Semiannual Report   |   February 28, 2022
Vanguard Russell 3000 Index Fund

 

Contents
About Your Fund’s Expenses

1
Financial Statements

4

 

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

 

Six Months Ended February 28, 2022      
  Beginning
Account Value
8/31/2021
Ending
Account Value
2/28/2022
Expenses
Paid During
Period
Based on Actual Fund Return      
Russell 3000 Index Fund      
ETF Shares $1,000.00 $957.10 $0.49
Institutional Shares 1,000.00 957.10 0.39
Based on Hypothetical 5% Yearly Return      
Russell 3000 Index Fund      
ETF Shares $1,000.00 $1,024.30 $0.50
Institutional Shares 1,000.00 1,024.40 0.40
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.10% for ETF Shares and 0.08% for Institutional Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (181/365).
2

 

Russell 3000 Index Fund
Fund Allocation
As of February 28, 2022
Basic Materials 1.8%
Consumer Discretionary 15.3
Consumer Staples 5.1
Energy 3.8
Financials 11.7
Health Care 12.7
Industrials 12.9
Real Estate 3.5
Technology 27.7
Telecommunications 2.7
Utilities 2.8
Other 0.0
The table reflects the fund’s investments, except short-term investments and derivatives. Sector categories are based on the Industry Classification Benchmark (“ICB”), except for the “Other” category (if applicable), which includes securities that have not been provided an ICB classification as of the effective reporting period.
The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, attempting to remain fully invested and tracking its target index as closely as possible.
The Industry Classification Benchmark (“ICB”) is owned by FTSE. FTSE does not accept any liability to any person for any loss or damage arising out of any error or omission in the ICB.
3

 

Russell 3000 Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of February 28, 2022
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
    Shares Market
Value

($000)
Common Stocks (99.8%)
Basic Materials (1.8%)
  Freeport-McMoRan Inc.  70,020     3,287
  Newmont Corp.  38,425     2,544
  Air Products and Chemicals Inc.  10,616     2,509
  Ecolab Inc.  11,995     2,114
  Dow Inc.  35,824     2,112
  Nucor Corp.  13,693     1,802
  International Flavors & Fragrances Inc.  12,169     1,618
  Fastenal Co.  27,500     1,415
  LyondellBasell Industries NV Class A  12,632     1,228
  Albemarle Corp.   5,542     1,086
  Mosaic Co.  17,810       934
  CF Industries Holdings Inc.  10,253       832
  International Paper Co.  18,462       804
  Eastman Chemical Co.   6,416       760
  Celanese Corp. Class A   5,225       728
  FMC Corp.   6,094       715
  Avery Dennison Corp.   3,975       700
  Alcoa Corp.   8,916       672
  Steel Dynamics Inc.   9,057       639
  Reliance Steel & Aluminum Co.   2,964       566
* Cleveland-Cliffs Inc.  21,796       487
  Huntsman Corp.   9,938       402
  Royal Gold Inc.   3,143       381
  Olin Corp.   6,849       353
  US Steel Corp.  12,913       351
  Valvoline Inc.   8,678       281
  Southern Copper Corp.   3,990       277
  Scotts Miracle-Gro Co.   1,952       273
  Element Solutions Inc.  11,033       271
* RBC Bearings Inc.   1,294       251
  UFP Industries Inc.   2,859       245
  Ashland Global Holdings Inc.   2,641       244
* Univar Solutions Inc.   7,875       242
  Hexcel Corp.   4,078       236
  Commercial Metals Co.   5,853       226
  Avient Corp.   4,261       223
  Chemours Co.   7,946       219
  Balchem Corp.   1,555       215
  Timken Co.   3,120       205
  Cabot Corp.   2,716       199
* Livent Corp.   7,835       185
  Westlake Corp.   1,548       171
*,1 MP Materials Corp.   3,668       167
    Shares Market
Value

