Semiannual Report   |   February 28, 2023
Vanguard Russell 1000 Index Funds
Vanguard Russell 1000 Index Fund
Vanguard Russell 1000 Value Index Fund
Vanguard Russell 1000 Growth Index Fund

 

Contents
About Your Fund’s Expenses

1
Russell 1000 Index Fund

3
Russell 1000 Value Index Fund

24
Russell 1000 Growth Index Fund

46

 

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

 

Six Months Ended February 28, 2023      
  Beginning
Account Value
8/31/2022
Ending
Account Value
2/28/2023
Expenses
Paid During
Period
Based on Actual Fund Return      
Russell 1000 Index Fund      
ETF Shares $1,000.00 $1,013.40 $0.40
Institutional Shares 1,000.00 1,013.40 0.35
Russell 1000 Value Index Fund      
ETF Shares $1,000.00 $1,040.40 $0.40
Institutional Shares 1,000.00 1,040.40 0.35
Russell 1000 Growth Index Fund      
ETF Shares $1,000.00 $987.50 $0.39
Institutional Shares 1,000.00 987.40 0.34
Based on Hypothetical 5% Yearly Return      
Russell 1000 Index Fund      
ETF Shares $1,000.00 $1,024.40 $0.40
Institutional Shares 1,000.00 1,024.45 0.35
Russell 1000 Value Index Fund      
ETF Shares $1,000.00 $1,024.40 $0.40
Institutional Shares 1,000.00 1,024.45 0.35
Russell 1000 Growth Index Fund      
ETF Shares $1,000.00 $1,024.40 $0.40
Institutional Shares 1,000.00 1,024.45 0.35
The calculations are based on expenses incurred in the most recent six-month period. The funds' annualized six-month expense ratios for that period are: for the Russell 1000 Index Fund, 0.08% for ETF Shares and 0.07% for Institutional Shares; for the Russell 1000 Value Index Fund, 0.08% for ETF Shares and 0.07% for Institutional Shares; and for the Russell 1000 Growth Index Fund, 0.08% for ETF Shares and 0.07% for Institutional Shares. The dollar amounts shown as “Expenses Paid" are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (181/365).
2

 

Russell 1000 Index Fund
Fund Allocation
As of February 28, 2023
Basic Materials 2.2%
Consumer Discretionary 14.3
Consumer Staples 5.6
Energy 4.9
Financials 11.7
Health Care 13.4
Industrials 13.4
Real Estate 3.1
Technology 25.9
Telecommunications 2.5
Utilities 3.0
The table reflects the fund’s investments, except short-term investments and derivatives. Sector categories are based on the Industry Classification Benchmark (“ICB”), except for the “Other” category (if applicable), which includes securities that have not been provided an ICB classification as of the effective reporting period.
The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, attempting to remain fully invested and tracking its target index as closely as possible.
The Industry Classification Benchmark (“ICB”) is owned by FTSE. FTSE does not accept any liability to any person for any loss or damage arising out of any error or omission in the ICB.
3

 

Russell 1000 Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of February 28, 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 (99.9%)
Basic Materials (2.2%)
  Linde plc    75,253    26,216
  Air Products and Chemicals Inc.    33,722     9,644
  Freeport-McMoRan Inc.   217,803     8,923
  Nucor Corp.    39,061     6,540
  Dow Inc.   107,239     6,134
  Ecolab Inc.    37,808     6,025
  Newmont Corp.   120,867     5,271
  Albemarle Corp.    17,811     4,530
  Fastenal Co.    87,600     4,517
  LyondellBasell Industries NV Class A    39,102     3,753
  International Flavors & Fragrances Inc.    38,772     3,614
  Steel Dynamics Inc.    25,216     3,180
  Mosaic Co.    52,075     2,770
  CF Industries Holdings Inc.    29,782     2,558
  FMC Corp.    19,207     2,481
  Avery Dennison Corp.    12,450     2,268
  Reliance Steel & Aluminum Co.     8,886     2,202
  International Paper Co.    54,526     1,984
  Celanese Corp. Class A    16,599     1,929
* Cleveland-Cliffs Inc.    77,104     1,645
  Eastman Chemical Co.    18,511     1,577
  Alcoa Corp.    27,143     1,328
  Royal Gold Inc.     9,880     1,174
  Olin Corp.    19,149     1,106
  US Steel Corp.    35,482     1,087
  Southern Copper Corp.    12,799       943
  Valvoline Inc.    26,771       942
  Hexcel Corp.    12,637       922
* Univar Solutions Inc.    24,794       862
  Huntsman Corp.    27,840       817
  Timken Co.     9,350       799
  Chemours Co.    23,100       790
  Ashland Inc.     7,635       777
  Element Solutions Inc.    33,898       696
  Westlake Corp.     4,921       586
  Scotts Miracle-Gro Co.     6,244       515
* MP Materials Corp.    14,026       491
  SSR Mining Inc. (XTSE)    32,743       447
  NewMarket Corp.       868       298
  SSR Mining Inc.        52         1
        122,342
    Shares Market
Value

