical Inc.	30,178	707
^*	SI-BONE Inc.	30,275	693
^*	Keros Therapeutics Inc.	19,612	689
^*	RxSight Inc.	23,591	684
^*	Rocket Pharmaceuticals Inc.	43,204	676
^*	Silk Road Medical Inc.	33,455	646
^*	Avid Bioservices Inc.	54,055	638
^*	Kymera Therapeutics Inc.	33,097	631
^*	Mirum Pharmaceuticals Inc.	23,287	615
^*	Treace Medical Concepts Inc.	39,369	612
^*	DocGo Inc.	67,714	606
^*	Xencor Inc.	27,492	604
^*	Protagonist Therapeutics Inc.	29,650	588
^*	Outset Medical Inc.	43,033	586
^*	Addus HomeCare Corp.	6,443	565
	Atrion Corp.	1,197	557
^*	ANI Pharmaceuticals Inc.	8,622	555
^*	Paragon 28 Inc.	38,300	549
^*	Day One Biopharmaceuticals Inc.	39,201	529
	National Research Corp.	12,576	526
^*	Viridian Therapeutics Inc.	28,967	526
^*	Ardelyx Inc.	121,497	518
	Patterson Cos. Inc.	16,544	497
^*,1	Novavax Inc.	62,034	496
^*	Adaptive Biotechnologies Corp.	72,607	492
^*	NextGen Healthcare Inc.	26,792	488
^*,1	Anavex Life Sciences Corp.	61,285	484
^*	OrthoPediatrics Corp.	12,219	467
^*,1	Prime Medicine Inc.	34,261	454
^*	Aclaris Therapeutics Inc.	60,475	452

Russell 2000 Growth Index Fund

		Shares	Market Value• ($000)
^*	Alphatec Holdings Inc.	27,660	452
^*	Surmodics Inc.	12,052	444
^*	Alignment Healthcare Inc.	74,338	434
^*	Ironwood Pharmaceuticals Inc.	49,110	432
^*	Inhibrx Inc.	19,809	424
^*	LifeStance Health Group Inc.	50,574	415
^*	Intellia Therapeutics Inc.	10,999	412
^*	AdaptHealth Corp.	33,346	398
^*	Cogent Biosciences Inc.	32,325	395
^*	Tactile Systems Technology Inc.	20,253	384
^*	Arcutis Biotherapeutics Inc.	44,791	382
^*	PetIQ Inc.	19,816	378
^*	ADMA Biologics Inc.	96,685	372
^*	Rapt Therapeutics Inc.	19,306	369
^*	BioLife Solutions Inc.	27,829	368
^*	Avita Medical Inc.	21,895	357
^*	ModivCare Inc.	11,128	357
^*	Evolus Inc.	35,937	355
^*	Harrow Health Inc.	22,795	346
^*	Pulmonx Corp.	32,109	336
^*	Disc Medicine Inc.	6,306	334
^*	Health Catalyst Inc.	26,308	308
^*	Marinus Pharmaceuticals Inc.	43,171	307
^*	Alector Inc.	55,733	304
^*	Aldeyra Therapeutics Inc.	40,592	303
^*	Pennant Group Inc.	25,215	302
^*	Coherus Biosciences Inc.	55,100	294
	iRadimed Corp.	6,363	294
^*	Cerus Corp.	154,561	292
^*	Biomea Fusion Inc.	17,313	292
^*	Celldex Therapeutics Inc.	10,406	290
^*	Arcus Biosciences Inc.	13,834	284
^*	Cabaletta Bio Inc.	19,906	282
^*	Voyager Therapeutics Inc.	27,688	277
^*	AnaptysBio Inc.	13,570	267
^*	Xeris Biopharma Holdings Inc.	116,250	264
^*	Ocular Therapeutix Inc.	67,966	257
	Utah Medical Products Inc.	2,810	257
^*	Vera Therapeutics Inc.	14,220	252
^*,1	UroGen Pharma Ltd.	14,021	245
^*	Viemed Healthcare Inc.	29,796	236
^*	Intercept Pharmaceuticals Inc.	21,525	233
^*	Axogen Inc.	35,618	223
^*	Deciphera Pharmaceuticals Inc.	15,919	223
^*	Accuray Inc.	77,303	220
^*	Agiliti Inc.	22,449	217
^*	Nevro Corp.	10,615	213
^*	Quipt Home Medical Corp.	35,399	209
^*	Liquidia Corp.	29,447	202
^*	Seres Therapeutics Inc.	56,979	197
^*,1	scPharmaceuticals Inc.	25,339	195
	SIGA Technologies Inc.	40,452	186
	HealthStream Inc.	8,789	185
^*,1	Invitae Corp.	199,760	185
^*	Alpine Immune Sciences Inc.	14,825	183
^*	Humacyte Inc.	47,091	180
^*	Astria Therapeutics Inc.	19,809	176
^*	LivaNova plc	3,057	170
^*	Castle Biosciences Inc.	8,440	168

		Shares	Market Value• ($000)
^*,1	Summit Therapeutics Inc. (XNMS)	101,894	165
^*,1	InfuSystem Holdings Inc.	15,985	164
^*	Harvard Bioscience Inc.	34,577	152
^*	Lineage Cell Therapeutics Inc.	113,808	150
^*	CorMedix Inc.	36,656	149
^*	CVRx Inc.	8,578	149
^*	Ligand Pharmaceuticals Inc.	2,183	144
^*	NeoGenomics Inc.	9,589	144
^*	PDS Biotechnology Corp.	24,010	141
^*	Arbutus Biopharma Corp.	68,732	140
^*,1	Heron Therapeutics Inc.	83,969	138
^*	Rigel Pharmaceuticals Inc.	119,791	137
^*,1	Aerovate Therapeutics Inc.	8,605	137
^*,1	Foghorn Therapeutics Inc.	17,998	136
^*	Zynex Inc.	17,498	135
^*	Crinetics Pharmaceuticals Inc.	7,624	132
^*	Tela Bio Inc.	13,569	131
^*	Quanterix Corp.	4,813	129
^*	MeiraGTx Holdings plc	20,576	129
^*	Actinium Pharmaceuticals Inc.	21,189	127
^*	Terns Pharmaceuticals Inc.	24,186	127
^*	Sight Sciences Inc.	19,149	126
^*	Karyopharm Therapeutics Inc.	97,324	125
^*	ImmunityBio Inc.	77,500	125
^*	EyePoint Pharmaceuticals Inc.	12,508	124
^*	OptimizeRx Corp.	14,223	121
^*	Dyne Therapeutics Inc.	10,502	120
^*	Immuneering Corp. Class A	13,248	119
^*	Joint Corp.	12,666	118
^*	Sanara Medtech Inc.	3,236	117
^*	ProKidney Corp.	13,504	116
^*	Semler Scientific Inc.	4,275	113
^*	Merrimack Pharmaceuticals Inc.	8,955	109
^*	ClearPoint Neuro Inc.	18,402	107
	Embecta Corp.	5,283	97
^*	NanoString Technologies Inc.	37,544	96
^*	Innovage Holding Corp.	16,172	89
^*	Artivion Inc.	5,108	86
^*	Akoya Biosciences Inc.	16,321	85
^*	Nuvectis Pharma Inc.	5,859	84
^*	Cue Biopharma Inc.	29,723	81
^*	Verrica Pharmaceuticals Inc.	17,843	81
^*	KORU Medical Systems Inc.	29,882	78
^*	Phathom Pharmaceuticals Inc.	5,381	77
^*	Omega Therapeutics Inc.	20,944	77
^*	Y-mAbs Therapeutics Inc.	14,716	75
^*	MacroGenics Inc.	15,780	74
^*	Optinose Inc.	62,241	74
^*	Vaxxinity Inc. Class A	36,419	74
^*	AirSculpt Technologies Inc.	9,694	74
^*,1	Omeros Corp.	21,233	73
	Phibro Animal Health Corp. Class A	5,003	70
^*	X4 Pharmaceuticals Inc.	52,899	68
^*	Thorne HealthTech Inc.	6,581	67
^*	P3 Health Partners Inc.	34,063	67
^*	Innoviva Inc.	5,085	65
^*	Tyra Biosciences Inc.	4,292	65