($000)
  Sensient Technologies Corp.   1,991       164
* Arconic Corp.   5,174       159
  Boise Cascade Co.   1,885       151
  Mueller Industries Inc.   2,642       151
  Hecla Mining Co.  25,772       148
* Ingevity Corp.   1,802       123
* Constellium SE Class A   5,970       116
  Quaker Chemical Corp.     622       115
  Minerals Technologies Inc.   1,603       112
  Tronox Holdings plc Class A   5,535       112
  Stepan Co.   1,044       108
  Innospec Inc.   1,089       104
  Compass Minerals International Inc.   1,641        96
  NewMarket Corp.     295        94
  GrafTech International Ltd.   9,263        93
  Trinseo plc   1,746        91
  Worthington Industries Inc.   1,576        90
* Novagold Resources Inc.  12,046        84
  Carpenter Technology Corp.   2,162        83
  Materion Corp.     980        82
* GCP Applied Technologies Inc.   2,389        75
* Kraton Corp.   1,596        74
  Kaiser Aluminum Corp.     717        69
* Energy Fuels Inc.   7,896        65
  Schnitzer Steel Industries Inc. Class A   1,260        61
* Sylvamo Corp.   1,667        58
* Century Aluminum Co.   2,257        53
* US Silica Holdings Inc.   3,665        53
* Uranium Energy Corp.  12,843        51
  AdvanSix Inc.   1,242        50
* Coeur Mining Inc.  11,162        48
  Schweitzer-Mauduit International Inc.   1,462        46
  Orion Engineered Carbons SA   2,941        46
* Amyris Inc.   9,264        42
* TimkenSteel Corp.   2,198        40
  Hawkins Inc.     870        39
  Neenah Inc.     852        33
  Verso Corp. Class A   1,230        33
  Glatfelter Corp.   2,239        31
* Koppers Holdings Inc.   1,034        30
  Ecovyst Inc.   2,487        27
* Clearwater Paper Corp.     861        25
* Intrepid Potash Inc.     437        25
  Omega Flex Inc.     161        23
4

 

Russell 3000 Index Fund
    Shares Market
Value

($000)
* Meta Materials Inc.  10,304        22
  Ryerson Holding Corp.     762        20
* Alto Ingredients Inc.   3,473        20
  Haynes International Inc.     528        19
* Rayonier Advanced Materials Inc.   3,249        19
  American Vanguard Corp.   1,197        18
* Zymergen Inc.   4,057        16
  Olympic Steel Inc.     514        14
  Tredegar Corp.   1,211        14
* Unifi Inc.     686        13
* Ur-Energy Inc.   8,792        13
* Northwest Pipe Co.     399        11
  FutureFuel Corp.   1,191         9
* Gatos Silver Inc.   2,187         7
* NN Inc.   1,893         5
* Marrone Bio Innovations Inc.   6,510         4
* Polymet Mining Corp.   1,458         4
* Perpetua Resources Corp.     300         1
         36,771
Consumer Discretionary (15.3%)
* Amazon.com Inc.  20,794    63,864
* Tesla Inc.  38,745    33,725
  Home Depot Inc.  50,972    16,098
* Walt Disney Co.  86,982    12,913
  Costco Wholesale Corp.  21,186    11,001
  Walmart Inc.  68,809     9,300
  McDonald's Corp.  35,866     8,779
* Netflix Inc.  20,682     8,159
  NIKE Inc. Class B  59,385     8,109
  Lowe's Cos. Inc.  33,227     7,345
  Starbucks Corp.  56,511     5,187
  Target Corp.  23,358     4,666
* Booking Holdings Inc.   1,963     4,264
  TJX Cos. Inc.  57,701     3,814
  Ford Motor Co. 187,371     3,290
  Estee Lauder Cos. Inc. Class A  10,926     3,238
* General Motors Co.  65,795     3,074
  Activision Blizzard Inc.  36,970     3,013
* Uber Technologies Inc.  77,055     2,776
  Dollar General Corp.  11,162     2,214
* Marriott International Inc. Class A  13,012     2,214
* O'Reilly Automotive Inc.   3,190     2,071
* Chipotle Mexican Grill Inc. Class A   1,342     2,044
* Hilton Worldwide Holdings Inc.  13,115     1,952
* AutoZone Inc.   1,001     1,865
* Trade Desk Inc. Class A  20,702     1,766
  Electronic Arts Inc.  13,557     1,764
* Lululemon Athletica Inc.   5,441     1,741
  Yum! Brands Inc.  14,125     1,731
* Aptiv plc  12,884     1,668
  eBay Inc.  29,830     1,628
  Ross Stores Inc.  16,678     1,524
* Dollar Tree Inc.  10,614     1,508
* Expedia Group Inc.   6,916     1,356
  DR Horton Inc.  15,786     1,348
* Southwest Airlines Co.  28,203     1,235
* Delta Air Lines Inc.  30,730     1,227
* Copart Inc.   9,943     1,222
  Best Buy Co. Inc.  11,693     1,130
  Tractor Supply Co.   5,392     1,099
  Yum China Holdings Inc.  20,439     1,063
  Lennar Corp. Class A  11,724     1,054
    Shares Market
Value