($000)
Consumer Discretionary (14.3%)
* Amazon.com Inc. 1,354,250   127,611
* Tesla Inc.   393,805    81,010
  Home Depot Inc.   157,446    46,689
  Costco Wholesale Corp.    67,451    32,658
  Walmart Inc.   216,564    30,780
  McDonald's Corp.   112,581    29,711
* Walt Disney Co.   277,520    27,644
  NIKE Inc. Class B   186,627    22,169
* Netflix Inc.    66,685    21,481
  Lowe's Cos. Inc.    94,696    19,484
  Starbucks Corp.   174,653    17,830
* Booking Holdings Inc.     5,914    14,927
  TJX Cos. Inc.   176,939    13,554
  Target Corp.    70,671    11,908
* Uber Technologies Inc.   292,527     9,729
  Activision Blizzard Inc.   118,210     9,014
  Estee Lauder Cos. Inc. Class A    35,003     8,508
  General Motors Co.   215,809     8,360
* O'Reilly Automotive Inc.     9,430     7,828
  Dollar General Corp.    34,289     7,417
  Ford Motor Co.   602,175     7,268
* AutoZone Inc.     2,886     7,176
* Airbnb Inc. Class A    57,057     7,034
  Marriott International Inc. Class A    40,513     6,856
* Chipotle Mexican Grill Inc. Class A     4,242     6,325
  Hilton Worldwide Holdings Inc.    40,411     5,840
  Ross Stores Inc.    51,866     5,733
* Warner Bros Discovery Inc.   359,048     5,608
  Yum! Brands Inc.    42,926     5,458
* Lululemon Athletica Inc.    16,996     5,255
* Aptiv plc    41,153     4,785
* Dollar Tree Inc.    32,293     4,692
  Electronic Arts Inc.    42,149     4,676
* Copart Inc.    64,869     4,571
  DR Horton Inc.    47,953     4,435
* Ulta Beauty Inc.     7,670     3,979
  Tractor Supply Co.    16,804     3,920
  eBay Inc.    83,005     3,810
* Delta Air Lines Inc.    97,858     3,752
* Trade Desk Inc. Class A    66,966     3,747
  Genuine Parts Co.    21,143     3,739
  Lennar Corp. Class A    38,099     3,686
  Southwest Airlines Co.    90,381     3,035
* Las Vegas Sands Corp.    50,452     2,899
4

 

Russell 1000 Index Fund
    Shares Market
Value

($000)
  Omnicom Group Inc.    31,075     2,814
* Take-Two Interactive Software Inc.    24,926     2,731
  Darden Restaurants Inc.    18,703     2,674
* United Airlines Holdings Inc.    50,021     2,599
  Best Buy Co. Inc.    30,410     2,527
* Expedia Group Inc.    23,097     2,517
* Roblox Corp. Class A    68,228     2,500
* Spotify Technology SA    21,128     2,457
* Royal Caribbean Cruises Ltd.    33,282     2,351
  Garmin Ltd.    23,593     2,315
* Etsy Inc.    19,048     2,313
* NVR Inc.       440     2,276
  LKQ Corp.    37,717     2,161
* Burlington Stores Inc.    10,061     2,156
  Interpublic Group of Cos. Inc.    59,406     2,111
  MGM Resorts International    49,020     2,108
* Liberty Media Corp.-Liberty Formula One Class C    30,527     2,072
  Pool Corp.     5,757     2,054
  PulteGroup Inc.    34,795     1,902
  Paramount Global Inc. Class B    87,293     1,870
  BorgWarner Inc. (XNYS)    35,651     1,793
* Live Nation Entertainment Inc.    23,770     1,713
* Wynn Resorts Ltd.    15,774     1,709
* Five Below Inc.     8,279     1,691
* Deckers Outdoor Corp.     4,023     1,675
* CarMax Inc.    24,251     1,674
  Tapestry Inc.    36,601     1,593
  Domino's Pizza Inc.     5,382     1,582
  Fox Corp. Class A    45,092     1,579
* Caesars Entertainment Inc.    30,985     1,573
* Carnival Corp.   147,955     1,571
* American Airlines Group Inc.    97,643     1,560
  Service Corp. International    22,912     1,547
* Rivian Automotive Inc. Class A    78,469     1,514
* BJ's Wholesale Club Holdings Inc.    20,607     1,480
* Floor & Decor Holdings Inc. Class A    15,629     1,435
  Vail Resorts Inc.     6,086     1,421
  Bath & Body Works Inc.    34,557     1,412
  Churchill Downs Inc.     5,427     1,334
  Advance Auto Parts Inc.     9,168     1,329
  VF Corp.    52,868     1,312
  Aramark    34,972     1,287
  Rollins Inc.    35,701     1,257
  Lear Corp.     8,956     1,251
  Williams-Sonoma Inc.    10,012     1,251
  Whirlpool Corp.     8,120     1,120
  Hasbro Inc.    19,844     1,092
  Tempur Sealy International Inc.    25,446     1,088
  Lithia Motors Inc. Class A     4,181     1,067
  News Corp. Class A    60,326     1,035
  Wyndham Hotels & Resorts Inc.    13,433     1,035
  Dick's Sporting Goods Inc.     8,036     1,034
  Nexstar Media Group Inc. Class A     5,554     1,033
* Planet Fitness Inc. Class A    12,715     1,031
    Shares Market
Value