Russell 2000 Growth Index Fund

		Shares	Market Value• ($000)
	Agenus Inc.	45,384	63
^*	Lexicon Pharmaceuticals Inc.	35,546	61
^*,1	Bioxcel Therapeutics Inc.	16,234	61
^*	Mersana Therapeutics Inc.	52,530	58
^*	Beyond Air Inc.	19,074	58
^*	HilleVax Inc.	4,302	57
^*	Arcturus Therapeutics Holdings Inc.	1,733	53
^*	Vir Biotechnology Inc.	3,648	46
^*	Eyenovia Inc.	24,090	46
^*	Mineralys Therapeutics Inc.	3,052	39
^*	4D Molecular Therapeutics Inc.	2,284	37
^*	Nano-X Imaging Ltd.	4,240	35
^*	Reneo Pharmaceuticals Inc.	5,445	33
^*	Selecta Biosciences Inc.	25,650	32
^*	Fennec Pharmaceuticals Inc.	3,963	32
^*	ARS Pharmaceuticals Inc.	4,582	32
^*	Sana Biotechnology Inc.	6,007	32
^*	Enanta Pharmaceuticals Inc.	2,118	31
^*,1	Outlook Therapeutics Inc.	136,332	31
^*	Longboard Pharmaceuticals Inc.	4,592	27
^*	Biote Corp. Class A	5,510	27
^*	Vicarious Surgical Inc.	28,245	26
^*	Bright Green Corp.	51,534	24
^*,3	Scilex Holding Co. (Acquired 1/6/23, Cost $90)	8,622	22
^*	Orchestra BioMed Holdings Inc.	3,579	22
^*	Cutera Inc.	1,760	20
^*	Organogenesis Holdings Inc.	7,019	20
^*	MaxCyte Inc.	5,177	19
^*,1,2	Tobira Therapeutics Inc. CVR	3,989	18
^*	Compass Therapeutics Inc.	7,869	18
^*	Pulse Biosciences Inc.	3,531	17
^*	Savara Inc.	4,105	15
^*	PepGen Inc.	2,389	15
^*	Genelux Corp.	606	15
^*	Aveanna Healthcare Holdings Inc.	9,851	14
^*	Atara Biotherapeutics Inc.	9,090	13
^*	Codexis Inc.	7,570	13
^*,1	Sharecare Inc.	13,433	13
^*	Citius Pharmaceuticals Inc.	11,397	10
^*	Janux Therapeutics Inc.	927	10
^*	BioVie Inc.	2,880	9
^*	Sagimet Biosciences Inc. Class A	634	8
^*	Apogee Therapeutics Inc.	333	8
^*	Turnstone Biologics Corp.	598	6
^*,1	Cano Health Inc.	15,276	5
^*	Rain Oncology Inc.	3,579	4
^*,1,2	Synergy Pharmaceuticals LLC	124,654	—
^*,2	Prevail Therapeutics Inc. CVR	58	—
^*,2	OmniAb Inc. 12.5 Earnout	532	—
^*,2	OmniAb Inc. 15 Earnout	532	—
			217,535

		Shares	Market Value• ($000)
Industrials (22.4%)
	Simpson Manufacturing Co. Inc.	37,405	5,976
	Comfort Systems USA Inc.	30,857	5,695
^*	Atkore Inc.	34,524	5,316
	Applied Industrial Technologies Inc.	33,637	5,193
^*	ATI Inc.	112,442	5,097
	Watts Water Technologies Inc. Class A	23,840	4,500
	Maximus Inc.	53,011	4,284
	Badger Meter Inc.	25,644	4,259
^*	ExlService Holdings Inc.	140,990	4,121
^*	Chart Industries Inc.	22,603	4,082
^*	Fluor Corp.	115,788	4,051
	Exponent Inc.	44,159	3,968
	Franklin Electric Co. Inc.	40,282	3,896
	AAON Inc.	59,052	3,724
^*,1	TriNet Group Inc.	32,819	3,641
	EnerSys	33,500	3,517
^*	API Group Corp.	122,476	3,448
	Insperity Inc.	31,779	3,220
	Herc Holdings Inc.	24,662	3,210
	FTAI Aviation Ltd.	86,761	3,207
	Federal Signal Corp.	52,256	3,185
^*	AMN Healthcare Services Inc.	35,367	3,126
	John Bean Technologies Corp.	27,788	3,054
	HB Fuller Co.	42,093	3,053
	Brink's Co.	40,232	3,050
	Installed Building Products Inc.	20,657	2,990
	Hillenbrand Inc.	60,264	2,919
^*	Flywire Corp.	83,805	2,898
^*	Bloom Energy Corp. Class A	168,120	2,520
^*	SPX Technologies Inc.	31,778	2,511
^*	Dycom Industries Inc.	24,999	2,498
	CSW Industrials Inc.	13,439	2,414
^*	CBIZ Inc.	41,797	2,345
^*	O-I Glass Inc.	115,422	2,292
	EVERTEC Inc.	56,996	2,255
	Kadant Inc.	10,203	2,242
	Albany International Corp. Class A	23,831	2,210
	ICF International Inc.	16,332	2,206
	McGrath RentCorp.	21,540	2,178
^*	Verra Mobility Corp.	121,722	2,165
	Belden Inc.	22,954	2,155
^*	AeroVironment Inc.	21,878	2,123
	Terex Corp.	34,001	2,061
^*	MYR Group Inc.	14,342	2,038
^*	Masonite International Corp.	19,344	1,987
^*	ACI Worldwide Inc.	81,672	1,983
	Mueller Water Products Inc. Class A	135,463	1,913
^*	Sterling Infrastructure Inc.	22,869	1,893
^*	StoneCo. Ltd. Class A	154,160	1,890
^*	OSI Systems Inc.	13,836	1,887
^*	Remitly Global Inc.	73,584	1,851
^*	Huron Consulting Group Inc.	16,574	1,657
	Helios Technologies Inc.	28,525	1,651
^*,1	Enovix Corp.	119,140	1,642
	Forward Air Corp.	22,838	1,617
^*	RXO Inc.	87,725	1,586