($000)
* Spotify Technology SA   6,496     1,015
* Ulta Beauty Inc.   2,550       955
* Etsy Inc.   6,069       940
  Darden Restaurants Inc.   6,264       910
  VF Corp.  15,412       894
* Take-Two Interactive Software Inc.   5,499       891
  Paramount Global Class B  28,180       863
  Pool Corp.   1,871       858
* CarMax Inc.   7,807       854
  Omnicom Group Inc.  10,109       848
* Royal Caribbean Cruises Ltd.  10,358       836
  MGM Resorts International  18,686       828
* Caesars Entertainment Inc.   9,753       821
* Carnival Corp.  40,166       817
  Genuine Parts Co.   6,691       817
  Garmin Ltd.   7,289       805
* Live Nation Entertainment Inc.   6,549       791
  Domino's Pizza Inc.   1,732       749
* NVR Inc.     151       749
* Burlington Stores Inc.   3,176       717
* United Airlines Holdings Inc.  15,602       693
  Interpublic Group of Cos. Inc.  18,706       688
  Fox Corp. Class A  16,116       674
* Las Vegas Sands Corp.  15,645       671
  Bath & Body Works Inc.  11,697       624
* Liberty Media Corp.-Liberty Formula One Class C  10,222       621
  Advance Auto Parts Inc.   3,016       617
  LKQ Corp.  12,890       605
  PulteGroup Inc.  11,971       594
  Hasbro Inc.   6,099       592
  Whirlpool Corp.   2,826       569
* Carvana Co. Class A   3,744       563
  Tapestry Inc.  13,485       552
* Lyft Inc. Class A  13,849       539
* American Airlines Group Inc.  29,841       515
  Williams-Sonoma Inc.   3,539       513
* Wayfair Inc. Class A   3,638       512
  Vail Resorts Inc.   1,910       498
  Lithia Motors Inc. Class A   1,405       479
* Capri Holdings Ltd.   7,000       474
  Service Corp. International   7,719       470
  BorgWarner Inc. (XNYS)  11,380       467
* Floor & Decor Holdings Inc. Class A   4,857       464
*,1 AMC Entertainment Holdings Inc. Class A  24,620       464
* Rivian Automotive Inc. Class A   6,831       462
  Lear Corp.   2,859       450
* Zynga Inc. Class A  48,822       443
* Liberty Media Corp.- Liberty SiriusXM Class C   8,787       442
* Wynn Resorts Ltd.   5,012       434
  Newell Brands Inc.  18,148       431
* Five Below Inc.   2,619       428
  Churchill Downs Inc.   1,738       419
* Discovery Inc. Class C  14,922       417
* Mattel Inc.  16,652       416
  News Corp. Class A  18,557       414
* BJ's Wholesale Club Holdings Inc.   6,489       408
  Aramark  10,909       403
* Penn National Gaming Inc.   7,808       401
  Kohl's Corp.   7,035       391
 
5

 