($000)
* DraftKings Inc. Class A    54,132     1,021
  Gentex Corp.    35,483     1,013
* SiteOne Landscape Supply Inc.     6,667       989
  Polaris Inc.     8,550       973
  Harley-Davidson Inc.    20,279       964
  Toll Brothers Inc.    16,066       963
  New York Times Co. Class A    24,836       956
* Mattel Inc.    53,099       955
* Capri Holdings Ltd.    19,100       947
* Norwegian Cruise Line Holdings Ltd.    63,175       936
* Skechers USA Inc. Class A    20,177       898
* Alaska Air Group Inc.    18,664       893
  Marriott Vacations Worldwide Corp.     5,830       892
* RH     2,939       879
  H&R Block Inc.    23,309       858
* Avis Budget Group Inc.     3,889       854
* Hyatt Hotels Corp. Class A     7,298       848
  Newell Brands Inc.    57,037       838
  Macy's Inc.    40,549       830
* IAA Inc.    20,179       826
  PVH Corp.    10,127       813
*,1 GameStop Corp. Class A    40,561       780
  Boyd Gaming Corp.    11,849       772
* Liberty Media Corp.- Liberty SiriusXM Class C    23,503       757
  Ralph Lauren Corp. Class A     6,326       748
*,1 Lucid Group Inc.    80,300       733
* Penn Entertainment Inc.    23,828       727
  Thor Industries Inc.     7,899       719
  Fox Corp. Class B    21,891       706
* AutoNation Inc.     5,090       695
  Leggett & Platt Inc.    20,088       693
* Bright Horizons Family Solutions Inc.     8,673       684
1 U-Haul Holding Co.    12,281       683
* Coty Inc. Class A    53,839       608
* Peloton Interactive Inc. Class A    46,681       603
  Choice Hotels International Inc.     4,839       573
  Penske Automotive Group Inc.     3,900       562
  Wendy's Co.    25,433       559
  World Wrestling Entertainment Inc. Class A     6,650       559
*,1 AMC Entertainment Holdings Inc. Class A    76,331       545
  Madison Square Garden Sports Corp.     2,826       540
* Ollie's Bargain Outlet Holdings Inc.     9,357       538
* Hertz Global Holdings Inc.    28,788       533
* Grand Canyon Education Inc.     4,638       525
  Travel + Leisure Co.    12,433       522
* YETI Holdings Inc.    13,267       517
  Kohl's Corp.    18,025       505
*,1 Wayfair Inc. Class A    12,258       496
* Lyft Inc. Class A    48,692       487
* Victoria's Secret & Co.    12,103       480
1 Sirius XM Holdings Inc.   105,977       465
  Columbia Sportswear Co.     5,268       459
  Carter's Inc.     5,906       445
 
5

 