Russell 2000 Growth Index Fund

		Shares	Market Value• ($000)
	Otter Tail Corp.	19,055	1,570
^*,1	Rocket Lab USA Inc.	242,653	1,531
	Alamo Group Inc.	8,790	1,509
^*	PGT Innovations Inc.	50,669	1,428
^*	Payoneer Global Inc.	230,767	1,428
	ESCO Technologies Inc.	12,897	1,380
^*	Modine Manufacturing Co.	28,695	1,366
^*	Energy Recovery Inc.	48,510	1,318
	Enerpac Tool Group Corp.	50,054	1,311
^*	Vicor Corp.	19,316	1,309
	Standex International Corp.	8,327	1,279
	H&E Equipment Services Inc.	28,013	1,270
^*	AvidXchange Holdings Inc.	119,079	1,224
^*	Construction Partners Inc. Class A	35,010	1,217
	Lindsay Corp.	9,632	1,195
^*	Gibraltar Industries Inc.	15,181	1,139
^*	NV5 Global Inc.	10,646	1,084
	Kforce Inc.	16,887	1,058
^*	LegalZoom.Com Inc.	90,726	1,035
	Griffon Corp.	22,829	956
^*	PagSeguro Digital Ltd. Class A	105,362	946
^*	Montrose Environmental Group Inc.	24,314	935
	Wabash National Corp.	41,351	932
^*	ZipRecruiter Inc. Class A	60,776	923
^*	ASGN Inc.	11,094	911
	ArcBest Corp.	8,282	874
	Marten Transport Ltd.	40,435	849
^*	Janus International Group Inc.	74,010	847
^*	GMS Inc.	11,449	794
^*	CIRCOR International Inc.	14,103	785
	Zurn Elkay Water Solutions Corp.	25,680	761
^*	Donnelley Financial Solutions Inc.	15,363	757
^*	Leonardo DRS Inc.	43,990	753
	Chase Corp.	5,621	711
	Tennant Co.	8,509	701
	Napco Security Technologies Inc.	27,499	681
^*	SP Plus Corp.	17,058	668
^*	Transcat Inc.	6,435	656
	CRA International Inc.	5,923	643
	Mesa Laboratories Inc.	4,486	643
	Triton International Ltd.	7,227	606
^*	Joby Aviation Inc.	81,156	605
	Myers Industries Inc.	31,854	599
	Douglas Dynamics Inc.	19,668	595
	Moog Inc. Class A	4,999	581
^*	Cimpress plc	8,794	568
^*	IES Holdings Inc.	7,155	536
	Flex LNG Ltd.	17,512	530
	Barrett Business Services Inc.	5,394	516
	TTEC Holdings Inc.	16,950	504
	Pitney Bowes Inc.	152,955	503
	Shyft Group Inc.	30,026	471
^*	I3 Verticals Inc. Class A	19,763	467
^*	International Money Express Inc.	26,908	465
^*	Franklin Covey Co.	10,652	455
^*	CryoPort Inc.	32,042	452
	Cadre Holdings Inc.	17,031	450

		Shares	Market Value• ($000)
^*	Target Hospitality Corp.	27,382	435
	Hyster-Yale Materials Handling Inc.	9,503	434
	Dorian LPG Ltd.	16,342	422
	Allient Inc.	12,010	409
	Cass Information Systems Inc.	10,496	402
^*	Beacon Roofing Supply Inc.	4,892	391
	United States Lime & Minerals Inc.	1,785	387
	Apogee Enterprises Inc.	7,346	371
^*	Marqeta Inc. Class A	56,384	347
	Werner Enterprises Inc.	8,042	335
^*	Custom Truck One Source Inc.	49,480	332
	Trinity Industries Inc.	12,890	323
^*	Forrester Research Inc.	10,245	314
^*	Virgin Galactic Holdings Inc.	123,684	312
^*,1	Eos Energy Enterprises Inc.	84,635	275
	LSI Industries Inc.	17,282	272
^*	Cantaloupe Inc.	33,773	267
^*	Itron Inc.	3,775	258
^*	Bowman Consulting Group Ltd.	8,752	258
	GATX Corp.	1,958	231
	Granite Construction Inc.	5,329	220
^*,1	PureCycle Technologies Inc.	22,466	201
^*	Luna Innovations Inc.	28,170	194
	Patrick Industries Inc.	2,302	193
^*	Global Business Travel Group I	28,384	192
^*	Daseke Inc.	35,550	188
^*	IBEX Holdings Ltd.	9,612	188
^*	Distribution Solutions Group Inc.	3,598	185
	Preformed Line Products Co.	1,009	171
^*	SoundThinking Inc.	7,901	170
	Gorman-Rupp Co.	4,325	139
^*	Evolv Technologies Holdings Inc.	18,122	127
^*	Cross Country Healthcare Inc.	4,841	125
	Karat Packaging Inc.	4,900	122
^*,1	Velo3D Inc.	76,429	121
^*,1	Eve Holding Inc.	15,472	114
	Primoris Services Corp.	3,009	106
^*	Performant Financial Corp.	43,031	101
^*	Concrete Pumping Holdings Inc.	12,910	98
^*	Iteris Inc.	19,756	91
^*	Thermon Group Holdings Inc.	3,305	91
^*	EVI Industries Inc.	3,384	89
	Hirequest Inc.	4,582	87
	Information Services Group Inc.	16,267	85
^*	SKYX Platforms Corp.	48,614	85
^*,1	CompoSecure Inc.	12,509	79
^*	374Water Inc.	50,643	76
^*	American Woodmark Corp.	966	75
^*	CPI Card Group Inc.	3,637	75
^*	Hudson Technologies Inc.	6,079	73
^*	Paysign Inc.	27,893	63
	First Advantage Corp.	4,267	60
^*	Priority Technology Holdings Inc.	15,931	59
^*	Limbach Holdings Inc.	1,464	53