Russell 3000 Index Fund
    Shares Market
Value

($000)
  Macy's Inc.  15,097       391
* GameStop Corp. Class A   3,068       378
  Wyndham Hotels & Resorts Inc.   4,363       377
* Deckers Outdoor Corp.   1,293       373
* Bright Horizons Family Solutions Inc.   2,844       372
* Peloton Interactive Inc. Class A  12,806       372
* SiteOne Landscape Supply Inc.   2,139       369
* Avis Budget Group Inc.   1,933       355
  Rollins Inc.  10,828       353
* DraftKings Inc. Class A  14,895       353
* Norwegian Cruise Line Holdings Ltd.  17,899       349
  Gentex Corp.  11,390       345
  Nexstar Media Group Inc. Class A   1,866       345
  New York Times Co. Class A   7,820       344
* RH     846       340
* Planet Fitness Inc. Class A   3,944       334
  PVH Corp.   3,363       329
  Polaris Inc.   2,704       329
* Alaska Air Group Inc.   5,796       325
  Marriott Vacations Worldwide Corp.   1,978       318
  Texas Roadhouse Inc. Class A   3,322       315
  Dick's Sporting Goods Inc.   2,962       311
  Harley-Davidson Inc.   7,271       300
  Ralph Lauren Corp. Class A   2,268       299
  Nielsen Holdings plc  16,920       295
* Skechers USA Inc. Class A   6,238       287
  Toll Brothers Inc.   5,286       287
* Scientific Games Corp. Class A   4,520       284
  Boyd Gaming Corp.   3,950       280
  Tempur Sealy International Inc.   8,480       280
  Hanesbrands Inc.  16,778       259
1 Sirius XM Holdings Inc.  42,038       259
* YETI Holdings Inc.   4,172       257
  AMERCO     428       247
* Terminix Global Holdings Inc.   5,692       242
  Choice Hotels International Inc.   1,655       239
* IAA Inc.   6,410       236
  Leggett & Platt Inc.   6,359       236
  TEGNA Inc.  10,315       236
  Fox Corp. Class B   6,141       235
* Fox Factory Holding Corp.   1,991       235
* Helen of Troy Ltd.   1,123       231
* Crocs Inc.   2,744       230
* Hyatt Hotels Corp. Class A   2,352       228
  Thor Industries Inc.   2,515       228
* JetBlue Airways Corp.  14,815       226
  Travel + Leisure Co.   3,972       223
* Discovery Inc. Class A   7,912       222
* AutoNation Inc.   1,929       221
* Chegg Inc.   6,860       215
* Hilton Grand Vacations Inc.   4,059       211
* Asbury Automotive Group Inc.   1,076       209
  Wingstop Inc.   1,436       209
* Goodyear Tire & Rubber Co.  13,374       207
* Adient plc   4,601       206
  Murphy USA Inc.   1,135       205
    Shares Market
Value

($000)
  H&R Block Inc.   8,200       203
  Wendy's Co.   8,761       199
* Victoria's Secret & Co.   3,635       195
* QuantumScape Corp. Class A  11,876       192
  Carter's Inc.   1,938       187
* Under Armour Inc. Class A  10,480       187
* Meritage Homes Corp.   1,804       178
  Columbia Sportswear Co.   1,914       177
  Signet Jewelers Ltd.   2,516       177
* Skyline Champion Corp.   2,552       172
  Papa John's International Inc.   1,605       171
* Taylor Morrison Home Corp. Class A   5,803       171
* SeaWorld Entertainment Inc.   2,443       170
* Sabre Corp.  15,324       167
* Six Flags Entertainment Corp.   3,791       166
* Liberty Media Corp.- Liberty SiriusXM Class A   3,244       163
* Madison Square Garden Sports Corp.     930       161
* Sonos Inc.   5,843       160
  Steven Madden Ltd.   3,735       159
  American Eagle Outfitters Inc.   7,368       155
  Lennar Corp. Class B   2,054       155
* Grand Canyon Education Inc.   1,775       154
  Group 1 Automotive Inc.     846       154
* Visteon Corp.   1,285       154
* Coty Inc. Class A  16,427       151
  KB Home   3,873       150
  International Game Technology plc   4,897       150
  LCI Industries   1,200       149
* National Vision Holdings Inc.   3,968       146
  Gap Inc.   9,830       143
  Cracker Barrel Old Country Store Inc.   1,052       141
  Red Rock Resorts Inc. Class A   2,777       140
  Penske Automotive Group Inc.   1,413       139
  Foot Locker Inc.   4,350       138
* Callaway Golf Co.   5,549       137
* Gentherm Inc.   1,616       137
* Ollie's Bargain Outlet Holdings Inc.   3,171       137
* Leslie's Inc.   6,410       137
* Shake Shack Inc. Class A   1,818       136
  MillerKnoll Inc.   3,447       134
* LGI Homes Inc.   1,057       133
* Houghton Mifflin Harcourt Co.   6,169       129
* Under Armour Inc. Class C   8,231       129
  World Wrestling Entertainment Inc. Class A   2,166       128
* Allegiant Travel Co.     728       127
  Kontoor Brands Inc.   2,567       127
  Dana Inc.   6,746       126
  News Corp. Class B   5,616       126
* Copa Holdings SA Class A   1,457       124
* Tri Pointe Homes Inc.   5,494       123
* frontdoor Inc.   4,071       122
* Spirit Airlines Inc.   4,856       122
* TripAdvisor Inc.   4,777       122
* Academy Sports & Outdoors Inc.   3,740       121
 