Russell 1000 Index Fund
    Shares Market
Value

($000)
* Copa Holdings SA Class A     4,455       411
  Gap Inc.    30,033       391
* JetBlue Airways Corp.    46,855       389
*,1 QuantumScape Corp. Class A    38,856       372
* Liberty Media Corp.- Liberty SiriusXM Class A    11,179       362
* Under Armour Inc. Class A    35,732       355
1 Nordstrom Inc.    17,570       342
* TripAdvisor Inc.    15,864       342
* Leslie's Inc.    23,459       296
  Hanesbrands Inc.    51,735       294
* Driven Brands Holdings Inc.    10,135       284
* Six Flags Entertainment Corp.    10,671       282
  News Corp. Class B    16,229       280
  Lennar Corp. Class B     2,405       196
* Under Armour Inc. Class C    21,531       189
* Liberty Media Corp.- Liberty Formula One Class A     3,022       184
*,1 Carvana Co. Class A    16,227       153
* Petco Health & Wellness Co. Inc. Class A    12,506       129
* Playtika Holding Corp.    13,334       128
*,1 Mister Car Wash Inc.    12,795       118
1 U-Haul Holding Co. (XNYS)     1,347        87
1 Paramount Global Class A     2,317        57
        804,182
Consumer Staples (5.6%)
  Procter & Gamble Co.   359,704    49,481
  PepsiCo Inc.   210,607    36,547
  Coca-Cola Co.   594,815    35,397
  Philip Morris International Inc.   236,032    22,966
  CVS Health Corp.   199,973    16,706
  Mondelez International Inc. Class A   207,564    13,529
  Altria Group Inc.   273,617    12,704
  Colgate-Palmolive Co.   126,182     9,249
  McKesson Corp.    21,594     7,554
  General Mills Inc.    90,764     7,217
  Corteva Inc.   109,101     6,796
  Archer-Daniels-Midland Co.    83,341     6,634
  Kimberly-Clark Corp.    51,236     6,407
  Sysco Corp.    77,377     5,770
* Monster Beverage Corp.    55,873     5,686
  Hershey Co.    22,181     5,286
  Constellation Brands Inc. Class A    23,047     5,156
  Keurig Dr Pepper Inc.   130,589     4,512
  Kroger Co.    99,753     4,303
  Kraft Heinz Co.   106,234     4,137
  Walgreens Boots Alliance Inc.   109,171     3,879
  AmerisourceBergen Corp.    23,633     3,676
  Church & Dwight Co. Inc.    37,042     3,103
  Clorox Co.    18,802     2,923
  McCormick & Co. Inc.    38,213     2,840
  Conagra Brands Inc.    71,757     2,613
  Tyson Foods Inc. Class A    43,456     2,574
  Kellogg Co.    38,877     2,564
  J M Smucker Co.    15,797     2,336
  Lamb Weston Holdings Inc.    22,099     2,224
  Bunge Ltd.    21,148     2,020
  Hormel Foods Corp.    43,837     1,945
    Shares Market
Value

($000)
  Brown-Forman Corp. Class B    27,948     1,813
  Campbell Soup Co.    29,313     1,539
* Darling Ingredients Inc.    24,212     1,532
  Molson Coors Beverage Co. Class B    26,971     1,435
* Performance Food Group Co.    23,008     1,302
  Casey's General Stores Inc.     5,648     1,174
* US Foods Holding Corp.    30,494     1,144
  Ingredion Inc.     9,889       983
  Flowers Foods Inc.    28,300       789
* Post Holdings Inc.     8,290       746
  Albertsons Cos. Inc. Class A    25,430       506
  Brown-Forman Corp. Class A     7,073       459
* Boston Beer Co. Inc. Class A     1,410       457
* Freshpet Inc.     6,889       428
  Spectrum Brands Holdings Inc.     5,813       372
* Grocery Outlet Holding Corp.    13,668       370
  Reynolds Consumer Products Inc.     8,308       228
* Pilgrim's Pride Corp.     7,196       168
  Seaboard Corp.        36       142
* Olaplex Holdings Inc.    19,216        94
        314,415
Energy (4.9%)
  Exxon Mobil Corp.   627,836    69,005
  Chevron Corp.   294,626    47,367
  ConocoPhillips   189,752    19,611
  Schlumberger Ltd.   215,173    11,449
  EOG Resources Inc.    89,097    10,070
  Marathon Petroleum Corp.    71,258     8,807
  Valero Energy Corp.    58,557     7,714
  Phillips 66    71,926     7,377
  Pioneer Natural Resources Co.    36,282     7,271
  Occidental Petroleum Corp.   120,854     7,077
  Cheniere Energy Inc.    37,903     5,964
  Hess Corp.    43,014     5,794
  Williams Cos. Inc.   185,611     5,587
  Devon Energy Corp.    98,961     5,336
  Kinder Morgan Inc.   302,526     5,161
  Halliburton Co.   136,513     4,946
  ONEOK Inc.    67,702     4,431
  Baker Hughes Co. Class A   143,417     4,389
* Enphase Energy Inc.    19,912     4,192
  Diamondback Energy Inc.    26,840     3,773
  Coterra Energy Inc.   119,683     2,988
* First Solar Inc.    16,233     2,746
  Targa Resources Corp.    34,710     2,572
  Marathon Oil Corp.    96,085     2,417
  APA Corp.    49,155     1,887
  EQT Corp.    56,470     1,874
  Ovintiv Inc. (XNYS)    37,983     1,624
  Texas Pacific Land Corp.       866     1,542
  Chesapeake Energy Corp.    18,312     1,480
  NOV Inc.    59,105     1,293
*,1 Plug Power Inc.    78,443     1,166
* Antero Resources Corp.    43,640     1,143
  HF Sinclair Corp.    20,433     1,016
  Range Resources Corp.    35,810       965
  PDC Energy Inc.    13,334       895
 