Russell 2000 Growth Index Fund

		Shares	Market Value• ($000)
^*	Commercial Vehicle Group Inc.	3,118	29
	Miller Industries Inc.	698	28
^*	Babcock & Wilcox Enterprises Inc.	4,671	25
^*	Blue Bird Corp.	1,126	25
^*	FARO Technologies Inc.	1,585	25
^*,1	Redwire Corp.	7,009	23
^*,1	Amprius Technologies Inc.	4,598	23
^*,1	Ispire Technology Inc.	2,337	23
^*,1	Dragonfly Energy Holdings Corp.	13,004	22
^*	Himalaya Shipping Ltd.	4,077	20
^*	Sterling Check Corp.	1,332	19
^*	PAM Transportation Services Inc.	681	16
^*	Atmus Filtration Technologies Inc.	605	14
^*	Core Molding Technologies Inc.	493	13
^*	INNOVATE Corp.	6,959	11
^*	Mayville Engineering Co. Inc.	886	10
^*	Atlanticus Holdings Corp.	219	8
^*	Workhorse Group Inc.	7,389	6
^*	Terran Orbital Corp.	4,327	5
			227,946
Other (0.0%)⁴
^*,2	Aduro Biotech Inc. CVR	9,451	2
^*,1,2	GTX Inc. CVR	530	—
			2
Real Estate (1.6%)
	Ryman Hospitality Properties Inc.	50,342	4,281
	St. Joe Co.	29,982	1,851
	eXp World Holdings Inc.	60,307	1,159
	Tanger Factory Outlet Centers Inc.	41,681	969
^*	Redfin Corp.	92,648	882
^*	Compass Inc. Class A	223,042	803
	DigitalBridge Group Inc.	44,569	776
	Outfront Media Inc.	60,410	686
	Phillips Edison & Co. Inc.	17,473	592
	Universal Health Realty Income Trust	11,243	524
	Community Healthcare Trust Inc.	14,891	494
	CBL & Associates Properties Inc.	17,522	375
	Alexander's Inc.	1,875	360
	Saul Centers Inc.	9,358	351
	Essential Properties Realty Trust Inc.	14,299	343
	Marcus & Millichap Inc.	8,102	270
	RMR Group Inc. Class A	9,439	239
	NexPoint Residential Trust Inc.	5,846	220
	Four Corners Property Trust Inc.	8,141	205
	National Health Investors Inc.	3,601	184
	CareTrust REIT Inc.	8,140	164
	Hannon Armstrong Sustainable Infrastructure Capital Inc.	6,942	155
	UMH Properties Inc.	8,090	121
^*	Opendoor Technologies Inc.	24,717	96

		Shares	Market Value• ($000)
^*	Maui Land & Pineapple Co. Inc.	6,077	84
	Gladstone Commercial Corp.	6,041	79
	Clipper Realty Inc.	10,146	62
^*	Anywhere Real Estate Inc.	8,639	57
			16,382
Technology (19.7%)
^*	Super Micro Computer Inc.	40,433	11,122
^*	SPS Commerce Inc.	31,987	5,954
^*	Axcelis Technologies Inc.	28,408	5,459
^*	Rambus Inc.	95,053	5,368
^*	Novanta Inc.	31,218	5,213
^*	Fabrinet	32,093	5,160
^*	Onto Innovation Inc.	36,589	5,085
^*	Qualys Inc.	32,423	5,047
^*	Workiva Inc.	42,625	4,768
^*	Tenable Holdings Inc.	99,542	4,516
	Power Integrations Inc.	49,520	4,161
^*	MACOM Technology Solutions Holdings Inc.	47,394	4,008
^*	Insight Enterprises Inc.	25,016	4,005
	Advanced Energy Industries Inc.	32,807	3,873
^*	Silicon Laboratories Inc.	27,692	3,735
^*	MicroStrategy Inc. Class A	9,635	3,445
^*	Box Inc. Class A	122,794	3,252
^*	Appfolio Inc. Class A	16,740	3,227
^*	Altair Engineering Inc. Class A	46,817	3,112
^*	Freshworks Inc. Class A	141,259	3,089
^*	Varonis Systems Inc.	94,789	3,027
^*	Blackline Inc.	49,157	2,952
^*	Blackbaud Inc.	37,958	2,889
^*	Rapid7 Inc.	52,316	2,636
^*	Diodes Inc.	30,912	2,530
^*	Yelp Inc.	58,747	2,517
^*	CommVault Systems Inc.	36,697	2,507
^*	Alarm.com Holdings Inc.	41,772	2,447
^*	Envestnet Inc.	43,676	2,386
^*	FormFactor Inc.	67,293	2,377
	Progress Software Corp.	37,948	2,309
^*	Sprout Social Inc. Class A	41,669	2,231
^*	Plexus Corp.	21,150	2,148
^*	Fastly Inc. Class A	86,463	2,057
^*	Sitime Corp.	14,986	1,988
^*	PagerDuty Inc.	74,418	1,917
^*	Perficient Inc.	29,943	1,910
	Kulicke & Soffa Industries Inc.	33,922	1,755
^*	Schrodinger Inc.	47,544	1,754
^*	Appian Corp. Class A	35,820	1,744
^*	Q2 Holdings Inc.	49,687	1,710
^*	Verint Systems Inc.	51,094	1,655
^*	Rogers Corp.	11,052	1,597
^*	Upwork Inc.	107,706	1,595
	Clear Secure Inc. Class A	72,560	1,577
^*	Cargurus Inc.	85,155	1,542
^*	MaxLinear Inc.	64,944	1,526
^*,1	DigitalOcean Holdings Inc.	55,194	1,493
^*	Asana Inc. Class A	69,167	1,486
	CSG Systems International Inc.	27,148	1,474
^*	Credo Technology Group Holding Ltd.	84,986	1,399
^*	Braze Inc. Class A	30,058	1,390
^*	Impinj Inc.	20,026	1,333

Russell 2000 Growth Index Fund

		Shares	Market Value• ($000)
^*	Agilysys Inc.	17,459	1,232
	CTS Corp.	27,331	1,220
^*	Ambarella Inc.	19,459	1,209
^*,1	C3.ai Inc. Class A	38,935	1,208
^*	Aehr Test Systems	22,523	1,149
^*	Sprinklr Inc. Class A	75,788	1,147
^*	Jamf Holding Corp.	60,868	1,026
^*	PROS Holdings Inc.	27,925	1,001
^*	Zuora Inc. Class A	107,792	982
^*	PDF Solutions Inc.	26,682	970
^*	Zeta Global Holdings Corp. Class A	116,916	951
^*	Parsons Corp.	16,443	938
^*	AvePoint Inc.	133,570	927
	A10 Networks Inc.	61,527	916
	Shutterstock Inc.	21,499	905
^*	Everbridge Inc.	35,449	879
^*	Model N Inc.	32,513	878
	Adeia Inc.	81,377	819
^*	Yext Inc.	93,249	817
	Sapiens International Corp. NV	26,768	800
^*	indie Semiconductor Inc. Class A	112,222	752
^*	EngageSmart Inc.	42,319	749
^*	N-Able Inc.	54,822	733
^*	Amplitude Inc. Class A	58,995	689
^*	TechTarget Inc.	22,724	653
^*	Ziff Davis Inc.	9,481	632
^*	BigCommerce Holdings Inc. Series 1	58,563	621
^*	Eventbrite Inc. Class A	60,919	617
	Simulations Plus Inc.	13,812	614
^*	Alkami Technology Inc.	34,533	602
^*	Avid Technology Inc.	20,817	555
^*	Couchbase Inc.	29,625	507
^*	Intapp Inc.	13,658	500
^*,1	Planet Labs PBC	149,847	487
	Hackett Group Inc.	20,058	473
^*	Grid Dynamics Holdings Inc.	39,142	455
^*	CEVA Inc.	17,899	416
^*	Magnite Inc.	49,542	409
^*,1	Digimarc Corp.	12,419	407
^*	Thoughtworks Holding Inc.	80,661	401
^*	OneSpan Inc.	32,500	398
^*	Mitek Systems Inc.	34,865	389
^*,1	MicroVision Inc.	154,112	388
^*	IonQ Inc.	21,998	378
^*,1	Applied Digital Corp.	59,417	359
^*	Squarespace Inc. Class A	11,787	355
^*	Olo Inc. Class A	51,574	333
	NVE Corp.	3,677	325
^*	Consensus Cloud Solutions Inc.	9,769	312
^*,1	SoundHound AI Inc. Class A	122,162	308
^*	Weave Communications Inc.	28,592	292
^*	Innodata Inc.	21,972	286
^*	Domo Inc. Class B	26,694	285
^*	MeridianLink Inc.	15,535	275
^*	NerdWallet Inc. Class A	29,838	269
^*	SEMrush Holdings Inc. Class A	27,373	259
	American Software Inc. Class A	21,902	253
^*	Synaptics Inc.	2,788	244