6

 

Russell 3000 Index Fund
    Shares Market
Value

($000)
* Boot Barn Holdings Inc.   1,370       119
* Dorman Products Inc.   1,260       118
* Overstock.com Inc.   2,067       118
* Cavco Industries Inc.     427       116
* iHeartMedia Inc. Class A   5,429       116
  MDC Holdings Inc.   2,543       113
* Nordstrom Inc.   5,427       113
  Rush Enterprises Inc. Class A   2,178       113
  Graham Holdings Co. Class B     186       112
* KAR Auction Services Inc.   5,976       110
* Abercrombie & Fitch Co. Class A   2,770       105
* Playtika Holding Corp.   5,002       103
  Bloomin' Brands Inc.   4,094       101
* Central Garden & Pet Co. Class A   2,299       101
  Winnebago Industries Inc.   1,572       101
  John Wiley & Sons Inc. Class A   1,979       100
  Gray Television Inc.   4,207        99
  Qurate Retail Inc. Series A  18,049        99
* PROG Holdings Inc.   3,222        99
* Vista Outdoor Inc.   2,699        98
* Fisker Inc.   7,871        96
* Cinemark Holdings Inc.   5,390        95
* ODP Corp.   2,130        94
  Wolverine World Wide Inc.   4,038        93
* Cheesecake Factory Inc.   2,140        92
* Dave & Buster's Entertainment Inc.   2,096        91
* Knowles Corp.   4,188        91
* Sally Beauty Holdings Inc.   5,278        91
* Brinker International Inc.   2,125        90
* Cardlytics Inc.   1,545        90
* Urban Outfitters Inc.   3,284        90
  Century Communities Inc.   1,401        89
* Everi Holdings Inc.   3,804        89
  Jack in the Box Inc.   1,026        89
  Rent-A-Center Inc.   3,135        89
  HNI Corp.   2,152        88
* Madison Square Garden Entertainment Corp.   1,124        88
* Bed Bath & Beyond Inc.   5,013        85
* Revolve Group Inc.   1,735        82
  Inter Parfums Inc.     865        80
* Driven Brands Holdings Inc.   2,728        80
* iRobot Corp.   1,275        79
* Lions Gate Entertainment Corp. Class B   5,474        78
  PriceSmart Inc.   1,078        78
* Figs Inc. Class A   4,763        78
  Monro Inc.   1,645        77
* Coursera Inc.   3,666        75
  Strategic Education Inc.   1,237        73
  Dillard's Inc. Class A     287        72
  Oxford Industries Inc.     801        71
* Malibu Boats Inc. Class A   1,010        70
* Stride Inc.   2,073        70
  Acushnet Holdings Corp.   1,581        69
* M/I Homes Inc.   1,393        69
* Sleep Number Corp.   1,031        68
  Sinclair Broadcast Group Inc. Class A   2,238        67
* Clear Channel Outdoor Holdings Inc.  17,596        66
  Dine Brands Global Inc.     791        66
* SkyWest Inc.   2,325        65
    Shares Market
Value