6

 

Russell 1000 Index Fund
    Shares Market
Value

($000)
* Southwestern Energy Co.   168,048       891
  DTE Midstream LLC    14,636       735
  Antero Midstream Corp.    50,330       530
*,1 ChargePoint Holdings Inc.    37,183       422
  New Fortress Energy Inc. Class A     8,133       268
  Enviva Inc.     4,788       209
* Vitesse Energy Inc.     3,617        63
        274,047
Financials (11.7%)
* Berkshire Hathaway Inc. Class B   274,929    83,903
  JPMorgan Chase & Co.   444,435    63,710
  Bank of America Corp. 1,069,932    36,699
  Wells Fargo & Co.   577,720    27,020
  Morgan Stanley   187,792    18,122
  Charles Schwab Corp.   231,444    18,034
  Goldman Sachs Group Inc.    49,950    17,565
  S&P Global Inc.    49,650    16,941
  BlackRock Inc.    22,850    15,753
  Citigroup Inc.   294,601    14,933
  Chubb Ltd.    63,319    13,362
  Progressive Corp.    88,924    12,762
  Marsh & McLennan Cos. Inc.    75,450    12,233
  CME Group Inc.    54,631    10,126
  US Bancorp   204,490     9,760
  Blackstone Inc.   106,825     9,700
  PNC Financial Services Group Inc.    61,393     9,695
  Truist Financial Corp.   202,949     9,528
  Aon plc Class A (XNYS)    31,193     9,484
  Intercontinental Exchange Inc.    84,180     8,570
  MetLife Inc.   100,486     7,208
  Moody's Corp.    24,318     7,056
  American International Group Inc.   113,190     6,917
  Travelers Cos. Inc.    35,667     6,603
  Aflac Inc.    93,915     6,400
  MSCI Inc. Class A    11,814     6,169
  Arthur J Gallagher & Co.    31,679     5,935
  Bank of New York Mellon Corp.   111,802     5,688
  Prudential Financial Inc.    56,133     5,613
  Ameriprise Financial Inc.    16,224     5,563
  Apollo Global Management Inc.    73,543     5,214
  Allstate Corp.    40,186     5,175
  State Street Corp.    55,845     4,952
  KKR & Co. Inc.    87,099     4,908
  Discover Financial Services    41,526     4,651
  M&T Bank Corp.    26,207     4,070
  Willis Towers Watson plc    16,412     3,846
  Hartford Financial Services Group Inc.    48,449     3,793
* Arch Capital Group Ltd.    53,956     3,777
  T Rowe Price Group Inc.    33,593     3,772
  Fifth Third Bancorp   103,844     3,770
  First Republic Bank    27,699     3,407
  Huntington Bancshares Inc.   218,883     3,353
  Regions Financial Corp.   142,483     3,323
  Principal Financial Group Inc.    36,974     3,311
  Raymond James Financial Inc.    29,677     3,219
    Shares Market
Value

