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

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Russell 3000 Index Fund

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Russell 3000 Index Fund

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Russell 3000 Index Fund

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Russell 3000 Index Fund

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Russell 3000 Index Fund

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Russell 3000 Index Fund

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Russell 3000 Index Fund

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Russell 3000 Index Fund

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Russell 3000 Index Fund

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Russell 3000 Index Fund