($000)
  Camping World Holdings Inc. Class A   2,073        64
* elf Beauty Inc.   2,407        64
* XPEL Inc.     869        63
* EW Scripps Co. Class A   2,783        62
* Mister Car Wash Inc.   3,873        62
  La-Z-Boy Inc.   2,075        61
  Sturm Ruger & Co. Inc.     835        60
* G-III Apparel Group Ltd.   2,140        59
* Liberty Media Corp.- Liberty Braves Class C   2,368        58
* Tenneco Inc. Class A   3,025        58
* AMC Networks Inc. Class A   1,400        58
  Franchise Group Inc.   1,372        58
* Bally's Corp.   1,585        57
  Big Lots Inc.   1,606        56
  Sonic Automotive Inc. Class A   1,048        56
* Cars.com Inc.   3,323        54
* Clean Energy Fuels Corp.   7,399        54
  Buckle Inc.   1,446        52
* GoPro Inc. Class A   6,063        52
  Scholastic Corp.   1,225        52
  Steelcase Inc. Class A   4,236        52
* Imax Corp.   2,497        52
  Arko Corp.   6,285        52
* Adtalem Global Education Inc.   2,463        51
* American Axle & Manufacturing Holdings Inc.   5,547        51
* Stitch Fix Inc. Class A   4,082        51
  Laureate Education Inc. Class A   4,621        50
* Monarch Casino & Resort Inc.     631        49
* Hawaiian Holdings Inc.   2,519        48
* MarineMax Inc.   1,044        48
* Zumiez Inc.   1,058        47
* Genesco Inc.     720        46
  Standard Motor Products Inc.   1,056        46
* Petco Health & Wellness Co. Inc. Class A   2,599        46
* Denny's Corp.   2,833        45
* Golden Entertainment Inc.     797        45
* Children's Place Inc.     694        44
  Guess? Inc.   2,025        44
* Lions Gate Entertainment Corp. Class A   2,861        44
* Blink Charging Co.   1,771        44
* PowerSchool Holdings Inc. Class A   2,700        43
  Matthews International Corp. Class A   1,231        41
  Ruth's Hospitality Group Inc.   1,667        41
* Tupperware Brands Corp.   2,236        41
  Smith & Wesson Brands Inc.   2,242        40
  Winmark Corp.     171        39
  Carriage Services Inc. Class A     779        38
* Arlo Technologies Inc.   3,945        37
* Designer Brands Inc. Class A   2,860        37
  Interface Inc. Class A   2,828        37
  Caleres Inc.   1,733        36
* 2U Inc.   3,403        36
* Accel Entertainment Inc. Class A   2,731        36
 
7

 

Russell 3000 Index Fund
    Shares Market
Value

($000)
* Sun Country Airlines Holdings Inc.   1,331        36
* BJ's Restaurants Inc.   1,093        35
* Green Brick Partners Inc.   1,501        35
* Viad Corp.   1,003        35
* Perdoceo Education Corp.   3,299        35
  Hibbett Inc.     747        34
* RealReal Inc.   3,816        34
* Gannett Co. Inc.   6,812        34
* Fossil Group Inc.   2,433        33
* Chuy's Holdings Inc.     978        32
  Movado Group Inc.     811        32
* Canoo Inc.   5,624        32
  Aaron's Co. Inc.   1,460        31
* Boston Omaha Corp. Class A   1,062        30
* QuinStreet Inc.   2,631        30
* Quotient Technology Inc.   4,462        30
  A-Mark Precious Metals Inc.     425        30
* Portillo's Inc. Class A   1,180        30
* Life Time Group Holdings Inc.   1,948        30
* America's Car-Mart Inc.     288        28
  RCI Hospitality Holdings Inc.     425        28
* Corsair Gaming Inc.   1,198        28
* Latham Group Inc.   1,609        28
  Clarus Corp.   1,180        27
* OneSpaWorld Holdings Ltd.   2,564        27
* Chico's FAS Inc.   5,586        26
  Ethan Allen Interiors Inc.   1,010        26
* Lindblad Expeditions Holdings Inc.   1,482        26
  Shoe Carnival Inc.     889        26
* WW International Inc.   2,558        26
* TravelCenters of America Inc.     605        26
* Rush Street Interactive Inc.   2,542        26
* Lovesac Co.     595        25
  OneWater Marine Inc. Class A     498        25
* Hovnanian Enterprises Inc. Class A     249        24
* Master Craft Boat Holdings Inc.     831        24
  Haverty Furniture Cos. Inc.     810        23
* Party City Holdco Inc.   5,358        23
* Sportsman's Warehouse Holdings Inc.   2,021        23
* Stagwell Inc.   3,024        23
* Beazer Homes USA Inc.   1,367        22
* Funko Inc. Class A   1,283        22
* Liberty Media Corp.- Liberty Formula One Class A     384        22
* Marcus Corp.   1,198        22
* Frontier Group Holdings Inc.   1,691        22
  Johnson Outdoors Inc. Class A     257        21
* LL Flooring Holdings Inc.   1,283        21
* Selectquote Inc.   6,909        21
  Global Industrial Co.     653        21
* Daily Journal Corp.      61        20
* Liquidity Services Inc.   1,174        20
* 1-800-Flowers.com Inc. Class A   1,294        20
* Stoneridge Inc.   1,195        20
* Universal Electronics Inc.     607        20
* Bluegreen Vacations Holding Class A     712        20
* Lordstown Motors Corp. Class A   7,859        20
  Cato Corp. Class A   1,059        19
    Shares Market
Value