($000)
  Citizens Financial Group Inc.    74,499     3,111
  LPL Financial Holdings Inc.    12,179     3,039
  Northern Trust Corp.    31,327     2,985
  Nasdaq Inc.    52,368     2,936
  Cincinnati Financial Corp    23,385     2,823
* Markel Corp.     2,028     2,697
  KeyCorp   142,548     2,607
* SVB Financial Group     8,963     2,582
  Broadridge Financial Solutions Inc.    17,792     2,505
  FactSet Research Systems Inc.     5,764     2,389
  Everest Re Group Ltd.     5,911     2,270
  W R Berkley Corp.    31,474     2,083
  Cboe Global Markets Inc.    16,218     2,046
  Brown & Brown Inc.    35,721     2,003
  First Horizon Corp.    79,919     1,980
  MarketAxess Holdings Inc.     5,664     1,934
  Ares Management Corp. Class A    23,392     1,886
  Loews Corp.    30,078     1,837
  Equitable Holdings Inc.    56,521     1,776
  Globe Life Inc.    13,521     1,645
  East West Bancorp Inc.    21,333     1,626
  Fidelity National Financial Inc.    39,839     1,588
*,1 Coinbase Global Inc. Class A    24,406     1,582
  Reinsurance Group of America Inc.    10,273     1,484
  Annaly Capital Management Inc.    70,859     1,465
  Webster Financial Corp.    26,352     1,400
  RenaissanceRe Holdings Ltd.     6,479     1,392
  Comerica Inc.    19,753     1,385
  Ally Financial Inc.    45,639     1,371
  American Financial Group Inc.    10,143     1,360
  Unum Group    30,241     1,347
  Franklin Resources Inc.    43,136     1,271
  First Citizens BancShares Inc. Class A     1,669     1,225
  Interactive Brokers Group Inc. Class A    13,996     1,205
  Cullen/Frost Bankers Inc.     9,008     1,187
  Western Alliance Bancorp    15,984     1,187
  Jefferies Financial Group Inc.    30,736     1,162
  Tradeweb Markets Inc. Class A    16,244     1,152
  Commerce Bancshares Inc.    17,323     1,146
  Zions Bancorp NA    22,494     1,139
  Old Republic International Corp.    42,800     1,129
  Voya Financial Inc.    14,718     1,096
  Primerica Inc.     5,656     1,086
  Signature Bank     9,409     1,082
  Carlyle Group Inc.    31,257     1,075
  Stifel Financial Corp.    15,647     1,046
  Assurant Inc.     8,032     1,023
  Invesco Ltd.    56,513       998
  Prosperity Bancshares Inc.    13,273       975
  AGNC Investment Corp.    88,604       963
  SEI Investments Co.    15,577       939
  Affiliated Managers Group Inc.     5,771       920
 
7

 

Russell 1000 Index Fund
    Shares Market
Value

($000)
  Synovus Financial Corp.    21,826       913
  New York Community Bancorp Inc.   100,873       896
  Erie Indemnity Co. Class A     3,778       889
  First American Financial Corp.    15,219       864
* Robinhood Markets Inc. Class A    84,925       855
  Starwood Property Trust Inc.    44,172       846
  Pinnacle Financial Partners Inc.    11,303       837
  Wintrust Financial Corp.     9,019       831
* SoFi Technologies Inc.   124,439       821
  Lincoln National Corp.    25,678       815
  Popular Inc.    11,114       794
  Bank OZK    16,949       780
  Morningstar Inc.     3,750       777
1 Blue Owl Capital Inc. Class A    62,845       776
  FNB Corp.    52,818       754
  OneMain Holdings Inc.    17,471       753
  Hanover Insurance Group Inc.     5,317       742
  Evercore Inc. Class A     5,464       717
  Axis Capital Holdings Ltd.    11,645       707
* Brighthouse Financial Inc.    10,779       623
  MGIC Investment Corp.    44,983       619
  Kemper Corp.     9,541       588
  Rithm Capital Corp.    64,454       587
  Umpqua Holdings Corp.    32,632       576
  Assured Guaranty Ltd.     8,950       559
  Janus Henderson Group plc    20,250       556
  White Mountains Insurance Group Ltd.       378       546
* Ryan Specialty Holdings Inc.    12,840       541
  SLM Corp.    37,561       540
  First Hawaiian Inc.    19,343       529
  Lazard Ltd. Class A    12,769       477
  PacWest Bancorp    17,090       474
  BOK Financial Corp.     4,471       468
*,1 Credit Acceptance Corp.     1,020       453
  Bank of Hawaii Corp.     5,883       440
  Columbia Banking System Inc.    12,067       359
  Virtu Financial Inc. Class A    14,174       261
  Corebridge Financial Inc.    12,053       244
*,1 Upstart Holdings Inc.    10,362       192
  CNA Financial Corp.     4,100       179
1 Rocket Cos. Inc. Class A    18,182       143
  TFS Financial Corp.     7,533       109
  F&G Annuities & Life Inc.     2,702        55
1 UWM Holdings Corp.    12,409        53
        657,271
Health Care (13.4%)
  UnitedHealth Group Inc.   142,542    67,841
  Johnson & Johnson   401,110    61,474
  AbbVie Inc.   269,367    41,456
  Merck & Co. Inc.   385,521    40,958
  Eli Lilly & Co.   128,414    39,965
  Pfizer Inc.   861,165    34,937
  Thermo Fisher Scientific Inc.    59,604    32,291
  Abbott Laboratories   261,328    26,582
  Danaher Corp.    98,575    24,400
    Shares Market
Value