		Shares	Market Value• ($000)
^*	SMART Global Holdings Inc.	9,178	237
^*	LivePerson Inc.	55,787	234
^*	Expensify Inc. Class A	48,275	207
^*,1	Red Violet Inc.	9,756	201
^*	Digital Turbine Inc.	21,589	192
^*	Enfusion Inc. Class A	22,443	192
^*	NextNav Inc.	44,051	190
^*,1	Grindr Inc.	36,017	185
^*	EverCommerce Inc.	16,105	170
^*	inTEST Corp.	9,295	163
^*	Nextdoor Holdings Inc.	74,645	162
^*	Kimball Electronics Inc.	5,045	152
^*	Sanmina Corp.	2,660	148
^*	CoreCard Corp.	6,196	132
^*	Mediaalpha Inc. Class A	15,337	129
^*	Definitive Healthcare Corp.	13,439	126
^*	eGain Corp.	18,286	122
^*	Navitas Semiconductor Corp.	13,843	122
^*	ACM Research Inc. Class A	6,887	121
^*	EverQuote Inc. Class A	16,720	103
^*	Rimini Street Inc.	41,732	101
^*	SkyWater Technology Inc.	15,126	101
	Ebix Inc.	5,827	97
^*	PubMatic Inc. Class A	6,659	93
^*	ePlus Inc.	1,273	84
^*,1	Atomera Inc.	13,022	83
^*	Tucows Inc. Class A	3,404	80
^*	Viant Technology Inc. Class A	12,746	80
^*	PAR Technology Corp.	1,774	77
^*	Bandwidth Inc. Class A	4,815	69
^*,1	Veritone Inc.	22,575	69
^*	Vimeo Inc.	17,194	68
^*	Transphorm Inc.	23,102	63
^*,1	Xometry Inc. Class A	3,279	62
^*	LiveVox Holdings Inc.	19,083	61
^*	Vivid Seats Inc. Class A	7,110	52
^*	Cleanspark Inc.	8,185	40
^*,1	BigBear.ai Holdings Inc.	22,951	38
^*	Asure Software Inc.	2,895	36
^*,1	Bit Digital Inc.	10,114	24
^*	FiscalNote Holdings Inc.	10,790	24
^*	Presto Automation Inc.	2,716	9
^*,1	Cipher Mining Inc.	2,581	8
^*,1	CXApp Inc.	1,667	7
			201,125
Telecommunications (1.8%)
^*	Extreme Networks Inc.	109,987	3,019
^*	Calix Inc.	51,433	2,392
	InterDigital Inc.	23,641	2,050
^*	Viavi Solutions Inc.	160,918	1,681
	Cogent Communications Holdings Inc.	23,766	1,677
^*	Harmonic Inc.	95,945	1,025
^*	Digi International Inc.	27,191	908
^*	Infinera Corp.	173,773	813
^*	Globalstar Inc.	525,483	757
^*,1	Lightwave Logic Inc.	99,958	631
^*	CommScope Holding Co. Inc.	180,572	603
^*	Anterix Inc.	14,604	483
^*	Clearfield Inc.	11,431	402
^*	8x8 Inc.	98,624	320
^*	Ooma Inc.	20,756	292
^*	IDT Corp. Class B	10,470	245

Russell 2000 Growth Index Fund

		Shares	Market Value• ($000)
^*,1	AST SpaceMobile Inc.	53,099	208
^*	Kaltura Inc.	73,515	139
^*	Cambium Networks Corp.	10,606	98
^*	Akoustis Technologies Inc.	59,356	90
^*,1	Charge Enterprises Inc.	118,382	64
^*	Gogo Inc.	5,168	59
	Bel Fuse Inc. Class B	687	36
^*	Consolidated Communications Holdings Inc.	7,793	31
			18,023
Utilities (1.8%)
^*	Casella Waste Systems Inc. Class A	48,507	3,821
	American States Water Co.	32,281	2,718
	Ormat Technologies Inc. (XNYS)	29,946	2,274
	New Jersey Resources Corp.	44,467	1,875
	MGE Energy Inc.	16,163	1,171
	Middlesex Water Co.	15,300	1,152
	Chesapeake Utilities Corp.	9,807	1,080
	California Water Service Group	15,428	775
^*,1	Sunnova Energy International Inc.	42,663	594
	York Water Co.	12,431	507
	PNM Resources Inc.	7,883	349
¹	Brookfield Infrastructure Corp. Class A (XTSE)	8,355	325
^*,1	NuScale Power Corp.	46,725	279
^*	Vertex Energy Inc.	58,808	249
	Artesian Resources Corp. Class A	5,349	247
	Excelerate Energy Inc. Class A	12,328	229
	Unitil Corp.	4,014	196
^*	Pure Cycle Corp.	17,145	188
^*	Cadiz Inc.	35,964	144
	Genie Energy Ltd. Class B	9,231	141

		Shares	Market Value• ($000)
	Global Water Resources Inc.	9,707	108
	Consolidated Water Co. Ltd.	3,705	99
^*	Heritage-Crystal Clean Inc.	2,174	98
	Aris Water Solution Inc. Class A	1,730	18
	RGC Resources Inc.	461	8
			18,645
Total Common Stocks (Cost $889,166)			1,019,723
Temporary Cash Investments (2.3%)
Money Market Fund (2.3%)
^5,6	Vanguard Market Liquidity Fund, 5.384% (Cost $23,295)	233,030	23,301
Total Investments (102.4%) (Cost $912,461)			1,043,024
Other Assets and Liabilities—Net (-2.4%)			(24,489)
Net Assets (100%)			1,018,535
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 $19,962,000.
2	Security value determined using significant unobservable inputs.
3	Restricted securities totaling $22,000, representing 0.0% of net assets.
4	“Other” represents securities that are not classified by the fund’s benchmark index.
5	Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
6	Collateral of $22,273,000 was received for securities on loan.