($000)
  Entravision Communications Corp. Class A   2,974        19
* CarParts.com Inc.   2,298        19
* AMMO Inc.   4,002        19
* American Public Education Inc.     912        18
  Big 5 Sporting Goods Corp.   1,010        17
* Century Casinos Inc.   1,377        17
* Conn's Inc.     928        17
  Del Taco Restaurants Inc.   1,358        17
* European Wax Center Inc. Class A     698        17
* Citi Trends Inc.     438        16
  Kimball International Inc. Class B   1,691        16
* Turtle Beach Corp.     677        16
*,1 Vuzix Corp.   2,848        16
* Purple Innovation Inc. Class A   2,705        16
* Golden Nugget Online Gaming Inc.   1,863        16
* Audacy Inc. Class A   5,246        16
* Integral Ad Science Holding Corp.     786        15
* F45 Training Holdings Inc.     953        15
1 Krispy Kreme Inc.   1,023        15
* Container Store Group Inc.   1,541        14
  Tilly's Inc. Class A   1,108        14
* Full House Resorts Inc.   1,583        14
* El Pollo Loco Holdings Inc.     948        13
* Motorcar Parts of America Inc.     818        13
* Noodles & Co. Class A   1,968        13
* Red Robin Gourmet Burgers Inc.     752        13
* Instructure Holdings Inc.     559        13
* Snap One Holdings Corp.     646        13
* Cooper-Standard Holdings Inc.     910        12
* Genius Brands International Inc.  13,707        12
* Lands' End Inc.     694        12
* Alta Equipment Group Inc.     969        12
* NEOGAMES SA     542        12
* ONE Group Hospitality Inc.     983        12
* Duluth Holdings Inc. Class B     760        11
* PlayAGS Inc.   1,339        11
  Rocky Brands Inc.     282        11
* Vera Bradley Inc.   1,433        11
* Romeo Power Inc.   5,878        11
* Xponential Fitness Inc. Class A     519        11
* Barnes & Noble Education Inc.   1,856        10
* Eastman Kodak Co.   2,174        10
* Fiesta Restaurant Group Inc.     999        10
  Hooker Furnishings Corp.     498        10
  Superior Group of Cos. Inc.     500        10
* American Outdoor Brands Inc.     661        10
* Thryv Holdings Inc.     327        10
* Traeger Inc.   1,061        10
* Kirkland's Inc.     678         9
* Kura Sushi USA Inc. Class A     174         9
1 Weber Inc. Class A     797         9
* Udemy Inc.     679         9
* Central Garden & Pet Co.     171         8
* Mesa Air Group Inc.   1,765         8
 
8

 