($000)
  Bristol-Myers Squibb Co.   324,388    22,370
  Amgen Inc.    81,339    18,843
  Elevance Health Inc.    36,771    17,270
  Medtronic plc   203,618    16,860
  Gilead Sciences Inc.   191,215    15,399
  Stryker Corp.    53,533    14,073
  Cigna Group    45,664    13,338
* Intuitive Surgical Inc.    53,666    12,310
* Regeneron Pharmaceuticals Inc.    15,786    12,004
  Zoetis Inc.    71,715    11,976
* Vertex Pharmaceuticals Inc.    38,956    11,309
* Boston Scientific Corp.   217,455    10,159
  Becton Dickinson and Co.    43,244    10,143
  Humana Inc.    19,243     9,526
  HCA Healthcare Inc.    32,853     7,998
* Edwards Lifesciences Corp.    94,134     7,572
* Moderna Inc.    50,550     7,017
* DexCom Inc.    58,803     6,528
  Agilent Technologies Inc.    44,953     6,382
* IDEXX Laboratories Inc.    12,515     5,923
* Centene Corp.    86,500     5,917
* IQVIA Holdings Inc.    28,220     5,883
* Biogen Inc.    21,795     5,882
* Illumina Inc.    23,983     4,777
  ResMed Inc.    21,997     4,685
* GE Healthcare Inc.    55,457     4,215
  Zimmer Biomet Holdings Inc.    31,950     3,958
* Seagen Inc.    20,790     3,736
* Horizon Therapeutics plc    33,694     3,689
* Align Technology Inc.    11,900     3,683
  West Pharmaceutical Services Inc.    11,293     3,580
* Alnylam Pharmaceuticals Inc.    18,685     3,577
* Veeva Systems Inc. Class A    21,227     3,516
  Laboratory Corp. of America Holdings    13,527     3,238
  Baxter International Inc.    76,683     3,063
  Cardinal Health Inc.    39,765     3,011
* Hologic Inc.    37,503     2,987
* Insulet Corp.    10,490     2,899
  STERIS plc    15,214     2,861
* BioMarin Pharmaceutical Inc.    28,215     2,810
  Cooper Cos. Inc.     7,457     2,438
* Molina Healthcare Inc.     8,742     2,407
  PerkinElmer Inc.    19,205     2,392
  Quest Diagnostics Inc.    17,229     2,384
* Avantor Inc.    93,384     2,276
* Incyte Corp.    27,863     2,145
  Viatris Inc.   185,490     2,115
  Royalty Pharma plc Class A    56,730     2,034
* Catalent Inc.    27,264     1,860
  Bio-Techne Corp.    23,569     1,712
  Teleflex Inc.     7,121     1,696
* Charles River Laboratories International Inc.     7,721     1,694
* United Therapeutics Corp.     6,808     1,675
* Exact Sciences Corp.    26,781     1,669
* Henry Schein Inc.    20,459     1,602
* QIAGEN NV    34,232     1,573
* Bio-Rad Laboratories Inc. Class A     3,272     1,563
* Sarepta Therapeutics Inc.    12,676     1,548
 
8

 

Russell 1000 Index Fund
    Shares Market
Value

($000)
* Neurocrine Biosciences Inc.    14,360     1,481
* Repligen Corp.     8,380     1,461
* Penumbra Inc.     5,470     1,422
* Jazz Pharmaceuticals plc     9,518     1,336
  Universal Health Services Inc. Class B     9,410     1,257
  DENTSPLY SIRONA Inc.    32,375     1,233
* Masimo Corp.     7,194     1,204
* Novocure Ltd.    15,646     1,204
  Chemed Corp.     2,230     1,163
  Bruker Corp.    16,390     1,130
* Acadia Healthcare Co. Inc.    13,463       976
* Envista Holdings Corp.    24,607       951
* Tenet Healthcare Corp.    16,058       940
  Organon & Co.    38,363       940
  Encompass Health Corp.    14,798       836
* Exelixis Inc.    47,759       816
* Elanco Animal Health Inc. (XNYS)    67,236       771
* Ionis Pharmaceuticals Inc.    21,298       765
  Perrigo Co. plc    20,234       763
* Natera Inc.    14,842       721
* DaVita Inc.     8,526       701
* 10X Genomics Inc. Class A    14,251       677
* Globus Medical Inc. Class A    11,506       671
* QuidelOrtho Corp.     7,461       649
* Oak Street Health Inc.    18,022       638
* Teladoc Health Inc.    24,026       636
* Syneos Health Inc.    15,518       624
* Integra LifeSciences Holdings Corp.    10,967       610
* agilon health Inc.    28,545       605
* Doximity Inc. Class A    17,485       588
  Premier Inc. Class A    17,725       571
* ICU Medical Inc.     2,996       511
* Azenta Inc.    11,338       498
* Guardant Health Inc.    14,728       455
* Amedisys Inc.     4,775       439
* Ultragenyx Pharmaceutical Inc.     9,843       438
* Enovis Corp.     7,485       431
* Signify Health Inc. Class A    12,616       363
* Tandem Diabetes Care Inc.     9,546       342
* Certara Inc.    18,307       332
* Mirati Therapeutics Inc.     7,049       323
* Sotera Health Co.    15,264       255
* Maravai LifeSciences Holdings Inc. Class A    16,098       237
*,1 Ginkgo Bioworks Holdings Inc.   127,946       188
* Enhabit Inc.     7,523       115
*,1 Novavax Inc.    12,111       112
        753,033
Industrials (13.4%)
  Visa Inc. Class A   250,883    55,179
  Mastercard Inc. Class A   129,660    46,067
  Accenture plc Class A    96,518    25,630
  Raytheon Technologies Corp.   223,859    21,958
  United Parcel Service Inc. Class B (XNYS)   112,004    20,440
  Honeywell International Inc.   102,618    19,649
  Union Pacific Corp.    93,713    19,425
  Caterpillar Inc.    79,246    18,983
    Shares Market
Value