	CVR—Contingent Value Rights.
	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 2023	16	1,521	7

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

Russell 2000 Growth Index Fund

Statement of Assets and Liabilities

As of August 31, 2023


($000s, except shares, footnotes, and per-share amounts)	Amount
Assets
Investments in Securities, at Value¹
Unaffiliated Issuers (Cost $889,166)	1,019,723
Affiliated Issuers (Cost $23,295)	23,301
Total Investments in Securities	1,043,024
Investment in Vanguard	35
Cash Collateral Pledged—Futures Contracts	100
Receivables for Investment Securities Sold	3,824
Receivables for Accrued Income	522
Receivables for Capital Shares Issued	44
Total Assets	1,047,549
Liabilities
Due to Custodian	2,311
Payables for Investment Securities Purchased	4,314
Collateral for Securities on Loan	22,273
Payables for Capital Shares Redeemed	53
Payables to Vanguard	59
Variation Margin Payable—Futures Contracts	4
Total Liabilities	29,014
Net Assets	1,018,535
1 Includes $19,962,000 of securities on loan.
At August 31, 2023, net assets consisted of:

Paid-in Capital	1,269,839
Total Distributable Earnings (Loss)	(251,304)
Net Assets	1,018,535

ETF Shares—Net Assets
Applicable to 4,475,393 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	783,865
Net Asset Value Per Share—ETF Shares	$175.15

Institutional Shares—Net Assets
Applicable to 703,241 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	234,670
Net Asset Value Per Share—Institutional Shares	$333.70

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

Russell 2000 Growth Index Fund

Statement of Operations


	Year Ended August 31, 2023
	($000)
Investment Income
Income
Dividends¹	7,967
Interest²	34
Securities Lending—Net	2,020
Total Income	10,021
Expenses
The Vanguard Group—Note B
Investment Advisory Services	22
Management and Administrative—ETF Shares	844
Management and Administrative—Institutional Shares	151
Marketing and Distribution—ETF Shares	40
Marketing and Distribution—Institutional Shares	8
Custodian Fees	78
Auditing Fees	28
Shareholders’ Reports—ETF Shares	49
Shareholders’ Reports—Institutional Shares	4
Trustees’ Fees and Expenses	—
Other Expenses	24
Total Expenses	1,248
Expenses Paid Indirectly	(1)
Net Expenses	1,247
Net Investment Income	8,774
Realized Net Gain (Loss)
Investment Securities Sold^2,3	(2,664)
Futures Contracts	(133)
Realized Net Gain (Loss)	(2,797)
Change in Unrealized Appreciation (Depreciation)
Investment Securities²	56,526
Futures Contracts	35
Change in Unrealized Appreciation (Depreciation)	56,561
Net Increase (Decrease) in Net Assets Resulting from Operations	62,538

1	Dividends are net of foreign withholding taxes of $18,000.
2	Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $31,000, $1,000, less than $1,000, and $3,000, respectively. Purchases and sales are for temporary cash investment purposes.
3	Includes $74,348,000 of net gain (loss) resulting from in-kind redemptions.

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

Russell 2000 Growth Index Fund

Financial Highlights

ETF Shares
For a Share Outstanding Throughout Each Period	Year Ended August 31,
For a Share Outstanding Throughout Each Period	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$165.45	$222.64	$164.83	$141.63	$160.12
Investment Operations
Net Investment Income¹	1.499	1.137	.839	1.097	.971
Net Realized and Unrealized Gain (Loss) on Investments	9.702	(57.266)	57.852	23.237	(18.527)
Total from Investment Operations	11.201	(56.129)	58.691	24.334	(17.556)
Distributions
Dividends from Net Investment Income	(1.501)	(1.061)	(.881)	(1.134)	(.934)
Distributions from Realized Capital Gains	—	—	—	—	—
Total Distributions	(1.501)	(1.061)	(.881)	(1.134)	(.934)
Net Asset Value, End of Period	$175.15	$165.45	$222.64	$164.83	$141.63
Total Return	6.87%	-25.28%	35.67%	17.32%	-10.97%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$784	$658	$735	$371	$301
Ratio of Total Expenses to Average Net Assets	0.15%²	0.15%	0.15%	0.15%	0.15%
Ratio of Net Investment Income to Average Net Assets	0.90%	0.61%	0.40%	0.75%	0.68%
Portfolio Turnover Rate³	32%	33%	47%	38%	28%

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 0.15%.
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.

Russell 2000 Growth Index Fund

Financial Highlights

Institutional Shares
For a Share Outstanding Throughout Each Period	Year Ended August 31,
For a Share Outstanding Throughout Each Period	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$315.20	$424.16	$314.01	$269.76	$305.04
Investment Operations
Net Investment Income¹	3.090	2.706	1.912	2.275	2.021
Net Realized and Unrealized Gain (Loss) on Investments	18.463	(109.390)	110.162	44.269	(35.267)
Total from Investment Operations	21.553	(106.684)	112.074	46.544	(33.246)
Distributions
Dividends from Net Investment Income	(3.053)	(2.276)	(1.924)	(2.294)	(2.034)
Distributions from Realized Capital Gains	—	—	—	—	—
Total Distributions	(3.053)	(2.276)	(1.924)	(2.294)	(2.034)
Net Asset Value, End of Period	$333.70	$315.20	$424.16	$314.01	$269.76
Total Return	6.94%	-25.24%	35.77%	17.42%	-10.91%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$235	$255	$752	$500	$472
Ratio of Total Expenses to Average Net Assets	0.08%²	0.08%	0.08%	0.08%	0.08%
Ratio of Net Investment Income to Average Net Assets	0.98%	0.72%	0.48%	0.82%	0.75%
Portfolio Turnover Rate³	32%	33%	47%	38%	28%

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.

Russell 2000 Growth Index Fund

Notes to Financial Statements

Vanguard Russell 2000 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 Nasdaq; 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.

Russell 2000 Growth Index Fund

For the year ended August 31, 2023, the fund did not utilize the credit facilities or the Interfund Lending Program.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At August 31, 2023, the fund had contributed to Vanguard capital in the amount of $35,000, 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.	The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended August 31, 2023, custodian fee offset arrangements reduced the fund’s expenses by $1,000 (an annual rate of less than 0.01% of average net assets).
D.	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.).

Russell 2000 Growth Index Fund

The following table summarizes the market value of the fund’s investments and derivatives as of August 31, 2023, based on the inputs used to value them:

	Level 1 ($000)	Level 2 ($000)	Level 3 ($000)	Total ($000)
Investments
Assets
Common Stocks	1,016,976	22	2,725	1,019,723
Temporary Cash Investments	23,301	—	—	23,301
Total	1,040,277	22	2,725	1,043,024
Derivative Financial Instruments
Assets
Futures Contracts¹	7	—	—	7

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.

	Amount ($000)
Paid-in Capital	74,192
Total Distributable Earnings (Loss)	(74,192)

	Amount ($000)
Undistributed Ordinary Income	2,466
Undistributed Long-Term Gains	—
Net Unrealized Gains (Losses)	123,995
Capital Loss Carryforwards	(377,765)
Qualified Late-Year Losses	—
Other Temporary Differences	—
Total	(251,304)

Russell 2000 Growth Index Fund

The tax character of distributions paid was as follows:

	Year Ended August 31,
	2023 Amount ($000)	2022 Amount ($000)
Ordinary Income*	8,914	7,083
Long-Term Capital Gains	—	—
Total	8,914	7,083

*	Includes short-term capital gains, if any.