Russell 3000 Index Fund
    Shares Market
Value

($000)
  National CineMedia Inc.   2,831         8
  Bassett Furniture Industries Inc.     470         8
* VOXX International Corp. Class A     792         8
  Nathan's Famous Inc.     141         8
  Paramount Global Class A     228         8
*,1 Arcimoto Inc.   1,329         8
* First Watch Restaurant Group Inc.     541         8
  Escalade Inc.     523         7
  Flexsteel Industries Inc.     337         7
* Liberty TripAdvisor Holdings Inc. Class A   3,372         7
  Lifetime Brands Inc.     528         7
* Nautilus Inc.   1,444         7
* Lazydays Holdings Inc.     370         7
* CarLotz Inc.   3,473         7
  JOANN Inc.     585         7
* Drive Shack Inc.   4,173         6
* Legacy Housing Corp.     255         6
* Shift Technologies Inc.   3,014         6
* Solo Brands Inc. Class A     552         6
* Biglari Holdings Inc. Class B      37         5
  NL Industries Inc.     759         5
* CuriosityStream Inc.   1,264         5
* Stonemor Inc.   2,084         5
* Outbrain Inc.     411         5
* Torrid Holdings Inc.     617         5
* aka Brands Holding Corp.     601         5
* Rent the Runway Inc. Class A     834         5
* Lulu's Fashion Lounge Holdings Inc.     518         5
  Carrols Restaurant Group Inc.   1,595         4
  Hamilton Beach Brands Holding Co. Class A     282         4
  Rush Enterprises Inc. Class B      83         4
  Marine Products Corp.     357         4
* Emerald Holding Inc.   1,078         4
* XL Fleet Corp.   1,936         4
* Aterian Inc.   1,261         4
* Esports Technologies Inc.     512         4
* Landsea Homes Corp.     645         4
* Revlon Inc. Class A     358         3
* Chicken Soup For The Soul Entertainment Inc.     337         3
* Hall of Fame Resort & Entertainment Co.   2,783         3
* Eros STX Global Corp.     855         3
* Fluent Inc.   1,630         2
* HyreCar Inc.     884         2
* Dutch Bros Inc. Class A      50         2
* Sweetgreen Inc. Class A      65         2
* Arhaus Inc.     231         2
* Brilliant Earth Group Inc. Class A     113         1
        320,296
Consumer Staples (5.1%)
  Procter & Gamble Co. 115,417    17,992
  Coca-Cola Co. 186,342    11,598
  PepsiCo Inc.  66,362    10,866
  Philip Morris International Inc.  74,577     7,538
  CVS Health Corp.  63,068     6,537
    Shares Market
Value

($000)
  Altria Group Inc.  88,718     4,550
  Mondelez International Inc. Class A  67,055     4,391
  Colgate-Palmolive Co.  40,222     3,095
  Sysco Corp.  24,429     2,128
  Kimberly-Clark Corp.  16,135     2,100
  Archer-Daniels-Midland Co.  26,641     2,090
  McKesson Corp.   7,330     2,015
  General Mills Inc.  29,202     1,969
  Corteva Inc.  34,925     1,817
  Kroger Co.  35,181     1,646
  Constellation Brands Inc. Class A   7,454     1,607
  Walgreens Boots Alliance Inc.  34,246     1,578
* Monster Beverage Corp.  17,709     1,495
  Hershey Co.   7,033     1,423
  Kraft Heinz Co.  33,236     1,304
  Keurig Dr Pepper Inc.  33,213     1,284
  Tyson Foods Inc. Class A  13,787     1,278
  Church & Dwight Co. Inc.  11,649     1,140
  McCormick & Co. Inc.  11,905     1,133
  AmerisourceBergen Corp. Class A   7,121     1,015
  Clorox Co.   5,784       843
  Conagra Brands Inc.  22,344       781
  Kellogg Co.  12,100       774
  Bunge Ltd.   6,564       686
  J M Smucker Co.   5,046       680
  Hormel Foods Corp.  13,399       638
  Brown-Forman Corp. Class B   9,499       620
* Darling Ingredients Inc.   7,723       560
  Lamb Weston Holdings Inc.   6,930       460
  Molson Coors Beverage Co. Class B   8,456       441
  Campbell Soup Co.   9,317       419
* US Foods Holding Corp  10,334       404
* Performance Food Group Co.   7,107       398
  Casey's General Stores Inc.   1,756       330
* Post Holdings Inc.   2,839       299
  Ingredion Inc.   3,224       286
  Flowers Foods Inc.   9,091       249
  Albertsons Cos. Inc. Class A   7,587       221
  Spectrum Brands Holdings Inc.   2,044       190
* Freshpet Inc.   1,906       182
* Boston Beer Co. Inc. Class A     456       175
  Sanderson Farms Inc.     946       169
* Herbalife Nutrition Ltd.   4,754       169
* Celsius Holdings Inc.   2,590       165
* Hain Celestial Group Inc.   4,361       159
* Simply Good Foods Co.   3,924