($000)
  Deere & Co.    41,991    17,604
  Lockheed Martin Corp.    35,590    16,879
* Boeing Co.    83,469    16,823
  American Express Co.    91,703    15,955
  General Electric Co.   167,125    14,157
  Automatic Data Processing Inc.    63,573    13,975
* PayPal Holdings Inc.   173,909    12,800
  Illinois Tool Works Inc.    46,493    10,840
  Eaton Corp. plc    60,749    10,627
  Northrop Grumman Corp.    22,292    10,346
* Fiserv Inc.    89,599    10,312
  CSX Corp.   320,624     9,776
  3M Co.    83,990     9,049
  General Dynamics Corp.    37,080     8,451
  Sherwin-Williams Co.    36,454     8,069
  Norfolk Southern Corp.    35,182     7,910
  Emerson Electric Co.    90,093     7,452
  FedEx Corp.    36,582     7,434
  Parker-Hannifin Corp.    19,468     6,850
  Johnson Controls International plc   104,830     6,575
  Trane Technologies plc    35,086     6,490
  Capital One Financial Corp.    57,945     6,321
* Block Inc. (XNYS)    81,461     6,251
  L3Harris Technologies Inc.    29,008     6,126
  TransDigm Group Inc.     7,814     5,813
  Cintas Corp.    13,160     5,770
  Carrier Global Corp.   127,446     5,739
  Fidelity National Information Services Inc.    90,380     5,727
  PACCAR Inc.    77,800     5,617
  DuPont de Nemours Inc.    76,264     5,570
  Paychex Inc.    49,145     5,426
  Otis Worldwide Corp.    63,537     5,376
  Cummins Inc.    21,491     5,224
  Rockwell Automation Inc.    17,487     5,157
  Old Dominion Freight Line Inc.    15,098     5,122
  AMETEK Inc.    35,095     4,968
  United Rentals Inc.    10,599     4,966
* Mettler-Toledo International Inc.     3,358     4,814
  PPG Industries Inc.    35,841     4,733
  WW Grainger Inc.     6,871     4,593
  Global Payments Inc.    40,760     4,573
* Keysight Technologies Inc.    27,261     4,361
  Verisk Analytics Inc. Class A    23,628     4,043
  Equifax Inc.    18,514     3,750
  Vulcan Materials Co.    20,121     3,640
  Fortive Corp.    54,173     3,611
  Ingersoll Rand Inc. (XYNS)    62,104     3,606
  Quanta Services Inc.    21,688     3,500
  Martin Marietta Materials Inc.     9,430     3,394
  Dover Corp.    21,304     3,193
* Teledyne Technologies Inc.     7,033     3,025
  Westinghouse Air Brake Technologies Corp.    27,597     2,879
  Xylem Inc.    27,318     2,804
* Waters Corp.     9,008     2,800
  Ball Corp.    47,130     2,649
  IDEX Corp.    11,567     2,602
  Amcor plc   228,869     2,550
  Expeditors International of Washington Inc.    24,040     2,514
 
9

 

Russell 1000 Index Fund
    Shares Market
Value

($000)
* Fair Isaac Corp.     3,706     2,510
  Synchrony Financial    68,609     2,450
  Howmet Aerospace Inc.    56,655     2,390
* Zebra Technologies Corp. Class A     7,871     2,363
* FleetCor Technologies Inc.    10,950     2,352
  Jacobs Solutions Inc.    19,575     2,339
  Textron Inc.    31,933     2,316
  JB Hunt Transport Services Inc.    12,583     2,275
* Axon Enterprise Inc.    10,338     2,071
  Hubbell Inc. Class B     8,146     2,049
  Carlisle Cos. Inc.     7,855     2,028
  Snap-on Inc.     8,037     1,999
* Trimble Inc.    37,741     1,965
  Stanley Black & Decker Inc.