As of August 31, 2023, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

	Amount ($000)
Tax Cost	919,030
Gross Unrealized Appreciation	223,717
Gross Unrealized Depreciation	(99,722)
Net Unrealized Appreciation (Depreciation)	123,995

During the year ended August 31, 2023, the fund purchased $572,595,000 of investment securities and sold $517,561,000 of investment securities, other than temporary cash investments. Purchases and sales include $264,373,000 and $180,699,000, 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, 2023, such purchases were $75,783,000 and sales were $110,568,000, resulting in net realized loss of $38,690,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

	Year Ended August 31,
	2023		2022
	Amount ($000)	Shares (000)	Amount ($000)	Shares (000)
ETF Shares
Issued	268,511	1,575	578,438	3,075
Issued in Lieu of Cash Distributions	—	—	—	—
Redeemed	(180,540)	(1,075)	(475,580)	(2,400)
Net Increase (Decrease)—ETF Shares	87,971	500	102,858	675

Russell 2000 Growth Index Fund

	Year Ended August 31,
	2023		2022
	Amount ($000)	Shares (000)	Amount ($000)	Shares (000)
Institutional Shares
Issued	49,602	158	29,035	81
Issued in Lieu of Cash Distributions	2,350	8	3,298	9
Redeemed	(87,387)	(271)	(413,071)	(1,055)
Net Increase (Decrease)—Institutional Shares	(35,435)	(105)	(380,738)	(965)

I.	Management has determined that no events or transactions occurred subsequent to August 31, 2023, that would require recognition or disclosure in these financial statements.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Vanguard Scottsdale Funds and Shareholders of Vanguard Russell 2000 Index Fund, Vanguard Russell 2000 Value Index Fund and Vanguard Russell 2000 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 Russell 2000 Index Fund, Vanguard Russell 2000 Value Index Fund and Vanguard Russell 2000 Growth Index Fund (three of the funds constituting Vanguard Scottsdale Funds, hereafter collectively referred to as the "Funds") as of August 31, 2023, the related statements of operations for the year ended August 31, 2023, the statements of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2023 (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, 2023, 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, 2023 and each of the financial highlights for each of the five years in the period ended August 31, 2023 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, 2023 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 19, 2023

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

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
Russell 2000 Index Fund	64.8%
Russell 2000 Value Index Fund	65.6
Russell 2000 Growth Index Fund	71.0

The following amounts, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as qualified dividend income for individual shareholders for the fiscal year.

Fund	($000)
Russell 2000 Index Fund	74,623
Russell 2000 Value Index Fund	17,334
Russell 2000 Growth Index Fund	7,724

The following amounts, 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)
Russell 2000 Index Fund	366
Russell 2000 Value Index Fund	14
Russell 2000 Growth Index Fund	9

The following amounts, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as qualified business income for individual shareholders for the fiscal year.

Fund	($000)
Russell 2000 Index Fund	11,680
Russell 2000 Value Index Fund	3,469
Russell 2000 Growth Index Fund	571

Trustees Approve Advisory Arrangements

The board of trustees of Vanguard Russell 2000 Index Fund, Vanguard Russell 2000 Value Index Fund, and Vanguard Russell 2000 Growth Index Fund has renewed each fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index Group. The board determined that continuing each fund’s internalized management structure was in the best interests of the fund and its shareholders.

The board based its decisions upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.

The board, or an investment committee made up of board members, also received information throughout the year through advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the board received periodic reports throughout the year, which included information about each fund’s performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Portfolio Review Department’s ongoing assessment of the advisor.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board’s decisions.

Nature, extent, and quality of services

The board reviewed each fund’s investment management services over both the short and long term and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Equity Index Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.

The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of each advisory arrangement.

Investment performance

The board considered the short- and long-term performance of each fund, including any periods of outperformance or underperformance compared with its target index and peer group. The board concluded that the performance was such that each advisory arrangement should continue.

Cost

The board concluded that each fund’s expense ratio was below the average expense ratio charged by funds in its peer group and that each fund’s advisory expenses were also below the peer-group average.

Liquidity Risk Management

Vanguard funds (except for the money market funds) have adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940. Rule 22e-4 requires that each fund adopt a program that is reasonably designed to assess and manage the fund’s liquidity risk, which is the risk that the fund could not meet redemption requests without significant dilution of remaining investors’ interests in the fund.

Assessment and management of a fund’s liquidity risk under the Program take into consideration certain factors, such as the fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short- and long-term cash-flow projections during both normal and reasonably foreseeable stressed conditions, and its cash and cash-equivalent holdings and access to other funding sources. As required by the rule, the Program includes policies and procedures for classification of fund portfolio holdings in four liquidity categories, maintaining certain levels of highly liquid investments, and limiting holdings of illiquid investments.

The board of trustees of Vanguard Scottsdale Funds approved the appointment of liquidity risk management program administrators responsible for administering the Program for Vanguard Russell 2000 Index Fund, Vanguard Russell 2000 Value Index Fund, and Vanguard Russell 2000 Growth Index Fund, and for carrying out the specific responsibilities set forth in the Program, including reporting to the board on at least an annual basis regarding the Program’s operation, its adequacy, and the effectiveness of its implementation for the past year (the “Program Administrator Report”). The board has reviewed the Program Administrator Report covering the period from January 1, 2022, through December 31, 2022 (the “Review Period”). The Program Administrator Report stated that during the Review Period the Program operated and was implemented effectively to manage the funds' liquidity risk.

The Products are not sponsored, endorsed, sold or promoted by Frank Russell Company (“Russell”). Russell makes no representation or warranty, express or implied, to the owners of the Products or any member of the public regarding the advisability of investing in securities generally or in the Products particularly or the ability of the Russell 2000, Russell 2000 Value, and Russell 2000 Growth Indexes to track general stock market performance or a segment of the same. Russell’s publication of the Russell 2000, Russell 2000 Value, and Russell 2000 Growth Indexes in no way suggests or implies an opinion by Russell as to the advisability of investment in any or all of the securities upon which the Russell 2000, Russell 2000 Value, and Russell 2000 Growth Indexes are based. Russell’s only relationship to The Vanguard Group, Inc. is the licensing of certain trademarks and trade names of Russell and of the Russell 2000, Russell 2000 Value, and Russell 2000 Growth Indexes which are determined, composed and calculated by Russell without regard to The Vanguard Group, Inc. or the Products. Russell is not responsible for and has not reviewed the Products nor any associated literature or publications and Russell makes no representation or warranty express or implied as to their accuracy or completeness, or otherwise. Russell has no obligation or liability in connection with the administration, marketing or trading of the Products.

Russell makes no representation, warranty or guarantee as to the accuracy, completeness, reliability or otherwise of the Russell Indexes or any data included in the Russell Indexes. Russell does not guarantee the accuracy and/or the completeness of the Russell 2000, Russell 2000 Value, and Russell 2000 Growth Indexes or any data included therein and Russell shall have no liability for any errors, omissions, or interruptions therein. Russell makes no warranty, express or implied, as to the use of or results to be obtained by The Vanguard Group, Inc., investors, owners of the Products, or any other person or entity from the use of the Russell 2000, Russell 2000 Value, and Russell 2000 Growth Indexes or any data included therein. Russell makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Russell 2000, Russell 2000 Value, and Russell 2000 Growth Indexes or any data included therein. Without limiting any of the foregoing, in no event shall Russell have any liability for any special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages.

Russell reserves the right, at any time and without notice, to alter, amend, terminate or in any way change the Russell Indexes. Russell has no obligation to take the needs of any particular fund or its participants or any other product or person into consideration in determining, composing or calculating any of the Russell Indexes.

The People Who Govern Your Fund

The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them.

A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 205 Vanguard funds.

Information for each trustee and executive officer of the fund appears below. That information, as well as the Vanguard fund count, is as of the date on the cover of this fund report. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.

Interested Trustee¹

Mortimer J. Buckley

Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chairman of the board (2019–present) of Vanguard and of each of the investment companies served by Vanguard; chief executive officer (2018–present) of Vanguard; chief executive officer, president, and trustee (2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Member of the board of governors of the Investment Company Institute and the board of governors of FINRA.

Independent Trustees

Tara Bunch

Born in 1962. Trustee since November 2021. Principal occupation(s) during the past five years and other experience: head of global operations at Airbnb (2020–present). Vice president of AppleCare (2012–2020). Member of the board of directors of Out & Equal, the advisory board of the University of California, Berkeley School of Engineering, and the advisory board of Santa Clara University’s Leavey School of Business.

Emerson U. Fullwood

Born in 1948. Trustee since January 2008. Principal occupation(s) during the past five years and other experience: executive chief staff and marketing officer for North America and corporate vice president (retired 2008) of Xerox Corporation (document management products and services). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology. Member of the board of directors of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, Roberts Wesleyan College, and the Rochester Philharmonic Orchestra. Trustee of the University of Rochester.

F. Joseph Loughrey

Born in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery). Director of the V Foundation. Member of the advisory council for the College of Arts and Letters at the University of Notre Dame. Chairman of the board of Saint Anselm College.

Mark Loughridge

Born in 1953. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: senior vice president and chief financial

1 Mr. Buckley is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.

officer (retired 2013) of IBM (information technology services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.

Scott C. Malpass

Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer (retired 2020) and vice president (retired 2020) of the University of Notre Dame. Chair of the board of Catholic Investment Services, Inc. (investment advisors). Member of the board of superintendence of the Institute for the Works of Religion, the Notre Dame 403(b) Investment Committee, and the board of directors of Paxos Trust Company (finance).

Deanna Mulligan

Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chief executive officer of Purposeful (advisory firm for CEOs and C-level executives; 2021–present). Board chair (2020), chief executive officer (2011–2020), and president (2010–2019) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of the Guardian Life Insurance Company of America. Director of DuPont. Member of the board of the Economic Club of New York. Trustee of the Partnership for New York City (business leadership), Chief Executives for Corporate Purpose, and the NewYork-Presbyterian Hospital.

André F. Perold

Born in 1952. Trustee since December 2004. Principal occupation(s) during the past five years and other experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011). Chief investment officer and partner of HighVista Strategies (private investment firm). Member of the board of RIT Capital Partners (investment firm).

Sarah Bloom Raskin

Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Colin W. Brown Distinguished Professor of the Practice of Law, Duke Law School (2021–present); Rubenstein Fellow, Duke University (2017–2020); Distinguished Fellow of the Global Financial Markets Center, Duke Law School (2020–2022); and Senior Fellow, Duke Center on Risk

(2020–present). Partner of Kaya Partners (climate policy advisory services). Member of the board of directors of Arcadia (energy solution technology).

Grant Reid

Born in 1959. Trustee since July 2023. Principal occupation(s) during the past five years and other experience: chief executive officer and president (2014–2022) and member of the board of directors (2015–2022) of Mars, Incorporated (multinational manufacturer). Member of the board of directors of Marriott International, Inc. Chair of Agribusiness Task Force, Sustainable Markets Initiative.

David Thomas

Born in 1956. Trustee since July 2021. Principal occupation(s) during the past five years and other experience: president of Morehouse College (2018–present). Professor of business administration, emeritus at Harvard University (2017–2018). Dean (2011–2016) and professor of management (2016–2017) at the Georgetown University McDonough School of Business. Director of DTE Energy Company. Trustee of Common Fund.

Peter F. Volanakis

Born in 1955. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2010) of Corning Incorporated (communications equipment) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Member of the BMW Group Mobility Council.

Executive Officers

Jacqueline Angell

Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (November 2022–present) of Vanguard and of each of the investment companies served by Vanguard. Chief compliance officer (2018–2022) and deputy chief compliance officer (2017–2019) of State Street.

Christine M. Buchanan

Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2021–present) and treasurer (2017–2022) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG (audit, tax, and advisory services).

John Galloway

Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (September 2020–present) of each of the investment companies served by Vanguard. Head of Investor Advocacy (February 2020–present) and head of Marketing Strategy and Planning (2017–2020) at Vanguard. Special assistant to the President of the United States (2015).

Ashley Grim

Born in 1984. Principal occupation(s) during the past five years and other experience: treasurer (February 2022–present) of each of the investment companies served by Vanguard. Fund transfer agent controller (2019–2022) and director of Audit Services (2017–2019) at Vanguard. Senior manager (2015–2017) at PriceWaterhouseCoopers (audit and assurance, consulting, and tax services).

Jodi Miller

Born in 1980. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Finance director (2022–present) of each of the investment companies served by Vanguard. Head of Enterprise Investment Services (2020–present), head of Retail Client Services and Operations (2020–2022), and head of Retail Strategic Support (2018–2020) at Vanguard.

Anne E. Robinson

Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express. Nonexecutive director (2022–present) of the board of National Grid (energy).

Michael Rollings

Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.

Vanguard Senior Management Team

Matthew Benchener	Thomas M. Rampulla
Joseph Brennan	Karin A. Risi
Mortimer J. Buckley	Anne E. Robinson
Gregory Davis	Michael Rollings
John James	Nitin Tandon
Chris D. Mclsaac	Lauren Valente

Connect with Vanguard^®>vanguard.com

Fund Information > 800-662-7447

Direct Investor Account Services > 800-662-2739

Institutional Investor Services > 800-523-1036

Text Telephone for People Who Are Deaf or Hard of Hearing > 800-749-7273

This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.

All comparative mutual fund data are from Morningstar, Inc., unless otherwise noted.

You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.

You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to [email protected].

Q18510 102023


	Year Ended August 31,
	2023 ($000)	2022 ($000)
	2023 ($000)	2022 ($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income	102,830	86,559
Realized Net Gain (Loss)	(40,387)	330,884
Change in Unrealized Appreciation (Depreciation)	226,212	(1,857,512)
Net Increase (Decrease) in Net Assets Resulting from Operations	288,655	(1,440,069)
Distributions
ETF Shares	(89,739)	(79,883)
Institutional Shares	(7,681)	(7,288)
Total Distributions	(97,420)	(87,171)
Capital Share Transactions
ETF Shares	1,021,035	439,553
Institutional Shares	(25,904)	(12,117)
Net Increase (Decrease) from Capital Share Transactions	995,131	427,436
Total Increase (Decrease)	1,186,366	(1,099,804)
Net Assets
Beginning of Period	5,742,525	6,842,329
End of Period	6,928,891	5,742,525